Tag: bad credit

BAD CREDIT HAS COSTS – IMPROVE YOURS NOW!

Post author By Brandon Smith
Post date June 10, 2014

Bad credit makes it impossible for you to get the credit you need in order to live your lifestyle. Making payments late or missing payments will result in a bad credit score. There is the possibility that your credit rating can be ruined even if you don’t do anything wrong.

Credit is something we take for granted but it can affect every aspect of our lives. Open your wallet and count the number of credit cards in it. Do you have a mortgage? Car loan or car lease? Bank loan? What do they all have in common? Credit. So you see, you cannot afford to have bad credit.

How can a bad credit score cost you money?

Anytime you apply for financing your credit rating is checked. If you have an excellent credit score you will pay less interest than someone with a moderate credit score. Over the term of your loan a less than stellar credit score can cost you thousands of dollars, particularly with a mortgage. Or, if your credit rating is poor, you may be refused financing. Too many potential credit grantors checking your credit score actually worsens your credit rating. If it is a poor credit score to start with, then too much checking pushes you that much closer to having bad credit.
Did you know that a poor credit rating can affect your car insurance premiums? Car insurance companies sometimes consider people with bad credit as high risk drivers. Having a poor credit rating can cost your hundreds of dollars per year in car insurance premiums.
Credit card debt can cost you up to 20% in interest.

Other ways that bad credit can affect you?

Some landlords and property management companies run credit checks when you apply for a rental unit and will not rent to people with bad credit. A bad credit score may result in you being denied housing.
You may not be able to turn on utilities in your name if you have a bad credit score or you did not pay your utilities in a timely fashion previously.

With bad credit, but with the need to obtain more credit to meet your expenses, it will force you to look for bad credit loans online, payday loans or brick and mortar bad credit loan companies. These lenders advertise guaranteed bad credit personal loans and take advantage of and attack the already vulnerable with their lending practices and high cost loans.

Order a copy of your credit report from Equifax or TransUnion. Bad credit can be repaired with professional help and a plan so that you can be Starting Over, Starting Now. There are several bankruptcy alternatives that can be used for people with bad credit needing help and avoid bankruptcy. Contact Ira Smith Trustee & Receiver Inc. today, get your life back on track.

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LOANS TORONTO NO CREDIT CHECK: A DEBT SOLUTION?

Post author By Brandon Smith
Post date June 5, 2014

I never realized that loans Toronto no credit check was such a popular topic. I want to tell you about three experiences that I had in the past few days. They are all separate, yet all related.

Revelation #1 – You can’t even buy beer with bad credit!

Last Friday, we were having the whole family over for dinner. The weather was so warm and pleasant, that we were going to have a BBQ and eat outdoors on the back deck. I went to The Beer Store to pick up some additional beverages and when I went to check out, I had my first revelation. At the front of the line was a fellow paying for his beer by cheque. I never even realized that you could do that. The clerk inspected the cheque and then asked the gent for identification, and he produced his drivers licence. The clerk ran his information through The Beer Store’s electronic system and politely advised the gentleman that he has been declined to pay by ordinary cheque, and that he could only pay by cash, certified cheque or credit card. The man could not pay for his beer because of his bad credit and had to leave without his favourite brew. This man obviously has financial problems and has to solve them. How he wished he was able to get at that moment one or more loans Toronto no credit check so that he could enjoy his beer last weekend!

Revelation #2 – This man obviously was not alone needing loans Toronto no credit check

On the weekend I was looking at some analytics to see which of our blogs have been accessed the most over the last 30 days. To my shock (yes, notwithstanding our Firm has been helping people who have trouble living paycheque to paycheque and corporations in need of restructuring and turnarounds, I can still be shocked) the 4 most read blogs in the last month were::

There are obviously a lot of people concerned about their debt levels and looking for information on bad credit loans, payday loans, loans Toronto no credit check and how to tackle student loan debt. These blogs were not only the most viewed in the last 30 days, but our blogs on the topic of payday loans and bad credit loans are the most read. Obviously, there is a large demand in the Greater Toronto area for loans Toronto no credit check.

Revelation #3 – Our top searches are from people looking for loans Toronto no credit check

Yesterday I look at our analytics to see what were the top search terms that brought people to our blog and Firm website in the last 30 days. There were 221 visits to our website using the following search terms:

You don’t need me to tell you what this means. There are a lot of people with bad credit who are feeling pain in our society and believe that more loans Toronto no credit check is their solution. The amazing thing though is that rather than looking for bankruptcy alternatives such as consumer proposals, or if required, bankruptcy itself, these people are looking to borrow more money (apparently $5000 is a popular number) from high cost lenders.

These people are misguided in that they think that further high cost loans Toronto no credit check will solve their problem. I understand the way these people think. It is hard for us to face our challenges. Whether it is about our health, our family or our financial situation, it is difficult and painful to look at our problems straight in the face, especially if we are the one who created the problem. These people mistakenly think that taking on more debt is the solution.

Well, it is not. These people need to recognize that their credit score is so poor because of choices they have made in the past, and their behaviour has to change. Taking on more debt through loans Toronto no credit check is just more of the “same old same old”. They need to look at ways to budget so that their expenses are less than their income. They need to start saving to pay down debt. If they can’t do it on their own, then they must consult a licensed professional trustee who can discuss options with them: budgeting, bankruptcy alternatives such as debt consolidation or a consumer proposal or perhaps even bankruptcy.

There also needs to be a discussion regarding life after implementing the solution and working on improving their credit score. If any of this sounds like a situation you are in, taking on more debt through payday loans or loans Toronto no credit check is not your answer.

You need to contact Ira Smith Trustee & Receiver Inc. right away for a no charge consultation. You can even check out our bankruptcy faqs now online here. We will go over all of your options, and encourage and help you to implement the one that is right for you so that together we can solve your problems with immediate action and the right plan so that Starting Over, Starting Now will become your reality.

Brandon Blog Post

PAYDAY LOANS: ONTARIO CRACKS DOWN ON THE CASH STORE

Post author By Brandon Smith
Post date May 4, 2014

Payday loans. We’ve been making you aware of the dangers of using them in our previous blogs – Legitimate Companies Don’t Guarantee Loans If You Have Bad Credit Or No Credit, Payday Loans Are Not The Answer To Your Financial Problems, Beware of Payday Loan Companies Targeting you with Mobile Apps! and Online Bad Credit Loans Attack the Already Vulnerable. The Ontario Ministry of Consumer Services refused to issue a lender’s license to The Cash Store under the Payday Loans Act, 2008, S.O. 2008, Ch. 9 which was upheld by the Court. The result is that The Cash Store is not currently permitted to sell any payday loan products or line of credit products in Ontario. The Ontario Government found that The Cash Store was attacking the already vulnerable, in ways we have explained in our previous blogs (which you can read by clicking on the links above). Watch the video below to find out more. There is no quick fix for serious debt problems and digging a deeper hole for yourself with a high interest payday loan is only going to make matters worse. Stop the downward debt spiral and seek out a professional trustee. At Ira Smith Trustee & Receiver Inc. helping clients deal with serious debt issues is our business. There are a variety of options available to you including bankruptcy alternatives – credit counselling, debt consolidation, and consumer proposals – and bankruptcy. Let us help you end the downward debt spiral so that Starting Over, Starting Now you can live a debt free life. Here is the video of a news report which was done prior to the Court upholding the Ontario Government’s decision to ban The Cash Store from making payday loans or other loans –

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PAYDAY LOAN COMPANIES TARGETING YOU WITH MOBILE APPS!

Post author By Brandon Smith
Post date April 29, 2014

We’ve been making you aware of the dangers of payday loan companies in our previous blogs – Legitimate Companies Don’t Guarantee Loans If You Have Bad Credit Or No Credit and Payday Loans Are Not The Answer To Your Financial Problems. Payday loan companies will go to any lengths to take your money and now their latest tactic is to target you with mobile apps and easy online access. Technology is making it easier for these unscrupulous operators to take advantage of you. And, if you have been taken advantage of by a payday loan company you are not alone. According to Statistics Canada:

Almost 3% of Canadian families said in 2005 they had obtained a payday loan in the preceding three years.
On average, Canadians borrow about $300 for a two week term.
There are about 1,350 payday loan storefronts in Canada.
The industry is worth an estimated $2 billion a year.
Payday loan borrowers tend to be young families.
Payday loan borrowers typically have poor credit or a previous bankruptcy.

Unfortunately, there are no updated figures from Statistics Canada. However, the Canadian Payday Loan Association in its study titled Payday Loan Users Study Ontario dated April 2013, reported that in 2012, significantly more respondents (65%) would choose payday loan companies over other options if they needed $300 when compared to 2007 (55%). This shows two things: 1. as we previously blogged, many Canadians are living paycheque to paycheque; and 2. this high cost borrowing source is gaining more acceptance and usage among those with credit problems.

Payday loan companies offer you instant cash even if you have bad credit or no credit, with instant approval. With a mobile app you don’t even have to go into a payday loan storefront. You can borrow money from your phone or computer by obtaining online bad credit loans. BUT, these companies aren’t getting you out of debt; they are creating more debt. Although the rules do vary from province to province regarding borrowing, you should expect to pay 25% interest when you borrow from a payday loan company, even if you repay the loan in a few days.

There is no quick fix for serious debt problems and digging a deeper hole for yourself with a high interest payday loan is only going to make matters worse. Stop the downward debt spiral and seek out a professional trustee. At Ira Smith Trustee & Receiver Inc. helping clients deal with serious debt issues is our business. There are a variety of options available to you including bankruptcy alternatives – credit counselling, debt consolidation, and consumer proposals – and bankruptcy. Let us help you end the downward debt spiral so that Starting Over, Starting Now you can live a debt free life.

Brandon Blog Post

SECURED CREDIT CARD

Post author By Brandon Smith
Post date April 24, 2014

A secured credit card functions in the same manner as a regular credit card. The only exception being that the card is secured by the amount of deposited funds that remain safeguarded in the institution where the individual acquires the card. The card looks like a regular credit card and acts like a traditional credit card. Purchases are limited by the amount of funds backing the card. The majority of institutions require a minimum secure balance of $500. However, individuals or businesses may deposit more if desired.

Who Uses a Secured Credit Card?

The card might be used by anyone with a past or current history of bad credit. When first starting out, many young people or students have no line of credit. The card might serve as a means of establishing a credit history. Someone recently moving to Canada, having recently undergone bankruptcy or having difficulty obtaining a conventional credit card may also look into acquiring a secured card.

Newlyweds starting a life together often look for ways of establishing credit. Anyone having endured a divorce or the death of a spouse may also need to start over and rebuilding credit. Entrepreneurs having difficulty getting financial backing or searching for a means of creating a financial history might also be interested in securing a card.

Benefits of a Secured Credit Card

Getting approved for a secured card is practically guaranteed. Having a card eliminates the need to withdraw and carry cash. However, in case someone needs cash for an emergency, the card enables users to get cash advances. Numerous other conveniences of having a credit card include using the card for making reservations, purchases or services rendered.

A secured credit card offers an ideal way to establish or improve credit scores, which are typically required when needing to apply for loans. By making monthly payments for goods or services, in the same way that one would if having a traditional credit card, you can learn how to create and stick to a budget.

Many secured credit cards don’t carry the same fees that are required by traditional cards so using them is not only convenient but less expensive.

Ensuring Good Credit

After applying for and acquiring the credit card, maintaining good credit means:

i. Paying off the balance monthly

ii. Paying more than the minimal monthly amount required

iii. Making payments on time

Get a Secured Credit Card Today

Regardless of your current financial situation we can help. To find out more about secured credit cards, and even to apply for a secured credit card, click on this link for the application form. If you are experiencing financial problems, contact Ira Smith Trustee & Receiver Inc. We are a licensed trustee and will listen to your issues and provide compassionate, professional assistance to assist you to avoid bankruptcy.

We will explore alternatives to bankruptcy, such as debt consolidation, credit counselling and consumer proposals. Starting Over, Starting Now, we will assist you to regain your financial health.

Tags alternatives to bankruptcy, avoid bankruptcy, bad credit, Bankruptcy, consumer proposals, credit card, credit counselling, credit history, credit scores, debt consolidation, financial health, financial history, licensed trustee, rebuilding credit, secured credit card, secured credit card offers, starting over starting now

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THE 10 MOST COMMON CREDIT SCORE MISTAKES

Post author By Brandon Smith
Post date November 19, 2013

Last week we discussed how Your Credit Score Can Be Ruined Even If You Don’t Do Anything Wrong. This week we’ll be addressing The 10 Most Common Credit Score Mistakes.

What is a Credit Score? According to the Office of Consumer Affairs (OCA) “Your credit score is a judgment about your financial health, at a specific time. It indicates the risk you represent for lenders, compared with other consumers. Unfortunately, there is not an online Canadian credit score calculator tool.

There are many ways to work out credit scores. The credit reporting agencies Equifax and TransUnion use a scale from 300 to 900. High scores on this scale are good. The higher your score, the lower the risk for the lender. Lenders may also have their own ways of arriving at credit scores. In addition, lenders must decide on the lowest score you can have and still borrow money from them. They can also use your score to set the interest rate you will pay”.

What are the 10 Most Common Credit Score Mistakes?

1. Failing to check your credit report for errors: As we discussed in last week’s blog Your Credit Score Can Be Ruined Even If You Don’t Do Anything Wrong. Check your credit report at least annually. Mistakes on credit reports are more common than you may have imagined and you need to stay on top of the situation. If you do discover any errors, contact the credit bureau as soon as possible to correct the situation.

2. Not using your full legal name in financial documents: It’s possible that people with common names or similar sounding names could have their name attributed to a credit report that is not theirs, as was the case for Mr. Dave Johnson of Pembroke, Ontario. Use your full legal name on bank accounts, credit applications and other documents that become part of your credit history.

3. Paying your bills late and failing to make at least the minimum monthly payment: If you don’t pay at least the minimum amount due on time your creditors will eventually report your account as past due, which can damage your credit score. If there is a reason why you won’t be able to pay your bill on time, contact your creditor before your bill is due to work out an arrangement if possible.

4. Maxing out on your credit cards: If your credit cards are maxed out, potential creditors may question your ability to repay. If you are approved for a loan you may be charged a higher interest rate to compensate for what is viewed as a higher risk.

5. Not alerting creditors if you’ve moved: Your bill may arrive late and as a result your payments could be late, potentially damaging your credit score.

6. Registering for too many new credit cards: Consumers who often open new credit cards are viewed as a greater risk than those who don’t.

7. Closing older credit card accounts: Closing older credit card accounts shortens the length of your credit history and this can adversely affect your credit score.

8. Don’t co-sign for someone else’s loan: You could be liable for that person’s debt and damage your credit rating.

9. Don’t share your credit card or social insurance number with anyone: There are a lot of scams abound where people try by phone, email or mail to get your credit card or social insurance number. This can be a fast track to identity theft and financial disaster.

10. Ignoring the warning signs of credit problems: If you have trouble making the minimum payments on time and have maxed out all of your credit, you have serious debt problems.

Serious debt problems need professional help. Contact Ira Smith Trustee & Receiver Inc. and take the first step towards a healthy financial future. Starting Over, Starting Now a debt free life can be yours.

Brandon Blog Post

WILL I EVER BE ABLE TO RETIRE?

Post author By Brandon Smith
Post date October 1, 2013

Will I ever be able to retire?” is a common question amongst the Boomers generation. Last week we discussed the problem of living paycheque to paycheque. This week we’ll be addressing whether or not you will ever be able to retire. That’s right; there is a distinct possibility that many of you may never be able to retire. A new HSBC study reports that 17% of Canadians believe that they will never be able to retire, while a growing number of Canadians believe that retirement is getting further and further away and therefore the answer to their will I ever be able to retire question is NO.

40% say they did not prepare well enough and of that group that doesn’t have enough money, 40% only came to the realization after they retired
72% of retirees experienced a fall in income, yet only 48% had a similar drop in spending
14% of people were funding a dependent in retirement while 32% of people not fully retired made the same claim

A BMO study reports that Baby Boomers are about $400,000 short of their retirement goals. Another reason why the answer to their will I ever be able to retire question is no. The money has to come from somewhere and as a result the BMO survey reports that:

71% of Boomers plan to work in retirement and therefore feel that the answer to the will I ever be able to retire question will never be yes
44% will sell off their valuable goods such as antiques or possessions they don’t use in order to raise funds otherwise the answer to their will I ever be able to retire question will never be yes
33% plan to sell their home to help make ends meet otherwise the answer to their will I ever be able to retire question will always be no

According to Sun Life Financial’s annual Unretirement Index poll:

Only 27% of respondents believe they’ll retire by 66, a nearly 50% decline from the previous year
Economic uncertainty and poor financial planning are being cited as key reasons why a majority of Canadians surveyed say plans to retire by age 66 are more of a fantasy than a reality and their answer to the will I ever be able to retire question is no

Are you one of the many Canadians who haven’t been able to save for retirement? Is life a financial struggle to pay the monthly bills? Are you relying on credit to maintain your lifestyle? Are you forced to use expensive credit, such as an online bad credit loan or a bad credit line of credit? Do you feel that it is no longer worth spending your time thinking about the will I ever be able to retire question because your reality is too depressing?

If so, you are living in a financial danger zone. Consult a professional Trustee as soon as possible. Contact Ira Smith Trustee & Receiver Inc. for sound advice and a realistic financial plan to turn your life around. Starting Over, Starting Now we can solve your financial problems and put you back on track to living a debt free life. We want to help you answer a resounding YES to your will I ever be able to retire question.

Tags baby boomers, bad credit, bad credit line of credit, bankrupt, Bankruptcy, bankruptcy alternatives, debt free, financial plan, online bad credit loan, retire, retirement, toronto, toronto bankruptcy, trustee, Vaughan, vaughan bankruptcy, Will I ever be able to retire, will you ever be able to retire

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HELP FOR SENIORS IN DEBT-SENIORS IN DEBT, PART 2

Post author By Brandon Smith
Post date September 4, 2013

Last week we discussed “What Do The Golden Years Really Look Like”?This week we’ll be addressing why the majority of seniors are in debt and provide help for seniors in debt.

Seniors are facing a myriad of financial issues that have made their anticipated “golden years” anything but golden.

The Sandwich Generation: Many are still part of the “sandwich generation” a phenomena caused by delayed marriage, postponement of children, and adults with increasingly long-lived parents. They’re borrowing to help their children, grandchildren and parents. As long as they have collateral and a good credit rating, banks will readily lend them money.
Grey Divorce: According to Statistics Canada, divorce among couples 65 years of age and older is becoming more common and grey divorce can create serious debt for boomer retirees.
Recession: Battered financial markets and anaemic economic growth have forced Canadians to make debt management and not retirement the primary focus of financial planning. Their investment returns may have been decimated by the recession and they borrowed hoping markets would stabilize.
Lifestyle Choices: Even though they’ve reached 65 and their incomes have been greatly reduced, they continue to live the same lifestyle that they lived prior to retirement. With reduced incomes, often coupled with increased expenses, they are accumulating more debt to boost income through credit so that they can continue to enjoy a pre-retirement lifestyle they may no longer be able to afford. Seniors with credit card debt adapt by making only the minimum monthly payments on credit cards, which leads to a downward debt spiral, a journey that often ends with a trip to a trustee in bankruptcy.

The problem with carrying debt into retirement is that it must be serviced with less income than when working full-time. Mid-career people can start over, but retirees can‘t. If you are now facing serious debt issues contact Ira Smith Trustee & Receiver Inc. We can help you get your life get back on track. Starting Over, Starting Now you can take the first step towards an enjoyable retirement. Watch for our next blog when we’ll be discussing if seniors should try and pay off the debt or declare bankruptcy.

Brandon Blog Post

SHOULD SOCIAL MEDIA BE USED TO DETERMINE YOUR CREDIT SCORE?

Post author By Brandon Smith
Post date April 23, 2013

Are you experiencing problems with debt management or having trouble getting credit due to a bankruptcy or a consumer proposal? If so, you are going to be delighted to hear that there are companies who believe that online reputations can tell lenders more about a person’s trustworthiness than the traditional credit score. Your credit score is established on the basis of how you pay your bills while companies like Lenddo and Neo Finance are analyzing data from social networks like Twitter, Facebook and LinkedIn, and other factors to reach people who have a hard time getting loans. The Lenddo score is based upon:

Number of followers
Background of peers
Education and employers
Repayment history of friends

The Neo Finance score is based upon the following information in a person’s LinkedIn profile:

How long the user has held jobs
The number and quality of connections in their industry
The seniority of their connections

Should social media be used to determine your credit score? Probably not. Basing anything on the number of social media followers is categorically unreliable. Social media networks have become a numbers game where there is the mistaken belief that “whoever has the most, wins”. Fake Twitter followers have become a multi-million dollar business. Open networkers on LinkedIn have thousands of followers that they don’t know and the same goes for people who collect Facebook friends. The other problem is that the consumer would have to be willing to connect the financial service to their social media networks’ data which of course brings up privacy issues. Although in theory, this sounds like an interesting idea, I’m afraid that there is no quick fix for bad credit.

If you are experiencing problems with debt management or having trouble getting credit due to a bankruptcy or a consumer proposal, contact Ira Smith Trustee & Receiver Inc. for information on how to fix bad credit so that you can live a debt free life Starting Over, Starting Now.

Brandon Blog Post

WHAT IS A SECURED CREDIT CARD CANADA & HOW TO GET ONE

Post author By Brandon Smith
Post date April 16, 2013

In our last blog “How to Fix Bad Credit”, one of the points that we touched upon was the use of a secured credit card to help you build a good credit history. Since the blog was published we’ve had several inquiries about secured credit card offers and how to get one.

What is a secured credit card? Secured credit cards require you to leave a deposit with the credit card issuer as a guarantee. The deposit is usually equivalent to the card limit, but it can be higher. The advantage of a secured credit card is that individuals with no credit history or a history of bad credit have the opportunity to build a positive credit history because most companies report regularly to the major credit bureaus. You can use your secured credit card in the same way as you would use any credit card. Be diligent and pay the balance regularly!

What is the difference between a secured credit card and a prepaid credit card? A secured credit card gives you a credit limit. A prepaid credit card works like a debit card; you have to keep reloading it with your own money. In addition, prepaid credit cards don’t give you the chance to build a credit history because no payment information is reported to the major credit bureaus. So, when you receive those secured credit card offers and prepaid credit card offers, you should know the difference between the two.

How do I qualify for a secured credit card? Most people will qualify for a secured credit card because you deposit the funds to secure the card in advance.

Can I get a secure credit card if I’m in bankruptcy or in a consumer proposal? In most cases, a secured credit card Canada is available as soon as are fully discharged from your bankruptcy. If you are in a consumer proposal, once it has been accepted by your creditors, you are eligible to apply for a secured credit card, but not necessarily guaranteed to be accepted.

Are all secured credit cards the same? No, not all secured credit cards are the same. According to the North Shore Advisory Inc., here are some precautions you should take when looking for a secured card:

Be cautious about secured card offers from unknown institutions. If you have doubts about the integrity of a secured credit card offer, contact FCAC toll-free at 1-866-461-3222.
Beware of secured card offers from issuers outside Canada. If you have problems, it may be difficult to resolve them if the company is not located in Canada.
Avoid offers for secured cards that do not have a recognized brand name such as VISA, MasterCard or American Express. These cards may only be accepted at a small number of stores or may require you to make purchases from a specific catalogue.
Read and make sure you understand all the terms and conditions associated with a secured card before you accept it.

How can I apply for a secured credit card from a reputable and recognized brand? For information on a Home Trust Secured Visa* Card click here.

Contact Ira Smith Trustee & Receiver for more information on secured credit cards and for professional advice on insolvency, bankruptcy and managing debt. You can live a debt free life Starting Over, Starting Now.

Tags bad credit, Bankruptcy, Consumer Proposal, consumer proposals, credit bureaus, credit history, debt relief, debt settlement, insolvency, prepaid credit card, prepaid credit cards, secured credit card, secured credit card Canada, secured credit card offers, secured credit cards, Vaughan, Woodbridge