282 – Identifying and Avoiding Loan Scams

282 – Identifying and Avoiding Loan Scams

Author: Doug Hoyes January 25, 2020 Duration: 28:46

Ted Michalos returns to discuss loan scams, including advance fee loans, savings loans, and "pay off your consumer proposal" loans.  Listeners may quibble with our characterization of these loans as "scams", but we explain why we believe they should be avoided, and we give our suggestions on better alternatives for people who want to improve their credit and are tempted to get these types of loans.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
Podcast Episodes
415 –  REBROADCAST - Car Loans Keeping You Broke? Here's What To Do [not-audio_url] [/not-audio_url]

Duration: 29:04
Today we rebroadcast episode #339 (and it's even more timely today). For many people, a car is a necessary expense to get to work and run errands. But what if you unintentionally bought too much car and your car loan is…
412 –  Is an Affordable Mortgage Possible Today? [not-audio_url] [/not-audio_url]

Duration: 28:54
So far in 2022 the Bank of Canada has raised its overnight lending rate four times. Its most recent hike in July was the biggest one since 1998. If you're trying to buy a home now, what can you do to make the purchase af…
410 –  Why Are We Afraid to Talk About Debt? [not-audio_url] [/not-audio_url]

Duration: 38:15
We often meet with clients who have struggled with their debt for a lot longer than they needed to. This is often because they feel embarrassed or ashamed to ask for help. But why do we struggle so much to talk about our…
409 –  Should You Ever Borrow Money to Invest? [not-audio_url] [/not-audio_url]

Duration: 29:46
One of the most common borrow-to-invest strategies is to take money from your home equity to purchase an investment property. But is this always a good idea? What if you borrow to invest in the stock market instead? Is t…
408 –  What's the Economy Doing to People in Debt? [not-audio_url] [/not-audio_url]

Duration: 33:25
2022 has so far brought rapidly declining real estate prices, record high gas and food prices, and rising interest rates. It's looking to be a perfect financial storm. So how are all these variables impacting indebted Ca…
406 –  What Happens to Debt When You Die? What If You're Insolvent? [not-audio_url] [/not-audio_url]

Duration: 30:22
If you die with debt, does it get passed on to someone else in your family? Is it possible for an estate to file a bankruptcy or consumer proposal? On today's podcast, Doug Hoyes and Ted Michalos discuss what happens whe…