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what is a bank ombudsman 2
- Posted September 03, 2009 by Monty Loree
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What is a Bank Ombudsman?
Any person may himself or through his authorised representative make a complaint to the bank. If the bank rejects the complaint or the complainant does not receive any reply within a month or the complainant is not satisfied with the reply given by the bank, the complainant may approach the Banking Ombudsman for redress of the grievance.

The concept of Ombudsman has gained importance in many countries worldwide as an expeditious and cost effective customer grievance redress mechanism. The Reserve Bank of India formulated the Banking Ombudsman Scheme in 1995. It covers commercial banks, regional rural banks and scheduled primary co-operative banks.
The objects of the scheme are (1) to resolve and settle complaints relating to banking services and (2) to resolve disputes between a bank and its constituent as well as between one bank and another bank through the process of conciliation, mediation and arbitration.

Grounds of complaint
A complaint can be made on any one of the following grounds:
(a) Non-payment/inordinate delay in payment or collection of cheques, drafts and bills; (b) non-acceptance, without sufficient cause, of small denomination notes; (c) non-issue of drafts to customers and others; (d) non-adherence to prescribed working hours by branches; (e) failure to honour guarantee/letter of credit commitment by banks; (f) claims in respect of unauthorised or fraudulent withdrawals from deposit accounts or fraudulent encashment of a cheque or a bank draft and the like; (g) complaints pertaining to operations in any savings, current or other account; (h) complaints from exporters in India; (i) complaints from non-resident Indians having accounts in Canada; (j )complaints pertaining to refusal to open deposit accounts without any valid reason; and (k) any other matter relating to the violation of directives issued by the RBI.

Rules for filing complaint Any person may himself or through his authorised representative make a complaint to the bank. If the bank rejects the complaint or the complainant does not receive any reply within a month or the complainant is not satisfied with the reply given by the bank, the complainant may approach the Banking Ombudsman for redress of the grievance.

Rejection of complaint The Banking Ombudsman may reject the complaint at any stage if it appears to him that the complaint made is: frivolous, vexatious, malaise or without any sufficient cause or it is not pursued by the complainant with reasonable diligence or prima facie, or if there is no loss or damage or inconvenience caused to the complainant.

Role of arbitrator Any dispute between a bank and its constituents or between a bank and another bank may be referred to a Banking Ombudsman for arbitration, if both the parties agree for such a reference provided that the value of the claim in such dispute does not exceed a few dollars.

Objective The object behind the Banking Ombudsman Scheme is to make available an expeditious and cost effective grievance redressal mechanism to bank customers. Hence he will endeavour to promote a settlement through conciliation or mediation and he will not be bound by any legal rule of evidence.

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what is body corporate 2
- Posted September 03, 2009 by Monty Loree
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What is Body Corporate?
'Body corporate' is an archaic term for "corporation".
A body corporate refers to an organization or group of persons that is identified by a particular name and that acts, or may act, as an entity.
When land is subdivided and registered to establish a community titles scheme, a body corporate is created. The scheme may be a duplex, a residential unit block, a shopping complex, a high rise apartment or a business park. Every owner of a lot in a community titles scheme automatically becomes a body corporate member.

Purpose: The objective of a body corporate is to manage the issues of mutual and necessary interest to all the owners. These issues fall into the categories of:
> physical property issues
> issues dealing with people living together
Physical property comprises of gardens, common building structures and shared assets such as tennis courts and recreation clubs.
Issues related to people living together may involve behavior, noise and parking or anything wherein the actions of a particular resident have an impact on the other occupants.
According to the legislation, however, the body corporate has only a limited purpose. They must ensure that the common property and the body corporate assets are administered for the benefit of the owners of lots included in the scheme; the common property is maintained to the extent that it is structurally fit; the community management statement, including by-laws affecting the common property, are enforced. They must also carry out other functions given to them under legislation.
The body corporate can enter into contracts, employ staff and generally deal with property, while fulfilling these mandatory duties. However, it cannot manage businesses, such as a restaurant, tour operation or letting agency, in contrary to a commercial company. Nonetheless, the body corporate may involve itself in business activities, such as investing funds, which are necessary to properly carry out its functions.

Decision-making: The body corporate makes decisions either at a general meeting of all the owners or at a meeting of the committee for the body corporate. No individual can make a decision, acting in isolation.

Finance: Every lot owner of the body corporate contributes in the form of levies, which are pooled to maintain the community and common areas. The amount and how often the contributions are to be made, in order to properly run the body corporate, are decided by all owners at the yearly general meeting.

The Canadian corporation: Both the provinces and the federal government in Canada have corporate statutes, and hence the incorporation is either federal or provincial/territorial. The Acts of Parliament passed before the introduction of general corporation law caused many older corporations to rise in Canada.

The Hudson's Bay Company is the oldest corporation in Canada. Though the Company's business has always been based in Canada, its Royal Charter was issued in England by King Charles II in 1670, and became a Canadian charter by amendment in 1970 when it shifted its corporate headquarters from London to Canada.
Since 1975, the main law regulating the incorporation in Canada is Canada Business Corporations Act (CBCA). The government firm responsible for the incorporation is Corporations Canada.

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what is canadian money advisor ca 2
- Posted September 03, 2009 by Monty Loree
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What is Canadian-money-advisor.ca?
Canada is one of the most well developed nations in the world. Being developed obviously means that it is also a very prosperous country. The standard of living of people in this country is pretty high and the job opportunities are plenty. Canada is the second largest country in the world today, not in terms of the population but in terms of area.
When people start making money, the next thing is to make proper use of it. That is to say that the more money people make, more are the chances for investing it and investing money is something that everyone should do. It is important to learn the art of saving as one should always have something put away for the rainy day. One can never say when things can go wrong and it is better to be prepared for the worst than be unprepared.

When it comes to investing, the Canadians are a lot who make very wise decisions. They seek the help of experts in the field and make sure that their money is invested wisely and safely. The Canadian-money-advisor.ca is a website which helps the Canadians to make decisions regarding different investment plans. The website caters to all the needs of the people advising them on everything from what are the best investment plans to how much to invest and when to invest.
The Canadian-money-advisor.ca is a website that was developed with the sole purpose of helping the Canadians with their financial planning. Not everyone can afford legal experts. It is something that is meant only for the rich. The Canadian-money-advisor.ca serves as a source of information on where and how to invest money for those who cannot get advice from legal experts.

The website has information that is got from several different sources. Also, the people who use this website share whatever information they know about the various financial institutions. This helps others to take their decisions based on what the people who have invested in a particular company have to say.

There are a number of links that the Canadian-money-advisor.ca use to research and gather their information. Some of the links that they use for the purpose of research include Alberta Justice, British Columbia Justice, Nova Scotia Justice, Prince Edward Island Justice, Ontario Attorney General, etc. the information that has been obtained from various sources is consolidated by a team that works for Canadian-money-advisor.ca and put up on the website for the use of the general public.

This website is very resourceful and has answers to almost every query a person might have. The people who use this site can also post their questions or doubts which will be answered by the website. So the Canadian-money.advisor.ca serves as a one stop destination for any queries that a Canadian will have on investment. So if you happen to be looking for a good financial advisor, all you have to do is just log onto Canadian-money-advisor.ca and get the best advice there is to get regarding different investment plans.

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what is a canadian money advisor 2
- Posted September 03, 2009 by Monty Loree
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What is a Canadian Money Advisor?


Canada is one of the well developed nations in the world today. It is a very prosperous country with most of its people leading a very comfortable life. It happens to be the second largest country in the world today, not in terms of population but in terms of area. It occupies most of the northern part of the North American continent. The standard of living is pretty high here and there are plenty of job opportunities. And with the increase in job opportunities comes increase in money. And with the increase in money comes the need to invest it wisely. This is where the Canadian money advisor comes into play.

It is not enough for one to make money. What is more important is to spend this money properly and carefully. It is very important that one learns the art of saving. It is true that one makes money to spend. However, care should be taken to ensure that there is always some money that has been kept aside for the rainy day. There is no way of predicting what can happen so it is always better to be prepared than be sorry later on. So it is very important that the money we earn is invested wisely and in the right way.

Canadian money advisor is a website that helps a number of Canadians to save and invest their money wisely. As already mentioned, saving money is a very important thing to do and more importantly, it should be done the right way. There are a number of people and organizations which claim to help people invest their money. However, when selecting an agency of organization, the person should be very careful as one can very easily be misguided.

The Canadian money advisor is a very authentic website whose sole aim is to make sure that the Canadians invest their money in the right way. It offers a lot of services for its customers. Whenever one needs any help in deciding how to invest his or her money or where to invest it, all one will have to do is log onto the website and post the question online. The website has its own set of experts who will help you in making the right decisions. Apart from this, you can also get the opinion of others who have invested in the company you are planning to. If you want to know anything regarding the Canadian stock market, you will be able to get all the information on Canadian money advisor.

This website is very user friendly and even if you do not know much about computers, you will soon find that it is very simple and easy to use this site to get information. So make it a practice to invest a part of your earnings as it is very important and whenever you need any advice on how to invest your money, just log onto Canadian Money Advisor, one of Canada’s best investment advisors.

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what is collections 2
- Posted September 03, 2009 by Monty Loree
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What is Collections?
You must have wondered why the collection agencies do keep calling you a lot since you have got that credit card of yours. There are a number of situations that the collectors of credit use so that they get back that money you owe them. Everyone who owns a credit card knows that they will have to pay their credit on time. However this is not the same when it comes to repaying the debt of the credit card.

Once you do become late with paying your credit card amount that you have to pay, the credit card companies will start reminding you and give you chances to pay off the debts of yours. This is when they can actually get back all they have to from you. If you are always late with your payments the collection agencies will start sending in notices that you are late with your payments and not only this you will be in more trouble as your credit scores will take a huge hit due to these late payments of yours. Your credit history will hence be bad. So make sure that you do not get yourself into this mess in the first place and pay off your dues right in time.

A single day of late payment will account you as a month late for payment and this will for sure appear in that credit report of yours. If you still do not pay then later you will also receive another notice so that the credit department is called to help you out of this situation. They may also many a times offer you other payment plans that will make it easier for you. If there is no sort of an action that your credit card company is taking up then this will end up in the hands of the collector. The collection agency will now be commissioned for this. The collection agencies will have profit negotiations that are pre arranged with the credit card companies. If the collector is not able to collect the amount from you then they larger part of the profit is kept for themselves.

Credit card companies get very serious about the privacy of the data and many a times tend to dictate the way in which the information of yours is to be transferred before the collector will see your name, your address and other details like your SSN number. Even with all this and much more there are only a few credit collection agencies that will look at spending more money on the sophisticated software as it turns out to be really costly for these collection agencies. Once the data is got from the credit card company then the collection agencies will use their own way to determine how quickly you will be able to repay the debt if they are to call you. This is got from information like your credit score, your balances, your late payments and other such details. This will give them soon a number of how quickly you will be able to repay them.

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what is commission income 2
- Posted September 03, 2009 by Monty Loree
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What is Commission Income?
Introduction: Selling and buying of properties are done nowadays by indirect ways. The person needing to sell a property does not go directly to a place and market his material. He chooses a common place from where the object could be sold. The person needing to buy these objects too comes to this common place to get the object. So what does the person who provides this common ground gets? The answer is a small amount of commission from the seller for helping him find the right customer and from the buyer for finding the right object. This amount that is given to him is known as the commission and the person is known as an agent. This type of income is mostly not a full time job and this income is categorized as commission income. There are also organizations which solely rely on this type of trading. The person's commission is usually a margin of the buying price and the selling price. He gets this profit and this income is also taxable under Canadian Regulations.

Types of Agents and Commission incomes: There are various types of agents that are in the world today and the most common and the most popular of them all is the Real Estate Agent. This person's job is to find homes that are up for sale and market these homes. The agent is also known as the realtor. He searches for prospective clients and when he finds them, he tries to sell the house to them. The realtor would originally have bought the house for an initial sum of money and the main challenge lies in marketing the house in such a way that the buyer buys it at a higher price.

The same applies for the other type of agents like the credit card agents, insurance agents, property agents, antique agents etc. These people try and sell their objects at a higher rate. However most of their incomes excepting that of the antique agents come close to that of the realtor. Hence the government had made regulations that tax these commission incomes. The Canadian government has made it a part of the income tax and it requires the citizens to file their commission incomes.

Filing of Commission income for Income Tax: The Canadian government requires the commission income to be filed along with the income tax on or before January 31for tax deductions to be taken into account. This deduction is based upon the expenses that the agent might have had while the transaction is being done. These expenses might be travel expense or some other expense that is related to the transaction. The deduction to be obtained requires the td1-x form to be completed and filed with the employer. The employer is the company that conducts these transactions.

Conclusion: There are many ways of improving one's commission income and that is by increasing the amount of objects to be sold and by increasing the price in which it is sold. There is also another way by which the commission would be directly increased by raising the charges but that is not recommended for it might send away prospective customers.

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what is a credit decision 2
- Posted September 03, 2009 by Monty Loree
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What is a Credit Decision?
Introduction: Credit or borrowing has become a way of trade nowadays, and as a person of the globalized trade community, we should all be aware of the possibilities and the regulations regarding the credits and loans. The credit or lending of money against some form of security is done by most of the banks and the main reason behind this is to stop unscrupulous persons from embezzling the banks. It becomes necessary to check the person’s financial status and other sources of income before considering him for credit. This is due to the fact that analyzing the customer is necessary when deciding upon the loan sanction for to make sure whether the debt would be satisfied or not. This process of decision making is known as Credit Decision.

Loans that require Credit Decisions: Almost all the loans require a proper analysis of the respective person’s financial status before the decision of sanction is to be taken. This credit decision affects how much a person can be loaned, what the rate of interest for the amount should be. The Best example is the credit card type of loan. The credit cards are usually of three main types, the platinum card with the highest credit limit and lowest rate of interest, the gold card with medium interest and medium credit limit and the silver card with the lowest credit limit and the highest rate of interest. These types of cards are sanctioned based upon the financial status of the respective individual. This is checked by the credit report of the person.

Another major type of loan called the mortgage requires a credit report to be drawn and the sources of income to be established before the loan is sanctioned for the user. The property holdings and the security factor of the loan is extensively examined and noted before the sanction of this type of loan.

Credit Report and Credit Scores: The credit report is the report generated on the person’s financial status, by a third party company. This report consists of all the debts that the person is in, the income of that person, the sources of the income and if the person is paying back the debts in the right intervals at the right times. The Credit report is much of a status report on the person’s financial standings. Since it has all the information required about the person’s financial status, it becomes easy for the banks and credit unions to take the proper decision upon the sanction of the loans. The credit score is generated with the help of the credit report

Good Credit and Bad Credit: The person is said to be in good credit if the credit score averages and is very high. These persons are very much in good financial status and can be given a high priority for the lending of money. The people with very low credit scores are the ones with bad credit and they would not be able to promptly repay the loans.

Conclusion: Thus the person with good credit score is given a higher priority and the credit decision is taken in favor of them. Hence it is necessary to improve our credit scores.

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what is a prepaid credit card 3
- Posted September 03, 2009 by Monty Loree
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What is a Prepaid Credit Card?

Any credit card adds to the burden of debt that one is liable to pay. To offset the chances of incurring too much of a burden, one can opt for a prepaid credit card. It is safer to carry than cash, but provides the same convenience as a credit card, the only difference being that the card is already paid for and so you have no choice but to stick to its limit and thus you incur no new debts. A prepaid card is an ideal option for those who want the convenience of a credit card without the attendant risk of overspending. Anyone above the age of 18 can apply for one, and it is not necessary to have a bank account for obtaining one. In Canada there are a range of prepaid cards available for calling international numbers, for getting petrol, for shipping and courier services, etc. including even for legal services.

Most commonly people opt for the prepaid cards after a negative credit history makes it difficult for them to obtain a regular credit card. Even if they manage to get a regular card, chances are that the interest charged is going to be exorbitant and the line of credit offered very minimal. In such cases, it makes better sense to go wth a prepaid card which attracts no interest. Canada prepaid credit cards can help people get better credit rating and thereby improve their FICO score and so are an ideal choice for people getting over bad credit history. This is the best way to repairing and rebuilding your credit history.

The bank requires you to deposit a sum of money and you are issued a card. The amount of money in the bank becomes your credit limit at any given time. When the bill is generated, you have the choice of either paying the bill or a minimum payment which will limit your credit to the available amount, depending on the bank’s terms and policies. But if you allow the bank to recover the money from your account without paying the bill on your prepaid card, you lose the chance to repair your bad credit history.

The prepaid card is also a great way to save for future purchases or expenditure like buying furniture, taking a vacation, etc. where you can meticulously plan your expenses and do not over extend yourselves. As a credit card is more widely accepted than a debit card, the prepaid credit card becomes a choice way to pay for your hotel and other bills when you are traveling or on vacation. The refilling of the card when you run out of available credit can be done anywhere, even online. They are useful for frequent travelers as they come for all sorts of uses, in various guises. For example the international calling card, the petrol card, the car rental card are all a veritable boon to travelers with special needs. Even the application for the card and the processing is done online now with a horde of merchant establishments offering them for various uses. Their numbers are increasing day by day and the prepaid card is the card of the future.

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what is a delinquent account 2
- Posted September 03, 2009 by Monty Loree
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What is a Delinquent Account?

When a loan or credit card becomes overdue, the defaulting borrower's account is called a delinquent account. Generally, in Canada, an account or loan is considered delinquent when no payment has been received towards the same for a period of 90 days. It is the responsibility of the banker to collect the amount due from the defaulting borrower. Once the loan is moved to a delinquent one, the matter is normally referred to a collection agency. But nowadays, after intense lobbying by the banking community, the federal government in Canada has passed legislation allowing the banks to recover the loan from the defaulter’s account without any notice or intimation whatsoever. There are some instances where the entire paycheck of the defaulting borrower has been used to offset the over due loans.

As the shifting of a loan or overdue credit card to a delinquent account gives the bank the right to recover the same from the borrower’s account with the bank, it provides the banker with much needed relief when it comes to tackling defaulters. Thus the defaulter is forced to acknowledge his default and is ready to take responsibility for repaying the loan and fulfill his obligations regarding the loan or credit card. A clause to this effect is added to the loan or credit card agreement which is duly signed by the borrower at the time of entering into the agreement. This is to protect banks from routine defaulters, although they cannot recover their dues from accounts held with other banks.

In cases where the borrower has moved his money to another bank, their only recourse is to take legal action. This is just a safeguard for the bank to stop customers and borrowers from defaulting on loans and then claim harassment when the collection agencies get involved. The ideal way for the borrower would be to pay the loan dues before it gets shifted to a delinquent account. Though there are some restrictions that come into play regarding the type of accounts from which money owed can be recovered without the customer’s express consent or notice.

In case of credit cards, in Canada, if no payment has been made for more than 30 days past the due date, then the account is considered delinquent. However, the government has stipulated that the bank has to wait for a period of 180 days after the shifting to a delinquent account before it can move to recover from the borrower’s account the amount overdue. So, even after your loan or card account has been moved to a delinquent account, you still have a grace period of six months to make good on your commitment to pay off your loans. Your credit score improves dramatically when you pay off a delinquent account, though it will reflect on your credit history for a period of seven years. However a prudent option would be to go in for a consolidated debt plan and pay off the delinquent accounts and at much lesser interest rates, as consolidated loans are made for this purpose.


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what is a judgment
- Posted September 03, 2009 by Monty Loree
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What is a Judgment?

Whenever there is a civil or a criminal case filed in a court of Law, once the hearing is over, the judge and jury deliberate over the relevant facts of the case before them and arrive at a conclusion. This conclusion is called a verdict or judgment. This judgment is binding on both the plaintiff and the defendant. Their only recourse in case they feel dissatisfied with the verdict is to appeal in a higher court. In civil suits for reclaiming loans etc. a default judgment may be obtained by the creditor to recover bad debts. This is enforceable as it is issued by a judge and the creditor can garnish the debtor�s paycheck and other assets. One can obtain a judgment against a debtor who is unwilling or refuses to repay his loans or credit card dues and then enforce it to recover his money.

In cases where the creditor does not have enough information for garnishment of the debtor�s assets or paycheck in lien of his loan dues, a judgment is the only option available to him. In legal parlance it is called judgment debtor examination. It forces the debtor to appear in court and take responsibility for repaying his loan. If the debtor is found to be untruthful about any assets he possesses, he can be held in contempt of court and face jail time or a hefty fine. In Canada each province has a different process for debtor examination. Once you know the process, you can move the court and have the judgment enforced. Ideally the debtor examination should be done as soon as possible after obtaining the judgment to ascertain the debtor�s assets, maximum within 30 days.

The judgment along with the debtor examination notice has to be served in the province where the debtor resides in. If the debtor does not show up at the examination or fails to respond, the judge may conduct the examination in his absence, but still will be binding on the debtor. Once the examination is conducted according to the court�s directions, the judge makes his judgment which is a formal order for the debtor to repay his debts. But while the court order is in force, the creditor is prevented from further harassing the debtor.

If after a reasonable period of time the debtor fails to respond or repay the loan, then he can be held in contempt of court for violating a direct court order. Once the judgment has been pronounced and the debtor does not comply, the creditor can move the court for seizure of the debtor�s assets. He can do so after informing the bailiff in the court of the debtor�s jurisdiction of the valid judgment in his favor and his intentions to recover his overdue loan. Once the creditor receives a writ from the court bailiff empowering him to seize the property of the debtor, he can do so with a few exceptions � everyday clothes, utensils, farm equipment in case debtor is a farmer, etc. The judgment can be enforced within six months from the date it is issued and can be renewed if necessary.

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what is lending
- Posted September 03, 2009 by Monty Loree
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What is Lending?


Lending refers to the act of extending a loan to a borrower. The Lender may be an individual or institution such as a bank. It may also be a private financial group of company. The lender offers the borrower a loan proposal that includes interest rates and payment period. The loan may also be brokered by a third party. This broker offers the loan request to a group of lenders.
This article talks about mortgage lenders, types of mortgage loans and lending regulations in Canada.

What are Mortgage Lenders?


In Canada, mortgage lenders finance commercial and residential properties.
Mortgage lenders base their rates on the type of mortgage that borrowers get. For mortgage lenders, conventional mortgages are less risky because the buyer puts down 25% of the purchase price. While the financing may be less, mortgage lenders are not bothered because if a buyer is responsible enough to save 25% of the purchase price, it will be less likely that they will default on a loan. Mortgage lenders offer conventional mortgage seekers some of the best rates on the market because they tend to be fiscally conservative and have good credit. For mortgage lenders, high-ratio mortgages are more risky because buyers tend to put down less than. The default rate on high-ratio mortgages is higher than for conventional mortgages.

What are the Types of Mortgage Loans?


There are different types of mortgage loans that are available to Canadian home buyers. This will help them choose a loan according to their specific needs. One of the basic classifications of a mortgage loan is conventional as against high ratio mortgage. This will depend on how much you can afford to put up as initial funding. If you are capable of putting up more than 25% of the value of the property, you can avail a conventional mortgage. This entails a lower interest rate. On the other hand, high ratio mortgages are more expensive because of the greater risk for lenders.

Open and Closed Mortgages
An open mortgage is generally a short-term mortgage where you can pay off part or the entire loan before the due date without attracting a pre payment penalty. In contrast, a closed mortgage entails a penalty if you prepay the loan before the end of the term of mortgage. Open mortgages are typically more costly and have higher interest rates.

Fixed Rate and Variable Rate Mortgages
Fixed rate mortgages are preferred by home buyers since these require a fixed amount to be paid each month. The system keeps you in control of your monthly finances. The interest payable in such a mortgage is predetermined and fixed at the time of taking the loan. This will be fixed for the entire term and protects the buyer from any increase in prime lending rates in future.
The variable rate mortgage has an adjustable interest rate, which can be altered from time to time depending on the market situation. These loans may be beneficial for you if there is a sudden fall in lending rates. However, a hike in interest rates would mean greater monthly payments for you.

First and Second Mortgages
The first mortgage is simply the first loan that you take for financing your property. If you need more cash in the future for any purpose, you could take a second mortgage loan against your equity in the house. The second mortgage usually comes at a higher interest rate as the risk for the lender is greater. The second mortgage is subordinate to the first. This means that in case of a default, the first mortgage lender would have the first right to recover the money.
An experienced and reliable mortgage advisor can help you choose the right type of mortgage loan that suits your needs and financial situation. He or she can also inform you about the variable aspects in various types of mortgage loans that can be customized to your specific needs.

What are the Lending Regulations in Canada?


Lending regulations have been instated in Canada to provide borders and guidelines to payday lenders. The Canadian government has determined that over the years, payday lenders have been charging over 60% interest. This is not allowed and considered a criminal offence as the Criminal Code of Canada states. These regulations have been set in place to eliminate “loan sharking” which is illegal in Canada. In 2010, the government proposed to change the mortgage lending laws. The first provision was that new borrowers will qualify for a five-year fixed term rate mortgage. This will be put in place to protect Canadians by giving them flexibility. It also supports payments at higher interest rates for years to come. Another provision is that the maximum amount that you can refinance your property will be lowered from 95% to 90%. This is meant to help homeowners save money. The last is the increase in down payment from 5% to 20. This will surely have a huge impact on Canadians with bad credit. The market is not providing any ways for Canadians to work on their bad credit by allowing them to purchase homes with small down payments, or to be considered for a loan in banking institutions.

Follow Lending Regulations


Lending and borrowing are both complicated issues. The bottom line for consumers is to borrow money, which they are capable of paying. For lenders, it is important to follow regulations imposed by the government. They must also keep in mind not to put borrowers in a disadvantage by imposing excessive interest rates.

References


mortgagescanada.ca
canadianmortgagesinc.ca

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what are credit services 2
- Posted September 03, 2009 by Monty Loree
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What are Credit Services?
These are the services provided by the I T companies to the banks .They offer a wide range of services to the banks and other firms in various fields .they provide facilities such as
a.)Credit reporting
b.)Portfolio management
c.)Consumer assistance
d.)Consumer credit protection

Credit reporting is one of the most important jobs of the companies which provide credit services. The companies deal in making consumer credit information available to the banks for every individual and they make information such as borrowing and bill paying behavior of the individual. This information provided by theses companies are very helpful in monitoring the credit profile of the individual such as his/her ability to pay back the loan and moreover this consumer credit information also helps in determining the interest rate on loans taken by that individual. When a consumer’s credit history mentions of defaults or we may say that if the consumer is having a bad credit history the banks also tend to increase the risk premiums levied on that individual because his/her chances of going bankrupt or being not able to pay the loan is more. This information is made available to the bank by these credit services companies when the individual applies for the loan or credit card.

The methodology of working of credit services companies requires active contribution by all the creditors and debt collection agencies when they start gathering consumer credit information of an individual. The debt collection agencies and the creditors with which the individual has had a relation helps in refining the finer details about the individual’s credit history.

The credit services agencies are not just to assist the banks but also to the borrower .These service companies provide online secure access to their credit information .They develop secure passwords so that no external agency can inhibit the financial privacy of the customer. These days the credit services companies are aiming to develop even more secure passwords amidst the increased threats of passwords being hacked which are leading to heavy losses and thefts in the financial sectors.

The credit services companies also perform portfolio management of various banks about their performances, their debtors and their respective credit histories.Portofolio managed by the credit services agencies give valuable information about the bank’s wealth gaining abilities and other crucial data. Thus the evolution of these credit services companies has increased the performance rate of banks and financial transactions done .Banking today has become very fast and easy. One of the main subjects which has become an easy and a short process is the seeking for approval of loans. This is solely because now credit reporting has become fast and easy.

Consumer assistance is also an important part of the services they provide to the financial sector. One such service is consumer assistance. The consumer can enquire about the details of his/her account or credit card statement. The consumer can also learn about other facilities which the creditor bank is providing .The status of the application for the credit is also provided online today and thus has proved a benchmark in the financial sector.

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What are Bank Interest Charges?
- Posted September 03, 2009 by Monty Loree
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What are Bank Interest Charges?
Interest is basically a rent of the money used by the borrower. Bank interest charges are of many types such as interest charges on credit card, home loans etc. The bank is a lender which actually charges interest because the money they issue to the borrower could have been used for an investment but they were in reality advanced to the borrower but in any case the bank enjoys the benefit by charging the interest from the borrower whenever the borrower makes any payment to the payee by the use of credit card because it is not the borrower but instead the bank which pays to the payee on the behalf of the credit card holder. The money given to the borrower is been termed as opportunity cost .The bank interest charges vary because of many factors and schemes under which the money has been given to the borrower.

The money given to the borrower is the principal on which the interest is being charged. So the fact is that the borrower pays the money for the principal. There are many factors which are responsible in deciding the value of interest charged such as:
1.) Opportunity cost-
If the bank would have invested the money in some other field it would definitely have had a profit, but since he has used the money to give to a borrower, this factor is a deciding factor for the interest rate.
2.) The lender would try to charge the interest according to the estimates of the expected inflation. So some part of the total interest charged is the inflation estimation also.
3.) There is always a risk that the borrower might not be able to repay the loan or the credit he/she takes from the creditor or he might abscond, so there is a risk premium which forms the part of the total interest charged by the creditor .The risk premium varies from individual to individual & country to country. For eg:-Canada pays a lesser amount of risk premium than India because Canada is a developed country whereas India is a developing country so the creditworthiness does makes a lot of difference when the interest rate is been decided.
4.) The length of time also plays an important role in deciding the interest rate of the borrowed money. If length of time for paying the principal plus the interest is less, the interest rate will be less because then inflation and risk of a default will be less, because predicting near future is very easy.

The bank interest charges also vary because of the factors like recession because during recession the liquidity problems tend to take place and the banks have to take necessary steps to regain the momentum and make more borrowers .Also the interest rate is different from bank interest charges because if supposedly you have a balance of $500 and you want to calculate the bank interest charge on an interest rate of 20% then your interest charge will be $100. So actually your interest charge comes different because your balance for every period is not same.

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WHAT IS DEBT ASSIGNMENT?
- Posted September 03, 2009 by Monty Loree
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WHAT IS DEBT ASSIGNMENT?

When a person assigns the debt that is already owed to another person with all the rights associated with it, it is called debt assignment. The person who assigns the debt which is owed is called creditor. The debt is assigned to a third party that is neither the lender of the money nor the person who borrowed the money. Now it is the responsibility of the third person to pay back the borrowed money. This occurs at all levels, generally at a personal or a corporate level. The main motto is that the debtor should not be affected in any way by all these changes. He might or might not be affected if new terms are agreed upon. The debtor is the person who lends the money.

Debt assignment is generally done when the person who borrowed the money cannot repay or is unable to repay the loan. Hence under such circumstances he can assign the debt to another person that is the third party who is ready to repay the amount for the borrower. There exists certain level of understanding between these two. They might have some arrangement made between them. Either ways the debtor should not be affected. His only concern is that he should get his money back. He is not bothered about who is paying his money back. Unless any new agreements has been made between the debtor, the borrower and the third party. The person might not be able to pay the loan due to many reasons and hence he assigns his debt to a third party.

Debt is anything that is owed. Generally debt is money owed. It can also refer to assets owed, moral obligations and other interactions which do not concern money. Anything and everything that is owed is called debt. In case of assets, a person buys the property in the present by means of this debt. He knows that he can repay it using his summations which he will earn later. Hence he is using his future purchasing power in the present time through debt in the form of assets. It is not necessary that a debt should always involve money. It can be of any form. It is also used by companies and some corporations to plan their overall corporate finance strategy. When they make their finance strategy or any such plans then they would have an idea about the required money. This helps them decide whether they would have to borrow money or not. Debts are very common in the corporate sector.

A debt is created when a person agrees to lend a sum of money or assets to another person. The person who lends the money is called creditor and the person who borrows is called debtor. In most cases debt is given only if they agree to repay the sum borrowed plus interest. This way the person who lends the money also benefits. Hence both creditor and the debtor are satisfied. It is a two way arrangement.


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what is debt relief 2
- Posted September 03, 2009 by Monty Loree
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What is Debt Relief?
Debt relief, as the word speaks, it means forgiving or waiving some portion of debts. The meaning of debt relief covers the full waiver of debts. The caption covers not just individuals but even governments of various republics around the globe. Debt relief became an important term in the financial sector once the western developed countries took the request of debt relief seriously. Their are various countries around the globe which are underdeveloped or are developing. But while the time the caption was adopted by various financial institutions and governments around the world, steps were also taken to ensure that the money was used by various governments to improve the standard of living in respective countries. Steps were also taken to be vigilant about the misuse of the money being financed to various countries.

The problem arises when an individual or a country take up loans from various financial institutions and often eventually are not able to repay the amount they borrowed from banks. This has become a serious problem and thus the word debt relief has registered a huge demand in this sector. Besides many individuals who are in heavy debts seek help from debt consolidation companies. Actually debt consolidation means taking a loan for repaying many other loans. Debt consolidation is a fall back option in case debt relief is not granted because it actually makes the assets of the borrower as a collateral(pledging the surrendering the property such as house to the lender of debt consolidation in case the borrowers goes default).The interest rate for the debt consolidation is lower because the lender has the option that if by any chance the borrower goes default he will have all rights to sell the valuable assets mortgaged by the borrower and earn back all the money given to the borrower. The risk to the lender is reduced manifolds.

Corruption today is the major obstacle in the transparency of the debt relief to various developing nations of this world. Sometimes the money financed by the developing or poor nations becomes impossible to repay because the lawmakers or we may say the government of the country cannot make right projections and are not able to collect enough money from taxpayers to repay the loans borrowed from various financial institutions. Something very similar happened some years back .The OPEC nations due to their exports of oil, were rich financially and hence deposited loads of their money in various financial institutions. Now the developing countries drew heavy loans from these financial institutions for the development of infrastructure and other basic amenities for the citizens, but a lot of money was drained away and could not be repaid because it got lost in corruption.

There is a lot of debate amongst various financial experts in the financially lobby about the worthiness of the debt relief given to many nations. They think that by adopting debt relief, it will motivate the developing countries to go default against the loan taken .this will lead to bad consequences and liability of the financial institutions which stores the money of developed nations will become questionable.

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student credit cards in canada
- Posted September 02, 2009 by Monty Loree
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Student Credit Cards in Canada
With the number of students increasing in the country of Canada there has also been a simultaneous increase in the number of credit cards for them. Considering the needs of students and the amount of money that they get and how much they can spend, credit cards have been designed to meet these basic essentials of the student community. Here are some of the student credit cards in the country of Canada which have been designed for the student community who do not require any income. This is one reason why these are one of the first student credit cards to establish a history of credit. You can now apply for these student credit cards online.

So here are a list of student credit cards that we are going to discuss. First of all we will be talking of the CIBC classic visa card for the students. The best feature of this card is that you do not require an annual fee and also that it has a line of great credit management features. You will now be able to protect the purchases that you make with replacement that is automatic, repair or even reimbursement coverage for many of the personal items of yours if they have been stolen, lost or even damaged. This however works only if it did happen within the first ninety days of your purchase of the product with the CIBC classic visa card for students. You also have extended protection that is available with this card. This helps by simply doubling the original Canadian manufacturers warranty up to an additional year automatically on those items that are purchased with the CIBC classic visa card for students.

The next card that we are looking at is the capital one guaranteed MasterCard. This card helps you strengthen the credit history of yours while you can enjoy the valuable benefits of the MasterCard. There is 0$ fraud liability for use that is unauthorized. Customer service with this capital one guaranteed MasterCard is available all day long either by phone or online. You have special features that are available with this capital one guaranteed MasterCard like the extended warranty and also purchase assurance.
The next student credit card that is available and one of the good ones in the country of Canada is the capital one guaranteed secured MasterCard.

You can apply for this card online and also get guaranteed approval and also an opportunity to establish that credit history of yours. However an annual fee of about fifty nine dollars has to be paid. A minimum of about seventy five dollars is required for the purpose of security funds. This card has been proved to be really useful to the student group as it is not too costly and yet provides them with services that are considered to be good.
When it comes to choosing a student card it is necessary that you make a wise choice and choose the right type of card that will suit you the best.

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travelling with your credit card
- Posted September 02, 2009 by Monty Loree
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Travelling with Your Credit Card
There are a number of credit cards made for those who travel a lot. Apart from choosing one of the credit cards that suit you the most while travelling it is important that you know what you have to do with the credit card of yours when you are travelling. So here are some tips for you to maintain your credit card when you are travelling around the globe. Many of the people who do travel with their credit cards turn out to have some problem or the other so these tips are sure to help you not set your foot in the wrong direction with your credit card.

So the first thing that you ought to know is that you should have made photocopies of all the credit cards of yours, your airline tickets and also the other documents. Make sure that you get both the front as well as the back xeroxed. Leave a copy of these with a friend of yours. This way if you do lose your credit card when you are not in your country then you can be sure to cancel it right away so that you are not cheated with it. Many a times travelers forget to do this and hence they will have a lot to do by calling back their country to make sure that everything is alright. A simple xerox is sure to help if this does happen to you by any chance.

The next simple thing that you have to keep in mind is that it becomes easy when you travel with a credit card in each individuals name instead of having it together. The problem with this combined credit card is that if a credit card is cancelled due to one reason then all the credit cards in that name get cancelled too. So make sure you take your individual credit cards when you are travelling abroad. Also if you are going with your husband or wife then you can survive on the other credit card till the credit card that is lost is replaced.

Also automatic credit card deactivation will spoil a vacation of yours. In some of the banks they might cut off the credit cards that are being used more than about six times a day so that just in case your card has been stolen you will not lose much. So make sure that you are not using your card more than about five times in a single day. If you do want to use it or might be using it more than that make sure that your credit card companies are informed that you will be travelling abroad.
Canada now has a number of credit cards that are available for those who travel a lot. Customer services are provided all day long for your convenience. The cards are not too expensive and make sure that you do not spend a lot with the credit cards when you are not in town.


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what is a lead capture page 2
- Posted September 01, 2009 by Monty Loree
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What is a Lead Capture Page?
Marketing and advertising are the two most important things to be taken into account when it comes to promoting a product. For the success of a company, the product or the service that the company offers should be accepted among the general public. For this to happen, the people should know about the existence of the product, what it is used for and more importantly, they should be convinced that it is worth spending their money. All this needs very good marketing strategies. And this requires the need of professionals who will be able to come up with the right kind of strategies to market the products.

Canada is a very well developed nation with the industries and companies doing good business. This goes to show that the marketing and advertising industry is also doing very well as only when a product is marketed properly will people buy it. Nowadays, everything can be done with just the click of a mouse. There is almost nothing that cannot be done online. Right from buying vegetables to buying a property, it is possible to do it all online. This is one of the most important reasons why marketing for a product online has gained a lot of importance in the recent past. Almost everyone uses the computer today and promoting a product online is a very important strategy that has been adopted by many companies. It is as good as any other form of promotion if not any better. Actually, promoting a product online has more advantages than the usual forms of promotion.

When it comes to advertising and marketing, a very important term that comes to mind is lead. And when it comes to marketing online, the term lead capture page comes into significance. A lead is a person or a company or an organization which is interested in making use of the services that the company has to offer or is interested in buying the product that a company is promoting. And lead capture page, as already mentioned is a term that is associated with the online marketing industry. It is basically a web page that is created to capture the attention of a lead or a potential customer.

A lead capture page is created with the aim of making a customer want to buy the product. It should have all the necessary details about the product and it should be able to convince the customer to but the product. Most of the online advertising companies in Canada are very good at creating attractive lead capture pages in order to woo the customers. An important thing to remember while creating these lead capture pages is to submit it to the search engines so that this page will come up when people are searching for the product you are promoting. It is also very important to promote these lead capture pages. These pages can be marketed the in the same way as websites are marketed and that includes a lot of ways.

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american express airmiles card
- Posted September 23, 2005 by Monty Loree
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American Express for Canadians

American Express? AIR MILES?* Credit Card



    A FAST and EASY way to collect AIR MILES reward miles.
  • No Annual Fee
  • 100 reward miles the first time you use your Card2
  • 1 reward mile for every $20 in purchases charged to your Card1
  • 3.99% on balance transfers for the first six months of Card membership, provided your account is and remains in good standing3

    The American Express AIR MILES Credit Card is the only NO FEE Credit Card that earns 1 reward mile for every $20 in purchases charged to your Card1. Plus, with Front Of The Line? Entertainment, you'll receive preferential access to some of the most sought after concerts, theatre and sporting events across Canada.

    1. Account must be in good standing. AIR MILES reward miles will be earned on the amount of all eligible purchases, less credits and returns. Funds Advances, Finance Charges, balance transfers, annual fees (if applicable), other fees and purchases of travellers cheques and foreign currencies are not purchases and do not qualify for reward miles.

    2. 100 Bonus reward miles apply only for the Basic Cardmember's first use of the Card. Bonus reward miles do not apply for first time usage of renewal, replacement or Supplementary Cards.

    3. All rates are expressed as annual rates. See below for which rate applies to charges on your account and other details. Payments are applied to balance transfers after funds advances but before purchases. Please refer to your Cardmember Agreement for full details. Provided you pay your minimum monthly payments on time, your rates are:



  • 3.99% on balance transfers for the first six months of Card membership
  • 18.5% Regular Rate on purchases and funds advances
  • The annual rate for all charges when your account is not in good standing will be 23.99%

    ?: Used by Amex Bank of Canada under license from American Express Company.

    ?*Trademarks of AIR MILES International Trading B.V. Used under license by Loyalty Management Group Canada Inc. and Amex Bank of Canada.



CANADIAN AMERICAN EXPRESS AIRMILES CREDIT CARDS IN CANADA



Canadian American Express credit cards are one some the oldest and best recognized credit cards in Canada.

American Express has offered their American Express Travellers Cheques for well over a century. American Express Travelers Cheques are synonymous with safety and security when it comes to your money when travelling.

Similarly American Express credit cards are well known world wide. This means that you'll have a safe secure credit card when you're at home or abroad travelling.

WE ARE PLEASED TO OFFER THE FOLLOWING AMERICAN EXPRESS CREDIT CARDS:

AMERICAN EXPRESS CREDIT CARDS FOR CANADA NOW AVAILABLE IN THE FOLLOWING CANADIAN PROVINCES





American Express Air Miles Canada

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self counsel power of attorney book
- Posted September 10, 2005 by Monty Loree
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We are pleased to announce that we have partnered up with Self-Counsel books to offer them on our Canadian Money Advisor site.

The first one I thought would be important for everyone is the Power of Attorney booklet.

? Understand Representation Agreements
? Plan your future ? your way
? Assign authority to act on your behalf
? Cover all aspects of your life ? not just medical
? Appoint someone you trust to manage your affairs
? Are you in charge of your own affairs?
? You may be organized and have all your financial papers filed and ready to access if something should suddenly happen to you. ? You may update your will regularly and rest assured that your family is well taken care of.

But what would happen if you and you suddenly became incapacitated? How would your spouse or family access your bank account or take care of your affairs?

You might want to grant a power of attorney to your child to provide for your care as you grow older, or you might want someone to take care of your financial affairs while you take an extended vacation. In any case, a power of attorney is a useful legal document giving someone the authority to act on your behalf on certain matters you specify.

Power of attorney are for people of all Canadians and in all provinces of Canada Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nfld Northwest Territories, N.W.T. Nova Scotia, Ontario Ont, Prince Edward Island P.E.I., Quebec, Saskatchewan, Sask, Yukon

You may still have to hire a lawyer to do some legal work for you. It's great to read this book before you hire a lawyer so that the cost of their legal work may be reduced. The more you understand in advance of the meeting with you lawyer, the less hourly rate they'll charge you.

If you're interested in learning more about powers of attorney in Canada you can do so in your own home. The Self-Counsel Power of Attorney Kit publication is a high quality very popular booklet that can be found in all major bookstores in Canada. You can now shop for it in the convenience of your own home.

I have a copy myself and I really like it. It has given me a good deal of understanding on what I need to know about planning for my future.

Monty Loree

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from saskatchewan bbb
- Posted September 08, 2005 by Monty Loree
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Hello Everyone,

I am sending the latest media release on fraudulent cross-border lottery notifications that involve counterfeit checks.

Sharon T. Mula
Consumer/Business Consultant
BBB Sask
PH: 306.352.9259
FAX: 306.565.6236
Email: sharon@bbbsask.com

SASKATCHEWAN
Media Release
Release Date: September 8, 2005 Release Number: BBB-2005- 0908
Release Time: For Immediate Release
Contact: Danny Berehula ? Executive Director ? (306) 352-9259 Fax (306) 565-6236
BETTER BUSINESS BUREAU OF SASKATCHEWAN
.
BBB Issues International Alert: Cross-Border Lottery Scams Surging;
Company Names being used Fraudulently on Counterfeit Checks

Arlington, VA, September 7, 2005 ? The Better Business Bureau system today issued an alert cautioning consumers and businesses about a surge in fraudulent cross-border lottery notifications that involve fraudulent counterfeit checks.
Consumers across the country are contacting Better Business Bureaus in the U.S. and Canada to ask about the legitimacy of notices they received by mail and spam e-mail announcing that they have won substantial sums of money in a Canadian or other foreign lottery.

Consumers were given a telephone number to call and then instructed to cash certified checks in amounts ranging from $2,000 to $9,000 in order to collect their "entire award package." They were then instructed to wire the money or send their own check back to the lottery company to cover fees or taxes. The names and bank account numbers of reputable and valid U.S. businesses appear on the certified checks. The companies have advised the BBB that they are victims of identity theft and that their names and account numbers are being used fraudulently in the lottery promotions.

The BBB in Huntsville, Alabama recently issued an alert regarding DE-LOTTO TRUST GROUP, INC. of Toronto, Canada for the DE-LOTTO AUSTRALIAN SWEEPSTAKES. The Bureau received inquires from consumers in Alabama, Arizona, California, Georgia and Ohio regarding this ?sweepstakes.? The notification letters state that the recipient is one of the declared winners of a drawing. A check, in varying amounts ranging from $3,500 to $8,950 and made payable to the recipient from an account for Apel Machine and Supply of Cullman, Alabama, was enclosed with the notification letter. Consumers who contacted the BBB reported that they were instructed by DE-LOTTO Trust Group, Inc. representatives to cash
the check and wire funds back to DE-LOTTO in order to pay the
government taxes for the winnings. The Bureau reported that some
consumers did cash the check, but were notified later by their bank
that the check was counterfeit and they were liable for the funds they
withdrew. The Bureau has confirmed that Apel Machine and Supply, a distributor of mill and plumbing supplies, had no connection to DE-
LOTTO TRUST GROUP, INC. or any lottery-related company.

The BBB in Boise, Idaho has received inquiries from consumers regarding Camden Marketing, Inc. out of Cooksville, Ontario, Canada. The company is telling consumers that they are the winner of a lottery worth thousands of dollars. The check enclosed with their notification letter displays the address of a major corporation located in Boise and appeared to be a legitimate check, according to the Bureau. The BBB in Dallas, Texas reports receiving inquiries from consumers in Florida and Georgia regarding International Lottery Incorporated, located in Brampton, Ontario and a Golden Investment Trust out of Concord, Ontario. The Bureau received two checks from the supposed ?lottery winners.? The name of Michael Stores, an arts and craft store chain based in Dallas, was misused on the counterfeit checks. Both of these consumers recognized the scam and did not deposit the checks.

The name of a video production company in Dallas was used on a letter and check sent to a New Hampshire woman, who reported the scam to the BBB in Dallas. ?This is to inform you of the release of the final quarter of the Carnival Gaming Lottery, Inc.,? the letter said. ??we have enclosed a cheque for the amount of $3,850 to help you cover the legal fees in your winnings?? The Dallas company reports having received numerous inquiries from across the country about the letters and phony checks.

The BBB in Spokane, Washington has received a high volume of inquiries from consumers concerning a company located in Manitoba, Canada. The names of two companies located in Texas and Minnesota were used on the counterfeit checks. The Bureau contacted the companies to inform them that their names were being used in a fraudulent foreign lottery scam.
The companies stated that they had no idea how their information was compromised.

The BBB of Vancouver Island, Canada reported receiving numerous calls from U.S. citizens checking on the legitimacy of a company called Hartland Payment Systems, located at 525 Simcoe Street, Victoria,BC.

Consumers are telling the BBB that they received a check for $3,960.
Hartland asked them to cash the check and return to the company $3,700 for the processing fees towards their grand prize.Hartland said they would then forward to the ?lottery winner? their grand prize of $49,380. The BBB investigated the company?s location and found a mailbox service. The BBB has forwarded the information to PhoneBusters.

While most of these lottery notification letters deservedly end up in
the trash, there appears to be an increase in the number of people who are taking them seriously, said Ken Hunter, president and CEO of the Council of Better Business Bureaus. ?People need to realize the danger in responding to unofficial lottery-related solicitations. If they cash the counterfeit checks, they can end up liable for any funds they spend while waiting for the funds to clear. Even if no money is
transferred to these organizations, simply providing an ID or bank
account details to an unknown party makes consumers vulnerable to identity theft and fraudulent use of their bank account,? he added.

The BBB cautions consumers not to allow enticing dollar signs to
obstruct common sense. If you are being directed to wire money, send a check, provide access to your bank account or credit card numbers or forward personal financial information in order to claim your winnings, contact your BBB. This is an attempt to steal your money or identity, by a person masquerading as a lottery official.

If you have won a legitimate, legal lottery, you do not have to pay
taxes, custom fees, shipping or handling or any other fee before
receiving your winnings. In addition, it is illegal to participate in
a foreign lottery through U.S. mail.

?Businesses ? large and small ? should take every precaution to make sure their company data is protected,? said Hunter. ?Identity theft can be committed by a dishonest employee, through careless disposal of vital information or unprotected computers.?

?Lottery winners? and businesses who believe their banking account data is being misused in a cross-border lottery scheme should report the incident to PhoneBusters at 1.888.495.8501 or send information to: PhoneBusters, Box 686, North Bay, Ontario P1B
8J8. PhoneBusters, run by Royal Canadian Mounted Police and Ontario Provincial Police, provides a central complaint database for law enforcement. They also liaise with the U.S. Postal Service, the FBI, U.S. Customs, Federal Trade Commission and state attorneys general offices.


Information on companies (members and non-members) and educational publications can be accessed by
calling the Better Business Bureau of Saskatchewan at (306) 352-7601 or by e-mail ? bbbsask@accesscomm.ca or visit us on the web at www.bbbsask.com.

The Better Business Bureau of Saskatchewan is a non-profit organization funded by over 1,100 business
members throughout the province.
?The BBB? developing, encouraging and promoting
ethical business practices in the marketplace.?
--30-

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FAQs regarding our debt settlement program
- Posted September 08, 2005 by Monty Loree
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Below are questions that I received in an email from a person who is interested in our Debt Settlement and Debt Negotiation services. I thought I would post them here as they are good fundamental questions.

QUESTION: Are you an independent credit counselor or do you work under a company as a sub office?

ANSWER: Our U.S. office is a Debt Settlement Attorney's Office, The Roll Law Office.

In Canada debt settlement is done by Express credit repair which is a independent debt settlement office.

QUESTION: What are the fees to start on this program?
ANSWER: We have a set up fee that is based on the amount of debt outstanding, which covers the initial work and paper work setup.

QUESTION: Is there a penalty if you pay off a creditor early or if you pay off the whole debt amount early?

ANSWER: No? the way we work is that you settle the debt amount with the creditor at a discounted rate. There are no penalty fees. You may be thinking of a different type of debt counseling.

QUESTION: How quickly does all of this go through once the paperwork is signed?

ANSWER: We will start working right away once we have the paperwork in place. Debts usually take between 18-36 months to complete depending on your cash flow.

QUESTION: Does this stop any action taken by a creditor if he signs up after the action has been started? I have a creditor that has threatened to send documents to a lawyer.

ANSWER: You can be sued by the creditors with our plan or with any plan. However, the creditors are likely to back off if they know there is a third party debt settlement company in place.

NOTE: A creditor company can sue you no matter which plan you work under. After you?ve signed an agreement with them, you?ve agreed to pay them on a certain schedule. To not abide by that schedule leaves you open for law suits, even if you?re simply past due 60 days on payments. (Or what ever you agreed to)

QUESTIONHow do I know if I debt settlement is the way to go?
ANSWER: Debt settlement is a bankruptcy alternative. This option gives you more control, and more dignity than declaring bankruptcy. Debt Settlement is for those who would like to pay their bills but can only afford a portion of them. You're not asking for all of the debts to be completely wiped out.

If you have any other questions regarding debt settlement or debt negotiation please let me know

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new orleans mississippi disaster example for debt settlement
- Posted September 05, 2005 by Monty Loree
Post Back Link to Canadian Money Advisor

HURRICANE KATRINA IS HORRIBLE TO PEOPLE'S CREDIT
The New Orleans - Mississippi Disaster - Gulf Coast catastrophe is a large however relevant example for debt settlement.

Understanding that the Hurricane Katrina crisis is fortunately a rarity, it underlines in a large scale how people need help with their credit and what happens to people when they all of a sudden lose their jobs, businesses and livelihoods.

DEBT PROBLEMS ARE NOT ISOLATED
When we think of debt settlement and debt negotiation we are usually thinking on a small scale personal level. Perhaps a person has lost a job and can't take care of their bills and debts. Perhaps a spouse gets sick and can't work for a while. On a personal level this is devastating to a person's finance.

I'm trying to think about the scale in which people are going to have credit problems. Try to Imagine, hundreds of thousands of people who have just lost their homes, jobs, businesses, every thing!! These people have mortgages, credit card debt, lines of credit and regular house hold bills. These people might not have jobs or any source of income for the next several months.

HUNDREDS OF THOUSANDS OF PEOPLE WITH BAD CREDIT
Instead of an isolated case where one person in one household gets sick or loses their job, there are hundreds of thousands of people in these circumstances.

The banks, mortgage companies, credit card companies and all other creditors are still going to want to be repaid for the outstanding amounts. Not to mention that these creditors are still electronically reporting to the credit bureaus for late payments and lack of payments.

IT'S NOT THEIR FAULT!
There are going to be hundreds of thousands of people who have bad credit or even may have to consider bankruptcy because of this Hurricane Katrina crisis. This is by no means any fault of their own. It's not a statement of their willingness to pay their bills. It's not a statement of their credit worthiness!

The great majority of these Hurricane Katrina disaster victims are upstanding individuals credit wise. But they are currently experiencing some heavy life difficulties, no fault of their own, which is going to take months and even years to sort out.

debt settlement A REALITY
Debt settlement and debt negotiation is going to be a reality for some of these unfortunate people. These people are going to need help settling debts that they wouldn't other wise be able to pay fully.
These people are going to need some human kindness and forgiveness from the all powerful creditors that normally wouldn't be very resilient.

Personal Note: I sincerely hope that I don't hear any stories of the Hurricane Katrina victims being hounded by collection agencies and bill collectors, EVER!! That would be the epitomy of inhumane, insensitive and cruel!

Even if you're having credit problems and you didn't live in the Hurricane Katrina catastrophe area, let this crisis be a little bit of comfort to you. You are not alone. If you're having credit problems, there are hundreds of thousands of people who are experiencing the same thing.

START DEALING WITH THINGS TODAY!
The main thing to do is to start to deal with the problems and get them cleared up. If you need help with debt settlement, we can help. Fill out the form on the above right side of the page and we will have someone contact your shortly.

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new orleans 1 million people bankrupt or bad credit
- Posted September 01, 2005 by Monty Loree
Post Back Link to Canadian Money Advisor

I wrote about this bad credit situation with the Hurricane Katrina victims in my financial maturity blog.

As I've mentioned in the blog, this is a mechanically credit society. The creditors and credit bureaus seem to have no mercy for people and their credit.

The reports are that there are one million displaced people in New Orleans and Mississippi, etc who are homeless.

These million people have:
? Mortgages
? Lines of Credit
? Credit Cards
? other types of credit.

1 MILLION PEOPLE WITH BAD CREDIT OR BANKRUPT?
If these unfortunate people are displaced from their homes and jobs, they are going to default on ALL of their credit payments for the next several months. Many are going to be forced into bankruptcy.

How are the creditors going to deal with this? How are the credit bureaus going to treat these people?

All credit items and lack of payments are recorded 'mechanically' by the creditors to the credit bureaus Equifax, TransUnion and Experian.

MECHANICALLY REPORTED DEFINED:
At each reporting date, a creditor will send an electronic computer data file of all of their customers accounts and payment histories to the major credit reporting agencies. This information is all generated programatically.

This is going to be a credit repair night mare. These innocent people who would normally make their payments in a timely fashion are going to be penalized because of this Hurricane Katrina catastrophe.

I would be interested to hear from the credit companies and the credit bureaus how they intend to show some reasonability with these hurricane victims!!??

REQUESTING HELP FROM BLOGGERS: I am asking other bloggers to talk about this matter on your blogs. I think this is going to cause a huge amount of problems for the victims, along with the other horrendous things they're already suffering.

The major U.S. Credit Bureau websites are as follows:
equifax: www.equifax.com
transunion: www.transunion.com
Experian: www.experian.com

The major Canadian credit bureaus are as follows:
Equifax Canada: www.equifax.ca
TransUnion Canada: www.tuc.ca

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Dear Sir / Madam I am Mr.Nikky John of UNIVERSAL LOAN.we offer a variety of financing options at competitive prices to the Consumers who h
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2012-10-09 12:24:31
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2012-09-30 20:03:01
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