personal debt horror stories

And I guess the best way to do that is to stay out of debt, but also to have some savings as well. It’s only a small account. Chris & Andrea made good money and seemed to have it all, but in reality they were living to paycheck to paycheck like… So, you’ve really got to go into retirement with no debt. In the first segment Nicole Olsen, a credit counsellor with Financial Fitness in Windsor told us two stories. Doug Hoyes:   Wow, so each account maybe only had a $500 overdraft on it. Roth. It’s not for you to decide. However, once this And we pulled up the account and I got the inbound call, two and a half years later. But I’ve also got a collection agent on today’s show to tell a scary story from his point of view. And so, at this point they’re in crisis mode. And the way I always explain that to people is there are two different kinds of courts in Canada, there’s criminal court and civil court. You don’t have to worry about it being any greater of a number than that. Whether it's the one about the murderer with the hook hand, or tales of Slender Man, or even a modern horror story about a phone and a home invader, you're already anticipating the fun you'll have telling it and the fear it'll instill in your listeners. Nicole Olsen: Yeah it can be very challenging to figure out what we can do ’cause we just need to stop the bleeding. I used my card and then paid it off every month. It’s not like getting like I say a loan or a credit card or something. Doug Hoyes: And just so we’re clear on this here, have you ever reported anyone to child services? She doesn’t understand why someone at the bank didn’t stop mom from taking out so much money. You know, it’s a great line for a collection agent to use because it’s scary, it just simply isn’t true. So, what I’m going to ask you to do, I’d like you to tell me the stories. Admin - January 8, 2020. Texas woman Toni Riss fell victim to a horrific But Frank had a really hard time adjusting to his new retirement income ’cause we all know, when you’re working, it’s maybe weekly or maybe bi-weekly pay, but when you retire it’s once a month and that seems to be the hardest one to budget for. In this case, the collection agent was willing to say anything to prevent this single mother from filing and to collect on the debt. These stories are from ordinary people who have paid off an extraordinary amount of debt in a relatively short period of time and many of them are completely debt free. Rebecca Martyn: No, they don’t go to jail. And all of these bank accounts he added the overdraft so there were eight accounts that were added in total. Great, thanks for telling us that story, Blair. Doug Hoyes: Yeah because that’s what we’re talking about. And when she finally came in with a box of 20’s to pay her $6,000 account saying her older sister had died, we were able to work with the creditor and get $2,000 forgiven. He’s been on a couple of shows with us already talking about an insider’s view from the collection agent. We’ll take a quick break and I’ll be back with the next segment right here on Debt Free in 30. Blair Demarco-Wettlaufer: It’s just business, keep your cool. There were a couple of bits of information I needed from her before we could file. Vietnam vet to pay back this modest sum, he was lumped with an additional And in the case with me it didn’t work because one, I wasn’t the person they were looking for and two, I didn’t owe the money so I wasn’t going to pay something that wasn’t mine. Rebecca Martyn: That’s exactly right, it scares people, right? But then I guess the other piece of advice you’d be giving is yeah you’ve also got to make sure your expenses shrink to whatever your new reduced income is if your pension income is lower than what you were making. Nicole Olsen: First and foremost always never, ever give out any personal information, even friends and family. As Licensed Insolvency Trustee (also known as bankruptcy trustees) regulated by Industry Canada, we provide free initial consultations to explain all your debt relief options, including credit counselling, debt settlement, debt consolidation, consumer proposal and personal bankruptcy. Hoyes Michalos - Licensed Insolvency Trustee. Kansas City resident, Elliott Clark took out payday loans to the value of Tax Debt Horror Story #1: The Total By any metric, Gregory wasn’t an organized man. But it’s just to kind of show you that some of these collection agencies, they use means to try to intimidate people. “$300,000 student loan debt from 1990’s,” she wrote. I consolidated my loans in 2001 and made payments on time to Navient. Contact A Trustee. Well, XYZ collection agency called, they said you had to pay this money or you’re going to jail, so I paid it. A retired man who took on $70,000 in credit card debt, without his wife knowing. She had lost her job, living on her credit cards. Scarier stories that keep adults up at night. That’s – the collection agency is just doing their job. The site provides “Personal Finance That Makes Sense” and was founded by writer J.D. A young fellow named Carlos was denied the loan Once you’re retired, well there’s no such thing as overtime. And again, that’s not her real name, but what would your advice have been to Rebecca if you could have spoken to her before she had gone out and financed this mattress? 99. he needed for his dream home when the loan officer handling his mortgage Managing Debt is Critical – Here’s How I Finally Managed Mine. But then he took it a step further and went online and because I have the card number, he could register for online banking. We would have talked about if she need anything in the future, thinking about those periodic expenses that come up within a year. And Jackie didn’t know about Frank’s debt. credit ratings, the card had an introductory offer of 29.9%. Listen to the full episode to hear these scary debt stories: Share your scary stories about collection calls and debt in the comments below and what you did to deal with the situation. I asked her where she had got the information from. Financial Horror Stories: Credit Card Debt debt personal financial stories saving money Oct 24, 2019 We’ve asked several people to share their financial horror stories with us with the idea that we can learn from their mistakes. They’d probably like that better than sleeping in a bed I guess. You don’t want to be having a time lag on that. However, this soon revealed an even I was doing exactly what my parents taught me to do with revolving credit. So, that’s good advice, keep your confidential information confidential and if you do want to help somebody out, then fine, give them cash because that way you’re only giving them the cash that you can afford to give them. And whether it be student loans, credit card debt, a mortgage, or a home loan, debt can hold you back from both big and small life decisions. Would you like to open a new account? Doug Hoyes: So, if they say nope, the interest clock keeps ticking then that’s the way it is. Everything was great. Participants also reported that their debt-related problems often resulted in negative side-effects, such as depression, anxiety, and stress, as well as harm to job performance and personal relationships ( Figure 3 ). Hi, it’s me, I can’t get a car. Howard Hayes: For sure, Doug. But because Jackie and Frank own their home outright, they really don’t have a lot of options. They were assuming that I was this man. Mike would be working full-time and maybe Kelly is staying home with the kids. So, I knew a little about collection agencies and what they were doing. such a nightmare, be sure to keep an eye on your credit card balances. So, what’s happening is they’re getting behind. Rebecca Martyn: Unfortunately, yeah I have. The Moral of this Story: There was no reason for Jane’s mother to pay off this debt and you cannot go to jail for having debt. I won't go into the horror story of what trying to modify my loan was like. Parental Warning:This eBook contains material that may not be suitable for young readers aged 17 and under. Doug Hoyes: So, there you’ve got two stories about debt collectors, but it’s not just collection agents who can tell scary stories. So, being proactive and making sure that the government programs that are available to you are easily accessible. One Person’s Battle With Sinister Student Loans. Instead, research low or no-interest emergency loans offered by You just go into the bank and change your pin number there? So, based on that story, what is the advice you would give people in that situation? A single mother who fell behind on payments and received knocks at her door. Mon-Thurs: 8am-6pm card company told CNN that the rate never should’ve gone so high, he felt that Brief Intro: It felt quite normal since mortgage debt is pretty common. They’re behind on all of their bills and now they’re having to take out payday loans just to buy groceries and take care of their basic necessities. He knew his birthday; he might have even known his social insurance number. The Moral of this Story: Don’t share your personal information with anyone (even a best friend). CTRL + SPACE for auto-complete. And we got called every name in the book and he hung up on us and he called back to swear at us because he was clearly emotional about it. He offered to lend him some money, but instead of cash, gave him access to his bank card and PIN. But to be wiring money to somebody you don’t even know, who you just heard of, is obviously the wrong approach. 1-866-747-0660 In 2012 I had only paid $1,000 toward principal. 6 second take: Anna Perry* is saddled with a huge amount of student loan debt, much of which is compound interest. The other story was about a young woman who got caught up with a very high interest finance loan. $10,000 limit was maxed out. It is a very long story but this amount was on an original loan that was $50,000. Story #1 – I Was Told I Would Lose My Kids If I Filed Bankruptcy, Story #3 – My Best Friend Took Out Debt In My Name. So, that’s obviously a scary story when people are calling you for debts that don’t even belong to you. But not paying your debts is a civil offence, that goes to civil court. And if you get a little bit behind when you’re working you can work some overtime, maybe pick up a part-time job. After informing a collection agent that she intended to file bankruptcy, they told her that if she did, child services would be notified and take her children away. These tales of bad credit, lost cash, payday loans gone wrong, and years spent … But, he avoids paying a median rent of $4,500 per month, so there’s that. I’ve got credit councillors and bankruptcy trustees to tell stories of how collection agents try to scare people into paying money. My house sold for $55,000 cash. rear its ugly head in your life, even when you think you have your finances It’s our special Halloween edition and I’ve asked my guests to tell me scary stories about debt. Horrified, thinking they must’ve been hacked, Listen to the full episode to hear these scary debt stories: A man who owed double his original debt due to compound interest. Have you got any stories about a typical couple then? Nicole Olsen: Well, I did have a client, Rebecca, she was a single mother of three and she was collecting Ontario Works, so she’s on a very limited income. Doug Hoyes: And that certainly becomes a scary story that’s for sure. A single mother who fell behind on payments and received knocks at her door. To save yourself from Rather than giving his friend access to his entire account, Jeremy should have taken out the cash so that only that amount could be withdrawn and budgeted for. Over the course of three years we’ve followed Anna Perry* and her financial horror story — specifically the half-million dollars in student debt she racked up, largely for law school. anything. So, eventually what happened is ’cause he had such a good credit rating throughout his working career, he was able to accumulate over $70,000 worth of credit debt, within a 10 year period of time. One of her clients was receiving collection calls and one day, a collection agent decided to call her 70 year old mom in an attempt to get payment for the debt. Rebecca Martyn: Well, this one was actually a client of mine who came to see me awhile ago in the Leamington office. A very familiar story would be the story of Jackie and Frank. And a lot of times if the consumer can get on side with the collector, they can avoid the nastiness. Advertising Disclosure. Here you go. under control. Write CSS OR LESS and hit save. And when I put out the word for scary Halloween stories, or scary stories that relate to debt, you said hey I got all sorts of them. So, the really scary thing is interest and consequences. $2,500 to cover emergency medical bills. And Mike, like many Windsorites that we see, is getting laid off and he’s jumping from job to job. And obviously she was very distraught and upset. I was sexually assaulted a while back. If it’s a $300 purchase you’re right. There has to be open lines of communication between two people in a marriage. Today she lives on a boat and is working her way through the debt. You, as the collection agent, are acting on instructions from them. If you’ve been affected by any of the issues David has raised, you can get free financial and debt advice via The Money Advice Service or a debt charity such as Christians Against Poverty or Step Change . 14. Sign up for our newsletter to get the latest articles, financial tips, giveaways and advice delivered right to your inbox. Each of my guests told me some pretty shocking stories that are unfortunately, all too common. But there are other stories. Learn more about who will actually know you filed personal bankruptcy. Hoyes Michalos provides residents of Ontario burdened with debt a fresh start. So, let’s get to our first scary story about debt. And change it frequently, every six months or so you should be considering changing your pin number so that if it is compromised you’re kind of mitigating all these damages. And he asked can we make a deal? I am going back to Windsor again for our next story. A bankruptcy trustee who received collection calls meant for someone else. Licensed Insolvency Trustee, Rebecca Martyn explains a scary story that unfortunately, is not uncommon. In the finance world, it’s not uncommon to hear shocking stories from clients about threatening calls from collection agents or how they got into debt in the first place. So, what’s the –. Both Frank and Jackie worked during their careers so they have good pensions. So, there was some great stories from Nicole Olsen who is a credit counsellor based in Windsor. Listen to all eight of our guests’ stories in the podcast or read them in the full transcript posted below. So, Blair thank you for coming back. The creditor isn’t going to be reasonable or forgive interest when he’s told us to go to heck in a hand basket. Blair Demarco-Wettlaufer: Exactly. But lo and behold, a month later, Jeremy finds out that what his best friend actually did was he registered his online banking for him and then started opening up bank accounts in Jeremy’s name. On today’s show, I’m joined by Hoyes Michalos Licensed Insolvency Trustee, Howard Hayes, collection agent Blair Demarco-Wettlaufer, credit counsellor, Nicole Olsen from Fitness Financial in Windsor and Licensed Insolvency Trustee at Hoyes Michalos, Rebecca Martyn from our Windsor and Leamington offices to hear some of the scary stories that they’ve heard over the years. credit history to ensure you haven’t fallen victim to identity theft. I was sexually assaulted. So, what in hindsight would your advice have been to Rebecca? And she needed a new bed for her oldest son ’cause he was outgrowing his. Those were both stories about younger people. I guess one of the most interesting stories that I’ve had recently is of a client named Jeremy, his name’s been changed, but he’s in his 20’s. Survived for a lease on some furniture debt crisis my Cambridge office the! Compound interest my guests to tell anything, who is our Hoyes Michalos provides residents of Ontario burdened with a! Open up, your options are really limited not your debt, that another... Me the stories me the stories personal debt horror stories amaze you were about to go to the transcript... That was another part of what trying to buy a cheap takeaway dinner,. A quick break and I ’ ve had people use their eight year olds to screen phone! 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