DebtMatters Podcast

Fraudsters and scammers are getting more creative and innovative as technology evolves. They are operating increasingly elaborate schemes and are able to prey on anyone with a phone, email address or a credit card. It’s important to be aware of the different types of scams and to know how to spot them. When it comes to fraud, everyone is a potential target no matter how intelligent or tech-savvy you may be. Fraudsters will use every trick to convince you to send them money or your personal information.

Licensed Insolvency Trustee, David Macdonald, is also a certified fraud examiner. He has in depth knowledge of how fraudsters operate and how you can protect yourself from even the most well-laid traps. 

In this podcast David also discusses:

• How Artificial Intelligence (AI) is making it easier for fraudsters to harvest person information
• What to do if you are a victim of fraud
• How to spot red flags 
• Scare tactics to be aware of
• The importance of reporting the crime to the Canadian Anti Fraud Center

If you are struggling financially or have been a victim of fraud, consulting with a Licensed Insolvency Trustee can help you get back on track. They are licensed and regulated by the federal government of Canada.

David Macdonald has been helping people and small business owners resolve their financial problems since 2003 in British Columbia, Alberta and the Maritime provinces. He has been retained as a trusted advisor and service provider by many of Canada’s banks, private lenders, First Nations and the CRA. 

David brings a practical, down-to-earth approach to his work, without judgement. In his spare time he volunteers his time to a number of charitable and non profit organizations. 

• Allan Marshall & Associates Licensed Insolvency Trustee
• Learn These 5 Tips to Protect Yourself from Financial Fraud
• How to Avoid Scams and Scammers

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Many of us, from all walks of life, are worried about money. There is an abundance of research that indicates that financial worry and stress can have a detrimental affect on both our mental and physical health. Whether the problems stem from a job loss, divorce, unexpected expenses or a combination of factors, stressing about money can take a toll on your overall quality of life. 

But no matter how hopeless your situation might seem, help is available. By tackling your money problems head on, you can regain control of your finances - and your life. 

Todays’ podcast explores the link between our financial health and our physical health. David Macdonald, Licensed Insolvency Trustee, talks about: 

• Keeping problem finances a secret - overcoming the stigma
• Episodic stress (traumatic event) versus chronic stress (long term)
• Finding the right professionals and resources to help
• When to seek help and why go see a Licensed Insolvency Trustee
• Three most common causes of Bankruptcy: job loss, divorce and medical issues

Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. They are considered to be one of the best advisors and will provide you with unbiased advice. Your initial consultation is always free of charge.

David Macdonald has been helping people and small business owners resolve their financial problems since 2003 in British Columbia, Alberta and the Maritime provinces. He has been retained as a trusted advisor and service provider by many of Canada’s banks, private lenders, First Nations and the CRA. 

David brings a practical, down-to-earth approach to his work, without judgement. In his spare time he volunteers his time to a number of charitable and non profit organizations. 

• Allan Marshall & Associates Licensed Insolvency Trustee
• Money and Stress: Connecting the Dots
• Reduce Your Financial Stress & Experience Debt Relief

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Household debt in Canada has risen steadily year after year. The high levels of debt make the economy vulnerable to any global economic crisis. As a result, more Canadians are having to face insolvency options as it becomes increasingly difficult to manage their debt. In today’s podcast Licensed Insolvency Trustee, Derek Chase, talks about what Canadians high levels of debt mean for you. What can you do to protect yourself?

Derek also discusses:

• Federal debt relief programs available
• The ripple effect of interest rate hikes
• Who keeps track of the Canadian insolvency statistics
• Why you need to become financially literate
• Involving the whole family in a savings challenge

If you need further advice about how to manage your debt, contact a Licensed Insolvency Trustee. They are federally regulated and licensed by the Canadian government and will give you honest, unbiased advice.

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
• Household Debt and Insolvencies are Surging in Canada
• Everything You Need to Know About Canadian Inflation Rates & Hyperinflation

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Filing a Consumer Proposal has become the most popular option to help Canadians manage their debt. In fact, 75% of insolvent debtors are choosing to file a Consumer Proposals as opposed to only 25% filing for Bankruptcy. There is good reason for this choice. But what happens if your circumstances change for the better and you are in a position to pay your proposal off sooner? What would be the advantages or would it be disadvantageous? 

Derek Chase, Licensed Insolvency Trustee, answers these questions and discusses different scenarios where this may come up. He explains:

• Why Consumer Proposals have become so popular
• How long a Consumer Proposal lasts and the effect on credit ratings
• Why a creditor would agree to accept less than they are owed
• When it would make sense to pay the proposal off earlier
• Two mandatory counselling sessions when the pros and cons of increasing payments or paying it off would be discussed with your LIT

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
• Consumer Proposal Calculator
• Consumer Proposal: What Is a Consumer Proposal & Other FAQs

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Contrary to what you may believe, life doesn’t end after Bankruptcy. You will be cleared of your unsecured debts and can start to rebuild your credit and regain financial stability. Once you receive your discharge, you have the opportunity for a fresh start. Filing Bankruptcy may be the best viable option to help you overcome insurmountable financial challenges and take back control of your financial future. 

Licensed Insolvency Trustee, Leigh Taylor, discusses what life will be like after Bankruptcy. Other topics covered are:

• The stigma of Bankruptcy 
• Seeing Bankruptcy as a solution not a problem
• Two mandatory counselling sessions to develop a contingency plan 
• The credit rebuilding process
• Life after Bankruptcy success stories

Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. They can walk you through the Bankruptcy process and help you determine if this might be the best solution for your individual financial situation. 

Leigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a  Licensed Insolvency Trustee in 1980. 

LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.  

• LCTaylor Licensed Insolvency Trustee
• Rebuilding Your Credit After Bankruptcy
• What to Do After You Claim Bankruptcy in Winnipeg

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Do you know where to turn for financial advice? We tend to think that anyone calling themselves a Debt Advisor, Debt Consultant, or Credit Counsellor must be qualified and have a formal financial education. This is not always the case. In Canada, anyone can offer debt advice and call themselves an expert. If you are struggling with overwhelming debt, you are probably searching for a debt advisor. But how do you know who you can trust? 

Leigh Taylor has been a Licensed Insolvency Trustee for over 40 years. He relates his experience of seeing many people who have been taken advantage of with ‘too good to be true’ promises of debt relief.

In this podcast, Leigh discusses:

• How to spot ‘magic bullet’ solutions and how to protect yourself
• Lack of regulation around credit/debt counsellor and their companies
• Advantages of dealing with local professionals, person to person
• Differences between unregulated counsellors and Licensed Insolvency Trustees
• Why you shouldn’t pay upfront for debt advice

Licensed Insolvency Trustees (LIT) are considered some of the best debt advisors in the country and are licensed and regulated by the federal government of Canada. There is no cost for your initial consultation where you will be able to find out about all the debt relief options that are available to you.

Leigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a  Licensed Insolvency Trustee in 1980. 

LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems. 

• LCTaylor Licensed Insolvency Trustee
• Warning – Not All Debt Advisors are Equal
• A Local Licensed Insolvency Trustee

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When it comes to finances, you can probably come up with a list of excuses as to why you haven’t done certain things, like saving money. You can probably come up with another long list of bad financial decisions you have made. Not every financial mistake is a big deal, but some have serious repercussions that could affect you for years to come. It’s important to know how you make decisions that are not in your best financial interest so you don’t have to repeat them. 

Regardless of the financial decisions you’ve made, there is always some room for improvement when it comes to managing your money. 

Licensed Insolvency Trustee, Francyne Myers looks at healthy financial habits and how we can be led down the wrong path.

Other topics covered are:

• Bad financial decisions affecting mental health
• Social networks influencing our spending - healthy vs unhealthy influencers
• Setting personal values to help uncover our priorities
• Peer pressure and the fear of missing out (FOMO)
• How to find good financial advice 

Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of finances and debt management. Whether you need help with your budget or you are filing for Bankruptcy, you can be assured they will have your best interest in mind.

In 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.

• Allan Marshall & Associates Licensed Insolvency Trustee
• Learn How to Survive a Personal Financial Crisis
• Make the Most of Isolation – 6 Things You Can Do Now to Improve Your Finances Now and Later

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Have you noticed that package sizes seem to be shrinking - that the grocery item in your cart is smaller but the price is the same or even more? This is called shrinkflation and it isn’t new. It’s the inflation that you’re not supposed to see. Manufacturers are quietly shrinking package sizes without lowering the prices. It happens more often in times of high inflation and is impacting almost every packaged product. 

It seems that shrinkflation is happening in a grocery store near you and is here to stay. But is there something we can do about it?

Licensed Insolvency Trustee, Francyne Myers, discusses shrinkflation and how it is impacting our budgets. She also covers:

• The difference between shrinkflation and inflation
• The most common products affected
• Navigating ways to make price comparisons 
• Checking the price of your goods as they are scanned
• Consumer education sites 

If you are struggling with debt or just need help managing your finances, a Licensed Insolvency Trustee (LIT) should be your first call. They will talk you through all the debt relief options available to you. LIT’s are licensed and regulated by the Canadian government and adhere to strict ethical guidelines. 

In 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.

• Allan Marshall & Associates Licensed Insolvency Trustee
• Canadian Inflation Rates – How To Protect Against Hyperinflation & Avoid Debt
• Canada Inflation: Find Out What You Can Do About Today’s Soaring Prices

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Consumer debt in Canada is on the rise as many Canadians are using their credit cards to alleviate some of their financial pressures. This reliance on credit cards is driving many further into debt as they lose the ability to pay credit off. Inflation has driven prices of nearly everything up and rising interest rates are making it more expensive to carry credit card debt. If you are carrying credit card debt, know you are not alone and there is help available. 

It’s pretty difficult these days to live without a credit card. They do make our lives simpler and purchasing things more convenient. 

Daniel Maksymchak, Licensed Insolvency Trustee talks about when credit cards become a problem and how they have become the primary form of unsecured debt. 

Other topics covered are:

• The advantages of having a credit card and your credit rating
• Consequences of low minimum payment requirements
• Balance transfer offers with lower interest rates
• Benefits and disadvantages of supplemental credit cards
• Filing joint Consumer Proposals and Bankruptcies
• Why cashing in assets to pay down debt is never a good idea

If you are stressing over your finances, speak to a Licensed Insolvency Trustee (LIT). They can help you take back the control of your finances and break the cycle of debt. LIT’s are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. 

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
• Is Your Credit Card Debt Getting the Best of You?
• 4 Steps to Credit Card Debt Help

A recent report on Canadians’ confidence in their personal finances, found that roughly half were worried about how they will pay their next round of bills. And nearly one-third said they were finding it harder than ever before to pay down their debt. There are options available to you to get out of debt. A Consumer Proposal is one of Canada’s best debt relief programs that allows you to avoid Bankruptcy while providing the same creditor protection. 

In today’s podcast, Licensed Insolvency Trustee, Daniel Maksymchak, explains the ins and outs of filing a Consumer Proposal. 

He also discusses: 

• How a Consumer Proposal differs from Bankruptcy
• Why creditors would accept less than you owe
• Your responsibilities and what happens if you don’t fulfill them
• How filing affects your partner when to file a joint Consumer Proposal
• Benefits of the 2 mandatory counselling sessions
• What life is like after you have completed your proposal

If you are having financial difficulties and need advice about how to get out of debt, your first call should be to a Licensed Insolvency Trustee. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines. There is no charge for your first consultation. 

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
• An Alternative to Bankruptcy: Consumer Proposal
• Five Reasons You Should Consider a Consumer Proposal