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
305 – Is Patience a Virtue For Your Finances? [not-audio_url] [/not-audio_url]

Duration: 31:10
Life's milestones like going to college or university, buying a house, or getting married cost money. And often the pressure to achieve these milestones at a young age leads to hasty decisions that come with a big debt l…
304 – Debt and Reasons for Optimism [not-audio_url] [/not-audio_url]

Duration: 30:54
A lot has changed as a result of COVID-19. There are obvious reasons for pessimism, but there are a lot of reasons to be optimistic. For example, more people have made meaningful changes to their financial habits. Canadi…
303 – Savings, Debt & Modern Monetary Theory with Hilliard MacBeth [not-audio_url] [/not-audio_url]

Duration: 41:36
We have record unemployment and millions of Canadians are relying on CERB payments to make ends meet, and yet our savings rate is increasing. How is that possible? On today's podcast, our guest is author and financial an…
302 – Debt Traps of Buying a Business [not-audio_url] [/not-audio_url]

Duration: 39:25
If you're thinking of buying a small business, this podcast is for you. Over the years, we've had a lot of clients who decided to buy a business either because they were frustrated with working for someone else and they…
301 – Managing Financial Transitions with Victoria Ryce [not-audio_url] [/not-audio_url]

Duration: 35:15
After a three year absence (she was a guest on episodes 131 and 133), Victoria Ryce is back on the show, and today we discuss transitions, like having a child, getting married (or separated), and starting or completing a…
300 – Can You Create Your Own Reality? [not-audio_url] [/not-audio_url]

Duration: 26:01
This is episode #300, so for something completely different, today we discuss whether or not you can create your own reality. That would appear to be a silly thought; if I hit my thumb with a hammer, I can't create a rea…
299 – The True Cost of Debt Deferrals [not-audio_url] [/not-audio_url]

Duration: 22:09
With many Canadians facing a cash crunch during the COVID-19 lockdown, a quick-fix solution has been to defer debt payments. Deferring a debt payment can provide you with funds in the short-term to pay for needed expense…
297 – Debt Forgiveness: Is a Debt Jubilee the Answer? [not-audio_url] [/not-audio_url]

Duration: 24:50
Canadians are carrying a record level of debt, and while we are off work during the pandemic of 2020, many of us will pile on more debt. Small businesses and contractors will take on debt to pay rent while they generate…