Profile

Scrapbook photo 1
Scrapbook photo 2
Scrapbook photo 3
Scrapbook photo 4
Scrapbook photo 5
J. Douglas Hoyes
Works at Hoyes, Michalos & Associates Inc.
Attended University of Toronto
Lives in Ontario, Canada
233 followers|107,685 views
AboutPostsPhotosYouTube+1'sReviews

Stream

 
Debt Study Released

+Sands & Associates, a consumer insolvency firm in British Columbia, released a study on consumer debt.  Follow the link to read the entire study.  There were many interesting aspects, including their findings on the warning signs of debt.

When asked "How did you know your debts were becoming a problem?", 43% said they were getting collection calls, and 65% said they were only making minimum payments.  Missing payments and wage garnishments also made the list.

My take-away from this question is that you shouldn't wait until you are getting collection calls to take action.  If you are only making the minimum payments you are not dealing with your debt, and the time for action is now.

#debt   #statistics   #britishcolumbia  
9
Sands & Associates's profile photo
 
Thanks for sharing +J. Douglas Hoyes! 
Add a comment...
 
Eliminate debt before retirement

In an interview with newretirement.com, I make the point that debt is not something you want to carry with you into retirement.  I give some tips, including eliminating high interest credit card debt first, and then working through and eliminating all other debt.

#debt   #retirement  
10
Add a comment...
 
Good vs Bad Debt

Do you believe that all debt is bad?  Or do you believe that debt can be good, depending on what you use it to purchase?

I invited four experts to give me their take on it, and their comments are quite illuminating.  It's not a simple discussion, because you may only know what debt is good in hindsight, after the fact (depending on whether or not you were able to pay it off).

My opinion?  If you can avoid debt, avoid it.  It makes your life much more simple and stress free.

#debt  
Debt Free in 30 sits down with four financial experts to consider whether a debt can be good or bad and how to avoid taking on too much debt.
11
Add a comment...
 
If I declare bankruptcy, how will I survive without a credit card?

You travel for work purposes, and you need a credit card to book a hotel room; how can you do that if you lose all of your credit cards when you file bankruptcy?

In this just-released video, +Ted Michalos and I discuss how to survive a bankruptcy or consumer proposal when you surrender your credit cards.

#bankruptcy   #creditcard   #consumerproposal  
15
1
Rebecca Martyn's profile photoSands & Associates's profile photo
2 comments
 
Absolutely agree with you on that +Rebecca Martyn & +J. Douglas Hoyes!  We so often see people so focused on "How will I live without credit?', but they're forgetting the more pressing current crisis they're facing. 
Add a comment...
 
Orchestra London Considering Bankruptcy?

Sadly, no-one is immune from math: if you spend more than you bring in, you have a problem.  It appears that Orchestra London was counting on a large donation that didn't happen this year, but they had already committed to spending the money, so now they are considering bankruptcy.

As I discuss in today's article, there are options, but quick action will be required.

#bankruptcy   #london   #debt  
Why is Orchestra London facing financial difficulty and what you can do to prevent the same situation in your own financial future.
7
Add a comment...
 
Why Conventional Wisdom About Mortgages is Wrong

"Buy the biggest house you can afford", we are told, because that will generate the maximum profit.  Interest rates are low, so you can afford a bigger mortgage, or so they say.

Unfortunately interest rates can do up, and it's not just the mortgage that you should be concerned about, as I explain in today's article.

#mortgage   #debt  
Is it possible to have a mortgage that is simply too large?  Here is the conventional wisdom: Buy as big a house as you can afford, because long term house prices always go up, so you can’t lose.   or It’s okay to take out a bigger mortgage, to increase... Read more
13
1
Keith G. Collins Ltd's profile photoLeigh Taylor's profile photo
 
Really informative article +J. Douglas Hoyes 
Add a comment...
Have him in circles
233 people
Alina Lyle's profile photo
Sandy Lyons's profile photo
Eric Michael's profile photo
Catherine Alford's profile photo
Hong Law, PLC's profile photo
Green Money Stream's profile photo
jacqueline toll's profile photo
Keitha Stumme's profile photo
Jennifer Schaefer's profile photo
 
Bankruptcy numbers turning upward?

In statistics just released by the Office of the Superintendent of Bankruptcy, insolvencies increased in December, and that's the first time that's happened in quite a while.

My guess is that the five year decline in bankruptcy volumes has ended, which is not good news for the Canadian economy.

#debt   #bankruptcy   #statistics  
Highlights of the Insolvency Statistics in Canada, December 2014. Includes data on bankruptcies and proposals.
9
Add a comment...
 
Pay off debt, or contribute to your RRSP?

In an article published today, +Jamie Golombek of the CIBC is quoted as saying that, with interest rates at record lows, and the stock market doing well, you should contribute to your RRSP before paying off debt.  His point is that if you have a mortgage at 3%, and are earning more than that on your RRSP, it makes sense to get the tax break and the higher yield on your RRSP, as compared to paying down a low interest rate mortgage.

I don't disagree with that math, but I have two comments:

First, as Mr. Golombek states, you should pay off high interest credit card debt, since it's unlikely that you are earning 20% in your RRSP.  I agree.

Second, Mr. Golombek does acknowledge that equity investment carries risk.  If you could guarantee that you would make 7% on your investments for the next five years, locking in a mortgage at 3% makes sense.  Unfortunately, there are no stock market guarantees.

Markets are at record high levels, and interest rates are at historic lows.  Will that continue forever?  I suspect not.  A not-unusual 10% stock market correction wipes out the investment advantage, so under that scenario paying off debt is the safest, and best, alternative.

My point: before you speculate with borrowed money, consider the risks.  Paying down a low interest mortgage may not seem sexy, but if the markets fall we will all wish we could achieve a 3% after tax return, guaranteed, which is what you get when you pay down your mortgage.

#debt   #mortgage   #interestrate  
7
Ted Michalos's profile photo
 
Respectfully, +Jamie Golombek has left out a couple of major considerations.  First, with interest rates at historic lows right now, your payments reduce more of your principle thereby reducing future interest costs.  Second, by paying down debt you reduce your risk of higher interest charges later - we don't know how long interest rates will stay this low, but at some point, they are going to rise and if you wait until rates are higher to pay down your debt you'll have missed this opportunity.  Third, if the interest you are paying on debt is at historic lows, then the interest you will earn on your RRSP investments will be even lower.  Why earn 1% on a GIC in your RRSP when you can save 18% on interest charged on your debt.  Finally, unless you can save significant amounts of money in your RRSP before you retire they may be costing you money when you retire.  Currently, Canadians have access to CPP (if they worked) and OAS when they retire.  OAS is reduced if you have other forms of retirement income - like from an RRSP that you've converted into a RRIF.  You need to do the math carefully to determine if you can save enough to justify the reductions you will have in the OAS when you retire.
Pay down your debt. 
Add a comment...
 
Can I sell my house to pay off my consumer proposal?

Yes you can.  One of the advantages of a consumer proposal is that you are in control of your assets (unlike in a bankruptcy, where you may lose them).  So, you can decide to sell your house, find a place to rent, and use the money to pay off your proposal.

Should you?  That's a more difficult question.  If your goal is to be debt free, selling your house and paying off your proposal makes sense.  If your house is expensive or larger than you need, selling also makes sense.  If the mortgage is affordable, or if you have special circumstances (like pets that would make it more difficult to find a place to rent), continuing to own your home may be a reasonable alternative.

Ultimately you should crunch the numbers and do what's right for you and your family.

#debt   #debtfree   #consumerproposal  
11
Ian Penney's profile photo
 
As an administrator of consumer proposals, I have also had instances where people who owe more on their mortgage than their house is worth have "walked away" from their house and had the shortfall covered by their consumer proposal.  This can also be great strategy.
Add a comment...
 
Insider Tips From an Actual Collection Agent

If you ever wondered what happens from the collection agent's point of view, today is your lucky day.  My guest today on Debt Free in 30 is +Blair DeMarco-Wettlaufer , an actual real life collection agent.  Read the show notes for lots of great links, and listen to the full podcast on the web, or download via iTunes.  You won't hear these tips anywhere else...
#debt   #collectionagency  
Blair Demarco-Wettlaufer breaks down the collection agency world and offers tips and advice to consumers about collection calls.
14
Ian Penney's profile photo
 
Interesting insights and tips from an expert in tough field.
Add a comment...

J. Douglas Hoyes

Shared publicly  - 
 
just finished a Runtastic skiing of 19.37 km in 1h 07m

Only did three easy runs, but still covered almost 20 km.


https://www.runtastic.com/sport-sessions/371139866
1
Add a comment...
 
Will a Trustee Force you to Declare Bankruptcy?

Not at Hoyes Michalos we won't.  If we forced people to do something that wasn't right for them we wouldn't have thrived as one of Canada's largest personal insolvency firms for the last 16 years.

We want you to find the right solution for you, and that's why we explain all of your options, as +Ted Michalos and I explain in this video.

#debt   #bankruptcy   #bankruptcytrustee  
10
1
Adam Rauf's profile photoLeigh Taylor's profile photo
 
Thanks for posting +J. Douglas Hoyes , I've come across a few horror stories about people who meet with certain "professionals" that tell them that they HAVE to go bankrupt and that it's their ONLY option, thankfully they sought out second opinions...
Add a comment...
People
Have him in circles
233 people
Alina Lyle's profile photo
Sandy Lyons's profile photo
Eric Michael's profile photo
Catherine Alford's profile photo
Hong Law, PLC's profile photo
Green Money Stream's profile photo
jacqueline toll's profile photo
Keitha Stumme's profile photo
Jennifer Schaefer's profile photo
Work
Occupation
Consumer Proposal Administrator, Bankruptcy Trustee, Chartered Accountant
Skills
There is no "one size fits all" solution. Douglas reviews all options to provide a customized solution to your debt problems.
Employment
  • Hoyes, Michalos & Associates Inc.
    Co-Founder, 1999 - present
    In addition to meeting with people in financial trouble, Douglas is a frequent writer and speaker, working to educate Canadians on all of their debt management options.
  • KPMG
    Senior Manager, 1987 - 1997
  • PricewaterhouseCoopers
    Senior Manager, 1997 - 1998
Places
Map of the places this user has livedMap of the places this user has livedMap of the places this user has lived
Currently
Ontario, Canada
Contact Information
Work
Phone
310-PLAN, 1-866-747-0660 ext 4020
Story
Tagline
Helping you solve your debt problems
Introduction
Co-founder, Hoyes, Michalos & Associates Inc., Ontario's largest independent personal insolvency firm.
Douglas is an expert in all aspects of debt management, including money management, budgeting, credit counselling, consumer proposals and personal bankruptcy.
Bragging rights
First trustee in Canada to electronically file a bankruptcy back in 2002. Douglas has personally filed almost 5,000 personal bankruptcy filings, and over 3,500 consumer proposals.
Education
  • University of Toronto
    Commerce & Economics Specialist, 1983 - 1987
  • Institute of Chartered Accountants of Ontario
    Chartered Accountant, 1989
  • Canadian Association of Insolvency and Restructuring Professionals
    Chartered Insolvency and Restructuring Professional, 1994
  • Government of Canada
    Trustee in Bankruptcy, 1995
    Licensed by the government of Canada to act as a trustee in bankruptcy and a consumer proposal administrator.
Basic Information
Gender
Male
Relationship
Married
Other names
Doug Hoyes, Douglas Hoyes, J. Douglas Hoyes
J. Douglas Hoyes's +1's are the things they like, agree with, or want to recommend.
Cash Store runs out of money | Toronto Star
www.thestar.com

Edmonton-based Cash Store has been granted court protection from creditors. The payday lender is barred from making new loans in Ontario.

Bankruptcy Ontario
plus.google.com

Questions about bankruptcy in Ontario? We have the answers. Licensed Ontario Bankruptcy Trustees.

Hoyes, Michalos & Associates Inc.
plus.google.com

You deserve a fresh start. Licensed Bankruptcy Trustees and Consumer Proposal Administrators.

A Dirty Little Secret About Mortgage Interest Rates
www.huffingtonpost.ca

TD Canada Trust announced that they were increasing the interest rate on a five year closed mortgage from 3.09 per cent to 3.29 per cent. If

End Piracy, Not Liberty – Google
www.google.com

Millions of Americans oppose SOPA and PIPA because these bills would censor the Internet and slow economic growth in the U.S.. Two bills bef

Reviews | A Division of my-happy-life.org
my-happy-life.org

Reviews - A Division of my-happy-life.org

Bankruptcy Toronto Ontario
www.bankruptcy-toronto.ca

A guide to consumer proposals, bankruptcy and bankruptcy alternatives in Toronto, Ontario. Free consultations with licensed bankruptcy trust

How Minimalism Can Save Your Finances
canadianfinanceblog.com

Minimalism can save your finances as a minimalist approach and mindset in your lifestyle will shift the way you spend and how much you are a

Why 1 in 6 Canadians will go bankrupt
bankruptcy-canada.com

1 in 6 Canadians will file bankruptcy due to high debt levels; we discuss the options.

Who Will Know I Filed Bankruptcy? | Bankruptcy Canada Information
bankruptcy-canada.com

A popular bankruptcy myth in Canada is around who will know you filed bankruptcy. We debunk top myths and provide information about bankrupt

Bankruptcy Canada Surplus Income Limits for 2012 Released by Government
bankruptcy-canada.com

Each year the government adjusts the surplus income numbers if you file for bankruptcy in Canada; new limits for 2012 just released.

Consumer Proposals in Canada
www.consumer-proposals.org

A consumer proposal is a way to make a deal with your creditors to repay your debts. In most proposals you repay less than the full amount

Gold, Silver, Silver Coins, Gold Coins, Silver Bullion Bars, Gold Bullio...
www.sprottmoney.com

Buy Silver, gold, and precious metals from Sprott Money, the online bullion dealer you can trust. Get silver bars and silver coins like Amer

Bankruptcy Canada
bankruptcy-canada.com

Is bankruptcy in Canada right for you? Research your options before you decide.

Co-signers and bankruptcy in Cambridge
www.bankruptcy-cambridge.ca

Be proactive; before you go bankrupt, discuss it with your co-signer

Potato Storage Rack
www.everchanginggarden.ca

Here is our new potato rack, sometimes called an orchard rack, put to good use this weekend. Historically racks like these were used to sto

The cost of collecting | Squawkfox
www.squawkfox.com

What price are you paying to stockpile stuff?

Bankruptcy and Consumer Proposals in Ontario
www.bankruptcy-in-ontario.com

Bankruptcy and Consumer Proposals in Ontario: Make an informed decision; FAQ; videos; support group and more.

Consumer Proposal: Debt Negotiation and Settlement with a Consumer ...
www.moneyproblems.ca

What is a Consumer Proposal? How does it work? How much does it cost? A debt settlement advice from MoneyProblems.ca: To achieve debt negoti

I have dealt personally with Barton Goth, and I have found him to be very responsive and personable. He has excellent technical knowledge, but more than that he speaks in plain English that is easy to understand, which makes it very simple for you to understand all of your options.
Public - 11 months ago
reviewed 11 months ago
1 review
Map
Map
Map