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
254 – What Costco Can Teach Us About Making Financial Decisions [not-audio_url] [/not-audio_url]

Duration: 21:48
Today we discuss a wonderful, magical place called Costco. Is it a store? A finance company? Something else? And why does it matter? All that and more on today's podcast (and I've got slides, so if you want to see the nu…
253 – Self-Employed: Financing Wisely to Avoid Debt Trouble [not-audio_url] [/not-audio_url]

Duration: 23:16
Many people have no choice: if they want to work, they have to be a "sub-contractor", or "self-employed". This is very common in the construction industry (Dry wallers, framers, plumbers, electricians, roofers) and in hi…
249 – The 5 Stages of Debt [not-audio_url] [/not-audio_url]

Duration: 30:10
You've heard of the five stages of grief; today Scott Terrio returns to discuss the 5 stages of debt, with examples from the people we meet with every day. Stage 3 (Bargaining) is where we can make the most mistakes; sta…
248 – Building Wealth in a Challenging World [not-audio_url] [/not-audio_url]

Duration: 38:35
Today on the podcast we have a first time guest, Danielle Park, a Chartered Financial Analyst and the President and co-founder of Venable Park Investment Counsel Inc., a money management firm. In her book, Juggling Dynam…
247 – Managing Your Second Biggest Expense: Food Budget [not-audio_url] [/not-audio_url]

Duration: 32:18
For the average Canadian family, their largest monthly expense is their rent or mortgage payment, and unless they have a very expensive car, their second biggest expense is often food. If you have a limited income, how c…
246 – Can I Travel While in a Bankruptcy? [not-audio_url] [/not-audio_url]

Duration: 25:28
You've got debt, you think you might need to file a consumer proposal or go bankrupt, but you're worried, because you travel for your job, or you have a family vacation booked, and you are worried that if you are bankrup…
245 – Pros and Cons of Pre-Approved Credit Limits and Credit Lines [not-audio_url] [/not-audio_url]

Duration: 30:41
When I ask my clients "what happened; how did you get into so much debt?", they tell me that the credit card company offered them a credit limit increase on their credit card, so they took it. Or, they offered me a line…