How Automated Debt Collection Can Harm Debtors With Unfair Practices
Allan Marshall & Associates Blog
by Scott Marshall BBA, C.I.R.P, L.I.T
22h ago
It’s no secret that artificial intelligence (AI) affects most areas of our lives. The financial services industry is no exception. Many collection agencies are embracing AI and using automated debt collection. But that raises plenty of questions or concerns. How fair and ethical is AI? What happens when we remove the human element for debt collection? Let’s explore the use of AI automation in debt collection and the unfair debt collection practices that debtors should be aware of. AI Automation in Debt Collection Organizations use AI for efficiency and productivity gains. For example, AI can m ..read more
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Vacation and Debt: 3 Ways to Enjoy a Holiday Without Breaking the Bank
Allan Marshall & Associates Blog
by Amanda Sherwood
22h ago
Vacations and debt can coexist. With the right approach, your debt doesn’t have to interfere with earned rest. There are ways to spend time with loved ones without spending a fortune. Vacation Alternatives While in Debt A vacation is never worth going into debt for, but you can focus on less expensive, budget-friendly outings with family or friends. Here are three possible vacation options, ideal for those with debt repayments: 1. Homeswapping: If you want to go out of town but can’t afford to spend the 200+ dollars at a hotel or rental, try a short-term home exchange! Find a friend who lives ..read more
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The 4 Best Personal Finance Apps in Canada for Debt Management & Budgeting
Allan Marshall & Associates Blog
by Mary-Ann Marriott
6d ago
Personal finance apps are crucial tools for good budgeting. Simply put, money management isn’t always easy. And unfortunately, personal finance skills are not typically taught in school. No one shows you how to budget, use credit, or save for the future. So unless you had financially savvy parents, you’re probably just figuring things out as you go. If you could use extra help and guidance, a personal finance app is an ideal support solution. What is a Personal Finance App? Personal finance apps are tools available on your smartphone, mobile device, or computer that help you perform financial ..read more
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Vacation and Debt: 3 Ways to Enjoy a Holiday Without Breaking the Bank
Allan Marshall & Associates Blog
by Amanda Sherwood
1w ago
Vacations and debt can coexist. With the right approach, your debt doesn’t have to interfere with earned rest. There are ways to spend time with loved ones without spending a fortune. Vacation Alternatives While in Debt A vacation is never worth going into debt for, but you can focus on less expensive, budget-friendly outings with family or friends. Here are three possible vacation options, ideal for those with debt repayments: 1. Homeswapping: If you want to go out of town but can’t afford to spend the 200+ dollars at a hotel or rental, try a short-term home exchange! Find a friend who lives ..read more
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Never-Ending Debt And How To Stop It
Allan Marshall & Associates Blog
by Mary-Ann Marriott
1w ago
Do you feel like your never-ending debt is running your life? Many times, we end up in debt fully intending that it will be temporary, and that we will be able to pay loans back once the next cheque comes in. – And then life happens. Debt can often accumulate silently, weaving its way into our financial lives without us even realizing it. Small, seemingly inconsequential purchases, coupled with interest rates and unforeseen expenses, can snowball over time, turning manageable debt into an overwhelming burden.  Feeling like you have never-ending debt can lead to feelings of anger, denial ..read more
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Canada Emergency Business Account (CEBA) Loan Repayment & Forgiveness
Allan Marshall & Associates Blog
by David Macdonald
2M ago
The Canada Emergency Business Account (CEBA) is a government-backed program designed to assist Canadian businesses during the COVID-19 pandemic which ran from April 9, 2020, to June 30, 2021. CEBA offered nearly 900,000 small businesses and not-for-profit organizations interest free, partially forgivable loans totaling $49 billion to cover their essential operating expenses, such as rent, payroll, and utilities. It was created as part of the government’s broader economic response to mitigate the financial strain caused by the pandemic. The CEBA program initially offered interest-free loans of ..read more
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Consumer Proposal vs. Bankruptcy in Canada: What Is the Best Option for You?
Allan Marshall & Associates Blog
by Juliana (Jule) Drane, Licensed Insolvency Trustee
2M ago
When you’re struggling with overwhelming debt, it’s important to understand the options available to you. One option is a Consumer Proposal, while another is Bankruptcy. Both can provide debt relief, but they have distinct processes and outcomes. The Bankruptcy and Insolvency Act (BIA) safeguards everyone involved in Consumer Proposals or Bankruptcy, including debtors, lenders/creditors, and Licensed Insolvency Trustees (LITs) overseeing the process. By comparing the benefits and drawbacks of a Consumer Proposal vs Bankruptcy, you can determine which might be the best fit for your situation. W ..read more
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Not Filing Your Tax Returns Because You’re Afraid Of CRA Tax Debt?
Allan Marshall & Associates Blog
by Matthew Fader
2M ago
If you’re thinking about not filing your taxes because you’re afraid you owe the government money, this is not going to solve your problem. Instead, it’s likely to create new problems, and more tax debt. Even if you can’t afford to pay your tax debt, filing on time can help you avoid late penalties and interest payments and prevent a delay to government benefits. What Happens if You Don’t File Your Taxes on Time? For most Canadians, the tax deadline is April 30. If you’re self-employed, June 15th is the tax filing deadline, but you have to pay your taxes by April 30th. If you don’t file your t ..read more
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Do Canadian Banks Accept Consumer Proposals?
Allan Marshall & Associates Blog
by Glenn Steiner
2M ago
Deep in debt but want to avoid filing for Bankruptcy? Have you considered a Consumer Proposal? A Consumer Proposal can help you avoid some of the more severe consequences of Bankruptcy, including the sale of assets and a seven-year stain on your credit score. However, in a Consumer Proposal, your creditors get to vote if they want to accept or reject your offer. The more money you owe a creditor, the more voting power they have. If you owe a lot of money to a Canadian bank, it’s important to understand whether or not banks accept Consumer Proposals. Do I Qualify For a Consumer Proposal? To det ..read more
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Your Credit Score in Canada: What You Should Know
Allan Marshall & Associates Blog
by Scott Marshall BBA, C.I.R.P, L.I.T
2M ago
Your credit score impacts a range of lending decisions, from whether you can secure a mortgage, car loan, or even an apartment rental. If a poor credit score is holding you back from achieving your financial goals, there are steps you can take to repair your credit. Keep reading to understand what makes your credit score rise or fall and what you can do to improve your credit score. What is a Credit Score? Your credit score is a three-digit number that ranges from 300 to 900. Your credit score indicates how risky it is to lend you money. Your credit score impacts most of the important financia ..read more
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