291 – COVID-19 and Debt Update: Dealing With Your Creditors

291 – COVID-19 and Debt Update: Dealing With Your Creditors

Author: Doug Hoyes March 28, 2020 Duration: 47:01

The Hoyes Michalos Team is working from home, so today's podcast was recorded yesterday morning in my guest boardroom, so the sound quality isn't studio quality, but we wanted to get the information out to you; here's the rundown of today's show, with time stamps:

Dealing with Creditors during Coronavirus: https://www.hoyes.com/blog/dealing-with-creditors-during-a-financial-crisis-like-the-coronavirus/

1:15 All HMA offices closed to in person meetings, but we are working from home by phone or video

2:25 Limitations Act of Ontario suspended – creditors have more time to sue you

3:40 Right of offset – don't bank where you owe money

5:30 How to deal with your landlord if you can't pay your rent

6:22 Mortgage deferral – what it really means

7:24 Should I worry about my credit score? – Equifax and TransUnion offering free credit reports

Links: https://www.consumer.equifax.ca/personal/products/credit-report/ and https://secure-ocs.transunion.ca/secureocs/credit-agree.html

10:58 Canada Emergency Response Benefit – CERB - $2,000 per month four months https://www.canada.ca/en/department-finance/economic-response-plan/covid19-individuals.html

15:00 CERB can't be given as security – will Payday loans – using

Tom Cooper's Twitter: @tomcoopster

20:39 Six month suspension on student loans and four month deferral on taxes

22:30 What are lenders doing?  My discussions with senior lenders – will they give you a break?

25:13 Proposal Amendments – help if you are in a consumer proposal and can't make the payments

28:10 Stories from clients – many people have gone from a good income to zero

Final Comments

43:00 Don't Panic with respect to your debt – the courts are closed, no-one will sue you this week


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
608 – Advice or Sales Pitch? Why Canadians Have Lost Trust in Banks [not-audio_url] [/not-audio_url]

Duration: 30:27
Most Canadians trust their bank to help them make smart financial decisions. But sometimes, what feels like advice is shaped by something else. We talk about how bank incentives influence recommendations, why that can le…
607 – Credit Score vs Cash Flow: What Actually Matters in a Crisis? [not-audio_url] [/not-audio_url]

Duration: 30:22
A high score does not always indicate stable finances. It is possible to keep up with most of your bills and maintain a decent credit score while still feeling like you are falling behind. When cash flow is stretched, ev…
605 – Owe CRA Tax Debt? The Biggest Loan Mistake Canadians Make [not-audio_url] [/not-audio_url]

Duration: 30:23
Owing money to the CRA can feel urgent, and taking out a loan might seem like the fastest way to fix it. But in many cases, it can make your situation worse. Doug Hoyes and Ted Michalos break down when borrowing to pay o…