What Happens if You Miss a Mortgage Payment
Hoyes, Michalos & Associates Inc. Blog
by J. Douglas Hoyes, CA, LIT
1w ago
Canadian homeowners are increasingly struggling to keep up with monthly mortgage payments. Rising interest rates have more than doubled mortgage payments for some homeowners, and the high cost of real estate has led to larger mortgage loans. First-time home buyers may be struggling due to high house prices combined with a low down payment. Missing mortgage payments in Canada can result in late fees, damage to your credit score and foreclosure. Difficulty meeting mortgage payments often coincides with a maxed-out line of credit or credit cards, which can have a cascading effect on your financia ..read more
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What To Do When Being Sued for Credit Card Debt in Canada
Hoyes, Michalos & Associates Inc. Blog
by Ted Michalos, CA, LIT
1M ago
When you owe money on your credit card, your credit card company can send your account to a collection agency or pursue legal action through the court. If you are behind on credit card payments and facing the possibility of being sued for credit card debt, the most important thing is not to panic. In this post, we explain how to stop court proceedings, potentially negotiate with debt collectors and seek help with unpaid credit card debt. What happens when you are sued for credit card debt? Credit card companies are unsecured creditors. Their rights to collect do not include automatically seizi ..read more
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A Senior Debt Crisis – Credit Cards and Payday Loans
Hoyes, Michalos & Associates Inc. Blog
by J. Douglas Hoyes, CA, LIT
1M ago
By the time you approach retirement age, conventional wisdom says you should be out of debt, having paid off your credit cards, mortgage, and other debts, and hopefully, having accumulated some savings for retirement. Unfortunately, the rising cost of living presents a significant challenge for seniors in Canada, straining retirement budgets. As inflation outpaces the growth of retirement incomes, seniors on a fixed income are finding it increasingly challenging to afford essentials like housing, energy costs, healthcare and groceries. Many seniors turn to credit cards and payday loans to make ..read more
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Payday Loan in Collection? What to Do Next.
Hoyes, Michalos & Associates Inc. Blog
by Scott Schaefer, CA, LIT
2M ago
Owing money on a payday loan can be daunting, but this is especially true if you can’t repay your payday loan on time. These short-term, high-cost loans seem like a quick solution to money needs – they don’t require a credit check and are typically due by your next payday. However, missing a payment can lead to your payday loan being sent to a collection agency, negatively impacting your credit report and potentially having money seized from your bank account. What happens to Canadians who can’t repay their payday loans? Today, I will explain what steps to take if your payday loan is in collec ..read more
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Should Rent Be a Part of a Credit Score?
Hoyes, Michalos & Associates Inc. Blog
by Ted Michalos, CA, LIT
3M ago
In a country where owning a home seems like a distant dream for many young Canadians, the federal government is proposing legislation to protect renters’ rights and make housing more attainable for millennial and Gen Z renters. According to Statistics Canada, in 2021, there were 5 million renter households, a significant increase from 4.1 million a decade ago. An RBC Economics study revealed that young Canadians make up the largest share of renters. According to our 2023 Joe Debtor study, higher house prices have resulted in a de ..read more
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Should You Pay Credit Card Debt with Another Credit Card?
Hoyes, Michalos & Associates Inc. Blog
by J. Douglas Hoyes, CA, LIT
3M ago
As a credit cardholder, one of your most important financial challenges revolves around credit card debt management. Your goals should be to keep outstanding balances low, avoid high interest rates, and pay your minimum payments on time. But what do you do when one credit card is maxed out, and you struggle to make your credit card payments on that card? Or what if an alternative credit card company offers you a credit card with a lower interest rate? Should you pay your credit card debt with a different credit card? That’s what we are exploring today – when paying a credit card with a differe ..read more
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What to Do If Your Mortgage Renewal is Denied in Canada
Hoyes, Michalos & Associates Inc. Blog
by Ted Michalos, CA, LIT
4M ago
For Canadian homeowners, the mortgage renewal process is a significant aspect of their homeownership journey. While the prospect of mortgage renewal brings the promise of negotiating better terms, it doesn’t always go smoothly. Around 3% of mortgage renewals are refused. In this blog, we’ll explore the ins and outs of the mortgage renewal process, common issues that may arise, and what to do if your current mortgage term is denied. Understanding the mortgage renewal process The mortgage renewal process in Canada typically involves renegotiating the terms of your mortgage loan with your current ..read more
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How a Consumer Proposal in Canada Affects Secured Debt
Hoyes, Michalos & Associates Inc. Blog
by Maureen Parent, BA - LIT
5M ago
Dealing with financial challenges often involves navigating through a web of debts, each with its own rules and consequences. Secured and unsecured debts pose different considerations, and understanding how a consumer proposal affects secured debt is crucial for anyone contemplating this debt relief option. Secured vs Unsecured Debt Before discussing the impact of a consumer proposal on secured debt, it’s essential to distinguish between secured and unsecured debts. Unsecured debts include lines of credit, personal loans, credit cards and income taxes. Secured debts are those tied to specific ..read more
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How Does a Consumer Proposal Work
Hoyes, Michalos & Associates Inc. Blog
by Hoyes Michalos
6M ago
Consumer proposals in Canada are a debt relief solution for individuals drowning in debt, offering a structured plan for financial recovery. In this article, we’ll explore how a consumer proposal works, explaining eligibility criteria, the filing process, legal protection, creditor considerations, and the pros and cons of this debt management strategy. Consumer proposal eligibility: Do you qualify? I. Who can apply for a consumer proposal? To be eligible to file a consumer proposal: You must be an individual. An incorporated business cannot file a consumer proposal but can file a Division 1 ..read more
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Will the Federal Government Finally Put an End to Unregulated, Unlicensed Debt Consultants?
Hoyes, Michalos & Associates Inc. Blog
by J. Douglas Hoyes, CA, LIT
6M ago
I’ve been at the forefront of the battle against unlicensed and unregulated debt consultants for years. Today, I’ll delve into the recent developments surrounding this issue and explore whether the government is finally ready to end these dishonest practices. We first wrote about the problem with unregulated debt consultants back in 2011. Our stronger fight against unlicensed debt advisors dates back to 2017 when Ted Michalos and I first discussed the issue on our Debt Free in 30 podcast. Fast forward to 2018, when a guest shared a personal story of being scammed by these indivi ..read more
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