Author Archives: J. Douglas Hoyes

About J. Douglas Hoyes

J. Douglas Hoyes, BA, CA, CPA, CBV, CIRP is a Licensed Insolvency Trustee and the co-founder of Hoyes, Michalos & Associates Inc., one of Canada's largest independent personal insolvency firms. As an expert in debt management, Doug has been helping people deal with debt for more than 20 years.

If you don’t pay your bank loan, credit card, or other debt, the lender may decide to send your file to a collection agency.  A collection agents job is to phone you and take whatever measures they decide are necessary to collect the money.  They want to collect because that’s how… Read more

How do you know if you are at risk for money problems?  The obvious answer is that if you are getting constant collection calls and are threatened with court action you have money problems, but for most people there are many warning signals long before court action begins. A better… Read more

Earlier this month I spoke with TV news personality Barry Choi and blogger at about financial literacy. During our conversation, Barry offered some of his favorite tools and tips for saving money. Barry’s Basic Budget Rules As we discussed earlier, Barry has just a few basic rules for managing your money: Spend less… Read more

If you have money problems and want financial advice, it doesn’t really matter who you talk to, right? Wrong. While credit counsellors, debt consultants, mortgage brokers, accountants, lawyers, bankers and bankruptcy trustees all have some basic knowledge, all financial advisors are not created equal. A chartered accountant or chartered professional… Read more

Consolidating your high interest credit card debt into a lower interest rate debt consolidation loan seems like a prudent strategy in most cases.  After all by saving on interest charges you can pay off your debts faster. For example, if you currently owe $20,000 on credit cards that have an annual… Read more

Having the ability to utilize the credit system in Canada is a common way to pursue an education and pay your living expenses while in school, all without needing a small fortune in reserve cash. But while having some student loan debt and consumer debt in minimal amounts may not… Read more

If you are worried about having missed a few mortgage payments or you are dealing with the stress of losing your home because of credit card or other debts, as a home owner you do have options. They key is to find a solution that will deal with all of… Read more

When we think of the word “freedom” we think of a hostage escaping from their kidnappers, or some other life altering escape from captivity. We don’t often think of freedom when we think of our debts, but being held captive by debts is reality for many. Think about it: If… Read more

Successful marriages usually start with one big premise: communication. That shouldn’t change when it comes to how to handle money in a marriage but does that mean you have to combine everything? I’m not a marriage counsellor but I am an insolvency counsellor and I do see the implications when… Read more

You have credit card debt at a high interest rate, but the bank says you don’t qualify for a lower interest debt consolidation loan.  Should you ask your friends or family for a loan? Borrowing from family and friends can have even more complications than borrowing from a bank, credit… Read more