Canadian-Money-Advisor.ca BLOG
Let's borrow $1 trillion to pay off bad mortgages!
That doesn't make alot of sense
The financial news these days certainly isn't boring. The article below talks about how the U.S. federal govt is going to use $1 trillion in debt to purchase toxic mortgages and get them off of the banks balance sheets.
Why does this seem so wrong.. Isn't there a term for this? Kiting?!! Using debt to pay off debt?
If consumers use debt to pay off debt, that will affect your credit score pretty badly. It tells the creditor that you're illiquid and that you don't have cash savings to pay your debt.
Fundamentally using debt to pay off debt is just wrong. It may ease the pain for the short term, but ultimately it's going to cost everybody alot more. in real estate What they're doing is taking the burden off of the individual mortgage holders, and putting it onto the over all population. That's not right, and it's not fair.
People need to be responsible for their own mortgages. If you can't afford to pay your mortgage, move to a lower cost situation.. The existing credit market is designed to work with these cases. It's not politically correct to let millions of people default on their loans and mortgages.. however there is a system to work this through. The mortgage companies and banks made piles of money at the beginning of this free-for-all mortgage bubble. Now they don't want to take the losses associated with their misdeeds.
Accountability is what it's all about. The banks get bailed out, and the individual has to take it on the chin.
Geithner Relies on Investors for $1 Trillion Plan
By Rebecca Christie and Robert Schmidt
March 23 (Bloomberg) -- The Obama administration unveiled its long-awaited plan to remove toxic assets from the books of the nation�s banks, betting that it can revive the U.S. financial system without resorting to outright nationalization.
The plan is aimed at financing as much as $1 trillion in purchases of illiquid real-estate assets, using $75 billion to $100 billion of the Treasury�s remaining bank-rescue funds. The Public-Private Investment Program will also rely on Federal Reserve financing and Federal Deposit Insurance Corp. debt guarantees, the Treasury said in a statement in Washington.
Comments (11)
CMA Blog Home
Bicycling is cheap - and full of adventureI did my first 23 km bicycle ride yesterday.
I thought that for the first day of spring I should get out and bicycle some place. My favorite place to go is Southland Mall - which is an 10 KM ride, and then back home which is another 10KM.. (earlier in the day I went shopping on the bike which was 3 km.)
Along the way I stopped at Wascana Lake in Regina and took some pictures of the sites and people and geese on the lake.
 I can't believe how much I missed bicycling over the winter time. It's a time to get out doors, get some fresh air, see the sites and get exercise.
It's also a cheap way to travel. I spent $1.49 at Southland mall to purchase trail mix for the ride. Better than a car loan!!
I was pleased that I was able to ride 23 km in one day, and especially at March 20th.. Last year it took me until June or July to before I could go that far on the bike with out passing out.
This year I plan to travel to Moose Jaw and back, which would be 130 KM in a day. I also plan to do even longer runs, which will take more practice and getting into shape.
The benefits of bicycling last year - Summer 2008:
- I lost around 50 lbs
- My heart was greatly strengthened
- My leg muscles get strengthened
- I lowered my cholesterol down to normal
- I saved a bunch of money on car expenses.
- I enjoyed the summer probably the most in 25 years.
- I relieved a ton of stress
The benefits of bicycling have been absolutely tremendous. For such a low cost transportation, the benefits and enjoyment have been wonderful. I would say that I enjoy riding my bicycle even more than driving my Cadillac CTS.
During this economic down turn.. why not take your bike, instead of the car.? It will save you money and you'll really enjoy it. (After you get used to it ! )
Comments (4)
CMA Blog Home
You've got to Live - Spend Your Money???I was listening to a radio talk show this morning and the fellow was talking about the economy. The radio announcer was complaining about Suze Orman and Suze's style of money coaching.
The comment came up that Suze recommends that people save their money and cut down on expenses. The announcer then indicated that people need to live their lives and spend their money!
I love that logic.. the announcer said, "well yeah, you need to save and pay down debt, BUT you also need to live your life."
Isn't that what got us into this problem in the first place?
Here's my point:
1) If you don't have sufficient cash reserves - you NEED TO sacrifice and start saving your money
What this yappy announcer failed to mention was this:
Most Canadians and Americans have really low savings rates. We love to spend our money , but hate saving it.
This becomes a huge problem in an economy such as this economic crisis. If all individuals had an abundance of cash reserves they would never be worried about losing their jobs . They wouldn't be worried about paying bills or paying down debt. Quite frankly, I don't think individuals would have too much debt if they had an abundance of cash saved.
For those who have no savings, and are in debt... It's my opinion these people should take a time out from spending, and put their money in the bank. Plain and simple... Just save it.
You have to live, I agree, however you need to have safety measures in place. Why are Americans so worried about this economic down turn? If they had sufficient cash reserves in place, and little debt, there wouldn't be much to worry about.
IE.. If Americans and Canadians were recession proof, they wouldn't have to worry.
What harm would it do to Sacrifice for a few years and save money ?
So you kids have less toys.. you have less vacations.. you have less consumer products.. you eat out a little less.. What would your kids say about that?
Your family might complain for a few years about not having any money to spend. At the same time, you would have less fights because of lack of money, less stress, and less worry about paying bills.
What's more important to you, instant gratification or long term peace of mind?
I wish that the media would get on board and stop asking consumers to borrow more and spend their way out of the economy. Consumers need a financial rest. They need to have their money take a time out and spend some lonely time in the bank account.
Ultimately this will make the consumer feel better, and eventually give them a more confident feeling when they start to live their life!
Comments (2)
CMA Blog Home
AIG Bonuses - Don't eliminate the Trust Factor!I must admit that I think giving bonues to execs who've lost $68 billion is completely wrong. But as mentioned on the news, it's in their contract.
The federal goverment should have known about these bonuses prior to purchasing 80% of the company. They should have been away of the income statement and balance sheet prior to purchasing the company.
Where I think it's completely ridiculous to give these execs $165 billion in bonuses, I think it's worse for government to step in and renege on their contracts.
I would be furious if a government of any type stepped in and started dictating what I can and cannot do with contracts in my business.
IMO.... the government shouldn't be getting involved in private business. That's eroded alot of confidence in the market place. Having government involved in private business means that business can't operate on it's own and needs life support.
Having government interfere with private enterprise contracts is the next step to BIG BROTHER and socialism.
It will erode trust even further with businesses. Businesses will be concerned if they should do something lest the government jump in and act.
I know that this is an extreme example, but when contracts are legally binding, they should be allowed to carry out, in a lawful fashion.
According to:
http://news.hereisthecity.com/news/business_news/8869.cntns
(AIG) Staff Get 'Death Threats' Over Bonuses
The furore over the $165m in bonuses AIG is contractually obliged to pay staff at its Financial Products Group (the unit that basically brought down the firm) reached fever pitch over the last couple of days.
The Times reports that armed guards have now been placed outside the Connecticut offices of AIG Financial Products, after staff there received death threats over the bonus payouts. Several staff are said to have refused to come to work, and others are thought to have quit. And we even had US Senator Chuck Grassley telling a radio audience earlier in the week that AIG executives should 'resign or go commit suicide' (he later clarified that remark, saying he didn't really mean that they should actually kill themselves, instead suggesting that they say 'sorry').
In the meantime, House Speaker Nancy Pelosi hopes to enact legislation in the coming days in order to slap a heavy additional tax charge on the AIG bonuses (will effectively cancel them out), and Representative Barney Frank has suggested that the US government simply step in and assert its ownership of AIG. Frank told a group of reporters Tuesday that the government needs to say, as owner of the firm: 'No, I'm not paying you the bonus. You didn't perform. You didn't live up to this contract'. And Treasury Secretary, 'dim' Tim (Geithner), has said that he is looking into the matter (he may - like all his other schemes - have a plan for a plan, with more details sometime never).
How is anybody supposed to get any work done in this trustless environment. Who would want to work in the company after all of this headline news?
I think for next time, the AIG Bonus contracts should be reconsidered. However, at this time, pay the bonuses and keep to your agreements. Agreements and fulfilling agreements are the glue of the North American economy.
Comments (5)
CMA Blog Home
Using Credit Cards as Income - A definitionIn my previous post, I talked about how you can use credit cards as a beneficial tool in your day to day finances.
In this post, I would like to talk about what using credit cards as income source means.
By allowing people to make minimum payments on their credit card debts, the credit card companies make it tempting to use credit cards as an income source.
The following are ways you could be using credit card as income.
1. Buying expensive items that you can't afford
2. Buying day to day goods on credit
3. Purchasing small items that you don't need and can't afford.
Buying expensive items that you can't afford
You say to yourself, "this item costs $1,000, but I can afford the minimum payments of $30".. I've heard this said so many times, and used as to how people justify their purchase.
What you're doing is giving yourself a $1000 payday bonus that's going to cost you alot in the end interest wise.
A better way to do this is .... Save up $30 per month until you can afford the $1,000 to make the purchase. It requires patience, however, if you really want the item then this is a better way to make the purchase.
Buying day to day goods on credit
You've spent all of your earnings and you still need money to buy day to day goods. You use your credit card to make up for the short fall in income.
This is a really bad trap to get into. What it tells the credit card company is that you do not have the ability to pay your bills, and that you're becoming a bad credit risk.
If you're running into this problem, it's a good idea to cut back expenses to the very bare minimum , and / or get another job to earn more money.
Even though access to cash advances on your credit card is easy to do ... trust me.. Using your credit card as income in this case will certainly cause alot of headaches in the future.
Purchasing small items that you don't need and can't afford.
You go to the mall and make several small purchases that you don't have the cash to repay.
You justify this by saying to yourself.. This necklace only costs $25. I can easily pay that off this month. The problem is you make several of these small purchases that add up. Eventually you start to carry a balance that you can't pay off each month.
IF YOU CAN'T PAY IT OFF EACH MONTH, THEN YOU'RE USING YOUR CREDIT CARD AS INCOME
Simply stated, you should always have enough cash in the bank to cover your credit card purchases. You should pay your account in full every month.
If you're carrying balances and paying interest, then you're using your credit cards as an income source.
I wrote this post to give people a new light to their credit card habits. In this economic crisis turmoil that's brought on by consumer spending and debt, I'm hoping that we can change the way people think about using their credit cards.
Use credit cards as a tool.. and not a source of income.
Comments (2)
CMA Blog Home
Using Credit Cards as a Financial ToolAs I'm watching the economic news, it's hard not to hear headlines of credit card defaults, and other problems people are having.
People have been using credit cards as a source of income, when they should be using them as a financial tool.
The best example of using credit cards as income is when an individual purchases and item or service when you don't have the cash in reserve to pay off the balance in full every month.
This of course leads to individuals carrying balances on their cards, which usually increase over time.
I recommend that people use credit cards as a financial tool.
This means that you take advantage of the credit cards benefits, excluding being a source of income.
Some of these benefits are:
1. Convenience to make purchases online
2. Saving money on ATM withdrawals
3. Receiving rewards for credit card purchases
4. Receiving 30 days of free money
Convenience to make purchases online
This is one thing I use credit cards for all the time. I like to purchase software or training programs online, and of course I can't pay cash or debit card. Online companies only take payments from Paypal, credit cards or other online payment services.
Many of these services I cannot find locally, and in order to stay competitive in my business, I need to have competitive software and training for that software.
Saving money on ATM withdrawals
I learned this lesson the hard way.. I used to use my debit card at ATMs alot . I want to pay cash for things but my service charges were adding up quickly.
I decided to pay for what I normally purchase using credit card, and then promptly pay the credit card bill when I receive it.
The credit card companies don't make you pay service charges for purchases so you can do a bunch of them with out paying.
Receiving rewards for credit card purchases
I use my Canadian Tire Mastercard to buy things. I receive rewards with with I can use to buy things at their store. This is a great way to purchase household items using points.
At one point in my business, I was getting $100 per week in Canadian Tire points, and it was fun to go and spend them, as I knew the purchases weren't costing me anything.
Receiving 30 days of free money
If I make a purchase today, I generally receive 30 days or so before I need to make a credit card payment. That means that the money stays in my account for 30 days, and then when I make the payment it's one payment in stead of many.
In essence, I am using the credit cards money for 30 days while I earn interest on the money that's sitting in my bank account.
These are reasons why credit cards are actually useful. Again, credit cards shouldl never be used as an income. If you're using credit cards as an income source and don't have the cash reserve in place to make full payments each month, then you're probably in trouble financially.
Comments (7)
CMA Blog Home
Mortgage Life Insurance in Canada One of the most significant purchases a family makes in the course of its life is the purchase of a home. Many of your monthly expenses are centered around the fact of owning that home: cable, telephone, electricity, water, and gas, not to mention maintenance, take a up a significant part of your monthly income. The bill that in many cases takes the biggest proportion of your income is the mortgage, your monthly house payment. And it is the bill that must get paid above all; the other expenses can be put off or lived without if necessary, but if the mortgage is not paid in a timely manner, there will be no home for the family to live in.
But a family might find itself in the tragic situation where one of the people responsible for making that monthly house payment is incapacitated or even dies, and your family becomes unable to pay the mortgage. In that case, your family might face not only the death of a loved one, but the loss of their home and credit, as well.
Fortunately, there are plans that can help you avoid this unfortunate eventuality. Mortgage life insurance is designed for just such protection. Mortgage life insurance is a low-cost, flexible method to protect one of your family’s most important investments. If you develop a terminal illness, sustain a serious injury, become disabled, your mortgage insurance can offer you several benefits:
- It can pay your outstanding mortgage amount. This is the chief reason that most people buy this type of insurance. If you die or become incapacitated, the balance of your mortgage will be paid off. You may, however, still be responsible for any over due payments that have not been made.
- It can pay up to five years’ worth of accrued interest.
- It can pay any property taxes that you owe when you die so that your heirs are not left struggling with taxes.
- If you are diagnosed with a terminal illness, it can give you an option to pay out early, so that you can be assured before your death that the house is paid off for your family.
Most people sign up for mortgage insurance at the same time they apply for their mortgage. This ensures that your family is protected even before you close on your mortgage, so that if something happens to you, they will still be able to move in to the new home you have planned.
Applying for mortgage insurance
The cost of mortgage insurance is based on how old you are when you apply for the policy and the amount of your mortgage. Your premiums will not increase as you get older, as long as the terms of your mortgage remain the same. They are also conveniently rolled into your mortgage payment, so you are not paying two separate bills each month. You are eligible to apply if you are a resident of Canada, between 18 and 69 years old, and have been approved for a Canadian residential mortgage.
Comments (2)
CMA Blog Home
How are credit card companies treating you? - Economic CrisisI got a call from Kate Rutherford from CBC radio in Sudbury Ontario.
Kate was inquiring about how the credit card companies were dealing with the economic crisis situation. She was concerned about credit card companies increasing interest rates, service charges and even decreasing people's lines of credit.
Credit card companies make their money from interest and service charges. They base their interest rates and service charges on the level of risk that the individual is at.
This means that if your credit score all of a sudden decreases for any reason, they may charge you a higher interest rate.
American Express is charging me higher interest rates, even though I've got excellent credit
As a result of Kate's call, I contacted American Express. I have a Business Gold card with them.. The customer service rep indicated that my interest rate had increased from 14.99 % to 16.99 % even though my credit score hadn't declined. She indicated that this was because of the economy and the write offs that they're incurring.
Check your credit score with Equifax and Transunion.
If you want to understand why you've received a interest rate hike, or why you may receive one in the future..it's best to in vest $20-$30 to purchase your credit reports. This will tell you exactly where you stand with the credit bureaus. And you'll know what the credit bureaus are reporting to your credit card companies (and other lenders)
This is especially the case for workers who have been laid off in this economic down turn.. If you've used up your cash reserves, and are now using credit cards as income, this could adversely affect your credit score, thus driving up your interest rates.
I always tell people... if you're in doubt as to where you stand with the credit card company...it's worth it to take 15 minutes and call them up. After all , they are suppliers of credit, and should be there to give you the service you need.
Comments (11)
CMA Blog Home
General Motors isn't a going concern - Deloitte & ToucheIn the last few days, Deloitte & Touche, a third party consulting firm, gave a report on the viability of General Motors. The consulting firm indicated that they have substantial doubt about General Motors future and their capability to generate a profit in the near future.
I give General Motors all the credit in the world for their fighting spirit, however, what does it take to bankrupt this company?
If they're not making money, then by the definition of free enterprise, they should be left to reorganize and downsize themselves to a point where they can start making money.
Here's what bothers me about their bailout...
We Lived on $60 per week in groceries - family of four (1993)
When I was first starting my business in 1992, our revenue was pretty light as you can imagine... we lived on $60 per week for grocery money. One week we were pretty desparate so I called social services and asked them if they could help out. Social services told me that I would have to sell my house, because that would provide me with cash!!
I needed money then to feed the family. I was furious at that reply. Here I was ... working 7 days a week, trying to feed the family and had genuinely asked for help. I was refused !! At that point, I said, NEVER AGAIN, would I ask for help from the federal government.
The Federal Government is giving Welfare money to GM
The federal government is now giving bailout / welfare money to people who make $50-$60 per hour. That doesn't seem right, in my opinion.
Is this the alternative to having these families on Employment Insurance? I'm not sure..
This situation is completely wrong IMO.. General Motors should be left to fend for itself. That is the painful choice, however it will be better in the long run, in my opinion.
I've been self employed since 1992.. This means that I've earned money the real way.. creativity, hard work and sacrifice. I've made money , and I've lost money. My family has experienced the severe highs and lows of being self employed. However, we've never asked for a dime since those start up days.
We've had to adapt to our situation as it has happened. We've learned to deal with expanding the business and contracting the business. It's been painful and in some cases it's taken years to do. That's the nature of business.
If you have to down size, then you get back in the saddle and innovate. You create enough value that your customers will start to buy from you again. Again.. some times this takes years, however, you need to do what it takes.
End of rant..
Good luck General Motors, your workers, your suppliers etc!
Comments (4)
CMA Blog Home
Canadian Consumer Toxic Debt? What do we have to show for it?I am starting to research monetary policy and the money supply system.. in my travels I came across this Canadian money supply page that talks about how much savings Canadians have along with how much debt Canadian individuals have.
I was alarmed that Canadians have $412 billion in Consumer debt, and $1.3 trillion in debt when you add in mortgages.
I can understand the mortgages part of the equation as this debt is backed by real assets.
The $412 billion I would assume includes car loans, renovations loans, lines of credit and credit cards. I contacted the government of Canada and they couldn't give me an exact breakdown of the consumer debt portion.
What I'm really worried about is, what kind of assets do we have to back these debts? IE... are all of these debts based on highly depreciated assets?
The basis of my comment is the current collapse of the stock market.. the recent economy has been built on debt on all levels... now that the economy is crashing , there is alot of debt that we're dealing with, but it doesn't seem like this debt is backed up by solid assets.
So.... if our $412 billion in consumer debt isn't backed up by real assets, then how does that make our economy look?
It makes the Canadians balance sheet look pretty weak.
I should say that the it appears from the chart that the money supply in Canada (M2++ gross) is $1,735,973,000,000 ($1.8 trillion) so we have cash to back up the debt.
The point of this post is to express concern so that we can become a little more aware of what we're using consumer debt for. If we're buying holiday & travel, restaurants, and electronics which all have zero asset value after the purchase, then we're buying too many empty items with our consumer credit.
The other point I wanted to bring across.. if we're paying an average of 10% on our consumer credit... that's $41.2 billion dollars per year in interest. Is that what you want to be spending your hard earned dollars on?
Comments (1)
CMA Blog Home
AIG Gets $30 billion more? - Let them go bankrupt!My pet project is to talk about General Motors and how the federal government should let them go bankrupt.
AIG Insurance company needs an additional $30 billion bailout after losing $61.7 billion in the fourth quarter.
So... we're debating whether to give General Motors $4 billion but we're easily going to give AIG Insurance $30 billion.
This is completely ridiculous... the problem is... I can understand a little about the car industry... I have no idea about the insurance business.. (I understand life insurance) I don't understand the high level complex financial products that AIG has created.
AIG MADE TONS OF MONEYThese companies who are getting bailout money enjoyed making alot of money during the hay days. They all enjoyed the upswing. Now, with the downswing they're not enjoying themselves.
From my understanding, capitalism is all about peaks and valleys.. You make profit in the good days, and manage carefully during the down times.
Nobody wants to take the lumps of a down market.
This isn't right. And it's going to cause more problems in the future.
As painful as it may be... why not let AIG fail and restructure. Isn't business about Caveat Emptor? If individuals and companies have insurance with AIG... let them buy insurance from other companies...
I know that's not as simple as it sounds, however, caveat emptor...
AIG performed badly and should be treated accordingly. It's customers should realize that they purchased products from a bankrupt company.
CAVEAT EMPTOR - A business term for capitalism
I think consumers are getting pretty sick of government bailouts... myself included.
Comments (1)
CMA Blog Home
We sent out this press release to warn people that they may receive an demand letter from Natale Law Office and also give them some tips to determine if the demand letter is indeed real.
PRESS RELEASE
Regina, SK March 29, 2007
For more information please contact:
Monty Loree
ONTARIO LAW FIRM ALLEGEDLY SENDS BOGUS COLLECTION LETTERS
Natales Law Office, based in Ontario, has allegedly been sending out bogus demand collection letters to its collection list. This allegation from the Canadian Money Advisor?s website, (the site).
According to the website in early March 2007, unhappy postings began to appear stating collection lawyer Deanna Natale and her law firm were sending out bogus demand letters. (Refer to: /threadview/457.html)
The demand letters were form letters which included the person's correct name and address, but were demanding payment from creditor companies and dollar amounts that the site's visitors weren't familiar with.
Both surprised and frightened by these letters, the blog visitors were curious how the law firm both acquired their personal information, as well as why a law firm would send them collection demand letters.
One week after the initial post, the Canadian Money Advisor?s website's traffic logs indicated hundreds of visitors with the same concern. People desperate to find out information searched by the keywords, "Deanna Natale", and "Natale Law Office", on various search engines such as google.com, msn.com, and yahoo.com.
This suggested that the problem might be wide spread across Canada.
TOP FOUR TIPS TO DETERMINE A BOGUS LETTER OF DEMAND
On its site, Canadian Money Advisor recommends the public answer the following questions to determine a bogus demand letter:
- Is the creditor in question a company you've dealt with previously and with whom you've had a legal agreement?
- Is the amount of the debt being claimed familiar to you?
- Is the law firm legally and contractually authorized to collect a debt on behalf of the creditor?
- If the creditor is a company with which you've dealt in the past, is your account with them paid up to date and current?
WHAT TO DO IF YOU RECEIVE A "BOGUS" OR UNFAMILIAR DEMAND LETTER FROM A LAW FIRM
Canadian Money Advisor recommends what to do when a collection demand letter ends up in your mailbox.
About Canadian Money Advisor
Canadian Money Advisor was established in 2005 as a financial forum / blog web site where Canadians can talk about their experiences in dealing with collection agencies, credit bureaus, creditors and many other financial industries in Canada. The site helps people better understand their contractual and legal relationship, in layman's terms, with the credit related companies they deal with.
SITE USAGE DISCLAIMER:
The information on the site is meant as a guide for people at the beginning learning stages about their personal credit matters. As there are no lawyers or legally trained staff who administer the website, site staff recommend that visitors always contact the proper authorities for further consultation and advice on any legal matters.
Notes for editors:
For more information phone:
Monty Loree - Site Administrator
HomeGrown Advertising Inc (1994)
Or visit:
/contact.html
###END###
Comments (10)
CMA Blog Home
BBB- TRYING TO FIND OUT ABOUT A COLLECTION AGENCY IN CANADA?
One of our members was doing a little research on this post:
/threadview/457.html
He came up with some very interesting stuff.
Want to find your favorite collection agency's record on the
BBB (Better Business Bureau's) website?
BBB Search for Collection Agencies in Canada
We found that CBCL had 59 complaints, and that Mark Silverthorn's Law Office / Deanna Natale's Law office had 3 unresolved complaints regarding their collection procedures.
If you get a chance, why not take a few minutes to look up your favorite collection agencies and then report the results in our discussion area!!
This is BBB - Collection Agency fun!
Comments (2)
CMA Blog Home
THE BIGGEST PROBLEMS WITH LODGING FORMAL COMPLAINTS AND DISPUTES WITH FINANCIAL COMPANIES
What is the biggest problem people face when trying to communicate with creditors, collection agencies, credit bureaus etc.?
In my experience, the biggest obstacles that stop people from taking action against the large financial companies are the following:
- Knowing what to write in a letter of complaint so that the letter is taken seriously.
- Knowing who to write to in order to lodge a formal complaint.
- Getting contact information / names and addresses of companies and their appropriate departments of whom you're complaining about, and complaining to.
- The time it actually takes to write letters and administer them.
Having written hundreds of letters to collection agencies, credit bureaus, creditors and other financial institutions on behalf of my credit repair clients, I fully understand how time consuming and daunting the process can be.
THE IDEA FOR THE CREDIT REPAIR LETTER WRITING SYSTEM
A few years back, we had developed an internal letter writing system for our staff to use to make the letter writing system fast and efficient.
The system included features like:
- Addresses of creditors, credit bureaus collection agencies etc.
- Custom made Form letters that we would use and modify for each individual client
- A follow up system - in case we didn't get replies from the companies we were corresponding with.
- A printing function that we used to print out these letters
WE'LL SOON BE OFFERING THIS DISPUTE LETTER WRITING SYSTEM TO THE PUBLIC
It makes perfect sense that there are thousands of people in Canada who are "Do-It-Yourself" types. These people want to repair their own credit, write letters of dispute etc to the big financial companies in Canada.
Our system will be able to help these people at a very reasonable price.
This is an action based letter writing system that will allow our subscribers to do the following: - Write / Customize our pre-written form letters templates to dispute their cases with creditors, collection agencies, government regulators and more.
- Have access to our database of names and addresses of Canadian credit bureaus, collection agencies, creditors, government agencies and more...
- Use our follow up letters in case the companies you're disputing with haven't properly replied back to you.
- This system is confidential
BENEFITS OF THIS DISPUTE LETTER WRITING SYSTEM
Plain and simple.... This system will save you a great deal of time and effort in researching and letter writing.
We spent many putting our company database together and even more hours writing and rewriting our letters so that they will be accepted and respected by the financial community. We understand the kind of time it takes to gather this type of information.
We will pass this time savings on to our customers.
Our customizable form letters will make it easy for you to write your letters, print them out, and then with Company names and addresses ready, mail them out. The process should only take a few minutes.
HELP US BUILD THE SYSTEM - WE NEED YOUR HELP
To start we are offering access to our letter writing system, for FREE, to 10 people who need to write dispute letters.
This is a $19.99 value.
All you have to do is help us make sure that the dispute letter writing system is working correctly, the contact information is up to date etc, and give us any feedback as to features and tools you would like to see on the system.
PRIVACY NOTE: Any and all personal information that you type into our system will not be saved unless you ask for this feature. This means that your personal and private information WILL NOT be stored on our system unless you request it.
INTERESTED IN HELPING?
If you're interested in helping us with our system and doing some dispute letter writing for yourself, we only have a few spots available.
Please leave a comment in the comments section or send your name, phone number, and email to
Comments (2)
CMA Blog Home
I NEED 10 VOLUNTEERS!!
I'M BUILDING MY CREDIT REPAIR LETTER WRITING SYSTEM
I am going to spend the next few days building my Credit Repair Letter Writing system and I need a few "real" people who need the system to help me test it and debug it.
Here's what you will get:
Full access to my credit repair letter writing system at no charge.
Here's what you will be required to do:
- Test the system as I am building it and tell me when and where there are any bugs.
- Give suggestions as what we could build into the system.
Preference will be given to existing members!
If you're interested in helping me debug my DIY Credit Repair Letter writing system, please email me with your Name, Phone Number, Email Address to the following email:
POST YOUR NAME IN THE COMMENTS SECTION AS WELL
You can if you're interested post your name, which will include your email on our comments page here. I will require your "real name, real phone number, and real email address"
I don't have the price for the letter writing system in place yet, however it will run between $9.99 and $19.99 depending how many features you want.
Comments (4)
CMA Blog Home
I found these little gems over at: ABC Theorists
They seem to dislike collection agencies more than we do. They haven't posted for a while on their site, however, this is still relevant.
How well do in-house collection departments and subsequently hired collection agencies follow Canadian Law while operating in our country? Information available to ABC Theorists reveals a pattern in such organizations' conduct. With facts hopefully provided by other Canadians, we speculate that pattern might be extrapolated to many, if not most claims pursued by collectors. For that reason, ABC Theorists suspect a rampant problem exists concerning collection practices in Canada.
We produced the following outline from our current collection of evidence concerning collectors' behavior. This outline identifies much, but not all the activities ABC Theorists can document using audio recordings, printed materials, logged telephone records, and information provided by sources within the collection industry.
1) We have been informed, collection agents are encouraged to place civil servants in positions whereby the latter officials unknowingly, and sometimes knowingly, break respective privacy laws.
2) ABC Theorists have also been informed that collection agents are instructed to develop contacts at chartered banks and similar financial institutions in Canada (including other collection agencies). Agents are encouraged to rely on these contacts for desired patron information "off the record."
3) Although creditors normally sent bills to patrons in a secure manner, they often failed to do so once bills went into dispute and were assigned for collection. Specifically, creditors used thick envelopes with security designs to mail bill statements. As well, the information inside was printed on thick paper and folded facing inward rather than on the same face as the address information for the envelope window. Therefore, a potential third party could not readily read the information contained inside without illegally opening the letter.
More over at ABC Theorists website
Comments (0)
CMA Blog Home
Comments (2)
CMA Blog Home
I thought I should post some of the unlawful practices directly out of the Collection Agents Act of Saskatchewan. The other provinces are similar.
The Collection Agents Act (Saskatchewan)
being
Chapter C-15 of the Revised Statutes of Saskatchewan, 1978 (effective February 26, 1979) as amended by the Revised Statutes of Saskatchewan, 1978 (Supp.) c.6; 1998, c.C-45.2; and 2000,
c.53.
Unlawful practices29(1) No collection agent or collector shall: - collect or attempt to collect for a person for whom he acts any moneys in addition to the amount owing by the debtor;
- make any charge against a person for whom he acts in addition to those contained in the agreement with that person;
- send any telegram or make any telephone call, for which the charges are payable by the addressee or the person to whom the call is made, to a debtor for the purpose of demanding payment of a debt;
- enter into any agreement with a person for whom the collection agent acts unless a copy of the form of the agreement is filed with the registrar;
- use any form or form of letter to collect or attempt to collect money from a debtor unless a copy of the form or form of letter is filed with the registrar;
- use, without lawful authority, any summons, notice, or demand, or other document, expressed in language of the general style or purport of any form used in any court in the province, or printed or written or in the general appearance or format of any such form.
- make telephone calls or personal calls of such nature or with such frequency as to constitute harassment of the debtor, his spouse or any member of his family;
- make telephone calls or personal calls for the purpose of demanding payment of a debt:
(i) on a Sunday;
(ii) on a holiday; or
(iii) on any other day except between the hours of eight o?clock in the forenoon and nine o?clock in the afternoon;
- give, by implication, inference or statement, directly or indirectly, any false information to any person that may be detrimental to a debtor, his spouse or any member of his family;
- give, or threaten to give, by implication, inference or statement, directly or indirectly, to the person who employs a debtor, his spouse or any member of his family information that may adversely affect the employment or employment opportunities of the debtor, his spouse or any member of his family;
- make a demand by telephone, by personal call or by writing for payment of an account without indicating the name of the creditor with whom the account was incurred, the balance of the account and the identity and authority of the person making the demand;
- make telephone calls or personal calls of such nature or with such frequency as to constitute harassment of any person in an effort to determine the present whereabouts of the debtor, his spouse or any member of his family; or
- commence or continue an action for the recovery of a debt in the name of the collection agent or collector as plaintiff unless such debt has been assigned to the collection agent or collector, as the case may be, in good faith by instrument in writing for valuable consideration and notice of such assignment has been given to the debtor.
(2) Notwithstanding any agreement to the contrary between a debtor and a creditor, any costs incurred by a collection agent or by the creditor in employing a collection agent to collect the debt shall be deemed not to be a part of the amount owing by the debtor and shall not be recoverable by the creditor or by the collection agent acting on behalf of the creditor.
Who links to my website?
Comments (0)
CMA Blog Home
I also found this on the Saskatchewan Consumer Protection Site
Collection Agents
What can a collection agent do to get my money?
1A collection agent has almost the same power as other creditors. They can persuade you to pay or work out a payment plan. If you do not pay, the agent can sue you for the unpaid debt.
The collection agent is going to sue me. What will happen?
- You will receive a letter giving notice of the debt and stating that if you do not pay by a certain date, you will be sued in court. This is called a demand letter.
- You will be served with a Statement of Claim that explains the reasons you are being sued, the amount of money or remedy sought and what you may do in response to the claim.
- If you are sued in small claims court, you have the chance to tell the judge your side of the story. The judge then decides if you must pay the collection agent.
The collection agent says he is going to seize my belongings. Is this legal?
A collection agent cannot garnish your wages or seize your property without beginning a court action. The only exception is property given as security for a debt. For example, if you buy a car and use the car as security for a loan, the creditor may seize the car if you default on payment of the loan. The creditor does not have to sue before seizing the car.
NOTES:
1It is the opinion of Canadian-Money-Advisor.ca that a collection agency cannot do any of the above actions without proper contractual agreements in place. IE... You don't have to deal with a collection agency, unless you authorized this action in your original agreement with the creditor.
Comments (0)
CMA Blog Home
The following are some basic collection agency guidelines that they are required to follow. I got this on Saskatchewan Justice website.
The following is from:
Saskatchewan Justice - Collection Agents
The Collection Agents Act controls the practices of collection agents and collectors and requires them to be licensed and bonded. An agency that practices prohibited methods of debt collection can have its license suspended or cancelled, and may have its bond forfeited to pay persons who suffered a financial loss.
The Act also controls the methods used by collection agents and collectors to collect debts. They cannot:
- collect or try to collect more than is owed or add additional fees or expenses to the debt;
- demand payment without giving the name of the creditor, the balance owed and the identity and authority of the person making the demand;
- harass the debtor, his or her family and household;
- call before 8 a.m. or after 9 p.m. or on Sundays or holidays;
- make a call by a method for which the debtor would incur costs;
- give any person false or misleading information that may be detrimental to a debtor or a debtor's family;
- contact a debtor's employer, except to verify the debtor's employment or in respect of payments under a wage assignment or a court order; or
- send the debtor documents that appear to be court documents.
- Collection Agency Complaints
This is also interesting:
PROTECTION FROM UNSCRUPULOUS COLLECTION AGENTS - SASKATCHEWAN
Legislation introduced today will help protect people from abusive
collection agents.
The Collection Agents Amendment Act adds a number of new provisions to the current list of prohibited collection practices, including:
- Collection agents will be required to serve written demand letters
on debtors before attempting to collect payment of debts;
- Debtors will have the right to notify collection agents to
communicate with them in writing or through their legal counsel; and
- Collection agents will only be able to contact a debtor's employer
once and then only to confirm the debtor's employment, business title and address.
"This legislation will further protect debtors from abusive collection methods," Justice Minister Chris Axworthy said. "Adopting fair practices that are consistent in all provinces and territories will benefit both debtors and collection agents."
The Consumer Measures Committee, a group representing federal, provincial and territorial governments, developed the list of prohibited practices. The committee was established to improve the marketplace for consumers and encourage harmonized consumer legislation across Canada.
The new restrictions add to those already in place, such as barring
collection agents from harassing a debtor or the debtor's family and
friends, prohibiting collection agents from making collect calls, and
restricting the hours during which a collection agent may call.
ddPenalties for first violations include fines of up to $10,000 and no more than a year in jail for individuals and fines of $25,000 for corporations.
Fines for subsequent violations range up to $25,000 for individuals and
$100,000 for corporations.
To reflect the cross-border nature of collections operations, the new act also provides the provincial Registrar with powers to investigate
situations and share information where a collection agency is licensed in another province but does business in Saskatchewan.
For more information, contact:
Debi McEwen
Saskatchewan Justice
Regina
Phone: (306) 787-6043
Comments (0)
CMA Blog Home
The post below is supposedly written by Wayne MacLeod Vice President of Total Credit Recovery (TCR) Collection Agency
I'm pleased that a person at Wayne's level in the collection industry would join us on Canadian Money Advisor!
COLLECTION AGENCIES ARE PROVINCIALLY REGULATED
It's very interesting to me that a Vice President of a provincially regulated collection agency would state that The only people that read this #$%# (edited for language) are collectors, who get a good laugh at this stuff.
Provincially regulated means that this collection agency must abide by the laws of province in which it collects for its clients. There aren't alot of industries that have their own "Collection Agencies Act".
The penalty for non-compliance by a collection agency is that they are delicensed and can no longer conduct business in that province.
With this comment, Wayne Macleod is laughing in the face of the provincial regulators, in my opinion.
As more and more people/debtors read this website they are becoming more and more educated as to their rights regarding collection agencies in Canada. That has been the goal of this website from the beginning.
The goal of this website is to give a public voice to people who feel like they've been bullied by collection agencies, creditors, credit bureaus etc.
DISREPECT FROM COLLECTION AGENCIES, CREDIT BUREAUS ETC
During my time helping people with credit repair in Canada, I felt a huge amount of disrepect by collection agencies and other financial industries towards their clients. Their attitude is/was "we're big and powerful, you owe us money, and we've got the law on our sides".
I found that the vast majority of Canadians I spoke with had no idea that there was an Act or law that regulated collection agencies, let alone laws for credit reporting agencies, banks, credit unions, pay day loan companies etc.
(Honestly, most people I spoke with didn't know that credit bureaus such as Equifax Canada and TransUnion Canada existed ! )
 KNOWLEDGE IS POWER
Lack of knowledge on behalf of the people who owe money to creditors creates more power for the creditors and the collection agencies.
I'm confident that a person such as Wayne MacLeod who is the vice president of a Canadian collection agency would have heard about and be familiar with the Collection Agency Acts he is regulated by. He would be a fool not to be aware of these. He is knowledgable, and thus would have an edge on a lay person who has no knowledge of the Collection Agencies Act.
Waynes comment that the collection agents are laughing at the material on this website, means that they are hoping on or counting on the fact that Canadians stay illiterate towards the laws that affect them. The collection agencies are able to laugh as long as they are better educated than the people they're collecting.
KNOW ABOUT YOUR DEBT
Canadians who are in debt can stop the collection agencies laughing at them by taking the time to learn about their debt. Learn about the contract you signed which created the legal agreement for your debt. Learn the laws surrounding the institutions with whom you're creating these contracts.
Just as businesses wouldn't/(shouldn't) get into long term contracts without reading the fine print, the same goes for individuals who enter into agreements with big and powerful creditors.
If you don't learn about your debt, you'll constantly be at the mercy of the big powerful creditors, credit bureaus, collection agencies etc.
FINALLY:
Most people who visit this website do so because they're upset with the dealings they've had with a collection agency. They're upset because they feel out of control and need to get empowered with knowledge about collection agencies.
That's what we're here for. Let's start to have the laughter go in the favor of the consumers who deal with the collection agencies. Let's let the consumer become empowered with knowledge and start to control their destiny's with regards to their debts.
Posted Sat, Mar 24th, 2007 by wayne Macleod
Do you really think that we, and by "we" I mean the many good people in this business, sit back and take you as anything other than someone who clearly has more time on their hands than the average person?
You ramble on and on and on, about issues you claim to know about, yet the only advice you give is to help "debtors" become the type of people that call people at their home.
The only people that read this #$%# (edited for language) are collectors, who get a good laugh at this stuff, and "debtors" who fault or no fault, owe money and might be looking for help.
All you do is post nonsense after nonsense, if you could prove ANY or your garbage, then maybe you could be taken as a serious person.
Just like you wrote earlier on, there have been no official complaints against anyone that I work with, or work for.
I am not hidding and I am not affraid of your rants as we are doing a job that needs to be done.
Jut remember you sent me an email asking for help some time ago, and now all you do is bad mouth me, why not tell the people that read this about that?
Comments (2)
CMA Blog Home
INTRODUCING TWO AMERICAN EXPRESS CREDIT CARDS FOR CANADA
 The American Express? Air Miles?* Gold Business Card
Uniquely tailored to meet the needs of small business, this Card not only gives you the purchasing power and customer support of American Express but also provides a fast way to earn AIR MILES reward miles. Add to this the convenience of carrying a balance, all with no annual fee. - Earn 1 AIR MILES reward mile for every $20 in purchases1. AIR MILES rewards start at just 25 reward miles
- No Annual Fee
- Earn 100 Bonus AIR MILES reward miles the first time you use your Card2
- Shop at any of the participating AIR MILES Sponsors at over 9,600 locations across Canada with your Credit Card and show your AIR MILES Collector Card, and you can earn reward miles from both
- Simply by making your payments on time, you will receive a 3.99% interest rate on balance transfers in the first six months of Card membership and 18.5% on purchases and funds advances3
- Credit limit of up to $50,0004
- Optional Annual Management Report
Apply Now!
1Account must be in good standing. AIR MILES reward miles will be earned on the amount of all purchases, less credits and returns. Funds Advances, Finance Charges, balance transfers, Amex cheques, annual fees (if applicable), other fees, and charges for travellers cheques and foreign currencies are not purchases and do not qualify for reward miles.
 The Platinum Credit Card from American Express?
Experience ?Platinum? for no annual fee with this Platinum Credit Card from American Express. This Card rewards your good financial behaviour by offering you one of the lowest ongoing interest rates in the market and a high credit limit. Add to this the convenience and flexibility of carrying a balance: you can pay in full, the minimum balance or any amount in between each month.
- No Annual Fee
- Free Supplementary Cards
- Simply by making your minimum monthly payments on time, you will receive a 3.99% interest rate on balance transfers for the first six months of Card membership and 14.99% on purchases and funds advances1
- Credit limit of up to $50,0002
Apply Now!
1All rates expressed as annual rates.
The applicable rates are 3.99% on balance transfers for the first 6
months and a preferred rate of 14.99% on purchases and funds advances. If you have one Missed Payment at any time after the date that the first balance transfer is posted to your account, the introductory rate on balance transfers will be revoked and balance transfers will be treated in the same way as purchases, including the applicable annual interest rate that applies to purchases at that time. If you have Missed Payments, the applicable rates for your account will be 19.99% and/or 25.99%. For more information including the definition of Missed Payment and which rates apply to charges on your account and other details please read Terms and Conditions and Disclosure on the online application.
2Assigned credit limits on this Platinum Credit card from American Express range from $5,000 up to $50,000 and will appear on the card carrier accompanying an approved Credit Card. Credit limits are determined by American Express and assigned based on a variety of factors, including your credit record and personal resources.
More American Express for Canada - 1
American Express Airmiles Card - 2
Comments (0)
CMA Blog Home
VISIT LOG TO CANADIAN MONEY ADVISOR
This is what people in Canada are searching for.
The following are the topic searches that are bringing people to the site.
It's appears that most people are very interested in knowing about CBCL.
Deanna Natale and Natale Law office are getting hundreds of visits...
| Search Term | Visits | | cbcl | 1225 | canadian bonded credit | 828 | canadian bonded credits limited | 732 | canadian bonded credit limited | 426 | canadian bonded credits | 283 | contact resource services | 229 | deanna natale | 199 | collectcorp | 195 | canadian bonded credits ltd | 160 | canadian bonded credit ltd | 131 | natale law office | 119 | natale law offices | 113 | no law dealing with collection agencies | 105 | collectcorp inc | 103 | nafs of canada | 90 | federal credit and consulting | 68 | cbcl collections | 62 | canada bonded credit | 57 | contact resource | 55 |
canada bonded attorney | 50 |
As I've said many times, people won't spend the time looking for something on google unless they're very interested, or very upset.
CBCL must be upsetting a huge amount of Canadians!!
Comments (2)
CMA Blog Home
Telephone Solicitor Scam 407-965-0600
I just got a call from 407-965-0600 see also:
http://800notes.com/Phone.aspx/1-407-965-0600
They mentioned that they were offering free packages to the bahamas.
As soon as the operator answered, I asked "what's the name of your company?" He refused to answer, and asked what my name was.
I asked again, "what's the name of your company?". At this point the guy hung up.
In my opinion, even if this wasn't a scam, I would be very suspicious of a telephone solicitor who calls and won't give his company name.
When you get called by a phone solicitor, it's a really good idea to get their company name and where they're located. If they don't want to give that information to you, you should report them to www.phonebusters.com
It's amazing that the url i listed above is complaining about the exact same thing.
IMPORTANT NOTE:
This is why it's important to be careful even with collection agency companies. If you don't know who the person is who's calling, you should verify with a third party who's calling. The third party, in the case of a collection agency, could be Provincial Justice Department Consumer Protection.
Comments (3)
CMA Blog Home
This video infuriates me. It's American based, however it shows the arrogance of the collection agents.
Debt collectors describe how they do their jobs--and why they prefer calling your relatives and neighbors!
It's important to note that it is illegal for a collection agent to contact your neighbours and family and disclose your personal information in Canada. Collection agents cannot tell your neighbours or employers about your collection woes, so as to embarrass you.!!
I also find it amazing that the first thing the collection agent does is pull the person's credit bureau. That's like shoot first, ask questions later. As soon as the collection agent pulls your bureau, that sends a signal to all future creditors that you may apply with.
Comments (4)
CMA Blog Home
CONSUMER DEBT PROBLEMS IN AMERICA - YOUTUBE
I found this show on youtube.com. It's like a documentary about the consumer debt problem in the U.S. We can say that we have similar debt problems in Canada. Debt is scary folks!!
(28 Minutes)
Comments (0)
CMA Blog Home
I found this on the Federal Privacy Commission's Website..
Privacy Commission Info about Identity theft and Scams in Canada
Many times people visit our site because they receive a call from a collection agency or some other place that they aren't familiar with.
If somebody has stolen your identity, obtained credit under your name and then not paid the bills, you will get calls from collection agencies.
What should I do if my personal information is compromised by a data breach?
If an organization that has collected your personal information notifies you of a data breach, there is a risk it will be used by identity thieves. To protect yourself:
* Contact the fraud departments of the two major credit bureaus. Request that a "fraud alert" be placed in your credit report files. Order copies of your credit report, and repeat this step in six months.
* If your credit card information has been compromised, contact the credit card company to discuss whether the card should be cancelled and replaced.
* Watch for credit card and other bills as well as bank statements to arrive in the mail and follow up if they don?t come on time.
What are some of the signs my identity might have been stolen?
* Your bills and account statements don?t arrive when they are supposed to.
* Collection agencies or creditors call about accounts you don?t have or bills that you have already paid.
* A credit-granting institution informs you that you have been approved or denied credit you have not applied for.
* Your banking statements show withdrawals or other transactions you didn?t make.
* You are denied credit even though you believe you have a good credit record.
* Your credit report (Equifax Canada and TransUnion Canada) shows debts that are not yours.
What should I do if I?m an identity theft victim?
It is important to act quickly to prevent a thief from opening more accounts or borrowing more money in your name.
You should contact:
* Local police. Ask them to take a report and ask for a copy so that you can provide it to the organizations that you will have to contact later.
* Every organization, such as a credit card company, where credit may have been fraudulently obtained in your name. Provide details of what happened, ask them to investigate and take appropriate actions such as closing accounts or cancelling cards.
* Major credit reporting agencies. (Equifax Canada and TransUnion Canada) Ask for a copy of your credit report and discuss whether your file should be marked with a fraud alert, which will advise creditors to contact you before opening or changing accounts.
* PhoneBusters, a police organization that collects information about identity theft and offers advice to victims. 1-888-495-8501.
info@phonebusters.com
* Reporting Economic Crime Online (RECOL), a partnership involving international, federal and provincial law enforcement agencies. www.recol.ca
* Any government offices that issued any documents stolen or misused as part of the identity fraud.
You should also:
* Keep a detailed log of who you have called and what was said and document any expenses you incur as you clear your name and re-establish your credit.
* Be cautious about using "credit-repair" companies. There is usually nothing they can do, and some have been know to propose a solution ? establishing credit under a new identity ? that is itself fraudulent.
* Close your bank accounts and open new ones. Insist on password-only access to them.
* Get new bank machine and calling cards with new passwords or personal identification numbers (PINs).
* Get a new driver?s licence.
* Tell your telephone, cable and utility companies that someone using your name could try to open new accounts fraudulently.
A detailed guide for identity theft victims is available from the Consumer Measures Committee, a federal-provincial group working on ID theft. The group?s web site,Consumer Measures Committee, includes a log sheet to help victims keep track of who they?ve contacted and an identity theft statement form, which victims can provide to financial institutions, credit card issuers and other companies.
Comments (0)
CMA Blog Home
NEW!! Buyers Meet Sellers SECTION
I am pleased to introduce the Canadian Buyers Meet Sellers section of this site.
This section is a little different than the main discussion area as we encourage people to talk about details of mortgage financing, rates, where suppliers are, etc.
I would prefer to keep this section separated from the discussion about collection agencies, creditors etc. I want the "Discussion" section a place where people can feel free to talk about problems and concerns they're having without feeling like they're going to get a sales pitch of some sort.
The Buyer Meets Seller section is where people can go if they want to buy and sell financial products and information solutions. It's a place where finding products and sellers is encouraged.
OBVIOUS NOTE: Spamming will not be allowed at all. We're interested in helping people find the best suppliers in Canada for financial products. Gratuitous advertising will NOT be allowed.
Comments (1)
CMA Blog Home
UPDATE: March 15, 2007
USER NAME Search Feature Added.
I added the "User Name" search feature to the Member Search page.
Now you'll be able to search for all of your previous posts.
Once again, you need to be registered and logged in before you can use the Member Search page.
March 14, 2007
NEW Member Search Page!!
A few of our faithful visitors requested that I set up a search page for people to search previous posts for different keywords.
This Member Search page is located on the left menu and is only visible to registered members.
I've just included a basic search to start but will add different search methods in the next few days.
Let me know if you have any other requests of comments about this website.!!
Thanks again for the suggestions.
Monty Loree
Comments (0)
CMA Blog Home
Collection Agency AutoDiallers in Canada
I had a chat with Harvey who is a contact over at Saskatchewan Consumer Protection. I called to ask about a post regarding Canadian collection agencies being able to sue debtors.
He mentioned that one of the big complaints that they're getting calls for are autodiallers from canadian collection agencies.
- Another canadian collection agency autodialler thread
I didn't really get the big picture with collection agency autodiallers until he described the problem:
A big (or small) creditor hires a collection company to collect for them.
The creditor hands the collection agency a disk with several thousand delinquent accounts including their contact information.
The Canadian collection agency loads the debtors' contact information into their computer and schedule the autodialler software program to dial all of the delinquent accounts with an automated message.
When the phone rings the person gets a message to the effect of:
"You've got an urgent matter to deal with: Please contact the following number right away to resolve the issue."
THE PROBLEM WITH AUTODIALLERS IS INACCURATE CONTACT INFO
Harvey mentioned that in most cases the phone numbers are properly dialling the debtors residences. He mentioned that in a small percentage the autodiallers are dialling the wrong number, in a nice automated fashion.
The autodialler doesn't really know if it's calling a wrong number. It just knows to call the number and record if it connected properly, if the number is out of service, if it gets a voice mail or answering machine etc. It doesn't know if it's calling Mr Brown, when it should be calling Mr Black.
Let's assume that the collection agent gets a disk with 10,000 delinquent names and phone numbers of debtors to call. Let's also assume that 1% of these phone numbers are incorrect. That's 100 people that are going to receive a bogus phone call from a collection agency!!
WHAT TO DO IF YOU GET A CALL FROM AN AUTODIALLER?
Generally the autodialler message won't say who the company is that's calling. They are supposed to leave a return phone number on the message and also on the caller ID.
The return phone number should always be TOLL FREE by law.
Harvey mentioned that if you get one of these autodialled calls, you should do the following:
- Record the phone number and the time of the call.
- Call the phone number and ask who the company is that is calling.
- If you don't recognize the call, or the purpose of the call, request that the company removes your number from their calling list.
- If the company doesn't remove your phone number from their calling list, contact the phone company to ask for help (It's a CRTC - Canadian Radio-television and Telecommunications Commission issue at that point) Also call your local Consumer Protection office to file a complaint.
You can imagine that if these 100 people all called Consumer Protection and properly complained about that autodialler problem, the issue would be quickly resolved. The Collection Agency would have a great deal of paper work to do to prove that all of the complaints were resolved in a timely and efficient manner.!!
I thought I should take a moment to write about collection agencies using Autodiallers in Canada as it's a much bigger problem than I realized.
Comments (0)
CMA Blog Home
I need to clarify something for our visitors:
I received this email from a visitor who thinks that we are customer service for CBCL Collection Agency.
While we do rank nicely on Google for CBCL Collection Agency - Canada, please don't contact us to settle your debts.
Canadian Money Advisor is a place where people like to get together and talk about collection agencies. We won't answer questions on behalf of collection agencies though.
NOTE: I changed this person's personal information to maintain their anonymity.
Dear Mr./Mrs.,
I am writing with regard to a false credit claim under my name filed from CBCL.
The account number for this claim with CBCL is 30355512 (Changed for anonymity) for the amount of C$639.00 under a person named Robert Wang, owning to Rogers for home phone services. The Rogers? account number provided by CBCL was 5855535 (Changed for anonymity). However, Rogers (Account Payables, Customer Service, and Home Phone, etc.) have informed me that it is an invalid account number.
My name is (Customer Name Removed). I have never used Rogers? home phone service.
I have filed a claim through telephone, 416-653-2570, with the kind help from Caroline for the same issue since last Monday, March 5, 2007.
Please update me with the status of this investigation at your earliest convenience.
Looking forward hearing from you.
Regards,
Customer's Name - Removed for anonymity
Tel: 416-555-0458
Cell: 647-555-5168
Here's another letter I received:
Good Morning,
I've received a letter from "CANADA BONDED ATTORNEY & LEGAL DIRECTORY LIMITED" saying I have to pay $161 dlls of DHL. With account No. 1-23555406 and claim number 300-55544.
Could you explain me the origin of that request ? I do not have any debt.
Thank you in advance for your valuable cooperation.
Customer's Name - Removed
Comments (0)
CMA Blog Home
SYSTEM UPDATE March 10, 2007
I'm reinstalling the EDIT button in to the post areas as well as re-building in the Email notification.
Please excuse me if things are a little buggie today.
Thanks for those people's help who have emailed me and pointed out problems. Thanks again Raymond...
Monty Loree
UPDATE:
SYSTEM UPDATE March 8, 2007
I've added a more efficient menuing system to the category and company area.
Although I've tested for errors, I might have missed something somewhere.
I would appreciate it if you find any snags in the posting or menuing system, that you would let me know on our contact page.
Otherwise the sites posting area will start to work much better and be more informative etc.
Thanks for your help.
Monty Loree
Hey Folks,
I made some more enhancements to the site as far as giving the site better nagivation.
In the threadview area, I cut each post into 10 posts per page.
I also put a page numbering system in place.
The posts and replies were starting to get long, which is great, however it was taking along time for pages to load. Having 10 posts per page will help the load time, and cut down on server strain.
There shouldn't be any glitches, however, if you see one, pleaes let me know.
I'll be adding even more features in the next few weeks which will help people search and find posts and topics in an easier fashion.
Stay Tuned.
Thanks,
Monty Loree
Comments (4)
CMA Blog Home
I need some feed back.
I am thinking about adding a letter writing system to this website.
Let's face it, most people have a hard time writing letters to creditors, collection agencies, credit bureaus etc.
I have an internal system that I could modify that would help people write letters to all of their favorite companies.
Included in these letters would be the creditors address, the language necessary to get results from the creditor etc.
I could also include follow up letters to consumer protection, privacy commission etc.
I would offer this system for a low price of only $9.99.
Personally, I find this letter writing system invaluable. I have written alot of letters to creditors, collection agencies, Equifax TransUnion using this system.
It took a while to build and time to research all of the addresses necessary.
Before I take the time to build it, I thought I would see if there was some reasonable interest from our readers.
This is kind of like a Do-It-Yourself credit repair system.
Are there any features that you would like to see with a system that I'm talking about?
I'm curious to get any and all feed back about my proposed letter writing system for Canadians!
This would make it easy for Canadians to easily write letters using templates to creditors, collection agencies, credit bureaus etc.
Thanks in advance for your opions!!
Monty Loree
Comments (4)
CMA Blog Home
REASON #430 NOT TO PAY YOU CREDIT CARD
MISTAKES AT THE POST OFFICE HAPPEN
I had a personal experience recently that I thought I should share with everybody. It was a small thing, but it could potentially happen to millions of people.
HERE GOES:
I was looking through my mail last week, and noticed that I received a SEARS Canada bill in the mail. Not having a SEARS card, I took a closer look and noticed that it was for a family down the street. Their street address looks close to the same as ours and the Canada Post must have made a small error in delivering it to us.
It took me a few days to walk it over to the fellows house. I thought that maybe I should just have put it in a mail box and then let Canada Post deal with it, again.
After thinking about it again, I thought that if this person didn't get his bill on time, he might not make his payment on time. Then SEARS would put a mark on his credit report for late payment. It's possible for the bill to NOT be paid because people get busy and pay their bills from their statements.
I can't imagine that SEARS Canada would understand that this person's bill was mailed late, and that if it wasn't paid on time, he would get a nasty late payment mark on his report. I don't think Equifax Canada would remove this type of mark from a person's credit report.
Being that the mail is sorted by hand, this type of error is likely to happen quite regularly to many people in Canada.
While nobody really wants to get their monthly credit card bills, it still important that you pay them as you normally would.
TIPS:
If you don't get your credit card bill for any reason, make sure you contact your credit card company and let them know about it. Ask the credit card company what the minimum payment would be and then make arrangements to make that payment.
This is the best way to keep your credit score high and your credit report squeaky clean.!!
Comments (0)
CMA Blog Home
After a lengthy phone conversation with Deanna Natale I wrote the following post: Deanna Natale Law Offices
THE PURPOSE OF THIS SITE
The purpose / goals of this site are as follows:
- To help our visitors better understand how to deal with companies in the financial industry and to learn about the legal frame work surrounding the contracts they signed with creditors.
- To help visitors discuss the legal frame work with which the financial industry is regulated.
- To talk about different companies in the financial industry, good and/or bad and to allow our visitors to express their feelings and opinions about their dealings with these companies.
There are some lengthy posts regarding Deanna Natale Law Offices and other collection agencies such as CBCL etc. Canadians finally have a great place to come and talk with others of like experiences with collection agencies, creditors, credit bureaus etc.
POSTING RULES:
- Talk as much as you want about which ever companies you want. It's very therapeutic to get things off your chest, especially when it comes to dealing with financial problems.
- Please ensure that all of your posts are of a constructive and professional nature. We want to foster an environment of learning.
- Do not post lies or untruths about ANY company or person. That will not be tolerated.
As mentioned above, we don't want lies on this website. We are interested in opinions and thoughts. By telling a lie, you lose your credibility, and we as a site lose ours.
BE RESPECTFUL, NOT A "DEADBEAT"
In my opinion if you tell a lie about a company or person, you become the "deadbeat" that the collectors complain about.
People who are sincerely interested in learning about their finances will be respectful of others.
Again, I encourage people to post as much as they want and talk about as much as they want. Please do so in a respectful and truthful fashion.
Monty Loree
Comments (1)
CMA Blog Home
|
Subscribe in a reader
|
|
|
|
|
Enjoy our "What Is This?" articles
• Taxes
• Credit
• Debt
• Bankruptcy
• Credit Repair
• Investing
• Making Money
• Saving Money
• Retirement Planning
|
Comments on our
Blog Posts
|
|
|
|
|
|
|
2012-11-13 23:08:19
Cbv Collection Services Problems
same deal,,these criminals sent a bill saying i owe 18,000$..hilarious,,they call me 5x per day..i am taking rogers to court..small claimes..why not y
Comment By:karen cliff
|
2012-11-13 13:18:44
Retail Theft Could Get You Sued
I keep receiving emails and phone calls from people who think they can simply ignore the letters from these Civil Recovery lawyers.
Don't.
They
Comment By:Gerry Laarakker
|
|
|
2012-10-18 08:23:07
Retail Theft Could Get You Sued
Bank statements can be demanded or balloon a day even fail to repay the debts incurred from the varied lenders. The offered amount in such cash untill
Comment By:Spadiatrere
|
|
|
|
|
2012-10-09 12:42:44
Credit Repair Canada 3 Things You Should Know
to , take up a new job. Also, reflect on investing in generating a payday advance loan while using classmates and more, typically the segments. The in
Comment By:WarbabsjamY
|
|
|
2012-09-30 20:03:01
Cbv Collection Services Problems
I had a telus pay as you go phone from 2003 2008 and now cbv collectons is claiming that i owe over 1500 dollars, the last time they called i called
Comment By:marcus
|
2012-09-25 10:19:31
Cbv Collection Services Problems
Had a bogus 'roaming charge' bill from Telus a few years back. Got mad at them and switched providers. It went to CBV. Yes, they are persistent and
Comment By:Scammed
|
2012-09-23 07:37:50
First Canadian Finance Scam Site
While these aforementioned dangers are a cause for legitimate concern, there are other dangers that derive from perceptions that often have no basis i
Comment By:effomicok
|
|
|
2012-09-16 16:42:15
Retail Theft Could Get You Sued
I am sick of all you so called legal counsel, wanting money from me , there was a reason i was stealing the items in the first place, i have no money!
Comment By:a shopplifter
|
|
|
2012-09-13 11:18:04
Car Repossessed Trouble With High Risk Car Loans
Our car loan was with wellsfargo to begin with then transfered to carfinco,. Have never had a problem with them yet and have less than 2 years left on
Comment By:Darlene Fougere
|
2012-09-02 18:27:17
15 Blog Post Articles That Talk About Equifax
obviously like www.canadianmoneyadvisor.ca however you need to test the spelling on several of your posts. A number of them are rife with spelling p
Comment By:promotion site
|
2012-08-31 11:32:19
Retail Theft Could Get You Sued
so i went in zellers and i baught bus tickets. then walked around playing with toys, and i was with a friend, we're both adults who like stupid toys.
Comment By:Aj.
|
|
|
|
|
|
|
Site Menu
|
|
Canadian Credit Cards
|
Best Canadian credit debt Financial Blog
Canada, British Columbia (BC), Alberta (Alta), Saskatchewan (Sask), Manitoba (MB), Ontario (Ont), Quebec (Que), Newfoundland (Nfld), New Brunswick (NB), Nova Scotia (NS), Prince Edward Island (P.E.I.), credit canada, Canadian
|
|