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
135 – The Economic Reality of Vulnerable Debtors [not-audio_url] [/not-audio_url]

Duration: 26:36
Earlier this week, our firm Hoyes, Michalos & Associates launched our 2017 study of Joe Debtor. Joe Debtor is a report on the average insolvent Ontarian that we publish every two years. This year marks our sixth publishe…
134 – The Money Mindset of a Hoyes Michalos Client [not-audio_url] [/not-audio_url]

Duration: 29:18
On Debt Free in 30 I interview many debt experts, but I don't often have the opportunity to speak with someone who has actually dealt directly with their own debt issues. We have conversations with clients every day, but…
133 – The Financial Impact of Becoming the CEO of Everything [not-audio_url] [/not-audio_url]

Duration: 33:29
My guest on show #131 was Victoria Ryce, co-author, with Gail Vaz-Oxlade, of a new book, CEO of Everything: Flying Solo and Soaring, that deals with how to cope with becoming suddenly single. On that show we talked in de…
132 – Fraud in 2017: Romance, Phishing, and CRA Scams [not-audio_url] [/not-audio_url]

Duration: 26:23
In 2016 the Canadian Anti-Fraud Centre (CAFC) received 77,348 mass marketing fraud complaints with a total reported dollar loss of $99,198,188. That's a big number, but CAFC believes that fewer than 5% of victims file a…
131 – How to Master Being Suddenly Single [not-audio_url] [/not-audio_url]

Duration: 32:44
How could you cope if, due to divorce or the death of your partner, you became suddenly single? That question is the theme of a new book, CEO of Everything, Flying Solo and Soaring, co-authored by Gail Vaz-Oxlade and my…
130 – Yes, We Have A Payday Loan Crisis [not-audio_url] [/not-audio_url]

Duration: 35:52
We have a crisis and it's called payday loans. At Hoyes Michalos we believe payday loans are a real problem because all too often they create a vicious cycle of debt. We also don't believe that recent efforts by the Onta…
129 – Burn Your Mortgage with Sean Cooper [not-audio_url] [/not-audio_url]

Duration: 31:41
Sean Cooper returns to the podcast today to talk about his new book, Burn Your Mortgage, to be published on March 1, 2017. Sean worked up to 80 hours a week for many years to save for a down payment, and then he managed…
128 –Ontario Limitations Act and Old Debts [not-audio_url] [/not-audio_url]

Duration: 12:09
Is it true that if you just ignore an old debt it will go away? Not exactly. There are a few misconceptions about the Ontario Limitations Act. This week's Technical Tidbits edition of Debt Free in 30 will help separate t…
127 – Surviving Job Loss with David Trahair [not-audio_url] [/not-audio_url]

Duration: 35:35
Losing a job is very difficult. Whether you're a single adult or have a family that relies on your pay cheque, job loss can be devastating. The most important thing you can do for yourself, and for your finances, is to m…
126 – News You Can Use – January 2017 [not-audio_url] [/not-audio_url]

Duration: 28:12
Welcome to a special edition of Debt Free in 30. This week, instead of featuring one industry expert we're giving you four (including myself, of course). In today's show our panel of experts will answer questions on four…