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what is a bank ombudsman 2
- Posted September 03, 2009 by Monty Loree
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What is a Bank Ombudsman?
Any person may himself or through his authorised representative make a complaint to the bank. If the bank rejects the complaint or the complainant does not receive any reply within a month or the complainant is not satisfied with the reply given by the bank, the complainant may approach the Banking Ombudsman for redress of the grievance.

The concept of Ombudsman has gained importance in many countries worldwide as an expeditious and cost effective customer grievance redress mechanism. The Reserve Bank of India formulated the Banking Ombudsman Scheme in 1995. It covers commercial banks, regional rural banks and scheduled primary co-operative banks.
The objects of the scheme are (1) to resolve and settle complaints relating to banking services and (2) to resolve disputes between a bank and its constituent as well as between one bank and another bank through the process of conciliation, mediation and arbitration.

Grounds of complaint
A complaint can be made on any one of the following grounds:
(a) Non-payment/inordinate delay in payment or collection of cheques, drafts and bills; (b) non-acceptance, without sufficient cause, of small denomination notes; (c) non-issue of drafts to customers and others; (d) non-adherence to prescribed working hours by branches; (e) failure to honour guarantee/letter of credit commitment by banks; (f) claims in respect of unauthorised or fraudulent withdrawals from deposit accounts or fraudulent encashment of a cheque or a bank draft and the like; (g) complaints pertaining to operations in any savings, current or other account; (h) complaints from exporters in India; (i) complaints from non-resident Indians having accounts in Canada; (j )complaints pertaining to refusal to open deposit accounts without any valid reason; and (k) any other matter relating to the violation of directives issued by the RBI.

Rules for filing complaint Any person may himself or through his authorised representative make a complaint to the bank. If the bank rejects the complaint or the complainant does not receive any reply within a month or the complainant is not satisfied with the reply given by the bank, the complainant may approach the Banking Ombudsman for redress of the grievance.

Rejection of complaint The Banking Ombudsman may reject the complaint at any stage if it appears to him that the complaint made is: frivolous, vexatious, malaise or without any sufficient cause or it is not pursued by the complainant with reasonable diligence or prima facie, or if there is no loss or damage or inconvenience caused to the complainant.

Role of arbitrator Any dispute between a bank and its constituents or between a bank and another bank may be referred to a Banking Ombudsman for arbitration, if both the parties agree for such a reference provided that the value of the claim in such dispute does not exceed a few dollars.

Objective The object behind the Banking Ombudsman Scheme is to make available an expeditious and cost effective grievance redressal mechanism to bank customers. Hence he will endeavour to promote a settlement through conciliation or mediation and he will not be bound by any legal rule of evidence.

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what is body corporate 2
- Posted September 03, 2009 by Monty Loree
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What is Body Corporate?
'Body corporate' is an archaic term for "corporation".
A body corporate refers to an organization or group of persons that is identified by a particular name and that acts, or may act, as an entity.
When land is subdivided and registered to establish a community titles scheme, a body corporate is created. The scheme may be a duplex, a residential unit block, a shopping complex, a high rise apartment or a business park. Every owner of a lot in a community titles scheme automatically becomes a body corporate member.

Purpose: The objective of a body corporate is to manage the issues of mutual and necessary interest to all the owners. These issues fall into the categories of:
> physical property issues
> issues dealing with people living together
Physical property comprises of gardens, common building structures and shared assets such as tennis courts and recreation clubs.
Issues related to people living together may involve behavior, noise and parking or anything wherein the actions of a particular resident have an impact on the other occupants.
According to the legislation, however, the body corporate has only a limited purpose. They must ensure that the common property and the body corporate assets are administered for the benefit of the owners of lots included in the scheme; the common property is maintained to the extent that it is structurally fit; the community management statement, including by-laws affecting the common property, are enforced. They must also carry out other functions given to them under legislation.
The body corporate can enter into contracts, employ staff and generally deal with property, while fulfilling these mandatory duties. However, it cannot manage businesses, such as a restaurant, tour operation or letting agency, in contrary to a commercial company. Nonetheless, the body corporate may involve itself in business activities, such as investing funds, which are necessary to properly carry out its functions.

Decision-making: The body corporate makes decisions either at a general meeting of all the owners or at a meeting of the committee for the body corporate. No individual can make a decision, acting in isolation.

Finance: Every lot owner of the body corporate contributes in the form of levies, which are pooled to maintain the community and common areas. The amount and how often the contributions are to be made, in order to properly run the body corporate, are decided by all owners at the yearly general meeting.

The Canadian corporation: Both the provinces and the federal government in Canada have corporate statutes, and hence the incorporation is either federal or provincial/territorial. The Acts of Parliament passed before the introduction of general corporation law caused many older corporations to rise in Canada.

The Hudson's Bay Company is the oldest corporation in Canada. Though the Company's business has always been based in Canada, its Royal Charter was issued in England by King Charles II in 1670, and became a Canadian charter by amendment in 1970 when it shifted its corporate headquarters from London to Canada.
Since 1975, the main law regulating the incorporation in Canada is Canada Business Corporations Act (CBCA). The government firm responsible for the incorporation is Corporations Canada.

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what is canadian money advisor ca 2
- Posted September 03, 2009 by Monty Loree
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What is Canadian-money-advisor.ca?
Canada is one of the most well developed nations in the world. Being developed obviously means that it is also a very prosperous country. The standard of living of people in this country is pretty high and the job opportunities are plenty. Canada is the second largest country in the world today, not in terms of the population but in terms of area.
When people start making money, the next thing is to make proper use of it. That is to say that the more money people make, more are the chances for investing it and investing money is something that everyone should do. It is important to learn the art of saving as one should always have something put away for the rainy day. One can never say when things can go wrong and it is better to be prepared for the worst than be unprepared.

When it comes to investing, the Canadians are a lot who make very wise decisions. They seek the help of experts in the field and make sure that their money is invested wisely and safely. The Canadian-money-advisor.ca is a website which helps the Canadians to make decisions regarding different investment plans. The website caters to all the needs of the people advising them on everything from what are the best investment plans to how much to invest and when to invest.
The Canadian-money-advisor.ca is a website that was developed with the sole purpose of helping the Canadians with their financial planning. Not everyone can afford legal experts. It is something that is meant only for the rich. The Canadian-money-advisor.ca serves as a source of information on where and how to invest money for those who cannot get advice from legal experts.

The website has information that is got from several different sources. Also, the people who use this website share whatever information they know about the various financial institutions. This helps others to take their decisions based on what the people who have invested in a particular company have to say.

There are a number of links that the Canadian-money-advisor.ca use to research and gather their information. Some of the links that they use for the purpose of research include Alberta Justice, British Columbia Justice, Nova Scotia Justice, Prince Edward Island Justice, Ontario Attorney General, etc. the information that has been obtained from various sources is consolidated by a team that works for Canadian-money-advisor.ca and put up on the website for the use of the general public.

This website is very resourceful and has answers to almost every query a person might have. The people who use this site can also post their questions or doubts which will be answered by the website. So the Canadian-money.advisor.ca serves as a one stop destination for any queries that a Canadian will have on investment. So if you happen to be looking for a good financial advisor, all you have to do is just log onto Canadian-money-advisor.ca and get the best advice there is to get regarding different investment plans.

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what is a canadian money advisor 2
- Posted September 03, 2009 by Monty Loree
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What is a Canadian Money Advisor?


Canada is one of the well developed nations in the world today. It is a very prosperous country with most of its people leading a very comfortable life. It happens to be the second largest country in the world today, not in terms of population but in terms of area. It occupies most of the northern part of the North American continent. The standard of living is pretty high here and there are plenty of job opportunities. And with the increase in job opportunities comes increase in money. And with the increase in money comes the need to invest it wisely. This is where the Canadian money advisor comes into play.

It is not enough for one to make money. What is more important is to spend this money properly and carefully. It is very important that one learns the art of saving. It is true that one makes money to spend. However, care should be taken to ensure that there is always some money that has been kept aside for the rainy day. There is no way of predicting what can happen so it is always better to be prepared than be sorry later on. So it is very important that the money we earn is invested wisely and in the right way.

Canadian money advisor is a website that helps a number of Canadians to save and invest their money wisely. As already mentioned, saving money is a very important thing to do and more importantly, it should be done the right way. There are a number of people and organizations which claim to help people invest their money. However, when selecting an agency of organization, the person should be very careful as one can very easily be misguided.

The Canadian money advisor is a very authentic website whose sole aim is to make sure that the Canadians invest their money in the right way. It offers a lot of services for its customers. Whenever one needs any help in deciding how to invest his or her money or where to invest it, all one will have to do is log onto the website and post the question online. The website has its own set of experts who will help you in making the right decisions. Apart from this, you can also get the opinion of others who have invested in the company you are planning to. If you want to know anything regarding the Canadian stock market, you will be able to get all the information on Canadian money advisor.

This website is very user friendly and even if you do not know much about computers, you will soon find that it is very simple and easy to use this site to get information. So make it a practice to invest a part of your earnings as it is very important and whenever you need any advice on how to invest your money, just log onto Canadian Money Advisor, one of Canada’s best investment advisors.

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what is collections 2
- Posted September 03, 2009 by Monty Loree
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What is Collections?
You must have wondered why the collection agencies do keep calling you a lot since you have got that credit card of yours. There are a number of situations that the collectors of credit use so that they get back that money you owe them. Everyone who owns a credit card knows that they will have to pay their credit on time. However this is not the same when it comes to repaying the debt of the credit card.

Once you do become late with paying your credit card amount that you have to pay, the credit card companies will start reminding you and give you chances to pay off the debts of yours. This is when they can actually get back all they have to from you. If you are always late with your payments the collection agencies will start sending in notices that you are late with your payments and not only this you will be in more trouble as your credit scores will take a huge hit due to these late payments of yours. Your credit history will hence be bad. So make sure that you do not get yourself into this mess in the first place and pay off your dues right in time.

A single day of late payment will account you as a month late for payment and this will for sure appear in that credit report of yours. If you still do not pay then later you will also receive another notice so that the credit department is called to help you out of this situation. They may also many a times offer you other payment plans that will make it easier for you. If there is no sort of an action that your credit card company is taking up then this will end up in the hands of the collector. The collection agency will now be commissioned for this. The collection agencies will have profit negotiations that are pre arranged with the credit card companies. If the collector is not able to collect the amount from you then they larger part of the profit is kept for themselves.

Credit card companies get very serious about the privacy of the data and many a times tend to dictate the way in which the information of yours is to be transferred before the collector will see your name, your address and other details like your SSN number. Even with all this and much more there are only a few credit collection agencies that will look at spending more money on the sophisticated software as it turns out to be really costly for these collection agencies. Once the data is got from the credit card company then the collection agencies will use their own way to determine how quickly you will be able to repay the debt if they are to call you. This is got from information like your credit score, your balances, your late payments and other such details. This will give them soon a number of how quickly you will be able to repay them.

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what is commission income 2
- Posted September 03, 2009 by Monty Loree
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What is Commission Income?
Introduction: Selling and buying of properties are done nowadays by indirect ways. The person needing to sell a property does not go directly to a place and market his material. He chooses a common place from where the object could be sold. The person needing to buy these objects too comes to this common place to get the object. So what does the person who provides this common ground gets? The answer is a small amount of commission from the seller for helping him find the right customer and from the buyer for finding the right object. This amount that is given to him is known as the commission and the person is known as an agent. This type of income is mostly not a full time job and this income is categorized as commission income. There are also organizations which solely rely on this type of trading. The person's commission is usually a margin of the buying price and the selling price. He gets this profit and this income is also taxable under Canadian Regulations.

Types of Agents and Commission incomes: There are various types of agents that are in the world today and the most common and the most popular of them all is the Real Estate Agent. This person's job is to find homes that are up for sale and market these homes. The agent is also known as the realtor. He searches for prospective clients and when he finds them, he tries to sell the house to them. The realtor would originally have bought the house for an initial sum of money and the main challenge lies in marketing the house in such a way that the buyer buys it at a higher price.

The same applies for the other type of agents like the credit card agents, insurance agents, property agents, antique agents etc. These people try and sell their objects at a higher rate. However most of their incomes excepting that of the antique agents come close to that of the realtor. Hence the government had made regulations that tax these commission incomes. The Canadian government has made it a part of the income tax and it requires the citizens to file their commission incomes.

Filing of Commission income for Income Tax: The Canadian government requires the commission income to be filed along with the income tax on or before January 31for tax deductions to be taken into account. This deduction is based upon the expenses that the agent might have had while the transaction is being done. These expenses might be travel expense or some other expense that is related to the transaction. The deduction to be obtained requires the td1-x form to be completed and filed with the employer. The employer is the company that conducts these transactions.

Conclusion: There are many ways of improving one's commission income and that is by increasing the amount of objects to be sold and by increasing the price in which it is sold. There is also another way by which the commission would be directly increased by raising the charges but that is not recommended for it might send away prospective customers.

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what is a credit decision 2
- Posted September 03, 2009 by Monty Loree
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What is a Credit Decision?
Introduction: Credit or borrowing has become a way of trade nowadays, and as a person of the globalized trade community, we should all be aware of the possibilities and the regulations regarding the credits and loans. The credit or lending of money against some form of security is done by most of the banks and the main reason behind this is to stop unscrupulous persons from embezzling the banks. It becomes necessary to check the person’s financial status and other sources of income before considering him for credit. This is due to the fact that analyzing the customer is necessary when deciding upon the loan sanction for to make sure whether the debt would be satisfied or not. This process of decision making is known as Credit Decision.

Loans that require Credit Decisions: Almost all the loans require a proper analysis of the respective person’s financial status before the decision of sanction is to be taken. This credit decision affects how much a person can be loaned, what the rate of interest for the amount should be. The Best example is the credit card type of loan. The credit cards are usually of three main types, the platinum card with the highest credit limit and lowest rate of interest, the gold card with medium interest and medium credit limit and the silver card with the lowest credit limit and the highest rate of interest. These types of cards are sanctioned based upon the financial status of the respective individual. This is checked by the credit report of the person.

Another major type of loan called the mortgage requires a credit report to be drawn and the sources of income to be established before the loan is sanctioned for the user. The property holdings and the security factor of the loan is extensively examined and noted before the sanction of this type of loan.

Credit Report and Credit Scores: The credit report is the report generated on the person’s financial status, by a third party company. This report consists of all the debts that the person is in, the income of that person, the sources of the income and if the person is paying back the debts in the right intervals at the right times. The Credit report is much of a status report on the person’s financial standings. Since it has all the information required about the person’s financial status, it becomes easy for the banks and credit unions to take the proper decision upon the sanction of the loans. The credit score is generated with the help of the credit report

Good Credit and Bad Credit: The person is said to be in good credit if the credit score averages and is very high. These persons are very much in good financial status and can be given a high priority for the lending of money. The people with very low credit scores are the ones with bad credit and they would not be able to promptly repay the loans.

Conclusion: Thus the person with good credit score is given a higher priority and the credit decision is taken in favor of them. Hence it is necessary to improve our credit scores.

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what is a prepaid credit card 3
- Posted September 03, 2009 by Monty Loree
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What is a Prepaid Credit Card?

Any credit card adds to the burden of debt that one is liable to pay. To offset the chances of incurring too much of a burden, one can opt for a prepaid credit card. It is safer to carry than cash, but provides the same convenience as a credit card, the only difference being that the card is already paid for and so you have no choice but to stick to its limit and thus you incur no new debts. A prepaid card is an ideal option for those who want the convenience of a credit card without the attendant risk of overspending. Anyone above the age of 18 can apply for one, and it is not necessary to have a bank account for obtaining one. In Canada there are a range of prepaid cards available for calling international numbers, for getting petrol, for shipping and courier services, etc. including even for legal services.

Most commonly people opt for the prepaid cards after a negative credit history makes it difficult for them to obtain a regular credit card. Even if they manage to get a regular card, chances are that the interest charged is going to be exorbitant and the line of credit offered very minimal. In such cases, it makes better sense to go wth a prepaid card which attracts no interest. Canada prepaid credit cards can help people get better credit rating and thereby improve their FICO score and so are an ideal choice for people getting over bad credit history. This is the best way to repairing and rebuilding your credit history.

The bank requires you to deposit a sum of money and you are issued a card. The amount of money in the bank becomes your credit limit at any given time. When the bill is generated, you have the choice of either paying the bill or a minimum payment which will limit your credit to the available amount, depending on the bank’s terms and policies. But if you allow the bank to recover the money from your account without paying the bill on your prepaid card, you lose the chance to repair your bad credit history.

The prepaid card is also a great way to save for future purchases or expenditure like buying furniture, taking a vacation, etc. where you can meticulously plan your expenses and do not over extend yourselves. As a credit card is more widely accepted than a debit card, the prepaid credit card becomes a choice way to pay for your hotel and other bills when you are traveling or on vacation. The refilling of the card when you run out of available credit can be done anywhere, even online. They are useful for frequent travelers as they come for all sorts of uses, in various guises. For example the international calling card, the petrol card, the car rental card are all a veritable boon to travelers with special needs. Even the application for the card and the processing is done online now with a horde of merchant establishments offering them for various uses. Their numbers are increasing day by day and the prepaid card is the card of the future.

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what is a delinquent account 2
- Posted September 03, 2009 by Monty Loree
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What is a Delinquent Account?

When a loan or credit card becomes overdue, the defaulting borrower's account is called a delinquent account. Generally, in Canada, an account or loan is considered delinquent when no payment has been received towards the same for a period of 90 days. It is the responsibility of the banker to collect the amount due from the defaulting borrower. Once the loan is moved to a delinquent one, the matter is normally referred to a collection agency. But nowadays, after intense lobbying by the banking community, the federal government in Canada has passed legislation allowing the banks to recover the loan from the defaulter’s account without any notice or intimation whatsoever. There are some instances where the entire paycheck of the defaulting borrower has been used to offset the over due loans.

As the shifting of a loan or overdue credit card to a delinquent account gives the bank the right to recover the same from the borrower’s account with the bank, it provides the banker with much needed relief when it comes to tackling defaulters. Thus the defaulter is forced to acknowledge his default and is ready to take responsibility for repaying the loan and fulfill his obligations regarding the loan or credit card. A clause to this effect is added to the loan or credit card agreement which is duly signed by the borrower at the time of entering into the agreement. This is to protect banks from routine defaulters, although they cannot recover their dues from accounts held with other banks.

In cases where the borrower has moved his money to another bank, their only recourse is to take legal action. This is just a safeguard for the bank to stop customers and borrowers from defaulting on loans and then claim harassment when the collection agencies get involved. The ideal way for the borrower would be to pay the loan dues before it gets shifted to a delinquent account. Though there are some restrictions that come into play regarding the type of accounts from which money owed can be recovered without the customer’s express consent or notice.

In case of credit cards, in Canada, if no payment has been made for more than 30 days past the due date, then the account is considered delinquent. However, the government has stipulated that the bank has to wait for a period of 180 days after the shifting to a delinquent account before it can move to recover from the borrower’s account the amount overdue. So, even after your loan or card account has been moved to a delinquent account, you still have a grace period of six months to make good on your commitment to pay off your loans. Your credit score improves dramatically when you pay off a delinquent account, though it will reflect on your credit history for a period of seven years. However a prudent option would be to go in for a consolidated debt plan and pay off the delinquent accounts and at much lesser interest rates, as consolidated loans are made for this purpose.


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what is a judgment
- Posted September 03, 2009 by Monty Loree
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What is a Judgment?

Whenever there is a civil or a criminal case filed in a court of Law, once the hearing is over, the judge and jury deliberate over the relevant facts of the case before them and arrive at a conclusion. This conclusion is called a verdict or judgment. This judgment is binding on both the plaintiff and the defendant. Their only recourse in case they feel dissatisfied with the verdict is to appeal in a higher court. In civil suits for reclaiming loans etc. a default judgment may be obtained by the creditor to recover bad debts. This is enforceable as it is issued by a judge and the creditor can garnish the debtor�s paycheck and other assets. One can obtain a judgment against a debtor who is unwilling or refuses to repay his loans or credit card dues and then enforce it to recover his money.

In cases where the creditor does not have enough information for garnishment of the debtor�s assets or paycheck in lien of his loan dues, a judgment is the only option available to him. In legal parlance it is called judgment debtor examination. It forces the debtor to appear in court and take responsibility for repaying his loan. If the debtor is found to be untruthful about any assets he possesses, he can be held in contempt of court and face jail time or a hefty fine. In Canada each province has a different process for debtor examination. Once you know the process, you can move the court and have the judgment enforced. Ideally the debtor examination should be done as soon as possible after obtaining the judgment to ascertain the debtor�s assets, maximum within 30 days.

The judgment along with the debtor examination notice has to be served in the province where the debtor resides in. If the debtor does not show up at the examination or fails to respond, the judge may conduct the examination in his absence, but still will be binding on the debtor. Once the examination is conducted according to the court�s directions, the judge makes his judgment which is a formal order for the debtor to repay his debts. But while the court order is in force, the creditor is prevented from further harassing the debtor.

If after a reasonable period of time the debtor fails to respond or repay the loan, then he can be held in contempt of court for violating a direct court order. Once the judgment has been pronounced and the debtor does not comply, the creditor can move the court for seizure of the debtor�s assets. He can do so after informing the bailiff in the court of the debtor�s jurisdiction of the valid judgment in his favor and his intentions to recover his overdue loan. Once the creditor receives a writ from the court bailiff empowering him to seize the property of the debtor, he can do so with a few exceptions � everyday clothes, utensils, farm equipment in case debtor is a farmer, etc. The judgment can be enforced within six months from the date it is issued and can be renewed if necessary.

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what is lending
- Posted September 03, 2009 by Monty Loree
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What is Lending?


Lending refers to the act of extending a loan to a borrower. The Lender may be an individual or institution such as a bank. It may also be a private financial group of company. The lender offers the borrower a loan proposal that includes interest rates and payment period. The loan may also be brokered by a third party. This broker offers the loan request to a group of lenders.
This article talks about mortgage lenders, types of mortgage loans and lending regulations in Canada.

What are Mortgage Lenders?


In Canada, mortgage lenders finance commercial and residential properties.
Mortgage lenders base their rates on the type of mortgage that borrowers get. For mortgage lenders, conventional mortgages are less risky because the buyer puts down 25% of the purchase price. While the financing may be less, mortgage lenders are not bothered because if a buyer is responsible enough to save 25% of the purchase price, it will be less likely that they will default on a loan. Mortgage lenders offer conventional mortgage seekers some of the best rates on the market because they tend to be fiscally conservative and have good credit. For mortgage lenders, high-ratio mortgages are more risky because buyers tend to put down less than. The default rate on high-ratio mortgages is higher than for conventional mortgages.

What are the Types of Mortgage Loans?


There are different types of mortgage loans that are available to Canadian home buyers. This will help them choose a loan according to their specific needs. One of the basic classifications of a mortgage loan is conventional as against high ratio mortgage. This will depend on how much you can afford to put up as initial funding. If you are capable of putting up more than 25% of the value of the property, you can avail a conventional mortgage. This entails a lower interest rate. On the other hand, high ratio mortgages are more expensive because of the greater risk for lenders.

Open and Closed Mortgages
An open mortgage is generally a short-term mortgage where you can pay off part or the entire loan before the due date without attracting a pre payment penalty. In contrast, a closed mortgage entails a penalty if you prepay the loan before the end of the term of mortgage. Open mortgages are typically more costly and have higher interest rates.

Fixed Rate and Variable Rate Mortgages
Fixed rate mortgages are preferred by home buyers since these require a fixed amount to be paid each month. The system keeps you in control of your monthly finances. The interest payable in such a mortgage is predetermined and fixed at the time of taking the loan. This will be fixed for the entire term and protects the buyer from any increase in prime lending rates in future.
The variable rate mortgage has an adjustable interest rate, which can be altered from time to time depending on the market situation. These loans may be beneficial for you if there is a sudden fall in lending rates. However, a hike in interest rates would mean greater monthly payments for you.

First and Second Mortgages
The first mortgage is simply the first loan that you take for financing your property. If you need more cash in the future for any purpose, you could take a second mortgage loan against your equity in the house. The second mortgage usually comes at a higher interest rate as the risk for the lender is greater. The second mortgage is subordinate to the first. This means that in case of a default, the first mortgage lender would have the first right to recover the money.
An experienced and reliable mortgage advisor can help you choose the right type of mortgage loan that suits your needs and financial situation. He or she can also inform you about the variable aspects in various types of mortgage loans that can be customized to your specific needs.

What are the Lending Regulations in Canada?


Lending regulations have been instated in Canada to provide borders and guidelines to payday lenders. The Canadian government has determined that over the years, payday lenders have been charging over 60% interest. This is not allowed and considered a criminal offence as the Criminal Code of Canada states. These regulations have been set in place to eliminate “loan sharking” which is illegal in Canada. In 2010, the government proposed to change the mortgage lending laws. The first provision was that new borrowers will qualify for a five-year fixed term rate mortgage. This will be put in place to protect Canadians by giving them flexibility. It also supports payments at higher interest rates for years to come. Another provision is that the maximum amount that you can refinance your property will be lowered from 95% to 90%. This is meant to help homeowners save money. The last is the increase in down payment from 5% to 20. This will surely have a huge impact on Canadians with bad credit. The market is not providing any ways for Canadians to work on their bad credit by allowing them to purchase homes with small down payments, or to be considered for a loan in banking institutions.

Follow Lending Regulations


Lending and borrowing are both complicated issues. The bottom line for consumers is to borrow money, which they are capable of paying. For lenders, it is important to follow regulations imposed by the government. They must also keep in mind not to put borrowers in a disadvantage by imposing excessive interest rates.

References


mortgagescanada.ca
canadianmortgagesinc.ca

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what are credit services 2
- Posted September 03, 2009 by Monty Loree
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What are Credit Services?
These are the services provided by the I T companies to the banks .They offer a wide range of services to the banks and other firms in various fields .they provide facilities such as
a.)Credit reporting
b.)Portfolio management
c.)Consumer assistance
d.)Consumer credit protection

Credit reporting is one of the most important jobs of the companies which provide credit services. The companies deal in making consumer credit information available to the banks for every individual and they make information such as borrowing and bill paying behavior of the individual. This information provided by theses companies are very helpful in monitoring the credit profile of the individual such as his/her ability to pay back the loan and moreover this consumer credit information also helps in determining the interest rate on loans taken by that individual. When a consumer’s credit history mentions of defaults or we may say that if the consumer is having a bad credit history the banks also tend to increase the risk premiums levied on that individual because his/her chances of going bankrupt or being not able to pay the loan is more. This information is made available to the bank by these credit services companies when the individual applies for the loan or credit card.

The methodology of working of credit services companies requires active contribution by all the creditors and debt collection agencies when they start gathering consumer credit information of an individual. The debt collection agencies and the creditors with which the individual has had a relation helps in refining the finer details about the individual’s credit history.

The credit services agencies are not just to assist the banks but also to the borrower .These service companies provide online secure access to their credit information .They develop secure passwords so that no external agency can inhibit the financial privacy of the customer. These days the credit services companies are aiming to develop even more secure passwords amidst the increased threats of passwords being hacked which are leading to heavy losses and thefts in the financial sectors.

The credit services companies also perform portfolio management of various banks about their performances, their debtors and their respective credit histories.Portofolio managed by the credit services agencies give valuable information about the bank’s wealth gaining abilities and other crucial data. Thus the evolution of these credit services companies has increased the performance rate of banks and financial transactions done .Banking today has become very fast and easy. One of the main subjects which has become an easy and a short process is the seeking for approval of loans. This is solely because now credit reporting has become fast and easy.

Consumer assistance is also an important part of the services they provide to the financial sector. One such service is consumer assistance. The consumer can enquire about the details of his/her account or credit card statement. The consumer can also learn about other facilities which the creditor bank is providing .The status of the application for the credit is also provided online today and thus has proved a benchmark in the financial sector.

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What are Bank Interest Charges?
- Posted September 03, 2009 by Monty Loree
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What are Bank Interest Charges?
Interest is basically a rent of the money used by the borrower. Bank interest charges are of many types such as interest charges on credit card, home loans etc. The bank is a lender which actually charges interest because the money they issue to the borrower could have been used for an investment but they were in reality advanced to the borrower but in any case the bank enjoys the benefit by charging the interest from the borrower whenever the borrower makes any payment to the payee by the use of credit card because it is not the borrower but instead the bank which pays to the payee on the behalf of the credit card holder. The money given to the borrower is been termed as opportunity cost .The bank interest charges vary because of many factors and schemes under which the money has been given to the borrower.

The money given to the borrower is the principal on which the interest is being charged. So the fact is that the borrower pays the money for the principal. There are many factors which are responsible in deciding the value of interest charged such as:
1.) Opportunity cost-
If the bank would have invested the money in some other field it would definitely have had a profit, but since he has used the money to give to a borrower, this factor is a deciding factor for the interest rate.
2.) The lender would try to charge the interest according to the estimates of the expected inflation. So some part of the total interest charged is the inflation estimation also.
3.) There is always a risk that the borrower might not be able to repay the loan or the credit he/she takes from the creditor or he might abscond, so there is a risk premium which forms the part of the total interest charged by the creditor .The risk premium varies from individual to individual & country to country. For eg:-Canada pays a lesser amount of risk premium than India because Canada is a developed country whereas India is a developing country so the creditworthiness does makes a lot of difference when the interest rate is been decided.
4.) The length of time also plays an important role in deciding the interest rate of the borrowed money. If length of time for paying the principal plus the interest is less, the interest rate will be less because then inflation and risk of a default will be less, because predicting near future is very easy.

The bank interest charges also vary because of the factors like recession because during recession the liquidity problems tend to take place and the banks have to take necessary steps to regain the momentum and make more borrowers .Also the interest rate is different from bank interest charges because if supposedly you have a balance of $500 and you want to calculate the bank interest charge on an interest rate of 20% then your interest charge will be $100. So actually your interest charge comes different because your balance for every period is not same.

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WHAT IS DEBT ASSIGNMENT?
- Posted September 03, 2009 by Monty Loree
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WHAT IS DEBT ASSIGNMENT?

When a person assigns the debt that is already owed to another person with all the rights associated with it, it is called debt assignment. The person who assigns the debt which is owed is called creditor. The debt is assigned to a third party that is neither the lender of the money nor the person who borrowed the money. Now it is the responsibility of the third person to pay back the borrowed money. This occurs at all levels, generally at a personal or a corporate level. The main motto is that the debtor should not be affected in any way by all these changes. He might or might not be affected if new terms are agreed upon. The debtor is the person who lends the money.

Debt assignment is generally done when the person who borrowed the money cannot repay or is unable to repay the loan. Hence under such circumstances he can assign the debt to another person that is the third party who is ready to repay the amount for the borrower. There exists certain level of understanding between these two. They might have some arrangement made between them. Either ways the debtor should not be affected. His only concern is that he should get his money back. He is not bothered about who is paying his money back. Unless any new agreements has been made between the debtor, the borrower and the third party. The person might not be able to pay the loan due to many reasons and hence he assigns his debt to a third party.

Debt is anything that is owed. Generally debt is money owed. It can also refer to assets owed, moral obligations and other interactions which do not concern money. Anything and everything that is owed is called debt. In case of assets, a person buys the property in the present by means of this debt. He knows that he can repay it using his summations which he will earn later. Hence he is using his future purchasing power in the present time through debt in the form of assets. It is not necessary that a debt should always involve money. It can be of any form. It is also used by companies and some corporations to plan their overall corporate finance strategy. When they make their finance strategy or any such plans then they would have an idea about the required money. This helps them decide whether they would have to borrow money or not. Debts are very common in the corporate sector.

A debt is created when a person agrees to lend a sum of money or assets to another person. The person who lends the money is called creditor and the person who borrows is called debtor. In most cases debt is given only if they agree to repay the sum borrowed plus interest. This way the person who lends the money also benefits. Hence both creditor and the debtor are satisfied. It is a two way arrangement.


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what is debt relief 2
- Posted September 03, 2009 by Monty Loree
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What is Debt Relief?
Debt relief, as the word speaks, it means forgiving or waiving some portion of debts. The meaning of debt relief covers the full waiver of debts. The caption covers not just individuals but even governments of various republics around the globe. Debt relief became an important term in the financial sector once the western developed countries took the request of debt relief seriously. Their are various countries around the globe which are underdeveloped or are developing. But while the time the caption was adopted by various financial institutions and governments around the world, steps were also taken to ensure that the money was used by various governments to improve the standard of living in respective countries. Steps were also taken to be vigilant about the misuse of the money being financed to various countries.

The problem arises when an individual or a country take up loans from various financial institutions and often eventually are not able to repay the amount they borrowed from banks. This has become a serious problem and thus the word debt relief has registered a huge demand in this sector. Besides many individuals who are in heavy debts seek help from debt consolidation companies. Actually debt consolidation means taking a loan for repaying many other loans. Debt consolidation is a fall back option in case debt relief is not granted because it actually makes the assets of the borrower as a collateral(pledging the surrendering the property such as house to the lender of debt consolidation in case the borrowers goes default).The interest rate for the debt consolidation is lower because the lender has the option that if by any chance the borrower goes default he will have all rights to sell the valuable assets mortgaged by the borrower and earn back all the money given to the borrower. The risk to the lender is reduced manifolds.

Corruption today is the major obstacle in the transparency of the debt relief to various developing nations of this world. Sometimes the money financed by the developing or poor nations becomes impossible to repay because the lawmakers or we may say the government of the country cannot make right projections and are not able to collect enough money from taxpayers to repay the loans borrowed from various financial institutions. Something very similar happened some years back .The OPEC nations due to their exports of oil, were rich financially and hence deposited loads of their money in various financial institutions. Now the developing countries drew heavy loans from these financial institutions for the development of infrastructure and other basic amenities for the citizens, but a lot of money was drained away and could not be repaid because it got lost in corruption.

There is a lot of debate amongst various financial experts in the financially lobby about the worthiness of the debt relief given to many nations. They think that by adopting debt relief, it will motivate the developing countries to go default against the loan taken .this will lead to bad consequences and liability of the financial institutions which stores the money of developed nations will become questionable.

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student credit cards in canada
- Posted September 02, 2009 by Monty Loree
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Student Credit Cards in Canada
With the number of students increasing in the country of Canada there has also been a simultaneous increase in the number of credit cards for them. Considering the needs of students and the amount of money that they get and how much they can spend, credit cards have been designed to meet these basic essentials of the student community. Here are some of the student credit cards in the country of Canada which have been designed for the student community who do not require any income. This is one reason why these are one of the first student credit cards to establish a history of credit. You can now apply for these student credit cards online.

So here are a list of student credit cards that we are going to discuss. First of all we will be talking of the CIBC classic visa card for the students. The best feature of this card is that you do not require an annual fee and also that it has a line of great credit management features. You will now be able to protect the purchases that you make with replacement that is automatic, repair or even reimbursement coverage for many of the personal items of yours if they have been stolen, lost or even damaged. This however works only if it did happen within the first ninety days of your purchase of the product with the CIBC classic visa card for students. You also have extended protection that is available with this card. This helps by simply doubling the original Canadian manufacturers warranty up to an additional year automatically on those items that are purchased with the CIBC classic visa card for students.

The next card that we are looking at is the capital one guaranteed MasterCard. This card helps you strengthen the credit history of yours while you can enjoy the valuable benefits of the MasterCard. There is 0$ fraud liability for use that is unauthorized. Customer service with this capital one guaranteed MasterCard is available all day long either by phone or online. You have special features that are available with this capital one guaranteed MasterCard like the extended warranty and also purchase assurance.
The next student credit card that is available and one of the good ones in the country of Canada is the capital one guaranteed secured MasterCard.

You can apply for this card online and also get guaranteed approval and also an opportunity to establish that credit history of yours. However an annual fee of about fifty nine dollars has to be paid. A minimum of about seventy five dollars is required for the purpose of security funds. This card has been proved to be really useful to the student group as it is not too costly and yet provides them with services that are considered to be good.
When it comes to choosing a student card it is necessary that you make a wise choice and choose the right type of card that will suit you the best.

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travelling with your credit card
- Posted September 02, 2009 by Monty Loree
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Travelling with Your Credit Card
There are a number of credit cards made for those who travel a lot. Apart from choosing one of the credit cards that suit you the most while travelling it is important that you know what you have to do with the credit card of yours when you are travelling. So here are some tips for you to maintain your credit card when you are travelling around the globe. Many of the people who do travel with their credit cards turn out to have some problem or the other so these tips are sure to help you not set your foot in the wrong direction with your credit card.

So the first thing that you ought to know is that you should have made photocopies of all the credit cards of yours, your airline tickets and also the other documents. Make sure that you get both the front as well as the back xeroxed. Leave a copy of these with a friend of yours. This way if you do lose your credit card when you are not in your country then you can be sure to cancel it right away so that you are not cheated with it. Many a times travelers forget to do this and hence they will have a lot to do by calling back their country to make sure that everything is alright. A simple xerox is sure to help if this does happen to you by any chance.

The next simple thing that you have to keep in mind is that it becomes easy when you travel with a credit card in each individuals name instead of having it together. The problem with this combined credit card is that if a credit card is cancelled due to one reason then all the credit cards in that name get cancelled too. So make sure you take your individual credit cards when you are travelling abroad. Also if you are going with your husband or wife then you can survive on the other credit card till the credit card that is lost is replaced.

Also automatic credit card deactivation will spoil a vacation of yours. In some of the banks they might cut off the credit cards that are being used more than about six times a day so that just in case your card has been stolen you will not lose much. So make sure that you are not using your card more than about five times in a single day. If you do want to use it or might be using it more than that make sure that your credit card companies are informed that you will be travelling abroad.
Canada now has a number of credit cards that are available for those who travel a lot. Customer services are provided all day long for your convenience. The cards are not too expensive and make sure that you do not spend a lot with the credit cards when you are not in town.


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what is a lead capture page 2
- Posted September 01, 2009 by Monty Loree
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What is a Lead Capture Page?
Marketing and advertising are the two most important things to be taken into account when it comes to promoting a product. For the success of a company, the product or the service that the company offers should be accepted among the general public. For this to happen, the people should know about the existence of the product, what it is used for and more importantly, they should be convinced that it is worth spending their money. All this needs very good marketing strategies. And this requires the need of professionals who will be able to come up with the right kind of strategies to market the products.

Canada is a very well developed nation with the industries and companies doing good business. This goes to show that the marketing and advertising industry is also doing very well as only when a product is marketed properly will people buy it. Nowadays, everything can be done with just the click of a mouse. There is almost nothing that cannot be done online. Right from buying vegetables to buying a property, it is possible to do it all online. This is one of the most important reasons why marketing for a product online has gained a lot of importance in the recent past. Almost everyone uses the computer today and promoting a product online is a very important strategy that has been adopted by many companies. It is as good as any other form of promotion if not any better. Actually, promoting a product online has more advantages than the usual forms of promotion.

When it comes to advertising and marketing, a very important term that comes to mind is lead. And when it comes to marketing online, the term lead capture page comes into significance. A lead is a person or a company or an organization which is interested in making use of the services that the company has to offer or is interested in buying the product that a company is promoting. And lead capture page, as already mentioned is a term that is associated with the online marketing industry. It is basically a web page that is created to capture the attention of a lead or a potential customer.

A lead capture page is created with the aim of making a customer want to buy the product. It should have all the necessary details about the product and it should be able to convince the customer to but the product. Most of the online advertising companies in Canada are very good at creating attractive lead capture pages in order to woo the customers. An important thing to remember while creating these lead capture pages is to submit it to the search engines so that this page will come up when people are searching for the product you are promoting. It is also very important to promote these lead capture pages. These pages can be marketed the in the same way as websites are marketed and that includes a lot of ways.

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The Effect of R7's (Debt Settlement) on your credit report.
- Posted September 30, 2007 by Monty Loree
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The Effect of R7's (Debt Settlement) on your credit report.


Nancy Zimmerman was asking this question over on her blog

www.nancyzimmerman.com

Saturday Case Study: how much does an R7 affect your ability to get a loan?

Sep 29th, 2007 by nancy zimmerman

One of my clients gave permission to seek opinions on her debt options. She is up to her eyeballs, and, 3 big cheers to her, is taking charge of the situation. She has a solid income and has a lot of equity in her home. She doesn't want to go the bankruptcy route - in fact, was told she couldn't - so is considering using a debt consolidation firm. It would result in an R7 on her credit report.

Her mortgage is up for renewal in a year.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
This is a really good question that I thought my readers should know about:
My reply to this question:

Nancy,

Here are what the ratings mean:
From: Equifax Canada FAQs

Credit Ratings What it Means

  • R0 Too new to rate; approved but not used
  • R1 Pays (or paid) within 30 days of payment due date or not over one payment past due
  • R2 Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due
  • R3 Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due
  • R4 Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due
  • R5 Account is at least 120 days overdue, but is not yet rated "9"
  • R7 Making regular payments through a special arrangement to settle your debts
  • R8 Repossession (voluntary or involuntary return of merchandise)
  • R9 Bad debt; placed for collection; moved without giving a new address


R7 is Making regular payments through a special arrangement to settle your debts

When you settle your debts, using a debt settlement company, the creditors aren't very excited about that. Obviously they want to recover the full amount of their money with the full amount of interest.

What happens with R7 is that all debts included in the debt settlement will go to R7. This is very harsh on your credit score. The reprocussions of this will be felt for 6 years +

Actually, this will be reported for the amount of time that it takes to fully paid the debt settlement agreement, and then six years from the very last payment. So it could be on your report for 3 + 6 = 9 years. (3 years to complete the debt settlement agreement.)

The point is: If you don't need to apply for alot of credit in the next 9 years, then this is an alright option. It's VERY limiting, however, if you're going to need any type of credit in that time period.

If you try to borrow money for a car purchase in that time period, you're going to pay very high interest rates. You could pay as high as 29.99% for a car loan. Especially if you've done a debt settlement agreement. This is because you're considered very high risk.

Finally, I've consulted with many people who have declared bankruptcy, and they've all said the same thing: "If I had of known the amount of crap that I would have to go through in order to do this, I never would have." !!

While debt settlement and bankruptcy seem like easy and painless short term options, they are extremely limiting and expensive in the decade to follow!

Ultimately my recommendation is this:
The best option is this: Scraping by and getting your bills current, even if you have to eat macaroni and cheese for a year and cut out all other expenses for however long it takes, is the best option.

If you have to cut out all frivolous expenses, cable tv, going out to movies, new clothes, buying from Salvation Army etc... this is the best route.

Managing your debts properly not only gives you a good credit rating with your lenders, but will teach you financial maturity and help out your self esteem a great deal.

Admitting defeat and declaring bankruptcy or doing debt settlement will give a painless easy way out but you will regret it for hte rest of your life.

It's a good idea to look at your budget and see what you can cut out. It's the difference between needs and wants.. If you've gotten into debt, and agreed to make payments, then it's good for your mental well being, (however painful) to keep to those agreements.

I would like to thank Nancy Zimmerman for asking that question as it is very timely and of interest to thousands of Canadians.

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free stuff for canadians coupons online free contests to win in canada
- Posted September 28, 2007 by Monty Loree
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Free Stuff for Canadians!! Coupons Online ?!! Free contests to Win ? - In Canada

This podcast is an interview with Theresa Bruce who is the founder of canadianfreestuff.com

Canadian Free Stuff interview
Listen Now! Duration: 23 Minutes

It was fun talking to Theresa as she explained some of the free stuff that can be found on the internet in Canada. She also mentioned that over the years she's personally won thousands of dollars worth of products by contesting, not only in Canada but around the world.

  • The interview topics covered the following:

  • How to find free products and product samples online in Canada.

  • How to find coupons in Canada online

  • How to find contests online that Canadians can enter to win

  • Tips on how Canadians can win at contests online.


I was surprised at how many companies offer coupons online. And I was even more surprised when Theresa indicated that there are at least 100 new contests per day that companies are offering to Canadians online EACH DAY!!

HOW THERESA GOT STARTED WITH FREE STUFF
I asked Theresa how she got started developing CanadianFreeStuff.com and why she got into the free stuff market place.

She mentioned that she has had this website since 1999. She also mentioned that the reason she got into listing free items online was that at the time she started CanadianFreeStuff.com, there weren't any websites that offered free stuff.

WHY HOST FREE STUFF FOR CANADIANS?
In 1999 there were tons of U.S. websites that offered free products and product samples. She looked but couldn't find any Canadian web sites that offered free samples or coupons that are specifically for Canadians. When she went to sign up on U.S. free stuff websites, the site wouldn't allow her to register as their forms were for U.S. residents only.

At doing her research in 1999 Theresa started hunting around for free products and services. Ever since then, she's been offering new free products almost every day. This is a good value for Canadians.

WHO IS VISITING CanadianFreeStuff.com?
I was curious to know about the people that visit the CanadianFreeStuff.com web site. Theresa mentioned that they are mostly stay at home moms who are prudent with their money and want to save as much as possible on everyday household goods. She also mentioned that students log on to her website as they need to save money while attending College or University.

Finally..
Theresa said that one time, she even one a duvet cover. Over the years she's won ipod, t-shirts, and much more.

If you're into free stuff, coupons and contests and you live in Canada, CanadianFreeStuff.com is the place to visit..

Make sure you listen to my discussion with Theresa to get ALL the details.

This is some more information about CanadianFreeStuff.com that Theresa asked me to mention.
Newsletter signup (so you don't miss the best of the best) - http://visitor.constantcontact.com/email.jsp?&m=1101388622864
Win a Body Shop Gift Prize: http://www.canadianfreestuff.com/contest/form.html
Canadian Free Stuff Message Board: http://www.canadianfreestuff.com/forum/ ( if you write a 100 posts we will mail you a Free Magnet and Temporary Tattoos.)
Members Only Contests: ( message board participants only ) http://www.canadianfreestuff.com/forum/f153/

Tags: Canadian free stuff podcast, save money, interview, discussion, tips

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Success!! - Suing Equifax Canada Inc in small claims court in Saskatchewan - Canada
- Posted September 27, 2007 by Monty Loree
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Success!! - Suing Equifax Canada Inc in small claims court in Saskatchewan - Canada!

I found this judgement in the canlii.org website.

Leslie Kenneth Neil vs Equifax Canada Inc
CONCLUSION

[38] The Plaintiff is awarded damages as follows:

1. $448.00 for loss of billable hours;
2. $4,500.00 as punitive or exemplary damages;
3. $50.00 as costs of issuing the summons.


This is by far some of the most exciting news I've seen in a very long time with regards to credit repair in Canada!!
I've been told repeatedly that you cannot sue Equifax Canada or TransUnion Canada in small claims court and that it's the jurisdiction of Consumer Protection...

It has taken a smart lawyer like Leslie Kenneth (Ken) Neil to get the job done. Ken Neil is my new hero!


Neil v. Equifax Canada Inc., 2005 SKPC 105 (CanLII)
PDF Format
Date: 2005-10-31
Parallel citations: (2005), 271 Sask. R. 160
URL: http://www.canlii.org/en/sk/skpc/doc/2005/2005skpc105/2005skpc105.html
Reflex Record (noteup and cited decisions)
Noteup

[Search for decisions citing this decision]
Decisions cited

* Haskett v. Equifax Canada Inc., 2003 CanLII 32896 (ON C.A.) ¡ª (2003), 63 O.R. (3d) 577 • (2003), 224 D.L.R. (4th) 419
2005 SKPC 105

IN THE PROVINCIAL COURT OF SASKATCHEWAN

SMALL CLAIMS COURT
AT UNITY, SASKATCHEWAN

LESLIE KENNETH NEIL
Plaintiff
- and -
EQUIFAX CANADA INC.
Defendant

Ms. Suzanne Jeanson For The Plaintiff

Ms. Debbie McCartney For The Defendant

D. J. O¡¯Hanlon, PCJ JUDGMENT
October 31, 2005

Introduction
1 The Plaintiff, Leslie Kenneth Neil (Neil), is a barrister and solicitor carrying on practise in Unity, Saskatchewan. The Defendant, Equifax Canada Inc. (Equifax), is a national credit reporting agency licenced to carry on business in Saskatchewan.

2 Neil alleges that Equifax reported false information of a judgment against Neil to the Saskatoon Credit Union Ltd. Neil further alleges that he notified Equifax of the error, and Equifax did not forthwith delete the information from Neil¡¯s file and notify Neil in writing of the deletion, as the Defendant is required to do pursuant to The Credit Reporting Agencies Act. As a result of Equifax¡¯s negligence and breach of its statutory duties, Neil claims:

a) Damages for emotional distress and embarrassment;
b) Loss of billable hours in the amount of $448.00;
c) Punitive damages; and
d) Costs available under The Small Claims Act.

FACTS
[3] In April of 2004, Neil applied for an investment with a company based in Saskatoon. Financing for this investment was offered through the Saskatoon Credit Union Ltd.(the Credit Union). On April 27, 2004, Neil applied for financing from the Credit Union. On April 29, 2004, Neil spoke by telephone with Candice from the Credit Union. He was advised that his application for financing was declined due to a judgment being registered against him. Equifax had advised the Credit Union that Neil had a judgment registered against him in Winnipeg Court of Queen¡¯s Bench in favour of Grant¡¯s International Inc. Neil knew that he did not have any judgments against him. He further knew that he had represented a client against whom Grant¡¯s International had successfully sued and obtained judgment in Court of Queen¡¯s Bench in Winnipeg, Manitoba. This judgment was a default judgment dated December 18, 2002. Knowing this, Neil asked for and received a contact number for Equifax, so that he could rectify the problem. After several attempts to contact someone from Equifax, Neil was able to get a hold of a representative. Neil advised the Equifax representative of the situation, including the fact that he had a copy of the judgment in favour of Grant¡¯s International Inc. on the client¡¯s file in his office. Neil then obtained a reference number and a fax number for Equifax. He was told by the Equifax representative that it would take eight working days to clear Neil¡¯s record once Equifax received the material.

[4] On April 29, 2004, Neil faxed a letter to Equifax, with a copy of the above judgment enclosed. He also sent a copy of the letter and the judgment to Candice at the Credit Union. The letter is as follows:

Re: Leslie Kenneth Neil
(Neil¡¯s Social Insurance Number is then quoted)
I learned today of a Judgment noted on my credit file in favour of Grants International Inc. The file number noted on the Judgment, a copy of which I enclose, is that which your company representative quoted to me as the reference number on your file (File No. Cl 02-01-29962). You will note that I am not named on the Judgment , in any way, shape or form.

I did happen to act as legal counsel for the Defendant. If that is the means by which I end up with a judgment noted on my personal record, a lot of lawyers are going to be surprised. I demand that this entry be stricken from my record immediately. Should this corrective action take the eight days your company representative said it would, your firm can expect a court summons shortly after.

Please fax immediately upon this matter being resolved.
[5] The Judgment sent with the above letter, and which is Exhibit P-2 on this hearing, contains the same file number quoted in the letter. The judgment is against a named company and a named individual, other than Neil. As stated in the above letter, Neil¡¯s name appears nowhere on the judgment.

[6] On May 6, 2004, Neil again spoke with Candice at the Credit Union. She advised that there was no change, and she would do another Equifax search the next week to see if the judgment against Neil was removed.

[7] On May 12, 2004, Neil again spoke by phone with Candice at the Credit Union. She advised that she had received nothing from Equifax and that a check by her with Equifax showed that the judgment against Neil still appeared on his file. On that same day, Neil again contacted Equifax by phone. Neil spoke with Enya at Equifax. After explaining the situation to her, she requested that Neil re-fax the material to her attention and she would give it to her supervisor.

[8] Later on May 12, 2004, Neil faxed the following letter to Enya at Equifax, with a copy to Candice at the Credit Union:

I enclose herein the following:
1) My fax correspondence to your company of April 29, 2004;
2) A copy of the default judgment referred to therein;
3) A photocopy of my driver¡¯s license showing my mailing address.

(A paragraph is then inserted correcting his residential address.) The letter continues:

Subsection 25(2) of the Saskatchewan Credit Reporting Agencies Act states as follows:

¡°Where, after the investigation, any information in the file respecting the consumer is found to be inaccurate or can no longer be verified, the agency shall forthwith delete the information from the file and shall notify the consumer in writing of the deletion.¡±
This section has not been complied with.

Furthermore, Subsection 18(e) states as follows:
¡°No credit reporting agency shall include in a credit report:

(e) any investigative information unless reasonable efforts have been made to corroborate the information.¡±

In view of the circumstances, no one at your agency could possibly have complied with this section.

I look forward to receiving the required notification by fax.
[9] On May 20, 2004, Neil telephoned the Credit Union only to find out that Candice was away until May 25, 2004. He then telephoned Equifax and left a voice message requesting a copy of his credit report. He then called the Consumer Affairs office of Consumer Protection and left a message for them to call back.

[10] On May 21, 2004, Neil again telephoned Equifax requesting a copy of his credit report. In doing so, he was requested to forward information to them. As a result, Neil faxed a letter to Equifax that day enclosing his full legal name, current residential address, mailing address, former residential address, date of birth, social insurance number and three pieces of identification.

[11] On May 21, 2004, Neil received a letter by regular mail from Equifax containing his personal credit file as of May 13, 2004. This credit file did not contain the judgment against Neil previously noted above. Since Neil had inquired on May 12, 2004, and his credit file still contained the noted judgment against him, I find that Equifax corrected the error on either May 12 or May 13, 2004.

[12] On June 8, 2004, the company Neil was seeking to invest in, contacted him to inquire if he had received financing from the Credit Union. That same day, Neil telephoned Candice at the Credit Union who in turn requested another credit check on Neil from Equifax. Candice confirmed with Neil that the judgment against Neil had been purged from his credit file. Neil was then granted financing and obtained the investment he was seeking.

[13] Neil candidly admits that he did not suffer any financial loss with regards to the financial investment as a result of the delay in financing. He does however claim a financial loss as he spent time during office hours rectifying the error on his credit file. He reports his loss at $448.00. This he says is calculated on the hourly rate he usually charges on general matters. He states that he has calculated it very conservatively at two point eight hours. I find that this is a conservative calculation and is a fair calculation in the circumstances. Neil further testified that he had to carry out his inquiries during office hours as he was in contact with the Credit Union, which is not open for business after hours. He further stated that even if the inquiries or other work he expended in rectifying this problem was carried out after hours, this could have cut into his other work as a lawyer, as he often works after hours. Also, any work he would have done on this file after hours would have taken him away from his family.

[14] The only witness for Equifax, was Paul Lefevre, their national customer service manager. Mr. Lefevre has nine years experience in this position. In his evidence, he began by highlighting the enormous amount of trade data received by Equifax, indicating that as much as ninety million pieces are received in a month. From his testimony, it is evident that much of the trade data, if not virtually all of it, is now received electronically. That has not always been the case. Although they now receive electronic reporting of default judgments from the various courts in Canada via electronic means, in December of 2002 the Court of Queen¡¯s Bench in Winnipeg was still reporting default judgments to Equifax by hard copy documentation.

[15] In December of 2002, Equifax received a Judgment Report from the Court Registry System in Manitoba. This fifteen page document contained judgments registered in the Manitoba Court¡¯s of Queen Bench from December 15, 2002 to December 21, 2002. On page 5 of that report, the third of four entries appeared as follows:

File #
C102-01-29962
19-Dec-2002
Against

KEL-CONSTRUCT FARN LTD
C/O HEPTING & NEIL
BARRISTERS &SOLICITORS
206-2ND AVE W
P O BOX 600
UNITY SK S0K4L0
ATTN: KEN NEIL
For
GRANTS INTERNATIONAL INC
86 PRINCESS ST
WPG MB
Judgment 8,690.99

Cost and Interest $803.96

[16] The entry was then manually entered by typing the information into the Equifax computer system. Mr. Lefevre admits that an employee of Equifax did make an error when inputting the information, as the judgment was input as being against Ken Neil instead of Kel-Construct Farm Inc. This judgment was entered onto the Equifax computer the day after they received the Judgment Report from the Manitoba Court Registry System. At the time of inputting the information, Equifax had in place a quality control process whereby Mr. Lefevre states that newer employees were checked 100% of the time while other employees are checked at a rate of about 25 %. The employee would have been inputting about 250 entries per day, according to Mr. Lefevre.

[17] Mr. Lefevre went on to say when a dispute is received from a consumer, Equifax will investigate the dispute, and if confirmed, they will remove the information and send a revised report out to the consumer. They do not correct the information immediately, but rather they verify with the originating source before correcting.

[18] In the case of Neil¡¯s complaint, Equifax received his complaint on April 29, 2004. The complaint then went into a queue to be dealt with in turn. On May 13, 2004, Equifax contacted the Manitoba Court Registry and confirmed that Neil¡¯s complaint was legitimate. They then changed his credit file and sent a copy of his new credit report to him on the same day, May 13, 2004. This new credit report was sent out by ordinary mail and received by Neil on May 21, 2004.

[19] As part of Equifax¡¯s defence, Mr. Lefevre emphasized that there were only eleven business days between the receipt of Mr. Neil¡¯s complaint and the correcting of the error and subsequent mailing of his new credit report. Mr. Lefevre also tendered into evidence two letters that showed Neil had received loans from other financial institutions during the time he had a judgment against him incorrectly noted on his credit file. The first letter from The National Bank of Canada, dated September 13, 2005, confirms that Neil obtained an RRSP loan from them on February 27, 2004. This letter confirms as well that the National Bank accessed the Equifax Canada consumer credit file on Neil, with Neil¡¯s consent, prior to processing his application for the loan.

[20] The second letter is from Resort Funding LLC out of Syracuse, New York. The letter dated April 28, 2005, states as follows:

This letter is in response to your fax request. Please accept this letter as confirmation that Kenneth Neil of Box 128, Unity, SK S0K 4L0 successfully obtained mortgage financing with Resort Funding LLC on April 01, 2004.

[21] Under cross examination, Mr. Lefevre admitted that the information first received from the Manitoba court registry, was incorrectly entered on Mr. Neil¡¯s credit file the day following its receipt. He further admitted that once the error was brought to their attention, they do not immediately correct it. Instead, they verify with the source of the information that it is in fact an error. Once verified they simply send out a corrected credit report via ordinary mail to the person who is the subject of the error. There was no evidence that Equifax ever contacted the three financial institutions that had been provided the wrong information about Neil¡¯s credit. Yet, it is abundantly clear that Equifax had contact with the two institutions that had given Neil credit even though his credit report had incorrect information on it. Also, with regard to the Credit Union, Equifax knew, or had the ability to know, that Neil was applying for credit from them, and that Equifax had provided incorrect information to the Credit Union regarding a judgment against Neil. Yet, again there is no evidence that Equifax sent any correction to the Credit Union once they had corrected Neil¡¯s credit file.

DUTY OF CARE
[22] The first issue to be determined is whether Equifax owed a duty of care to Neil with regard to his credit file. In the case of Haskett v. Equifax Canada Inc. et al. 2003 CanLII 32896 (ON C.A.), (2003), 63 O.R. (3d) 577 the Ontario Court of Appeal held that there was a duty of care between a credit reporting agency and the individual on whom they are reporting. At page 589 of that case, Mr. Justice Feldman states:

The relationship between the credit reporting agency and the appellant is that he is the subject of one or more credit reports prepared and published by the respondents. It is the respondents that have chosen to provide information about the appellant to third party credit grantors. It is reasonably foreseeable that if the respondents are negligent in the way they gather and report information, and if they report inaccurate information, their actions could cause credit grantors to either deny credit or to charge more than they otherwise would. To the extent that a person such as the appellant authorizes, either expressly or impliedly, the gathering and reporting of credit information ... it is fair to say that any such authorization would normally be limited to accurate and non-negligent reporting.

[23] On the basis of the above, I find that Equifax did owe a duty of care to Neil to report accurate credit information to credit grantors. Further, even though Equifax had quality control measures in place at the time they mistakenly applied a judgment against Neil¡¯s credit report, these were not sufficient as Equifax has admitted that an error occurred. I therefore find as well that Equifax breached their duty of care to Neil when they mistakenly reported a judgment outstanding against him.

LIABILITY AND DAMAGES
i) Claim For Emotional Distress And Embarrassment

[24] Neil¡¯s first claim for damages is for emotional distress and embarrassment. In this regard, Neil testified that Candice, from the Saskatoon Credit Union, told him right from the beginning that the judgment was a bar to him obtaining financing from their institution. She was accusatory at first, however, she did display patience and understanding as Neil sent copies of all correspondences to her as he tried to rectify the situation. Neil knew right from the beginning that he did not have a judgment against him however, he had to prove this both to Equifax and to the Saskatoon Credit Union. At first he found this bothersome, but as time went on he understandably became angry as he became concerned for his financial reputation with the Credit Union and the investment company he was attempting to invest with.

[25] With regards to the investment Neil was attempting to obtain financing for, he candidly admits that he did not suffer any financial loss as a result of the delay in financing occasioned by Equifax¡¯s error and the time it took Equifax to correct their error. He did however suffer loss as a result of the time he had to expend in correcting the error. This will be dealt with under the next head of damages.

[26] With regard to the two other financial institutions - The National Bank of Canada and Resort Funding LLC - that had been supplied inaccurate information about Neil¡¯s credit rating by Equifax, it is indeed possible that Neil paid a greater rate of interest than he would have had they not been incorrectly advised of the inaccurate information. This however has not been proven and any award for damages for loss of actual money in this regard would be speculative at best.

[27] While Neil did testify that he found the whole ordeal bothersome and embarrassing, he was and is a trained lawyer with many years of experience. He dealt with this situation in a logical and systematic fashion and eventually achieved most of what he had set out to do. There is no doubt, that it caused him some amount of stress and anxiety, as this was a personal situation, however, given his training and experience and his actions, I am satisfied that even if it were possible to quantify the damages for this, they would be nominal at most.

[28] Although Neil¡¯s claim in this area is only for emotional distress and embarrassment I am satisfied that this area of damages also encompasses a claim for loss of financial reputation. As I have already stated, as time went on, Neil became angry due to his concern for his financial reputation. Damages for loss of reputation however, are usually awarded in defamation cases, where the plaintiff has pleaded defamation: Clark v. Scotia Bank, [2004] O.J. No. 2615. A plaintiff can, however, succeed on a non-defamation claim for loss of reputation where monetary loss has been proven: Clark v. Scotia Bank, supra. As I have stated, however, no monetary loss arising from the loss of reputation has been proven.

ii) Claim For Loss Of Billable Hours

[29] Neil¡¯s next claim is for loss of billable hours in the amount of $448.00. I am satisfied that this claim is made out. He provided details of his hourly billing rate on general matters and calculated in a very conservative fashion the amount of time he spent rectifying Equifax¡¯s error. He further testified that he gave this matter priority and dealt with it in an urgent fashion during office hours. Equifax argued that he could have dealt with the matter on his personal time and therefore not incurred the loss of billable hours. I am satisfied their argument fails for several reasons. First, the situation arose as a result of Neil¡¯s occupation. He had represented the company against whom the judgment was reported in the first place. He was therefore entitled to rectify it during office hours. Secondly, the steps taken to rectify the situation had to be taken, for the most part, during business hours. Thirdly, and perhaps most importantly, I would have awarded at least this amount for Neil¡¯s loss of personal time with his family, had he have spent his off hours dealing with Equifax¡¯s mistake.

iii) Claim For Punitive Damages

[30] Damages are usually awarded to compensate for a plaintiff¡¯s loss. The purpose of an award of damages is to attempt to place the plaintiff in the position in which he or she would have been had the loss not occurred. Punitive or exemplary damages on the other hand are awarded against the perpetrator of improper conduct to denounce such conduct and effect deterrence in the future: McCaslin v. Biden,[2002] S.J. No. 763 (Sask Q.B.). In Waddams, The Law of Damages (2nd ed. 1983), at page 562 the distinction is set out as follows:

An exception exists to the general rule that damages are compensatory. This is the case of an award made for the purpose, not of compensating the Plaintiff, but of punishing the Defendant. Such awards have been called exemplary, vindictive, penal, punitive, aggravated and retributory, but the expressions in common modern use to describe damages going beyond compensatory are exemplary and punitive damages. ¡°Exemplary¡± was preferred by the House of Lords in Cassell & Co. Ltd. v. Broome, but ¡°punitive¡± has also been used in many Canadian courts including the Supreme Court of Canada in H.L. Weiss Forwarding Ltd. V. Omnus. The expression ¡°aggravated damages¡±, though it has sometimes been used interchangeably with punitive or exemplary damages, has more frequently in recent times been contrasted with exemplary damages. In this contrasting sense, aggravated damages describes an award that aims at compensation, but takes full account of the intangible injuries, such as distress and humiliation, that may have been caused by the Defendant¡¯s insulting behaviour. The expressions vindictive, penal and retributory have dropped out of common use.

[31] In this case, Equifax states that it adhered to the requirements of Section 25 of The Credit Reporting Agencies Act of Saskatchewan, as they corrected the error within eleven business days, which they contend is a reasonable time. Section 25 reads as follows:

25(1) Where a consumer disputes the completeness or accuracy of any information respecting the consumer contained in the file of a credit reporting agency and gives notice thereof in writing to the agency, the agency shall within a reasonable time investigate and record the current status of that information.

(2) Where, after the investigation, any information in the file respecting the consumer is found to be inaccurate or can no longer be verified, the agency shall forthwith delete the information from the file and shall notify the consumer in writing of the deletion.

(3) Where, after the investigation, the credit reporting agency is of the opinion that the information in the file respecting the consumer is reasonably accurate and should not be deleted, the agency shall forthwith request the consumer to file a brief statement setting forth the nature of his dispute respecting the information.

(4) Where a statement of dispute is filed by a consumer pursuant to a request under subsection (3), the credit reporting agency shall, in any subsequent credit report containing the information in respect of which the dispute was filed, clearly note that the information is disputed by the consumer and attach to the credit report a copy of the consumer¡¯s statement or a clear and accurate summary thereof.

(5) Where:
(a) a credit reporting agency deletes information from the file respecting a consumer; or

(b) a statement of dispute is filed with a credit reporting agency by a consumer under this section;

the credit reporting agency shall forthwith notify every person to whom a credit report respecting the consumer was furnished during the twelve months immediately preceding of the deletion of the information or the details of the dispute, as the case may be.

[32] I find that Equifax breached this section of the Act in two ways. Firstly, Equifax had been contacted by Neil by phone in the first instance, complaining of an error on his credit report. He was requested to, and did, forward documents by fax to Equifax. In fact, he did this on two separate occasions. The second time, when he was following up on his initial complaint, he was requested by Enya to fax the material again so that she could put it before her supervisor. There is no explanation as to why the first set of documents was not acted upon. When Equifax did finally rectify their mistake, they knew, or ought to have known, that Neil was in the process of obtaining financing. Yet Equifax chose to forward his corrected credit report to him by regular mail rather than by fax. This took from May 12 or 13, 2004, until May 21, 2004. They did this even though Neil had requested immediate faxed replies in both of the letters he faxed to Equifax. Consequently, I find that Equifax did not forthwith delete the information from Neil¡¯s file and notify him within a reasonable period of time.

[33] Further to the above, the evidence from Equifax was that all complaints are put into a queue to be dealt with in turn, and that it was miraculous that it only took eleven business days, does not exonerate them in any fashion. They had received documents from Neil, in the form of a copy of the judgment resulting in the notation on his credit file. These documents alone should have resulted in an immediate change to his credit file. Equifax¡¯s assertion that they cannot simply take the word of a consumer, but rather they need to verify with the source of the information before they can make the change, does not justify the delay. This is especially so in light of the fact that the erroneous entry was placed on Neil¡¯s credit file the day after Equifax received the information from the Manitoba Court Registry. Indeed, Equifax needs to expend at least as much time, energy and resources correcting their errors as they do in initially making notations on consumer files. Otherwise, their contentions of miraculous actions ring hollow.

[34] The second breach of Section 25 occurred when Equifax did not contact the Saskatoon Credit Union, The National Bank of Canada and Resort Funding LLC, as they were required to do by subsection (5). In the case of the Credit Union, on June 8, 2004, Neil was contacted by the investment company he intended to invest with, inquiring if he was going to get credit to finance the investment. This was almost a month after Equifax had found their error and made the change to Neil¡¯s credit report. After hearing from the investment company, Neil then contacted the Credit Union and they in turn contacted Equifax for another credit check on Neil. It was only then that the Credit Union was advised of the deletion of the erroneous information on Neil¡¯s credit file. They were not notified forthwith by Equifax as required by this subsection. Equifax neglected to do this even though, as I have stated earlier, they knew, or ought to have known, that Neil was in the midst of attempting to obtain financing from the Credit Union. With regard to The National Bank of Canada, their letter of September 13, 2005, to Equifax, indicates that they had accessed Neil¡¯s credit file at Equifax on February 25, 2004, and had granted him a loan on February 27, 2004. This is within twelve months immediately preceding the deletion of the erroneous information as contemplated by subsection (5). Equifax therefore had a duty to show that they had notified the National Bank. They did not do so. Instead, they used correspondence from the National Bank to support their case that Neil did not suffer as a result of their negligence.

[35] The same holds true in respect of Resort Funding LLC. They granted a loan to Neil on April 1, 2004, after accessing credit information about him from Equifax. Once again, Equifax offered no proof of their compliance with subsection (5). And once again, they used correspondence from this financial institution to support their case.

[36] I view the conduct of the Defendant to be high-handed, callous and reckless as to the duty it owes to the person it reported on. Further, the Defendant acted without consideration of the requirements of the statute.

[37] Considering all of the above, I am satisfied that this is a proper case to award damages under this head of damages and I do so in consideration of the improper conduct displayed by Equifax, to denounce such conduct and to effect deterrence in the future. In order to achieve these ends, I am satisfied the amount of the award has to be sufficiently great. On the other hand, I am limited to the amount presently allowable under The Small Claims Act, 1997. I therefore award the Plaintiff $4,500.00 under this head of damages. Although this amount, together with the award for other damages, is very close to the allowable limit, I am satisfied that this amount is warranted. The Defendant is a large national credit reporting agency that handles 90 million pieces of trade data per month. Any lesser amount would not have the desired effect on their conduct.

CONCLUSION

[38] The Plaintiff is awarded damages as follows:

1. $448.00 for loss of billable hours;
2. $4,500.00 as punitive or exemplary damages;
3. $50.00 as costs of issuing the summons.


________________________

D. J. O¡¯Hanlon, PCJ

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conversation with angella re collection agencies in canada
- Posted September 27, 2007 by Monty Loree
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Conversation with Angella - RE: Collection Agencies in Canada
Have you had a problem with a collection agency in the past? You're one of several thousand who receives phone calls and mail each day collecting money. Please take a minute and listen to this podcast where we give you valuable insights as to how to take control of your dealings with collection agencies in Canada!

FIRST MEMBER CONVERSATION PODCAST!!
For my first site member conversation, I am very pleased to have spoken with Angella in a 30 minute phone conversation. Angella is very knowledgable about collections and has helped many of the members on the discussion forum on this site.

Angella - Canadian-Money-advisor.ca Member
Listen Now! Duration: 22 Minutes

This is an important discussion regarding collection agencies in Canada, because it is the first time that we're having a conversation about how people can deal with collection agencies right out in the open.

Angella is describing how at first she was terrified by the collection agency, Contact Resource Services, but soon after decided to take control of the situation. I think that Angella should be highly commended for the courage and stamina that it took to get in control of her conversation with the collection agency, and also get her credit back into control!!

If you're having troubles with collection agencies in Canada, this is a MUST LISTEN... this is the only recorded conversation of its type that I know of.. You will definitely stop feeling frightened by a collection agency call after listening to this conversation.

COLLECTION AGENCIES DON'T HAVE IT ALL TOGETHER?!!?
Angella describes her situation where she took the collection agency Contact Resource Services to task and ask them for proof of her debts. She wanted Contact Resource Services to prove that they were able to legitimately put a collection item on her credit report.

Let's just say that they couldn't keep up with Angella's "demands".

Hear that story and more in this highly charged, valuable and unique conversation which I would call a first of firsts!!


HAVE SOMETHING YOU WANT TO SAY REGARDING THE FINANCIAL INDUSTRY IN CANADA?
If you want to submit an idea for our podcast in Canada, let me know by email at monty loree's email address

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Interview with Phonebusters - Advance Fee Loan Scams
- Posted September 26, 2007 by Monty Loree
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Interview with Phonebusters - Advance Fee Loan Scams

I had a long chat with RCMP's Corporal Louis Robertson - Criminal Intelligence Analytical Unit. Cpl Robertson works with Phonebusters.com to inform the public about scams and frauds..

I recorded 25 minutes of the call for the following pod cast... it's important to listen to this if you have any questions or complaints regarding being scammed with a bad credit loan scam, advance fee loan scam etc.

Listen Now!: Runtime: 25 minutes

The purpose of my call was to get some information about advance fee loan scam companies such as firstcanadianfinance.com, transcanadaloans.com, canwestcredit.com, from a very credible source.

There were many details that Cpl Robertson enlightened me with in this phone call.

THE FRAUD / SCAM PROBLEM IN CANADA IS HUGE
Cpl Robertson mentioned that phonebusters.com gets approximately 140,000 phone calls per year. That's 384 phone calls per day!!

He also mentioned that there is $25,000,000 worth of scams reported every year. That's $68,494 reported every day!!

Cpl Robertson said that the $25,000,000 ($25 million) of reported scams and frauds is a very low number. These are the actual numbers of people who have called phonebusters.com and reported that they were a victim.

Cpl Robertson estimates that the fraud business in Canada is conservatively estimated to be around $500,000,000 per year or $1,369,863 each day.

SCAM ARTISTS ARE SKILLED AT DECEPTION
He indicated that scam artists are very creative and diligent people. They work hard at finding ways to deceive the public. It's hard for a person who is unaware to figure out what the scam is until it's too late. That's the job of the unscrupulous scam artist.

UNAUTHORIZED INTERNET BANKS
Cpl Robertson mentioned that this website: http://www.fsa.gov.uk has a list of over 2000 "names of entities promoting themselves over the internet and purporting to be banks and/or offering banking-type services, however none are authorised by the FSA."

He also mentioned that www.fakechecks.org is published by the *National Consumers League (NCL), and has alot of information, videos and more on how to spot fraudsters.

SEE ALSO:

As this is an international problem, the US Postal Service also has alot of reference material on how to spot frauds and scams.

* National Consumers League (the US's oldest nonprofit consumer organization, as a central source of information and advice about fake check scams. NCL created the site in collaboration with the Alliance for Consumer Fraud Awareness, a coalition of consumer and business organizations, government agencies, and companies that are committed to fighting fake check scams.

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bad credit loan scams in canada beware
- Posted September 26, 2007 by Monty Loree
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Bad Credit Loans - Scams? BE CAREFUL

I got a call at 6:30 am this morning ( OUCH ) from a young 20 year old woman got scammed with canwestcredit.com. She was at work and couldn't spend alot of time reading our site which is full of information on these Bad credit loan scams.

This painted a scenario for somebody who would apply for a bad credit loan.

If you've got bad credit and recently have applied for a loan with Royal Bank, TD Canada Trust, Bank of Montreal, ScotiaBank, Bank of Commerce, and have been denied, then you need to take heed to that.

There are other lenders that may help you out such as HouseHold Finance, which is a HIGH RISK lender.

The point is, if you're desperate for a loan, you're probably going to shop at places on the internet that indicate that they can help people with bad credit.

This is what the following scam websites are doing:
transcanadaloans.com
firstcanadianfinance.com
canwestcredit.com


The scammers are telling unsuspecting people that they can help give them a "bad credit loan". This is obviously appealing to those who are desperate for money.

FIRST POINT TO KNOW:
It's illegal for a loan company to ask for a fee or down payment up front in order to give you a loan. This is the first alarm bell.
If a bad loan credit officer asks you to wire them money via moneygram, or western union, your money will most likely disappear!!

SECOND POINT TO KNOW:
If you're not familiar with the bad credit lender, then they may not be legitimate. If you're seriously thinking of dealing with this company, you need to keep in mind that lenders and mortgage brokers must be licensed to do business in your province. You can call Consumer Protection-Corporations branch to see if this bad credit loan company is registered with the Provincial or Federal governments. ( Banks are registered Federally in Canada )

THIRD POINT TO KNOW
Just because a bad credit loan company has a phone number, doesn't mean that they're in Canada.. A phonebusters.com representative that I interviewed suggested that with the tools on the internet, scammers can get a phone Canadian phone number and have it forwarded to Hong Kong or some other far away place. This means that the predators might be living in a far off land while you think they're in Canada.

FOURTH POINT TO KNOW - IDENTIFY THEFT
NEVER NEVER NEVER give out personal information such as social insurance number, date of birth, address to people or companies you don't know. In this case, these bad credit loan scammers are more than likely going to steal your personal information and use it to buy products using your name. You'll get the bill for these stolen products and get stuck with hours and hours of explaining to do with the suppliers that are being stolen from.

BAD CREDIT LOANS ON THE INTERNET ARE DANGEROUS
Here's my advice... Even if you're desperate for money, you need to take a few hours to research potential companies you're going to use to borrow money from. They need to be registered, familiar, and credible.

If you DON'T take the time to research bad credit loan companies in Canada, you're going to lose your money. It's a hard lesson. It's a hard reality. It's the truth.

Don't let bad credit loan scammers get away with murder. Do your homework before you borrow money!

- Monty Loree

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Canadian Advance Fee Fraud - RCMP
- Posted September 15, 2007 by Monty Loree
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Advance Fee Fraud

Advance Fee Fraud is defined as anything where you send money (Fee) up front and don't get what you're paid for.. This is not the case all the time as some companies legitimately make errors and will correct them right away.

Some of the scams that we're seeing on this site are where the companies never plan to do what they've promised.. IE.. you send them money, and they don't give it back.. They take your money and spend it.

I'm surprised that this is a multimillion dollar problem in Canada.. Obviously the RCMP website is going to know the scope of the problem better than anyone else..

The best thing to do is to report the scam to as many places as possible including the RCMP, phonebusters.ca etc..

The other most important thing to do is to get educated about the problem.. People are desparately looking for money and will jump through hoops to get it.. When they deal with a advance fee loan scam company they're going to lose their money making their financial situation even worse.

This next paragraph is from the RCMP's website http://www.rcmp-grc.gc.ca/scams/advance_fee_e.htm

Classified advertisements for loan opportunities do not guarantee the legitimacy of a company. Some companies claim they can guarantee you a loan even if you have a bad credit history or no credit-rating at all. They usually request an up-front fee of several hundred dollars. If you send your money to these companies, it is unlikely you will get your promised loan and your advance payment will be at risk.

Advance fee loans operating for a criminal purpose generate millions of dollars annually in Canada. Persons with poor credit ratings are usually the key targets and once the 'loan processors' receive your money, they usually disappear.

Other Advance Fee Fraud

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Canadian Council of Better Business Bureaus in Ottawa
- Posted September 14, 2007 by Monty Loree
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I just found this site:
http://www.ccbbb.ca/alerts_advfee.cfm

Alerts - Advance Fee Loan Scams
Please be aware that it is illegal in both Canada and the United States to ask for money upfront for a loan. Please do not send in the requsted money as you will receive absolutely nothing in return. If you have sent in money or personal information, please read below for more information. Although these fraudulent companies are asking for upfront money for 'insurance reasons' or 'in order to get the money across the US-Canada border', it is still illegal, and you will not receive your loan. If you have sent in any money or personal information (such as your Social Security Number, Driver's Licence Number, etc.) to any advance fee loan companies, it is vital that you report it.

During the past two years the office of the Canadian Council of Better Business Bureaus in Ottawa, Canada has received between five to ten calls from victims or near victims of the Advance Fee Loan Scam each day.

In all cases, the profile is the identical except for the "name" of the company and "insurance" provider. The companies are all traced to mail box drops
.

This site has a nice write up about advance fee loan website scam.
I also found this page on phonebusters.ca
http://phonebusters.com/english/recognizeit_advfee.html

phonebusters.ca gives the following description of


Advanced Fee Loans Scams
Ads that promise loans generally appear in classified sections of local and national newspapers, magazines and tabloids.

Remember: simply advertising through recognized media outlets does not ensure the legitimacy of the company behind the ad.

Some companies claim they can guarantee you a loan even if you have bad credit or no credit. They usually request an up front fee, which may range from hundreds to thousands of dollars. Once you send your money to these companies, you never get your promised loan and you cannot get your money back. If you cannot get a loan through traditional lending institutions, it is unlikely that you'll get one in response to a classified ad. Ask the loan company to take the amount of their fee off of the total amount of the loan that was promised you. In most jurisdictions, it is illegal for a company to request an up front fee prior to obtaining a loan.

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Canadian Advance Fee Loan Scam - Canada
- Posted September 14, 2007 by Monty Loree
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Serious Advance Fee Loan Scam
I found this article about Serious Advance Fee Loan Scam on the American website.
http://mortgagefraud.squarespace.com/journal/2004/10/10/serious-advance-fee-loan-scam.html

Serious Advance Fee Loan Scam
Posted on Sunday, October 10, 2004 at 11:18AM by The Editor - Ian Shuter in Investigations, Advance Fee Fraud, New York | Post a Comment
Finger Lakes Times - October 10, 2004

GENEVA — An advance-fee loan fraud bilked a local woman out of $1,100 recently.

Advance-fee frauds promise victims some payout, loan or other benefit — if only they’ll send money first to cover administrative fees. The most well-known example is the infamous Nigerian e-mail, which offers a large share of a deposed or deceased leader’s fortune in exchange for laundering the money into the United States.

Amy Gay, of North Exchange Street, was not interested in a windfall. The divorced mother of a 12- and 17-year-old said she just wanted to improve her credit rating when she saw an advertisement for Paragon Financial Group Sept. 12 in the The Week Ender of Geneva. The ad offered personal, home, business and debt consolidation loans to people with “damaged” credit.


CANADIANS WITH BAD CREDIT DESPERATE FOR A LOAN
I think what we're seeing with these advance fee loan scams are people who are urgently seeking a loan, and are looking for an anonymous online lending company..

I can see why these scam loan websites would be appealing for somebody who has bad credit and is desperate to borrow money:
The borrower wants to remain anonymous because of their "shameful" situation. The borrower hopes that this anonymous lender doesn't need to report to Equifax Canada or TransUnion Canada.

While this might seem like a fast and easy way to get credit, it's not and it's going to cost you your "loan fee" deposit.

QUESTIONS TO ASK A PROSPECTIVE "LOAN BROKER"
If you've got bad credit and are tempted to use a website loan brokerage service, ask the loan representative the following question:
Which lenders do you broker for, "Royal Bank, TD Canada Trust, an insurance company, VFC Inc??"

Website loan brokers are not going to lend you the money to you themselves... ultimately the loan will come from an established, registered and regulated lender in Canada.

If this scammy website loan company says that they deal with Royal Bank, or TD Canada Trust, contact the Royal Bank's loan department and ask if they deal with the website loan company that you're talking to. If the registered lenders such as Royal Bank hasn't heard of this company and haven't dealt with them, you know that the website loan company is a scam. Red flags should go up immediately..

Reasonably speaking, if you've got bad credit, a creditor is taking a big risk lending to you. To compensate for the high amount of risk that they're underwriting, they'll want to charge 30%+ interest rates, fees, and what ever else they can get from you.. They'll also take security to back the loans.

The highest risk lenders in Canada are the payday loans companies such as moneymart.ca. Money mart charges very high interest rates and all sorts of fees, because they're usually dealing with clients who have bad or no credit.

If you suspect a site in Canada which is doing the illegal Advance Fee Loan Scam let us know immediately. We can do some preliminary research on the suspected site and report back to our readers.

Phonebusters.ca, Consumer Protection need to know that these sites are working illegally and are just set up to steal people's money.

keywords:
Canadian Advance Fee Loan Scam Canada
bad credit loans website
fix credit canadian loan web site

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Canadian Money Loan Scam websites in Canada
- Posted September 14, 2007 by Monty Loree
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Canadian Money Scam websites in Canada.

Financial scam websites
Canadian loan scam websites

Ted Reid from this comment section :
/comments.php?PostID=1195

has pointed out that Victoria Harold , who runs FirstCanadianFinance.com also runs canwestcredit.com

Can West Credit has an application page on their site which is not secure:
on this page they have the small disclaimer:

APPLICANT AUTHORIZATION
By submitting this application, I certify that all information herein is true and complete. I authorize Canwest Credit to retain this application, to rely on the foregoing, to check and verify my employment and salary history.

By using our website, you authorize us to provide reports on the status of your application, including information concerning whether you qualify for a loan, (if you choose to accept, whether your application for credit is denied, and whether you accept a loan from that lender.

http://canwestcredit.com/apply.html

This smells strongly of scam..
________________________________________

Canadian Money Advisor readers are very interested to hear when ever loan scam sites or any other financial or money scam sites appear online.

I get horrified every time somebody gets on this site and says that they were taken for $500 or $2000 by a bogus loan site. These site operators are obviously out to make a quick and illegal dollar.

Let's try to stop these sites before they steal any money from our fellow Canadians.

If you see a site that is NOT LEGITIMATE, let us know immediately, either here in this blog post, or on the discussion forums.


keywords:
Serious Advance Fee Loan Scam
canwest credit loan scam web site
can west credit loan scam
canwestcredit.com loan scam
Victoria Harold Scammer

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first canadian finance scam site
- Posted September 11, 2007 by Monty Loree
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First Canadian Finance - Scam Site

I just got an email from a lady who was scammed by Trans Canada Loans..

Now she's looking at , First Canadian Finance to get a loan.

After looking at that site, I notice that they're posting a phone number and the fact that they're listed at:
First Canadian Place
100 King St
Toronto On
PHone: 416-944-0105

In my opinion the site DOES NOT look credible...They don't list a company name other than First Canadian Finance, (no .inc) or any other corporate identity. For the fact that they're at 100 King St, means that they could have a mail box there.

LISTEN UP: Just because people are on the web doesn't make them credible... Always check with consumer protection to make sure that
the company is registered as a company and then registered with the appropriate government regulator.. If they're not registered, you're going to lose your money.

Their whois look up:
Registrant: Victoria Harold 148 Wellesley St. E
Toronto, ON M4X 1L3
CA

Domain name: FIRSTCANADIANFINANCE.COM

Administrative Contact: Harold, Victoria victoria@haroldandassociates.com 148 Wellesley St. E Toronto, ON M4X 1L3 CA +1.6478324072 Technical Contact: Harold, Victoria victoria@haroldandassociates.com 148 Wellesley St. E Toronto, ON M4X 1L3 CA +1.6478324072

Registration Service Provider: Ecommerce, Inc., registrars@ecommerce.com 800-861-9394
----------------------------------------

After looking at this whois information, this site is registered to an individual Victoria Harold, not a corporation, and doesn't look like an official company...

I would advise not to use this company at the first glance.

The site that her email is listed with is a crappy link site..
haroldandassociates.com

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NEW!! Credit Repair Tip #1 - Podcast
- Posted September 08, 2007 by Monty Loree
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NEW!! Credit Repair Tip #1 - Podcast



Listen to this credit repair tip for Canadians that will help you better deal with your creditor if you get behind on a payment.

Leave me a comment and let me know what you think...

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new take control of the collection agency call podcast
- Posted September 08, 2007 by Monty Loree
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Collection Agency tips

NEW!! Take control of the collection agency call - Tips and Tricks Podcast



Take Control Over Collection Agencies Tip
Listen Now! Duration: 3 Minutes


Many people who visit this site have experienced the sharp pain of getting a call from a collection agent. This quick tip podcast will show you how to immediately take control over the phone call with the collection agent.

This is the first of many collection agency tips. This is a great tip on how to take control with collection agencies.

It's a must listen to.

Discuss this here:
Take control over collection agent phone call- podcast discussion

UPDATE: February 18,2008
I just created this new video which looks at the Collection Agency Act and gives our readers even more information to feel in control when a collection agency calls.!
NEW!! Collection agency tutorial video for Canadians

Canadian Collection Agency Tips

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Does bankruptcy judge overrule the divorce judge?
- Posted September 06, 2007 by Monty Loree
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Does bankruptcy judge overrule the divorce judge?

I got this email from a member of Canadian Money Advisor. It's regarding her divorce settlement and the debts she 'acquired' from the marriage. Oh yeah, this lady has 5 kids that she's trying to support.

The Plaintiff (husband) shall continue to maintain all of the martimonial liabilities and shall indemnify the Defendant (wife) from further responsibility for these liabilities

That seems to say to me that whatever was considered 'matrimonial' debt, was the Plaintiff's responsibility, and according to the definition of 'indemnify' from the dictionary, I am absolved from further action.


The situation is that while married, this couple accrued approximately $350,000 in debts including mortgage, car, credit cards etc.. together..

After they got divorced, the husband declared bankruptcy and cleared himself of any prior debts.

Since this topic goes beyond my scope of understanding... I'm curious if any body knows the following:
1) Does the divorce judges rule override the bankruptcy judges ruling?
2) Does the divorce judgement have a statutes of limitations
3) Since the plaintiff was ruled to continue to maintain all of the matrimonial liabilities , is he still required to do so...?

My personal comment is still the same.. this scares me to death.. The devastation brought about by a high debt / divorce mixture is stunning. Even if you're making a very decent salary, it would be hard to maintain this type of debt.

Divorce takes out one of the main bread winners, just as a death would. However with death you can get the life insurance policy benefits. There is no divorce insurance to cover you.

HELP NEEDED ON THIS TOPIC
If you have any experience dealing with this topic your responses would be much appreciated.. Divorce law and bankruptcy laws are complicated enough. Having one supersede the other is an even larger topic I'm sure.

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