Scott Terrio

@ScottTerrioHMA

Mgr, Consumer Insolvency, Hoyes Michalos. Columnist, Macleans/MoneySense. Guest speaker, podcaster, BNN squatter, moisture farmer, frontline debt guy. LFC.

Toronto
Vrijeme pridruživanja: travanj 2012.

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  1. proslijedio/la je Tweet
    prije 13 sati

    I'm getting surprised I still generally like Toronto given how hard some people are working to make it suck.

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  2. prije 17 sati

    Joint debt is joint debt, people. Co-signing means joint. Joint means each party is 100% responsible for the debt. That's why the banks are always so eager to get co-signors (and "secondary", which is softer-sounding but no less legally dangerous.)

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  3. 6. velj
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  4. 6. velj

    Met with a guy who’s had multiple consecutive restaurants, all corporations, but had no idea which debts were business, personal or both. After tearing it all apart he told me he wished he’d been told that long before. Hear that every day from small business owners.

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  5. 6. velj

    Every Millenial I meet with asks me the same thing: when will I be able to buy a condo if I file a proposal? And an obsession with credit scores.

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  6. 5. velj

    Reni's backing vocals on Mersey Paradise, though...

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  7. 5. velj

    Where Angels Play by The Stone Roses

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  8. 5. velj

    "Get ready to borrow for today or tomorrow."

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  9. proslijedio/la je Tweet
    5. velj

    I still have no sympathy for these people who couldn’t see this coming.

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  10. 5. velj

    “Can you guys stop a CRA wage garnishment?” “Yes. But when’s your next pay?” “This Thursday.” 🤦‍♂️ (But we’re doing it...)

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  11. 4. velj

    Liverpool - we even win when we're trying not to.

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  12. 4. velj

    Had a client come in today for a 1st counselling. His proposal was approved as offered. Very happy is he. He said the best thing he ever did was sell the truck he had. Now no oversized loan, no gas costs, no insurance. Bikes around. Saud he feels rich. The car industry is swell.

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  13. 4. velj

    How has a 23-yr old managed to pay off a car loan for $50,000? Oh, and the car is now worth $28,000. The car industry is swell.

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  14. 4. velj
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  15. 4. velj

    debts that are personally guaranteed and various government debt (HST, personal income tax.) Remember that this entire scenario never occurs without the dramatic home equity increase. - FIN

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  16. 4. velj

    in home prices in the area over the last 2-3 years, plus sales & legal costs, the HELOC lender is likely to be made only perhaps 30% whole. The mortgage lender will be fine. Total unsecured debt will end up around $350-400,000, including the HELOC shortfall, other business 5/

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  17. 4. velj

    are cancelled, leaving only deposits, and insurance only covers some of the damage. You are wiped out. After missing five months of payments on the HELOC, Big Bank A issues a Notice to Enforce Security on the home. Ten days to clear out. Given the substantial drop 4/

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  18. 4. velj

    Big Bank B holds your 1st and 2nd mortgages worth $790,000. The plan is to buy a property and substantially renovate it for the expansion of the business. But during the year-long construction a devastating fire occurs, destroying the building near completion. Enrollments 3/

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  19. 4. velj

    You decide to substantially borrow against your large, single-family home to fund a major expansion of your business. The business is a private daycare and it is profitable. The premises are rented. Big Bank A lends you the $400,000 home equity small business loan. 2/

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  20. 4. velj

    HELOC STORY - THREAD: Say you’re doing pretty well at your small business. Quite well, actually. Then there is a major housing boom. Over the course of a few short years, you are – on paper – quite well-off. As an entrepreneur, your instinct is to capitalize on that. 1/

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