519-646-2222Category: Insolvency News
Congratulations on your record debt
That’s right congratulations Canadians for running up record debts for yet another year. There has not been a single year since 1977 when Canadians charged less than the preceding year on credit cards, according to the Canadian Bankers Association In 1977 there were some 8,200,000 bank issued credit cards in circulation in Canada. Of course, […]
Read moreA brief history of credit cards
We have spoken about the phenomenon of credit cards several times in other blogs but this article from the BBC speaks very succinctly to the history of credit cards and how we have become so indebted. Credit cards are the most popular and convenient form of credit on the market. In many circles they are […]
Read moreFourth Time Bankruptcy
We were recently in court for discharge hearings for a fourth time bankrupt as well as two third time filers. The court is empowered to refuse to discharge repeat bankrupts, effectively sending them back to the wolves to be dealt with by collectors and possibly lawyers. However, in most cases the court will allow a […]
Read moreDealing with rude collectors
You have bills and your creditors have a right to collect overdue accounts. But they must stay within the constraints of the law. You also have rights which are set out here. One way of dealing with rude collectors is to download the problem to our office by opening a file to resolve your debts […]
Read moreRepay less than 2% of your debts
Yes, that is possible for some people, everyone’s situation is different. The lowest payment on a proposal we have ever seen was for less than one penny on the dollar – more than a 99% saving. Some of our competitors advertise that they will save you 70% or even 80% of your debts. But they […]
Read moreNew Mortgage Rules
New mortgage qualifying rules will come into effect in January 2018. Many consumers are in a rush to obtain mortgages before the changes, but is that a good idea? Let’s think about changes in mortgages during the last fifty years. Fifty years ago, about half as many Canadians had their name on title as property […]
Read moreBankruptcy Counselling Changes
The Office of the Superintendent of Bankruptcy is contemplating sweeping changes to the Counselling Directive, which if implemented will dramatically affect the spin off industry. The mandatory counselling protocol has been in place since about 1997. It required that counsellors be certified after completing a brief training component. Not profit agencies had their staff certified […]
Read moreBANKRUPTCY IS NOT A FOUR LETTER WORD
In fact bankruptcy is a great solution for difficult to solve debt problems. Start rebuilding your credit in one year. We service London, Woodstock, Sarnia, Chatham and Windsor. People filing for bankruptcy for the first time are entitled to be automatically discharged from their debts in nine months. Court attendances are not normally required. After […]
Read moreSTATUTE BARRED DEBTS
What it means for a debt to be statute barred and how that affects you. Under Section 4 of the Limitations Act RSO a debt becomes statute barred two years after it was discovered. “Basic limitation period 4. Unless this Act provides otherwise, a proceeding shall not be commenced in respect of a claim after […]
Read moreOntario Debt Forgiveness
Have you seen the advertisements on facebook? Learn more, read this article. For me, it’s hard to believe that these folks are still at it and still, apparently making money, but then I do still get a lot of spam emails about “collecting money from my deceased Nigerian Uncle’s estate”, you know “the billionaire who […]
Read moreFamous Bankrupts
Put the debt behind you, and get on with life Abraham Lincoln – 16th President of the United States P.T. Barnum – The Great American circus owner Kim Basinger – Oscar-winning actress (1993) Frank Baum – Wizard of Oz author Miguel de Cervantes – Novelist; Don Quixote Samuel L. Clemens (“Mark Twain”) – best-selling American […]
Read moreBombardier – opportunity lost, but for whom:
Is it O.K. for taxpayers to continually bail out big business as two big too fail or should companies and government be looking towards other solutions? Small business owners have a much tougher time with regulation that larger companies do – whether it is access to grants and subsidies to help establish the business or […]
Read moreBEWARE OF TOTAL EQUITY PLANS
Home equity plans may seem like a good idea at first blush but they are loaded against you, and a lot of it is in the sales pitch and the language. Scotia Bank was one of the first Canadian Charter banks out of the gate with their Total Equity Plans, but other banks quickly followed […]
Read moreSIMPLE DEBT FACTS
Change your expectations and you can live with less stress! In Canada, since 1980, the ratio of debt to income has tripled from 60% to 164% of gross income. The people who carry the most amount of debt are those who earn middle to high incomes (probably excluding the top 2%). Low income receivers (including […]
Read more407 ETR Supreme Court Decision still pending
The decision from the appeal against the Ontario Appeals Court decision has not yet been released. it appears that the Supreme Court of Canada heard the case yesterday but have reserved their decision – so we anticipate hearing the final result in the foreseeable future. Many bankrupts are waiting with baited breath in the hopes […]
Read moreNEW MORTGAGE RULES AND YOU
You may be affected by the introduction of new mortgage rules. New mortgage qualifying rules will affect many Canadians, especially those with little or no money down and with relatively low incomes. The rules will have the greatest impact on Realtors by cooling off the market as less people qualify for financing. This will likely […]
Read more¿QUIERES SABER MAS ACERCA DE LA INSOLVENCIA?
Busque nuestro artículo y el anuncio acompañante en la revista Latina sobre el 31 de enero y 15 de febrero. El artículo será en un formato de preguntas y respuestas y responderá a muchas preguntas comunes y conceptos erróneos acerca de la insolvencia. En Locke Consulting Inc. tratamos de hablar un poco de español.
Read moreMORTGAGE PENALTIES
IRD – Interest Rate Differential When you meet your banker to sign for your mortgage you probably don’t have enough time to read through the entire document, and even if you did it is unlikely you would understand it all anyway. Similary when you meet with your lawyer s/he is also unlikely to go through […]
Read moreINCOME TAX DEBT HELP
CORPORATE TAXES IN DECLINE – INDIVIDUAL TAXES UP When Prime Minister Stephen Harper came to power in 2006, the federal corporate tax rate was 21 per cent. That was down from 24.5 per cent in 1990 and 30 per cent in 1980. Ottawa reduced it to 19 per cent in 2009, 18 per cent in […]
Read moreCREDIT CARD DEBT SOLUTIONS
Credit card debt solutions are incredibly simple. Many people fall into the credit card trap because they are easy to obtain and the limits keep increasing as long as regular payments are made. Getting out of the trap is simple but takes resolve. Your first step is to stop using the card(s) – and to […]
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