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
335 –  Dealing with Small Business Closure and Debt Amid COVID-19 [not-audio_url] [/not-audio_url]

Duration: 36:50
Managing a business is difficult, and the pandemic has made things much worse for Canadian small business owners. If you're a small business owner facing debt problems, what are your options? On today's podcast Ted Micha…
332 –  How to Manage Your Money Without Budgeting [not-audio_url] [/not-audio_url]

Duration: 26:22
Budgeting is difficult, but you need to keep track of your money. So how do you budget if you don't like budgeting? On today's podcast, guest Julie Wildman, LIT, shares practical advice on how to match your expenses to y…
331 –  When is a Car Loan Bad Debt? With Scott Terrio [not-audio_url] [/not-audio_url]

Duration: 32:34
Car loans are one of the most common entry points into debt problems. That's because if you're not careful, you will easily spend more than you can really afford on a vehicle. While it's hard to avoid borrowing for a car…
330 –  COVID-19 and Household Debt: What Do We See for 2021? [not-audio_url] [/not-audio_url]

Duration: 26:43
The unemployment rate dramatically increased, debt levels continue to grow, and yet the personal insolvency rate in Canada dropped to 20-year lows when the COVID-19 lockdowns started in the spring. How long will insolven…
329 - Fix Bad Credit Yourself – Tips & Tricks from an Expert [not-audio_url] [/not-audio_url]

Duration: 35:22
The first step in rebuilding credit is figuring out what's causing your bad credit in the first place? Too much debt? A recent bankruptcy filing? Depending on the reason, there will be different ways to approach the rebu…
328 –  CRA CERB Audit? CEWS Audit? What Should You Do? [not-audio_url] [/not-audio_url]

Duration: 30:01
Nearly 9 million Canadians applied for CERB in 2020 to deal with the financial effects of COVID-19. To distribute the benefit quickly, the Canadian government conducted very little eligibility verification up-front. Many…
327 –  Buy Now Pay Later Apps – Is it Debt? [not-audio_url] [/not-audio_url]

Duration: 30:01
Fintech has come up with a new way for making purchases online with Buy Now Pay Later apps. But is 'buy now, pay later' just another form of debt? Do these new apps actually help your budget or fast track financial probl…
326 –  Why Some Loans Never Go Away [not-audio_url] [/not-audio_url]

Duration: 27:15
Some loans feel like you've been paying them forever without an end in sight. In other cases, you may even be surprised to see your loan balances grow instead of shrink with regular payments. On today's podcast, Doug Hoy…