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Douglas Hoyes

Licensed Insolvency Trustee, Chartered Accountant

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.

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Ontario's Government Could Have Fixed The Payday Loan Natalia Lukiyanova via Getty Images

Ontario's Government Could Have Fixed The Payday Loan Industry

Obviously we should all do our best to live within our means and pay off our other debt, but if you have lost your job, or had a medical issue, or have gone through a divorce you may have more debt than you can handle, which is why an increasing number of Canadians are turning to solutions like a consumer proposal. What should the Ontario government have done to help address the specific problem of payday loans?
09/01/2016 01:11 EDT
2015 Insolvencies Reflect Provincial Wavebreakmedia via Getty Images

2015 Insolvencies Reflect Provincial Economies

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, an increase of three per cent over the prior year.
05/03/2016 02:14 EDT
Could A New Credit Scoring System Affect Your Ability To Alamy

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

Equifax will combine credit histories, ratings, and mortgage information with Teranet's database of property values to offer lenders and financial institutions an assessment of a borrower's debt-to-asset value and home equity. This RESL metric will help lenders measure risk in the real estate market, allowing them to determine if they want to lend or not.
04/11/2016 10:59 EDT
Can I Just Walk Away From My Mario Ragma via Getty Images

Can I Just Walk Away From My Debts?

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?
03/23/2016 11:32 EDT
Only You Can Solve The Payday Loan Perry Mastrovito via Getty Images

Only You Can Solve The Payday Loan Problem

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. That's a lot higher than even the highest credit card interest rate.
02/18/2016 02:32 EST
Take a Buyer Beware Approach to Ontario's New Debt Settlement

Take a Buyer Beware Approach to Ontario's New Debt Settlement Laws

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. The biggest potential benefit to consumers will be the moratorium on up-front fees charged for no real service provided.
06/05/2015 07:54 EDT
High Risk Credit Products Lead to

High Risk Credit Products Lead to Insolvency

Consumers who file insolvency are in severe financial distress, but surprisingly this does not mean they are behind on their payments. According to Equifax Canada, about 70 per cent of consumer accounts are paid as agreed at the time the individual files for bankruptcy, and this is definitely consistent with what we see every day. More debtors are turning to subprime debt as a way of balancing payments. While any one payday loan, high cost instalment loan or low credit car loan will not necessarily lead to bankruptcy, it does begin a slippery slope and these loans are a primary indicator of an increasing percentage of insolvencies.
05/05/2015 12:16 EDT
Should We Stop Worrying About Higher Interest

Should We Stop Worrying About Higher Interest Rates?

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?
01/14/2015 09:07 EST