Yeah, sorry about the misunderstanding. The impression that Debt Freedom Canada Inc. created with me was not good and I thought they were you. Mea culpa.

Ray

Hi Ray,

Yes you totally lost me on your question, thanks for clarifying. I really can't speak to that, you would have to check in with that company.

You seem like a really knowledgeable and straight shooting guy. I would enjoy the opportunity to have a coffee with you sometime, and show you around my office if you are in my neck of the woods that frequently.

I'm sure we would have a lot to talk about.

Woops, the mortgage calculation question below should have been directed to Debt Freedom Canada, NOT Total Debt Freedom. The former has a misleading logo which makes you think that you're dealing with Total Debt Freedom, which is the outfit blogger Richard Cooper operates.

There are a whole slew of problems and issues that come up looking at Debt Freedom Canada. Nothing about them seems to add up and I mistook the name for Cooper's business, which was the first debt settlement co. being plugged on the forum this morning.

There are so many of these corporations operating out of someone's basement, and contrary to the impression Richard Cooper creates on his website, debt settlers are NOT regulated by FSCO.

Heck, K&G Debt & Credit Professionals, the second company Monty was promoting, are so professional they don't even list a business address.

And the third debt settler Monty advertised is from his home town. However, I managed to convince him to delete it because the owner got his business diploma from cheapdegrees.com for $239. The guy previously threw a temper tantrum and tried to get me banned from the site because I had the nerve to call him out on it.

Richard Cooper, at least, lists a small unit in an industrial mall on 2750 14th Avenue in Markham, Ont. which, coincidentally, is right by where I stop for coffee all the time.

I notice none of these people list any legitimate business or financial degrees or diplomas except for sundry "Certified Debt Arbitrator" certificates, which is a mail in course you can send away for that apparently has no prerequisites.

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To: Richard Cooper, Total Debt Freedom
Re: Mortgage Amortization Schedule

Could you please include details of the $140,000 home mortgage you are amortizing on your website that's supposed to discuss your fees (but doesn't). Can you indicate the range of your consultation fees?

I notice you operate in Markham but say your clients' houses had an average market value of $200K. Where would you such a home for that amount anywhere? Certainly not in the GTA. Also, are all those cash flow summaries unadjusted for inflation or are some discounted cash flows? If so, what interest rate were you using? (It's not 6.75%) Can you post the details?

I ask because I notice your 6 employees took in revenue of $807K.

Just wondering.

Ray

The choice of letting my home go was mine. The payments were up to date and the mortgage company tried to convince me to keep my home. I had so much debt that refinancing my home would result in more debt. I decided to stop making the payments when I realized I was in losing battle with my debts. Since then, I have over 90% of my debt gone and within two years if I want, I could own another home with a 10 to 20% down payment. Next time around I will only have one credit card and will never borrow money against my home again. The things will learn from our experiences.

The choice of letting my home go was mine. The payments were up to date and the mortgage company tried to convince me to keep my home. I had so much debt that refinancing my home would result in more debt. I decided to stop making the payments when I realized I was in losing battle with my debts. Since then, I have over 90% of my debt gone and within two years if I want, I could own another home with a 10 to 20% down payment. Next time around I will only have one credit card and will never borrow money against my home again. The things will learn from our experiences.

If he does have "great knowledge" like you, let's hope it's enough so that his home and car don't get repossessed and his bank accounts seized like yours did or will.

Ray

I gave Richard C no pointers; he is a man with great knowledge like me. If I didn’t have the know how to settle my own debts, I would hire a company like total debt freedom.

Cheers

Truly, it'll be a big loss. Hopefully, you gave Richard lots of pointers.

Ray

I will be not offering any advice to people on here anymore. I will leave that up to Richard C from now on. The few chats that I and Richard C had, he realizes I have the knowledge to settle debts. There is BS in all settlements, but on the long run it's better to settle then bankruptcy.

Cheers

Sorry to put other readers through that but I had to show just how much BS is involved in debt settlement. And if it saves them money, good!

Ray