Category: Case Studies

This student is really good with money

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This student is really good with money James is the same age as Josh, and entered university five years ago with a similar dream. His family had always been desperately poor – he knew right from the get go there would be no financial support from his parents. His parents always lived within their means …

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This student cannot handle credit

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This student  cannot handle credit Josh was entering first year university when I first met him six years ago. His parents had recently applied for bankruptcy, and money was very tight in the family. They had still not adapted to a life without easy access to credit, and they prevailed upon their son to borrow …

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Couple spends more than they make

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Couple spends more than they make Brian and Susan have down sized their home three times in the past two years. Brian used to be a self employed website designer, making close to $100,000 per year, but business dried up when the recession was in full force, and he finally accepted a job in an unrelated …

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Second mortgage can fix debt problems

Second mortgage can fix debt problems I was inspired to write this post after reading “Will a second mortgage clean up all your debts? by Angela Marquis at the Hoyes Michalos blog. My purpose is not to refute Angela’s article, since she makes some excellent points. Rather, I want to add to the discussion and …

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Consumer proposal ended her payday loan misery

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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Spend inheritance on condo

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Spend inheritance on condo Today’s question came from a concerned parent. “My daughter will be graduating with her undergrad degree in April and hopes to get into teacher’s college.  When she graduates from teacher’s college, there is a good chance she may not find employment.  Her grandparents are giving her $15,000.00 upon completion of  her education. …

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Must keep the house no matter what

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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Hard to re-use a mortgage appraisal

Hard to Re-Use an Appraisal Dear Ross, money is very tight for me right now. My second mortgage is coming due and I asked my broker if I could borrow a larger amount this year. First she ordered an appraisal which cost me $350. I agreed with the appraiser’s valuation of my home, but I …

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Mortgage Free Retirees Need a Bridge Loan

Mortgage Free Retirees Need a Bridge Loan Dear Ross, we finally decided to sell the family home in Markham and move to a waterfront condo near Oakville, Ontario. It just didn’t make sense to maintain a four bedroom house, when it’s just the two of us. Our purchase closing date is September 6th, but our …

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Newlyweds’ Mortgage Declined Because of Bad Credit

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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Tragic circumstances devastate family finances

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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