Douglas Hoyes
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Douglas Hoyes has extensive experience resolving financial issues for Canadian citizens as founder and trustee of Hoyes, Michalos & Associates . He is a Chartered Professional Accountant (CPA), Licensed Trustee and Chartered Insolvency and Restructuring Professional and Business Valuator. He regularly comments on a variety of TV, radio and other media outlets on topics surrounding bankruptcy and consumer proposals. Hoyes previously held roles at PricewaterhouseCoopers and KPMG as a CPA. He testified before the Canadian Senate’s Banking, Trade and Commerce Committee in 2008. Doug also has been serving as an OSB (Office of the Superintendent of Bankruptcy) Oral Board Examiner since 2013.

Follow him on Twitter @doughoyes or on Google Plus

Entries by Douglas Hoyes

Ontario's Government Could Have Fixed The Payday Loan Industry

(1) Comments | Posted September 1, 2016 | 1:11 PM

Most people know that they should avoid payday loans, for one simple reason: The cost is very high. In Ontario a payday lender can charge up to $21 on each $100 borrowed, so if you get a loan until your next payday in two weeks, and do that 26 times...

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Don't Let Real Estate FOMO Set You Up For An Ugly Bankruptcy

(4) Comments | Posted June 15, 2016 | 10:48 AM

It's called FOMO; the Fear Of Missing Out. It's the number one reason you think you have to buy a home right now. And guess what: the real estate agents know it. They talk about building equity, and tell you about clients who sold at prices way above asking, with...

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Lowering Interest Rates On Payday Loans Is Not Enough

(1) Comments | Posted May 25, 2016 | 3:52 PM

Recently the Ontario government asked for comments on potential reductions in the maximum total cost of borrowing a payday loan in Ontario. In particular, the Ministry was recommending that the cost be reduced from the current $21 per $100 advanced, to either $15 per $100, $17 per $100...

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2015 Insolvencies Reflect Provincial Economies

(0) Comments | Posted May 3, 2016 | 2:14 PM

The Office of the Superintendent of Bankruptcy just released their 2015 Annual Report of bankruptcies and consumer proposals in Canada and from these numbers we can see the impact shifts in the Canadian economy have on indebted Canadians.

In 2015, 121,609 Canadians filed for insolvency,...

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Could A New Credit Scoring System Affect Your Ability To Borrow?

(0) Comments | Posted April 11, 2016 | 10:59 AM

Recently I wrote about how your bankruptcy score, a rating that predicts the likelihood that you'll become insolvent, could affect your ability to borrow. This rating, just like your credit score, is created by Equifax and TransUnion and is based on your credit and payment history. It's another...

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Can I Just Walk Away From My Debts?

(1) Comments | Posted March 23, 2016 | 11:32 AM

I've had a few people say to me recently "If you have debt, just walk away; the banks won't do anything. My friend stopped paying, and nothing happened to him. Don't bother with credit counselling, or a consumer proposal, just walk away." Does that strategy actually work?

The answer depends...

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Is It Our Fault That We Are Not Saving Enough For Retirement?

(19) Comments | Posted February 25, 2016 | 12:09 PM

A recent study by the Broadbent Institute concludes Canadians are not saving enough for retirement and that will be a driving factor in poverty rates among seniors in the future.

The study found the median value of retirement assets for Canadians aged 55 to 64 with no accrued...

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Only You Can Solve The Payday Loan Problem

(20) Comments | Posted February 18, 2016 | 1:32 PM

Payday loan companies in Ontario can charge a maximum of $21 on every $100 borrowed. That may not sound like a lot, but if you take out that loan every two weeks, for a year, you will have paid $546, which is an annual interest rate of 546 per cent....

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Your Bankruptcy Score May Be Behind That Refused Loan

(0) Comments | Posted January 18, 2016 | 10:15 AM

Lenders have been using a person's credit report for years to judge their overall creditworthiness and the risk that they might default and become a bad debt. However, financial institutions often use another measure, a bankruptcy score, to refuse a loan application for someone who may otherwise have...

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Canadians Carrying Consumer Debt In 2016 Face Tough Odds

(2) Comments | Posted January 5, 2016 | 3:55 PM

I think it's time to admit that we are addicted to debt and that 2016 may be the year we hit rock bottom. In 2015, consumer debt once again rose to record levels. Household debt reached a record $1.89 trillion in the third quarter of 2015, and the...

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New Mortgage Rules Won't Stop A Motivated Borrower

(0) Comments | Posted December 17, 2015 | 2:51 PM

The federal government's recent change to the minimum down payment required on homes over $500,000 is being applauded by many as a way to cool down Canada's overheated housing market and ensure that homeowners have enough cushion in the form of equity before buying a new home or moving up.

...
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How to Fix the Student Debt Crisis

(0) Comments | Posted July 21, 2015 | 5:07 PM

Today's average Ontario student graduates with $37,000 in government guaranteed and private student loans. Let's put that number in perspective:

  • Average annual rate for a one bedroom apartment in Toronto in 2014: $13,000 (CMHC);
  • Annual driving costs for a compact car driven 20,000 kilometers in Ontario:...
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Take a Buyer Beware Approach to Ontario's New Debt Settlement Laws

(0) Comments | Posted June 5, 2015 | 7:52 AM

On July 1, 2015 the long awaited legislation regulating debt settlement services in Ontario comes into force. There are three main features of this new legislation that will impact Ontario consumers (with a ripple effect across the country).

First, debt settlement companies and collection agencies will now be regulated under...

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High Risk Credit Products Lead to Insolvency

(0) Comments | Posted May 5, 2015 | 12:16 PM

Despite high consumer debt levels, fewer Canadians are filing bankruptcy. The number of personal bankruptcies and consumer proposals in Canada declined 0.5 per cent in 2014. In Ontario, consumer insolvencies fell seven per cent and are almost 40 per cent below the peak reached in 2009. Despite this improvement, our...

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Is There Any Point in Saving Money Anymore With These New Bank Fees?

(13) Comments | Posted January 30, 2015 | 7:11 AM

I received a letter in the mail this week from my bank, informing me that the NSF fee if I bounce a cheque is going from $42 to $45.

A colleague of mine got a letter this week, from the same bank, advising that credit card interest...

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Should We Stop Worrying About Higher Interest Rates?

(0) Comments | Posted January 14, 2015 | 8:07 AM

Since peaking in July 2007, prior to the 2008 credit crisis, interest rates have fallen and have remained at their lowest level in two generations. Experts predict that this could be the year that interest rates finally start to increase. The question is, should we really care? Should we worry...

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A High Credit Score Doesn't Make You Financially Savvy

(0) Comments | Posted October 23, 2014 | 12:36 PM

We all want a high credit score, because it makes borrowing less expensive, and a high score proves that I am financially responsible and successful person.

Or does it?

Here's the sad truth: a high credit score does not prove you are financially savvy. In fact, I've worked with many...

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Women Need To React Sooner and More Aggressively When It Comes To Finances

(0) Comments | Posted October 10, 2014 | 12:06 PM

I read the article recently posted by Tanya Raheel on why women need to change the conversation around money and finances. While I can't relate to her conversation about weird cosmetic procedures and hormonal health, I can say I agree that women need to act sooner, and much...

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Just Because You Can Get a Big Mortgage Doesn't Mean You Should

(4) Comments | Posted September 14, 2014 | 9:50 PM

The average house price is expected to reach $396,000 in 2014 and $402,000 in 2015 according to the Canada Mortgage and Housing Corporation. And that doesn't even come close to reflecting higher prices in cities like Toronto and Vancouver. Since higher house prices mean larger mortgages, how can we determine...

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How An Aging Population Means Trouble For Canada's Debt

(9) Comments | Posted August 8, 2014 | 5:09 PM

Consumer debt has become a contentious issue in Canada. Household debt-to-disposable income, the measure often used to assess our overall indebtedness, continues to traverse its way upward, albeit at a slower pace. With interest rates remaining at historical lows, a changing view of debt, and an aging population, the country's...

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