Debt Free in 30

Latest Episodes:

490 – The Connection Between Coerced Debt and Human Trafficking Jan 20, 2024

Show notes

In this eye-opening episode of Debt Free in 30 host Doug Hoyes is joined by guest Richard Dunwoody to unravel the often-overlooked connection between human trafficking and coerced debt. With Ontario facing the second-highest rate of police-reported human trafficking in Canada, the conversation sheds light on how traffickers exploit victims financially. The focus turns to Bill 41, the "Protection from Coerced Debts Incurred in relation to Human Trafficking Act, 2023," exploring its role in safeguarding victims from crushing debts. From explaining what coerced debt means to tackling potential challenges, the episode breaks down the proposed legislation's impact on creditors, unlicensed debt consultants, and, most importantly, the victims. Join us for a discussion on how this legislation could be a crucial shield for those affected by human trafficking and coerced debts.

Related Links:

Position Paper on the Adverse Effects of the Debt Advisory Marketplace on the Insolvency System.

https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system

The Adverse Effects of the Debt Advisory Marketplace on the Insolvency System

https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/licensed-insolvency-trustees/adverse-effects-of-the-debt-advisory-marketplace-on-the-insolvency-system

OSB Statutory Complaint Portal

https://www.ic.gc.ca/eic/site/bsf-osb.nsf/frm-eng/LSMH-BB2MMW

Competition Bureau's Complaint Form

https://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/frm-eng/GH%C3%89T-7TDNA5

Debt Consultants: Why You Should Avoid the Extra Cost

https://www.hoyes.com/blog/debt-consultants-why-you-should-avoid-the-extra-cost/

The Problem with Debt Consultants

https://www.hoyes.com/blog/the-problem-with-debt-consultants/

Debt Counsellors and Debt Coaches - Real or Scam?

https://www.hoyes.com/blog/debt-counsellors-and-debt-coaches-real-or-scam/

Use of Debt Consultants Questioned by OSB

https://www.hoyes.com/blog/use-of-debt-consultants-questioned-by-office-of-the-superintendent-of-bankruptcy/

Debt Consultants or Licensed Insolvency Trustees? Who to Trust

https://www.hoyes.com/blog/debt-consultants-or-licensed-insolvency-trustees/

The Cold-Hard Truth About Unlicensed Debt Consultants

https://www.hoyes.com/blog/the-cold-hard-truth-about-unlicensed-debt-consultants/

488 – 2024 New Years Resolutions: Kickstart Your Best Year Yet! Jan 06, 2024

Show notes

Get ready for 2024 with our first episode of the year! Join Doug Hoyes as he gives a straightforward take on New Year's resolutions, highlighting the need for a practical plan and figuring out what really matters to you. He talks about why arbitrary resolutions may not work and gives advice on making changes that actually stick. Doug shares easy steps to cut debt, handle expenses, and boost income, offering practical tips to make your financial journey in 2024 a success. Don't wait – hit play now and make this your best financial year yet!

Related Links:

How are habits formed: Modelling habit formation in the real world, European Journal of Social Psychology, Phillipa Lally

https://onlinelibrary.wiley.com/doi/abs/10.1002/ejsp.674

Getting Out Of Debt Requires A System, Not Just A Goal

https://youtu.be/ysvkV0uN7mM?si=tcUHlcE7gWVzdAK9

https://www.hoyes.com/blog/getting-out-of-debt-requires-a-system-not-just-a-goal/

Debt Management Plan

https://www.hoyes.com/debt-relief/debt-management-plan/

Build a Get Out of Debt Repayment Plan

https://www.hoyes.com/debt-relief/get-out-of-debt/

487 – Consumer Insolvencies and Bankruptcies Continue to Rise [Year-End Analysis and 2024 Predictions] Dec 30, 2023

Show notes

In this year-end podcast, Doug and Ted review their 2023 predictions and share insights on what to expect in 2024. They discuss the accuracy of last year's forecasts on inflation, interest rates, and insolvency rates. Doug predicts a decline in inflation due to an anticipated recession, and Ted adds insights on borrowing for essential living costs and the potential rise in insolvencies. They acknowledge wildcard factors like the real estate market and unemployment rates. Tune in for predictions on what is on the horizon for 2024 and how it could shape your financial future.

Related Links:

2023 Debt Statistics and What It Means for Consumer Insolvencies https://www.hoyes.com/blog/2023-debt-statistics-and-what-it-means-for-consumer-insolvencies/

Why Are Consumer Insolvencies Back Up? [Year-End Analysis + 2023 Predictions] https://youtu.be/3i22JpmcozY

Bank of Canada Interest Rates https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/

Federal Budget Deficit https://hillnotes.ca/2023/04/06/the-2023-federal-budget-at-a-glance/

Bank of Canada: Definition of M2 https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

Statistics Canada. Table 36-10-0639-01, Credit liabilities of households (x 1,000,000)

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901

Statistics and Research from Statistics Canada

https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en/statistics-and-research https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032001

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110006501 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3810023801

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701

486: Doug and Ted's Expert Advice for Financial Success in 2024 Dec 23, 2023

Show notes

Join Doug and Ted as they break down simple strategies for financial success in 2024. Whether you're dreaming of starting a business, planning for retirement, or making big purchases, their advice can make a real impact. They discuss the importance of having a personal plan and explore the significance of setting long-term goals. Don't miss out on valuable insights. Take charge of your financial future in 2024!

Related Links:

Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments

Episode 482 - Setting Yourself Up for Success in 2024 – Annual Financial Check Up

https://youtu.be/yBJZkk6JSjk?si=_-3JSHJtzDtjwpI3

Episode 227 – Getting Out of Debt Requires a System, Not Just a Goal

https://youtu.be/ysvkV0uN7mM?si=K2L_Yuo_D5h4GXll

Getting Out Of Debt Requires A System, Not Just A Goal https://www.hoyes.com/blog/getting-out-of-debt-requires-a-system-not-just-a-goal/

Save Money with Recipes from Cashflow Cookbook https://www.hoyes.com/blog/save-money-with-recipes-from-cashflow-cookbook/

Planning for Retirement? Pay Off Debt & Start Practicing https://www.hoyes.com/blog/planning-for-retirement-pay-off-debt-start-practicing/

How to Minimize Debt Before and After Retirement https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/

Build a Get Out of Debt Repayment Plan https://www.hoyes.com/debt-relief/get-out-of-debt/

485 – Mastering Solo Finances: Navigating the 'Single Tax' with Heather Cudmore Dec 16, 2023

Show notes

Does the cost-of-living soar when you're flying solo? Join Doug in this episode as he's joined by Heather Cudmore, a Certified Credit Counsellor, and Client Service Specialist at Hoyes Michalos. Together, they delve into the concept of the 'single tax' and discuss the unique financial hurdles that singles often encounter.

Drawing on her extensive experience assisting single clients, Heather shares valuable insights and practical advice. She discusses the importance of building an emergency fund to navigate unexpected life events and advocates for budgeting to uncover potential savings. From housing and transportation to entertainment, pets and food, Heather provides actionable tips, including exploring unconventional living arrangements, embracing online grocery shopping, and minimizing food waste.

Related Links:

Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments

Heather Cudmore (BA, Certified Credit Counsellor and Client Service Specialist) - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/heather-cudmore/

Statistics Canada. 2023. Census Profile. 2021 Census. Statistics Canada Catalogue no. 98-316-X2021001. Ottawa. Released February 8 2023: https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/prof/index.cfm

Financial Stress Facing Single Parents: https://www.hoyes.com/blog/financial-stress-facing-single-parents/

Emergency Fund Critical for Single Parents: https://www.hoyes.com/blog/emergency-fund-critical-for-single-parents/

Dealing with Debt When Living Paycheque to Paycheque: https://www.hoyes.com/blog/dealing-with-debt-when-living-paycheque-to-paycheque/

484 – Debt Duel: Snowball vs. Avalanche with Joel Sandwith Dec 09, 2023

Show notes

In this episode, Doug sits down with Joel Sandwith, a Licensed Insolvency Trustee based at the Hoyes Michalos London office. Together, they explore effective debt management strategies and delve into optimal approaches for debt repayment. The episode provides a comprehensive comparison of the snowball and avalanche methods. If you're trying to figure out the best way to pay off your debts, this episode is a helpful guide. It's here to support you on your journey to financial freedom, giving you insights into different methods and assisting you in selecting the one that suits you best.

Related Links:

Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments

Joel Sandwith BA, Licensed Insolvency Trustee - https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/joel-sandwith/

Debt Snowball Method vs High Interest First - https://www.hoyes.com/blog/debt-snowball-method-vs-high-interest-first/

Debt Repayment Worksheet - https://www.hoyes.com/debt-repayment-worksheet/

Debt Repayment & Consumer Proposal Calculator - https://www.hoyes.com/debt-repayment-calculator/

483 – Why Are Credit Reports Always Wrong with Richard Moxley? Dec 02, 2023

Show notes

In this week's episode of Debt Free in 30, credit expert Richard Moxley returns to tackle the burning question: Why are credit reports always wrong? From the importance of credit ratings to practical tips on finding and fixing errors, we cover it all. Discover how to navigate post-insolvency challenges, handle account changes, and conquer stubborn collection accounts. Don't miss this deep dive into credit report complexities with actionable solutions!

Timestamps:

00:00 Introduction

01:21 Why is my credit rating important?

04:19 Do I care what's on my credit report if I don't plan to borrow?

07:54 Should you check your credit report for errors?

09:40 Is current employment updated on your credit report?

11:00 How do you I find errors on my credit report and what errors do I look for?

14:11 I filed a consumer proposal why is a creditor reporting I am behind on my payments?

17:25 What happens if you sue the credit bureaus.

20:36 Can you go to individual creditors to fix errors on late payments?

23:21 Are there any strategies you can use to fix errors on your credit report?

28:00 How much will it cost to have a credit expert fix the errors on my credit report?

29:08 Are free credit score apps worth it?

33:14 Disputes and account numbers

37:24 Concluding comments

Related Links:

Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments

Richard Moxley's Website: https://creditgame.net/

The Credit Game: Rules Every Canadian Must Know to Win: https://www.amazon.ca/Credit-Game-Rules-Every-Canadian-ebook/dp/B07XKG1VHP

TransUnion Credit Report Explained: https://www.youtube.com/watch?v=BWFO_C336BM

How to get and print your FREE Equifax report: https://www.youtube.com/watch?v=Z03_DvfFY38

How to get and print your Free credit report from TransUnion: https://www.youtube.com/watch?v=K6a_R8gZFnw

How to Dispute Errors on Your Credit Report: https://www.youtube.com/watch?v=zuuGtBR40QY

How to Rebuild Your Credit Score Fast!: https://www.youtube.com/watch?v=Y6OJoQPia28

How to Read a Credit Bureau: Equifax Canada: https://www.youtube.com/watch?v=PEVHQOAFw64

Debt Free in 30 Episode #284 - Rules to Master Your Credit with Richard Moxley https://www.youtube.com/watch?v=jP6etPo_CQc February 8, 2020 (from Toronto)

Debt Free in 30 Episode #329 - Fix Bad Credit Yourself - Tips & Tricks From an Expert https://www.youtube.com/watch?v=BtncJCxN4So December 19, 2020 (by Zoom)

7 Facts About Your Credit Rating (What's in your Credit Score?)

https://www.hoyes.com/blog/7-facts-credit-rating/

Free Credit Score Comes With a Catch:

https://www.hoyes.com/blog/free-credit-score-comes-with-a-catch/

The Big Credit Score Scam:

https://www.hoyes.com/blog/the-big-credit-score-scam/

What Are The Common Factors That Affect A Credit Score?:

https://www.hoyes.com/blog/what-are-the-common-factors-that-affect-a-credit-score/

482 – Setting Yourself Up for Success in 2024 with an Annual Financial Checkup! Nov 25, 2023

Show notes

In this episode, Doug Hoyes is joined by Ted Michalos as they discuss the importance of doing an annual financial checkup. Doug explains the importance of having a plan and touches on various topics such as updating your will, insurance, investments, bank accounts, taxes, passwords, and debt. Now is the time to review your finances and make a plan for the new year so you can set yourself up for success!

Time Stamps

00:00 Introduction

01:20 Self Assessment

02:03 Review and Update Your Will

02:57 Power of Attorney for Personal Care & Power of Attorney Over Property

04:18 Insurance

04:24 Life Insurance

05:16 Term Insurance

06:15 Mortgage Insurance vs. Life Insurance

08:15 Medical/Disability Insurance

09:23 Asset Insurance (Car Insurance, Homeowners Insurance)

10:31 Credit Insurance

11:32 Investments

11:39 Do Investments Still Make Sense?

13:53 Bank Accounts

14:41 Should You Have More Than One Bank Account?

18:30 Big Banks vs. Virtual Banks Interest Rates and Fees

23:41 Should You Reconcile Your Bank Account?

25:36 Passwords

26:30 Taxes

26:58 Debt – Make a Plan

Related Links:

Why You Should Bank at More Than One Bank

https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

Why Do I Need To Switch Banks? I Love My Bank.

https://www.hoyes.com/blog/why-do-i-need-to-switch-banks-i-love-my-bank/

How to Open a New Bank Account For A Bankruptcy or Consumer Proposal

https://www.hoyes.com/blog/opening-a-new-bank-account-bankruptcy-consumer-proposal/

RRSP, Registered Savings Accounts and Bankruptcy Laws

https://www.hoyes.com/blog/rrsp-bankruptcy-laws-canada/

Power of Attorney: Can I Deal With My Parents' Debts?

https://www.hoyes.com/blog/power-of-attorney-parents-debts/

Income Taxes and Bankruptcy – What You Need to Know

https://www.hoyes.com/blog/income-taxes-and-bankruptcy-what-you-need-to-know/

Crushing Debt. Why Canadians Should Drop Everything and Pay Off Debt

https://www.hoyes.com/blog/crushing-debt-why-canadians-should-drop-everything-and-pay-off-debt/

What is a Debt Free in 30 Debt Assessment?

https://www.hoyes.com/about-hoyes-michalos/debt-free-in-30/

481 – Will You Ever Be Able to Retire? Exploring Retirement Planning Strategies with Financial Expert Rona Birenbaum Nov 18, 2023

Show notes

In this episode, Doug Hoyes discusses retirement planning with special guest Rona Birenbaum, a Certified Financial Planner at Caring for Clients. The episode covers various retirement-related topics, including the importance of financial planning, the role of financial advisors, and the complexities of decisions such as when to retire and when to start receiving government benefits like CPP.

The discussion emphasizes the need for careful consideration of lifestyle preferences, budgeting, and financial goals when planning for retirement. The conversation also touches on the role of debt in retirement planning, highlighting the benefits of entering retirement with minimal debt. The episode aims to provide valuable information and perspectives to help individuals navigate the complexities of retirement planning.

Related Links:

Have a question or comment for a future show? Leave us a voice message here: https://www.hoyes.com/dfi30comments

Caring for Clients: www.careingforclients.com

Caring for Clients Facebook: https://www.facebook.com/profile.php?id=100033419084831

Caring for Clients YouTube: https://www.youtube.com/channel/UCZZL3BipR9-ZCLgUsOXE3Ag

Caring for Clients Twitter: https://twitter.com/Caring4Clients

Caring for Clients Blog: https://www.caringforclients.com/blog/

Rona Birenbaum, Episode 215, What is a Robo-Planner: Automated Financial Planning

https://youtu.be/rXW7a7EdCKA?si=fHVry4vas4tIJbCo

Planning for Retirement? Pay Off Debt & Start Practicing: https://www.hoyes.com/blog/planning-for-retirement-pay-off-debt-start-practicing/

How to Minimize Debt Before and After Retirement: https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/

Debt Relief for Seniors. What are Your Options?: https://www.hoyes.com/blog/debt-relief-for-seniors-what-are-your-options/