Debt Free in 30

Doug Hoyes is joined by special guest, Blair Demarco-Wettlaufer, a collection agent, who serves as the Chief Operations Officer at collection agency Kingston Data & Credit. This marks Blair's seventh appearance on the show! In this episode, Doug and Blair discuss the messy world of debt collection, statute-barred claims, and credit reporting. They answer questions such as, how long does it take for a credit card company to send your debt to collections? Does a statute-barred debt affect your credit report? What happens if you don't pay it? Can you be sued and when is it time to speak to a Licensed Insolvency Trustee? Tune in for lots of great advice and tips!

00:00 Introduction

01:44 How long does it take for collection agencies to report to a collection agency?

04:44 How does a collection agency receive new files to collect?

06:36 How do collection agencies contact and monitor those in debt?

09:59 When do collection agencies report to the credit bureau?

11:05 What is the difference between a trade line and a registered item?

15:11 What is the difference between soft inquiries and hard inquires and how do they affect your credit score?

16:34 How often should you pull your credit bureau?

18:56 Statute-Barred Claims: Do I Have to Pay?

23:13 Proof of Claim Forms

29:12 Creditors plan

32:49 Settlements

37:14 Concluding comments

Related Links:

Blair Demarco-Wettlaufer on Twitter (X) https://twitter.com/kdcblair

Blair’s blog: https://receivableaccounts.blogspot.com/

Blair Demarco-Wettlaufer’s previous appearances on Debt Free in 30:

Episode 20, January 17, 2025 – Stop the Collection Calls https://www.youtube.com/watch?v=0tsrKacdx4U

Episode 57, October 3, 2015, Collection Agents – How Did They Find Me? https://www.youtube.com/watch?v=0SMU1R5N0ms

Episode 70, January 2, 2016, Top 10 Tips for Dealing with a Collection Agent https://www.youtube.com/watch?v=736J-IefWrI

Episode 264, September 21, 2019, How to Negotiate with a Collection Agent, https://youtu.be/ZgNWpKfBUwU?si=czAQLjQqWTOLctml  59,000 Views

Episode 296, May 2, 2020 -  Dealing with Collection Calls in COVID-19: Debt Negotiations, Deferrals, and Credit Report Impact https://youtu.be/S86gnBEkeUY?si=r0HLIpLHlWfTXdN_ (During Covid, I had a beard)

Episode 373, October 23, 2021, Your Top Collections Questioned Answered by a Debt Collector, https://www.youtube.com/watch?v=Ue8gFE2Z48w

Ontario Ministry of Government and Consumer Services  https://www.ontario.ca/page/ministry-government-and-consumer-services

I’ve Filed Bankruptcy & Collection Agents Are Still Calling Blog: https://www.hoyes.com/blog/ive-filed-bankruptcy-collection-agents-are-still-calling/

Collection Agents: How Did They Find Me? Blog: https://www.hoyes.com/blog/collection-agents-how-did-they-find-me/

Top 10 Tips For Dealing With A Collection Agent Blog: https://www.hoyes.com/blog/top-10-tips-for-dealing-with-a-collection-agent/

How Long Can a Collection Agency Collect on Debt in Canada? Blog: https://www.hoyes.com/blog/how-long-can-a-collection-agency-collect-on-a-debt-in-canada/

Stop The Collection Calls: Advice from Blair Demarco-Wettlaufer Blog: https://www.hoyes.com/blog/stop-the-collection-calls-advice-from-blair-demarco-wettlaufer/

Can a Collection Agency Sue You in Canada? Blog: https://www.hoyes.com/blog/can-a-collection-agency-sue-you-in-canada/

What happens to debt when someone passes away?  Host Doug Hoyes is joined by Ted Michalos to discuss a topic that might sound eerie but is incredibly important. 

They chat about the different types of debt: credit card balances, car loans, and mortgages. Ted provides clear and valuable advice on important topics such as life insurance, wills, and power of attorney. Doug also highlights the significance of his "Death Checklist" and the importance of informing your spouse to guarantee seamless access to your accounts. This informative conversation gives great insights for financial planning when dealing with an inevitable part of life.

Related Links:

How many humans have ever lived? https://www.visualcapitalist.com/cp/how-many-humans-have-ever-lived/

Doug’s book, Straight Talk on Your Money https://www.hoyes.com/straight-talk/

You've probably noticed that Artificial Intelligence is everywhere these days, but can it help you out with debt and managing your money? Doug Hoyes and Scott Terrio are here to chat about just that! They discuss how AI looks at your spending habits, and discuss concerns related to biases and privacy, talk about the pros and cons of using ChatGPT to handle your finances, and help you understand what it can and can't do.  Don't miss out on valuable tips and advice for making smart financial decisions in our AI-driven world.

Related Links:

Straight Talk on Your Money - https://www.hoyes.com/straight-talk/

How Credit Karma is Demystifying Personal Finance with AI - https://www.interactions.com/podcasts/how-credit-karma-is-demystifying-personal-finance-with-ai

Chat GPT - https://chat.openai.com/

Are you a small business dealing with the CEBA loan repayment dilemma?  Ted Michalos and Doug Hoyes dive deep into the world of CEBA loans and the crucial decisions you need to make about repaying them.  For many small businesses, the loan was a lifeline during the pandemic but as the repayment deadline is looming it’s time to evaluate your options.  Join us as we help you to understand the pros and cons of getting a bank loan to repay the CEBA loan, tax considerations that could impact your decision and explore what to do if you don’t qualify for the CEBA loan repayment.

Related Links:

What happens it you can’t pay your CEBA loan blog:  https://www.hoyes.com/blog/what-happens-if-you-cant-pay-your-ceba-loan/

Federal Government CEBA loan page: https://ceba-cuec.ca/

Join the conversation with Ian Penney, a Licensed Trustee from Janes & Noseworthy, and Doug Hoyes as they provide insights into managing your finances in the aftermath of the pandemic, with a focus on the distinctions between Newfoundland and Ontario.  During the discussion, they delve into the economic landscapes of these regions, spotlighting key industries such as oil and gas, fishing, forestry, tourism, and mining.  Tune in to gain valuable advice on navigating your financial journey post-pandemic.

Related Links:

Website: https://janesnoseworthy.ca/

LinkedIn Janes & Noseworthy: https://www.linkedin.com/company/janes-and-noseworthy/

Facebook: https://www.facebook.com/JanesNoseworthy

Twitter: https://twitter.com/JanesNoseworthy

Every successful budget makes room for fun spending. But how much is OK to spend on fun? What if you feel guilty? Is it ever wrong to spend money on your hobbies and interests? On today’s podcast, Maureen Parent returns to give advice on this less explored area of our budget and gives practical advice on how to allocate your income wisely towards leisure and why it’s essential for your mental and financial health to do so. Tune in!

Related Links:

The Secret To Budgeting? Don’t Budget https://youtu.be/u5q1Qge3k8s

The P.L.A.N. Account for Budgeting: https://youtu.be/pSQ3jvrFVHU

Is The 50/30/20 Budget Rule Even Possible Today? https://youtu.be/hANI5zadF2I

Higher education isn’t getting any cheaper. The cost of going to university has more than tripled since the 1990s and we see first-hand the financial burden caused by student loans. So, is it still worth it to get into debt for post-secondary schooling? With so many advancements in free online education, aren’t there cheaper alternatives? When is college the better option? Is an undergraduate degree still going to give you a job right away? Tune in to this discussion with Ted Michalos and Doug Hoyes as they share graduate statistics and give practical advice on how to think through your career and education choices.

Resources Mentioned in the Show:

Statistics Canada, National Student Survey: https://www150.statcan.gc.ca/n1/pub/75-006-x/2020001/article/00005-eng.htm

University of Toronto, Facts & Figures https://data.utoronto.ca/facts-and-figures/

Ontario, graduation rates: https://www.iaccess.gov.on.ca/OsapRatesWeb/enterapp/home.xhtml

Ontario budget, 2022-2023 https://www.ontario.ca/page/expenditure-estimates-ministry-colleges-and-universities-2023-24#vote2

Chat GPT: https://chat.openai.com/

Hoyes Michalos Annual Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

13 Stats on Average Student Debt in Canada: https://reviewmoose.ca/blog/average-student-debt-canada/

National Graduates Survey 2018 results: https://www150.statcan.gc.ca/n1/pub/75-006-x/2020001/article/00005-eng.htm

Statistics Canada – Student Debt from all sources: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710003601

Welcome to Season #10 of Debt Free in 30.  Debt is up.  Interest rates are up.  Not surprisingly, personal insolvency filings are way up.  Many people are hitting the wall.  On today’s abbreviated podcast, Doug Hoyes explains the numbers and why we live in a “Tale of Two Economies.”  If you are rich, all is good.  If you have depleted your savings and have debt, times are tough.

We explain the impact of the numbers and “tease” some of the topics we will be discussing in the coming weeks.

Tune in, and enjoy!

For our final rebroadcast of the summer, we are rebroadcasting episode #452. We know rising inflation is tough on Canadians. If your budget is getting tighter, you may be tempted to use credit (debt) to make ends meet, but that may not be a good strategy. On today’s podcast, Jennifer Kwon returns with some solid practical advice for what to do if you feel you’re living paycheque to paycheque and the dos and don’ts of using credit to get by. Jennifer and Doug Hoyes discuss common debt traps that should be avoided and what to do instead. They also help you think about the root causes of financial trouble so you can come up with good solutions. Tune in for a great discussion!

Related Links:

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

Are Credit Cards Right for Credit Repair? https://youtu.be/Hy708HhFljk

Buy Now Pay Later – Is It Debt? https://youtu.be/KvCO7_PUCDI

Zero-based budgeting: How to Give Every Dollar a Purpose: https://www.hoyes.com/blog/zero-based-budgeting-how-to-give-every-dollar-a-purpose/

Today we rebroadcast episode #453. Online shopping isn’t new. Apps are not new. But is shopping supposed to be a game? That’s the angle a new shopping app called Temu appears to have taken. Since its launch in September 2022, the app has millions of monthly users, offers very deep discounts, and has strong incentives to keep users coming back. On today’s podcast, Doug Hoyes takes a closer look at how Temu works and interviews users from very different age groups for comparison. He also discusses whether we should be concerned about shopping gamification in general, how data is potentially treated on Temu, and whether cheaper is always better. Tune in for a unique show!

Links:

CNN Article: ‘One of China’s most popular apps has the ability to spy on its users’ https://www.cnn.com/2023/04/02/tech/china-pinduoduo-malware-cybersecurity-analysis-intl-hnk/index.html

How Temu topped by U.S. app charts by turning shopping into a game: https://restofworld.org/2023/temu-mobile-gaming/

Today we rebroadcast episode #448.

Most money experts will tell you that the best way to avoid money problems is to cut costs. And they’re right. But what about also increasing your income? After all, you can only cut so much. We have seen a lot of people struggle with rising living costs, with a limited income, and needing debt to make ends meet. On today’s podcast, Doug Hoyes and Ted Michalos discuss strategies for earning a higher pay without needing to do a side hustle or second job. They also explain when it’s best to go back to school to increase your earning potential. Finally, they review the dos and don’ts of increasing income if you have a lot of debt. Tune for great tips!

Links:

Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/

Bank of Canada Inflation Calculator: https://www.bankofcanada.ca/rates/related/inflation-calculator/

Avoid the Surplus Income Penalty With a Consumer Proposal: https://www.hoyes.com/blog/avoid-the-surplus-income-penalty-with-a-consumer-proposal/

Surplus Income Calculator 2023: https://www.hoyes.com/personal-bankruptcy/cost-of-bankruptcy-fees/surplus-income-calculator/

Originally aired at episode 450 on April 15, 2023, the Food Professor returns. Food is now more expensive than ever. But why? Is it just corporate greed? Or something greater? Enter Dr. Sylvain Charlebois, a.k.a. The Food Professor. Sylvain is a Professor and the Scientific Director at Agri-Food Analytics Lab at Dalhousie University. On today’s podcast, he demystifies grocery pricing and explains why food inflation is a global phenomenon. Sylvain also discusses the part the Canadian government plays in grocery price hikes and gives lots of valuable practical advice for how to save on your food bill. You won’t want to miss this episode. Tune in!

Time Stamps

7:42 What is Shrinkflation?

8:31 Groceries vs. Snacks + Tax

11:55 Is the Grocery Rebate Even Helpful?

19:01 Which Days of The Week To Shop Groceries?

23:30 Shop at 3 Different Stores

27:04 Consumers Can Make a Difference

Links:

The Food Professor Podcast: https://the-food-professor.simplecast.com/episodes

Dr. Sylvain Charlebois on Twitter: https://twitter.com/FoodProfessor

CRA: GST/HST on food products: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-020/bars.html

Toronto Sun article on the food rebate: https://torontosun.com/opinion/columnists/charlebois-government-handouts-are-mirage-for-needy

Episode #254 – What Costco Can Teach Us About Making Financial Decisions: https://www.youtube.com/watch?v=-8PlGkHjHG8

Episode #270 – The Fable of the 20 Dollar Bill - https://www.youtube.com/watch?v=5fYfAvSnNps

In the season 9 finale episode of Debt Free in 30, Doug Hoyes and Ted Michalos discuss the current state of consumer insolvencies in Canada and why they’re going back up. They also discuss the impact of inflation remaining higher than wage increases, higher credit card debt, and higher interest rates.  Where are we heading in the latter part of 2023? Has the recession begun? What can homeowners expect in this climate? Tune in for a great discussion!

Related Links:

Episode 435, Debt Free in 30 Year End Prediction Show https://youtu.be/3i22JpmcozY

Statistics Canada. Table 18-10-0004-01  Consumer Price Index, monthly, not seasonally adjusted https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000401

Statistics Canada, Average Weekly Earnings https://www150.statcan.gc.ca/n1/daily-quotidien/230629/dq230629a-eng.htm?HPA=1&indid=3555-1&indgeo=0

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

Mortgage Rate History from Ratehub.ca: https://www.ratehub.ca/5-year-fixed-mortgage-rate-history

Mortgage Calculator, Butler Mortgage: https://www.butlermortgage.ca/mortgage-calculator/

Bank of Canada, Monetary Aggregates (Money Supply) https://www.bankofcanada.ca/rates/indicators/key-variables/monetary-aggregates/

Buying a car has never been more expensive. But what if you have no choice but to buy one? How can you avoid buying too much car these days? On today’s podcast, Ted Michalos and Doug Hoyes explain what’s causing high car prices in both the new and used car categories, as well as, how to buy without taking out a huge auto loan. Tune in for lots of practical tips on shopping for a car and dealing with salesmen.

Resources Mentioned i the Show:

Buying and Maintaining an Affordable Car: https://www.hoyes.com/blog/buying-and-maintaining-an-affordable-car/

Auto Trader Price Index March 2023: https://editorials.autotrader.ca/media/klxhaqq5/autotrader_priceindex_finalv3_march2023_en.pdf?_gl=1*uou0k4*_gcl_au*OTQ3ODQ3MTMzLjE2ODc0OTI1NDQ.&_ga=2.183395302.1188701862.1687492545-911279650.1687492545

Car Guru – Price Trends: https://www.cargurus.ca/Cars/price-trends/

CBC Car Market Analysis: https://www.cbc.ca/news/business/car-market-analysis-1.6873747

Maybe you’re tired of working for someone. Or you’re looking to be your own boss. You may consider buying a business. It’s not a bad idea, but just as there are advantages, there are also pitfalls you need to be aware of. Enter David Barnett. David is a seasoned expert in buying and selling small to medium-sized businesses. On today’s podcast, David demystifies the process of buying a business and provides insight on how to avoid debt problems when doing so. Tune in for a great discussion with lots of practical advice.

Related Links:

David Barnett’s Website: https://www.investlocalbook.com/

David Barnett on Twitter: https://twitter.com/DBarnettMoncton

Debt Traps of Buying a Business with David Barnett: https://www.youtube.com/watch?v=-HbW9ww2BNg

Bad Funding Choices for Small Business with David Barnett: https://www.youtube.com/watch?v=UaklFv3eBvI

Your bank is a business, so they’re always trying to sell to you because they want to make more money. How do you navigate their tricks? How do you avoid upsells when you just want to do a simple transaction? On today’s podcast, Scott Terrio and Doug Hoyes discuss the pervasive sales culture at financial institutions, what you need to look out for, and teach you the basics to making better money decisions on the spot. Tune in for a great discussion!

Related Links:

Pervasive Sales Culture at Canadian Banks – Globe and Mail article: https://www.theglobeandmail.com/investing/personal-finance/article-pervasive-sales-culture-at-canadian-banks-positions-system-against-its/

Investment Selling is Not Financial Planning: https://www.hoyes.com/blog/investment-selling-is-not-financial-planning/

Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

With nine interest rate hikes since March 2022, mortgage borrowers have either already started to feel the increased payment pressures or will at renewal time. So, what if your mortgage payments become too much to manage? How do you avoid risking your home? On today’s podcast, Doug Hoyes and Ted Michalos give practical advice for what to do if you’re struggling with your mortgage payments, including the dos and don’ts, and ways to cut back on interest costs if you can afford it. Tune in for a great show!

Related Links:

Rising Interest Rates and Debt: What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/

Walking Away From a Mortgage in Canada: https://www.hoyes.com/blog/walking-away-from-a-mortgage-in-canada/

Can’t Pay Your Mortgage? Options to Keep Your House: https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Bank of Canada Financial System Review: https://www.bankofcanada.ca/2023/05/financial-system-review-2023/#Households

Butler Mortgage Interest Rates: https://www.butlermortgage.ca/rates/

We know it can be daunting to start your credit repair journey. We are often asked where to begin and what is the fastest way to rebuild. On today’s podcast, Maureen Parent is back to answer some of the most common credit rebuilding questions and address fears and misconceptions about repairing your credit. Tune in for lots of great practical advice and recommendations on which tools to use.

Related Links:

Free Credit Rebuilding Course by Hoyes Michalos: https://courses.hoyes.com/courses/rebuild-credit

How to Repair and Rebuild Credit: https://www.hoyes.com/blog/how-to-rebuild-credit-5-simple-steps/

Are Credit Cards Right for Credit Repair: https://youtu.be/Hy708HhFljk

Fix Bad Credit Yourself – Tips & Tricks From an Expert: https://youtu.be/BtncJCxN4So

Self-employment has many advantages like you get to be your own boss, set your own hours, and even make more money. On the other hand, self-employment comes with challenges. Over the years, we’ve met with a lot of clients who were self-employed but became overwhelmed by unpaid tax debt. On today’s podcast, Doug Hoyes and Ted Michalos break down what it means to be a self-employed person, explaining the benefits and pitfalls you need to be aware of before you decide to become your own employer. Tune in for lots of great practical advice!

Links:

Should You Start Your Own Business: https://youtu.be/hhawMCZF_kw

Self-Employed: Financing Wisely to Avoid Debt Trouble: https://youtu.be/F_lo_0JP46Q

What To Do If You Owe Back Taxes to CRA: https://www.hoyes.com/blog/what-to-do-if-you-owe-back-taxes-to-cra/

Keeping Your Small Business Afloat While Dealing with Debt: https://www.hoyes.com/blog/keeping-small-business-afloat-dealing-debt/

While bank failures are not a common occurrence in Canada, it may still be in your best interest to have more than one bank account. On today’s podcast, Joel Sandwith, our LIT in London, joins Doug Hoyes to discuss banking best practices, including how many accounts you should have, where to store your savings, and why it’s important to understand the right of offset if you owe your bank. They also explain how deposit insurance works and high-interest savings accounts. Tune in for an informative discussion and practical advice!

Links:

Why You Should Bank at More Than One Bank: https://www.hoyes.com/blog/why-you-should-bank-at-more-than-one-bank/

Frozen Bank Account. Your Rights and What To Do Next: https://www.hoyes.com/blog/frozen-bank-account-your-rights-and-what-to-do-next/

What is the Right of Offset and What Can You Do About It: https://www.hoyes.com/blog/what-is-the-right-of-offset-and-what-can-you-do-about-it/

Joel Sandwith, LIT in London: https://www.hoyes.com/about-hoyes-michalos/bankruptcy-trustees/joel-sandwith/