DebtMatters Podcast

Debt is a normal part of life for most people. Recent data from StatsCan shows that only 30.2% Canadians live debt free. But how much debt is too much and how do you know when it’s time to reach out for help?

These are the questions Licensed Insolvency Trustee, Mark Marshall answers in this timely podcast. Other topics covered are:

• Warning signs to watch out for
• Using credit for short term pleasure creating long term payments
• Asking your financial institution for a line of credit
• What happens when you file a Consumer Proposal or Bankruptcy
• Why you should reach out to a Licensed Insolvency Trustee
• Where to find information and resources. 

Licensed Insolvency Trustees  will give you honest advice about all the options that are available for your unique financial situation. They are federally regulated and licensed by the Canadian government. Get the help you need from an experienced debt expert. 

Mark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision. 

• Allan Marshall & Associates Licensed Insolvency Trustee
• Reduce Your Financial Stress & Experience Debt Relief
• Which Canadian Debt Relief Program Can Help Me Eliminate My Debt?

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A recent Leger poll taken in September 2023 has found that nearly half of Canadians are living paycheque to paycheque as the cost of living continues to rise. Skyrocketing inflation means that there is less money available to save for emergencies or retirement. 

Is there a way to break this cycle? Licensed Insolvency Trustee, Mark Marshall, talks about strategies that can help find unnecessary expenses to cut to save money. 

Mark also covers:

• How to track your expenses
• Asking for an increase in your wage 
• Paying yourself first
• Putting money into a savings account that is difficult to access
• When to contact a Licensed Insolvency Trustee

Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of finances and debt management. You can be assured you are receiving the best unbiased advice from these knowledgeable debt professionals.

Mark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.

• Allan Marshall & Associates Licensed Insolvency Trustee
• Household Debt in Canada is on the Rise
• Consumer Debt in Canada

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With rising interest rates, paying off debt can feel like it has to be your only financial priority. But should you not be saving for those unexpected expenses that keep popping up? How do you build financial resilience in these challenging times? Savings versus paying down debt, it’s a balancing act. Licensed Insolvency Trustee, Mary-Ann Marriot talks about strategies you can use to do both at the same time.

He also discusses:

• Finding out and tracking the expenses you are using credit for
• Typical savings objectives divided into 3 categories 
• Advantages of using multiple bank accounts 
• Common mistakes we make when saving
• Options to consider when your income is not meeting your expenses

Licensed Insolvency Trustees are federally regulated and governed by the Canadian government. You can be assured you are receiving the best unbiased advice from these debt professionals.

Mary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.

Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives. 

• Allan Marshall & Associates Licensed Insolvency Trustee
• What Happens if I Can’t Pay My Credit Card Bills? Late Payments & Credit Scores
• Debt Podcasts

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Credit card spending in Canada has reached a historically high level. With such high demands for credit, credit card companies are finding ways to be more competitive. Some offer lower-interest or no-interest cards for a limited time when you do a balance transfer. But is it a good idea to pay one credit card down with another? Today, Licensed Insolvency Trustee, Mary-Ann Marriot, discusses low-interest credit cards and how to make them work for you.

She also answers the questions:

• How will my credit score be affected?
• Should I cancel my credit card once it’s paid off?
• Would a consolidation loan be a better option?
• Where can I get a low-interest or no-interest credit card?
• Is it beneficial to increase my credit limit?
• What is the optimum percentage of credit utilization to get a good credit score?

If you are struggling to keep up with your credit payments, talking to a Licensed Insolvency Trustee can help. They are qualified debt professionals that offer resources and strategies to improve your financial well-being.

Mary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.

Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives. 

• Allan Marshall & Associates Licensed Insolvency Trustee
• Can I Pay Off A Credit Card With Another Credit Card Or Line Of Credit?
• 8 Tips to Take Charge of Your Finances During Financial Literacy Month

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Personal Bankruptcy is a legal process overseen by the federal government to help Canadians who can’t afford to repay their debts find debt relief. The number of people struggling with insolvency has increased substantially as the cost of living remains high. No-one really wants to go bankrupt but as Licensed Insolvency Trustee, Derek Chase explains, Bankruptcy can be viewed as a tool to help fix your finances. This podcast answers some of the most frequently asked questions about this debt relief option. 

• Will I lose my paycheque?
• Which of my assets are exempt?
• Will someone come to my house and inventory my belongings?
• Will I have to go to court?
• What happens to my vehicle?
• What will life be like in the months that I am in Bankruptcy?

Before you make any decisions about how to deal with your debt, consulting with a Licensed Insolvency Trustee will assure you that all options will be explored. Bankruptcy is just one of the solutions available to Canadians. Your initial consultation with a Trustee is free. 

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.  

• Chase & Associates Licensed Insolvency Trustee
• Is Bankruptcy a Bad Thing?
• Personal Bankruptcy Facts: How to Declare Bankruptcy

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With the cost of living consistently increasing, many Canadians are stretched thin and trying to prioritize where their money is going. Saving for your child's education makes good financial sense and starting early means your money has more time to work for you. Canadian parents have a powerful savings tool to help.

In today’s episode, Licensed Insolvency Trustee, Derek Chase, talks about how to save for your child’s education. Derek covers these topics and more:

• Benefits of starting a Registered Education Savings Plan (RESP)
• Family and friends contribution to your child’s RESP
• Setting up pre-authorized debits to go to savings each month
• Benefits of compound interest received through your RESP
• When budgets are maxed out - planning in 5 year increments

Licensed Insolvency Trustees are federally regulated and approved by the Canadian government.You can be assured you are receiving the best unbiased advice from these knowledgeable debt professionals.

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted. 

• Chase & Associates Licensed Insolvency Trustee
• Spring into Savings: Way to Save Money and Reach Your Financial Goals
• Help With Student Loan Debt

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All debts are not created equal. The kind of debt you hold may affect your options when you seek help. Most debt falls into two categories: secured and unsecured. And before you come up with a plan to pay your debt, it’s important to understand how different types of debt work. Everyone’s financial situation is unique and for that reason there is no one-size-fits-all solution. A Licensed Insolvency Trustee is the only debt professional that is required by law to explain all the debt relief options that are available to you. 

This podcast looks at the different types of debt and which are eliminated when you file a Bankruptcy. LIT Genn Steiner also discusses:

• The difference between secured and unsecured debt
• Tax debt and when it can and cannot be included in Bankruptcy
• How EI overpayments are dealt with
• Giving false information leading to fraud charges
• Examples of real life scenarios

Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best debt advisors in the country and the only ones licensed by the federal government of Canada. 

Glenn received his Trustee license in 1998, working in various departments in the public service for 30 years. Since 2011 he has been working in the private sector in Alberta as a Licensed Insolvency Trustee.

Born and raised in Saskatchewan, Glen has a passion for helping people. He walks them through the various financial options, allowing them to make life changes that can give them a fresh start.  

• Allan Marshall & Associates Licensed Insolvency Trustee
• Debt Services for Canadians: How a Licensed Insolvency Trustee Can Help You Take Control of Your Debt
• Licensed Insolvency Trustee Services – Become Debt Free

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The Bankruptcy process gives you the chance to reestablish your financial security. Receiving a discharge is the final step and means you are released from all obligations to repay all debts in your Bankruptcy filing. You can then start to rebuild your credit score. A record of your Bankruptcy will remain on your credit report for 6 years after your discharge for a first time Bankruptcy. You will have the ability to begin rebuilding your credit score even before your discharge. 

Licensed Insolvency Trustee, Glenn Steiner, discusses what life will be like after you have been discharged from your Bankruptcy. He also discusses:

• Debts that are not included in a Bankruptcy filing
• The importance of a good credit rating and how to start rebuilding it
• What to do if the information at the credit bureau is wrong
• Teaching your kids about savings and the difference between needs and wants 
• 2 mandatory counselling sessions to help you get back on your feet 

Licensed Insolvency Trustees are licensed by the federal government and provide unbiased debt advice. They are the only professionals that can file a Bankruptcy or a Consumer Proposal.

Glenn received his Trustee license in 1998, working in various departments in the public service for 30 years. Since 2011 he has been working in the private sector in Alberta as a Licensed Insolvency Trustee.

Born and raised in Saskatchewan, Glen has a passion for helping people. He walks them through the various financial options, allowing them to make life changes that can give them a fresh start.  

• Allan Marshall & Associates Licensed Insolvency Trustee
• What Does Bankruptcy Discharge Mean? How Do I Get Discharged From My Bankruptcy?
• 3 Forms of Payment That Help Build Credit After Bankruptcy

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Many debt collectors and collection agencies assume that debtors are not aware of their rights. And because of this, some resort to unscrupulous methods to persuade you to pay. There are rules and regulations that they must adhere to, though each of the province’s laws vary. This raises a lot of questions around exactly what collection agencies can and cannot do. Licensed Insolvency Trustee, Daniel Maksymchak explains what you need to know to protect yourself and the first thing you need to do when initially contacted. 

Daniel also covers:

• How to negotiate with your creditors
• The importance of getting agreements you make in writing
• How to verify the company and debt are legitimate
• What you need to know to avoid scams
• Contacting an LIT to discuss your options to stop collection calls

Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options that are available to you. The sooner you take that first step the more options you will have.

Daniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014. 

Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community. 

• LCTaylor Licensed Insolvency Trustee
• What Should You Do if You Get a Call From a Collection Agency?
• Having Trouble with Winnipeg Collection Agencies? Know Your Rights

Bad credit can be a hindrance for many things, including finding a place to live. Many landlords use credit scores as a way to gauge an applicant's financial stability. However, having an imperfect credit history doesn’t mean that you will never be able to rent a home. There are plenty of landlords who will rent to tenants with a low credit score. In this podcast Licensed Insolvency Trustee, Daniel Maksymchak explains the steps you can take as a potential tenant, to secure the rental home you want. 

Daniel also answers the following questions:

• Do all landlords check the credit scores of potential renters?
• Do you need to consent to having a credit check?
• Can I be evicted if I file a Bankruptcy or Consumer Proposal?
• Will my landlord find out about my Bankruptcy if I don’t owe back rent?
• What proactive steps can I take to give me a better chance at being accepted?

Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. They will give you unbiased advice and there is no charge for your first consultation.

About Daniel Maksymchak

Daniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014. 

Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community. 

• LCTaylor Licensed Insolvency Trustee
• Meet the LCTaylor Team of Local Manitoba Debt Help Experts
• Six Top Tips That Help Avoid Debt