Category

Credit Counseling
Second time bankruptcy Hi Ross, looks like I have to do a personal bankruptcy. I owe $59,000 across several credit cards and my minimum monthly payment is over $1,700! Back in 1997 I declared bankruptcy (for only $10,000 in debts), and it went pretty smoothly. Now I am making around $70,000 per year, and I...
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Cannot afford car payments Hi Ross, I recently financed a new car and a few months after that I lost my second job.  Now its seems like I’m going backwards with all my other bills, and it is hard to keep up.  As much as I would love to keep the car it’s not worth...
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Credit card charged monthly for phone app Dear Ross, my teenage son has a cell phone which I pay for, and also has a supplementary visa card from my bank. I am trying to teach him how to use such things responsibly, but it seems he “accidentally” subscribed to a premium service on his iPhone,...
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Filing a second consumer proposal Dear Ross, I know that if you are a second time bankrupt, you are automatically looking at two or three years before you receive a discharge. Are there any special rules applied if I file a second consumer proposal? I completed my first three years ago, but I have run...
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Consumer proposal ended her payday loan misery Hi Ross, About a year ago I had an unexpected car repair, and arranged a payday loan for myself. Of course, I would rather have used a credit card, but I don’t have any. When it came time to pay the loan off, I was surprised how high...
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So many times when I meet homeowners in debt stress, the first thing they say is they intend to keep their house – come hell or high water. “Find us a solution Ross, but we insist on tying your hands behind your back in the process.” In some cases, it’s actually quite doable. If, after...
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Newlyweds’ Mortgage Declined Because of Bad Credit Dear Ross, my fiancee and I have sold our homes and plan to buy a new house as soon as we are married. We went to his bank and mine for a mortgage approval, and were declined pretty quickly. We make over $150,000 between us, and we have...
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Very Bad Credit and Self Employed Qualify for Mortgage Yesterday’s mid day appointment arrived in despair. He has been working with his bank, and various other “connections” to secure a mortgage on a new condo he is buying May 28. So far, everyone has declined him, even though he can put up a $100,000 down...
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Can Credit Cards be Cheaper Than a Line of Credit? Sometimes people ask me how they can arrange an unsecured personal line of credit. (PLC) Their reasons for a PLC are usually along the lines of a lower interest rate, no annual fees, reasonable repayment conditions, and potentially higher limits. These days it is actually pretty tough for a...
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You never know what’s around the corner when family finances are concerned. Met a couple last week who retired early at 53, with guaranteed pension income of $74,000 between the two of them. And when they hit 65 (earlier for CPP if they so choose) their OAS and CPP will also kick in. They had...
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