Monthly Archives: October 2009

Question: Recently my husband and I applied for a second mortgage to pay off bills and were declined. Within the past year he lost his job and with no income coming in our credit cards fell behind. He recently got a new job but our credit cards debt is now… Read more

I’m a bankruptcy trustee in Canada, and every day I meet with people who have money problems. The most common reason for money problems is not having a plan to deal with debts. Without a financial plan, small problems become big problems. If you lose your job but you have… Read more

Question: I borrowed $26,500 from a friend and didn’t pay them back and they sued me. Since it was in small claims they were only awarded $25,000. Now if I file for bankruptcy would this $25,000 go away too? Would legal settlements still stick with me if I file personal… Read more

Question: Can a collection agency working for the bank sweep your entire bank account every payday? I am dealing with an overdue overdraft account and made arrangements for weekly payments. I was 2 days late with a payment and they swept my entire account. I thought that worse case, they… Read more

Question: Is there any way to get a loan to pay off the remainder of my consumer proposal. We also have a car loan with 29% interest rate we would like to refinance. I would like to get one loan to pay off both but I have called and the… Read more

Studies indicate that parents will financially help their adult children for tens of thousands of dollars over a multi-year period. During these recessionary times, it’s good to be able to help your family. But, remember, if you help out too much, you could leave yourself in a financially vulnerable position…. Read more

It seems that almost every store has a reward program. In Canada, the longest running loyalty program is Canadian Tire money, started in 1957, and given when you make a cash or debit purchase at Canadian Tire. Since then most other stores have stared issuing loyalty cards that allow you… Read more

Question: My gross income annually is $70,000 and my wife’s is $42,000. We own a home valued at $490,000 with an outstanding mortgage of $460,000. We have $110,000 of unsecured credit, a secured car loan for $15,000, and a second leased vehicle. In addition to this we are behind $7,000… Read more

Question:  I recently signed with a debt settlement company to clear my debts but they said they want to wait to have a lump sum to pay creditors in a 36 months program. I own my home and estimate that there might be about $20,000 in equity in our jointly owned… Read more

All this week we have talked about how to teach your children about money. We left the most obvious topic to the end: should you give your children an allowance? Today’s tip: If an allowance is appropriate, give one, if not, don’t. Over the years millions of children have received… Read more