240 Managing Your Debt During the Pandemic - Doug Hoyes, Licensed Insolvency Trustee & Author of Straight Talk on Your Money
More Money Podcast
It’s been way too long since I first had Doug Hoyes, licensed insolvency trustee and co-founder of , on the show! I’m talking years! He was first on the show to talk about consumer proposals and bankruptcies back in May 2016 for , and he’s back to talk about things to consider if you’re dealing with mounting debt during this pandemic. Not only that, but he is now also an author with his book Straight Talk on Your Money, which we also discuss in this episode. What I enjoyed most about his book is his very unique perspective on some of the money myths or traditional financial advice we’ve all heard over the years. Since Doug has worked with a number of clients over the course of his career, he has seen almost every situation possible first-hand. If you haven’t read it yet, I’d highly recommend it. There are some great sections on day-to-day money management and dealing with debt that I found so different in their take. For instance, a common piece of financial advice is to pay off either your most expensive debt or your smallest debt first. But maybe the best route to take is to pay off your callable or secured debts first since those debts are linked to assets that can be taken away. For full episode show notes visit https://jessicamoorhouse.com/240
Debt Relief Options to Get Back on Track, with Doug Hoyes Debt Relief Options to Get Back on Track, with Doug Hoyes
The MapleMoney Show
Do you feel like your debt is getting the better of you? Are you struggling to manage your payments, and wondering where to find relief? My guest this week is Doug Hoyes, host of the Debt Free in 30 Podcast, and a licensed insolvency trustee. For over 20 years, Doug has been helping Canadians eliminate their debt. Today, Doug joins us to discuss a variety of debt relief options, and how they can help you regain control of your finances. You can find the show notes for this episode at https://maplemoney.com/doughoyes Our sponsor, EQ Bank, has partnered with TransferWise, to give Canadians a better way to send money abroad. The result is fully transparent and remarkably quick international money transfers that are up to 8X cheaper for EQ Bank customers. To find out more, visit https://maplemoney.com/eqbank
How an Accountant got into Insolvency: Interview with Doug Hoyes
In my interview with Doug Hoyes, we discuss:- How he went from accounting to insolvency- Transferable skills from accounting- What it's like to work in insolvency- The difference between bankruptcy and consumer proposal- Debt vs equity financing for companies- Student debt- Canadian vs American health care systems
Bankruptcy, Consumer Proposals and Homeownership with Doug Hoyes of Hoyes, Michalos & Associates Inc.
The Burn Your Mortgage Podcast
Doug Hoyes is the co-founder of Hoyes, Michalos & Associates Inc., one of Canada’s largest personal insolvency firms. In his thirty-year career as a chartered accountant and Licensed Insolvency Trustee, he has personally helped over 10,000 individuals solve their debt problems and rebuild their financial future. He has appeared before the Senate Banking, Trade and Commerce Committee in Ottawa to give testimony on the impact of bankruptcy legislation on the individual, and serves as an OSB (Office of the Superintendent of Bankruptcy) Oral Board Examiner. Doug is a passionate advocate for ensuring that people find the right solutions for their debt problems. Frequently interviewed in the media, he has shared his knowledge and expertise on the most common financial myths and mistakes on CBC, Global News, The Globe and Mail, the Toronto Star, Business News Network, The Financial Post, and CTV News. Doug is the author of the personal finance book Straight Talk on Your Money – The Biggest Financial Myths and Mistakes…and How to Avoid Them available online and in major bookstores across Canada. He’s also the host of the Debt Free in 30 Podcast. In my interview with Doug, we discuss the pros and cons of filing for bankruptcy and a consumer proposal, what happens to mortgage debt when you file for bankruptcy or a consumer proposal and how to use a home equity line of credit (HELOC) in a responsible way.
EP057 Bankruptcy and Consumer Proposals 101 with Doug Hoyes
Young Money with Tracey Bissett
Doug Hoyes is the co-founder of Hoyes, Michalos & Associates Inc., a personal insolvency firm that helps consumers in need of debt relief. He is a passionate advocate for ensuring that people find the right solutions to their debt problems. Doug has a BA from the University of Toronto and is a Chartered Professional Accountant and Licensed Insolvency Trustee. He is the author of Straight Talk on Your Money: The Biggest Financial Myths and Mistakes…and How to Avoid Them, hosts the popular Debt Free in 30 weekly podcast and regularly comments in media publications such as the Globe and Mail, Global News, CBC, and BNN Bloomberg. Doug joins me today to explain the difference between consumer proposals and bankruptcy. He explains the work of a licensed insolvency trustee and how they help individuals find legal debt solutions. He explains the concept of garnishments and how they work as well as when to consider seeking a consumer proposal or filing for bankruptcy. He also shares sound advice surrounding debt and dispels the misconceptions that people may have regarding debt, bankruptcy, and consumer proposals. “Bankruptcy is very punitive - if you have the potential to earn more money.” - Doug Hoyes This Week on Young Money: Doug’s background and the creation of Hoyes, Michalos & Associates. What is a licensed insolvency trustee? What he credits his success to and the lessons he has learned. What a consumer proposal is and who might need one. An explanation of garnishments. How bankruptcy compares to a consumer proposal. How people feel after arranging a consumer proposal or filing for bankruptcy. The misconceptions people have about consumer proposals and bankruptcy. Doug Hoyes' Tips to Become Debt-Free: Do the math. Get help if the debt is insurmountable. Debt problems do not go away on their own. Remember that you are not alone. Connect with Doug Hoyes: Hoyes, Michalos & Associates Hoyes, Michalos & Associates on Facebook Doug Hoyes on Twitter Hoyes Michalos on Twitter Doug Hoyes on LinkedIn Hoyes Michalos on LinkedIn Hoyes Michalos on Youtube Debt Free in 30 podcast Straight Talk on Your Money: The Biggest Financial Myths and Mistakes…and how to Avoid Them Rate, Share & Inspire Other Young Millionaires-in-the-Making Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media! Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our Linkedin Company Page, or by visiting our website.
“I would much rather come up with the right solution for you, rather than the solution that is going to make me money today.” - Doug Hoyes This is the kind of thinking that makes me want to send everyone to Hoyes Michalos and Associates for help. In 2009 I found myself with a huge amount of consumer debt, due to my gambling addiction, and I could barely keep up with my minimum payments. I could feel that I was on my way to finding a way out of my gambling addiction, but it was hard to make any progress with so much debt weighing upon me and no plan to pay it off. I did a bunch of research and decided that filing for bankruptcy might be an option. I looked a bit further and found that a consumer proposal to my creditors might be the better choice. In early 2009 I emailed Hoyes Michalos and Associates with the following message: “Due to a recent gambling incident, my debt load has increased significantly. I do not believe I can reasonably afford to pay my current debt load. I think a consumer proposal might be the right thing for me.” The “incident”, of course, was not recent, and it was an accumulation of gambling debt over 10 years, which I clarified with Sandra, the insolvency trustee when we met. Sandra took my $40,000 in debt and crafted a proposal to my creditors asking if it could be reduced to $15,000. The alternative was bankruptcy, and $0, so my creditors accepted the $15,000. I now had fixed monthly payments of $300 for the next 50 months. Oh yeah, and my credit rating would be ruined for the entire 50 months + 3 full years after my proposal was paid in full. What might have been a negative for some, was a huge relief for me. With the inability to gamble with credit cards, and having enough cash flow to start saving again, I was able to focus on rebuilding. Soon after, I finally realized I was gambling because I had Attention Deficit Disorder(ADD). I was diagnosed, medicated and my life changed completely. It still took a few more years to shake the gambling addiction completely, but in 2011 I had my final relapse and was finally done with gambling. In August 2012 I paid my proposal in full and 3 years later my proposal was cleared from my credit report. It took a while but I recovered from what seemed to be a hopeless situation. This is the kind of situation Doug Hoyes sees every day. After 20 years and 10,000 clients, Doug decided to write a book called “Straight Talk on Your Money”, just released in September 2017. I really enjoyed speaking with Doug and I want to thank him for having me on his podcast “Debt Free in 30”. Here’s the link for that episode: https://www.hoyes.com/blog/dealing-with-gambling-debt/ To find out more about bankruptcies, consumer proposals, and other insolvency options, please head to https://www.hoyes.com or call 1-866-747-0660.NEXT EPISODE09 - Desirae Odjick Click here to book a FREE 15-minute personal finance consultation with Beau Humphreys, Personal Finance Coach Click here to become a patron of The Personal Finance Show via Patreon To register for my next available personal finance webinar click here.
049 Everything You Need to Know About Bankruptcy - Doug Hoyes, Licensed Insolvency Trustee
More Money Podcast
I talk with licensed insolvency trustee Doug Hoyes about the key things everyone should know about debt and bankruptcy. Long episode description: I haven’t personally had much experience with debt, having only had a very small student loan to pay off after university (which I was able to ), but the fact is I’m the exception not the rule. Most households have debt, and so I wanted to make sure I did a podcast episode all about it. I’ve known for a little while as I’ve been a guest on his podcast a few times. He is seriously the nicest guy, and also incredibly knowledgeable when it comes to the world of bankruptcy and insolvency (two very hard words to say if you’re me, apparently!). In this episode, we go through the basics of debt and bankruptcy, such as the difference between secured and unsecured debt and what a consumer proposal is and then Doug shares some of his tips on what you can do now to avoid going into bankruptcy. Doug brought up a really good point in the show – you can either look at life and say it’s all about choices, or look at it and say it’s all about circumstance. The reality is life is about choice and circumstance, but I think no matter what your circumstances are, you can always make the choice to better yourself, change courses and rid yourself of debt once and for all. Like I told Doug, I’ve been debt-free for years and there is seriously no better feeling. If you’re still on your journey to be debt-free, I commend you for your hard work and promise you that life after debt is the best kind of life you could lead. Helpful Resources & Books My Favourite Debt Free in 30 Podcast Episodes Follow Doug on Social Follow Doug on Like Doug on Subscribe to the Subscribe to his Shownotes: