Financial Wellness Podcast by BDO Debt Solutions: Recent Episodes
BDO Debt Solutions
The Financial Wellness Podcast, brought to you by BDO Debt Solutions, is a podcast series featuring expert advice from our Licensed Insolvency Trustees. In each episode, we tackle topics regarding the financial challenges that Canadians are dealing with such as bankruptcy, budgeting, student loans, Relationships and Debt and more. We understand that a job loss, divorce, death, an unexpected illness can lead to debt issues and through this podcast we want to ensure you have the tools needed to help you turn the page on debt.
Your next chapter is waiting.
Are you feeling overwhelmed by your financial situation but have been putting off doing anything about it? Does debt stress keep you awake at night or create tension in your relationships? Do you feel ashamed or stressed out but don’t know what the first steps are to make effective changes? You are not alone.
In this episode of the BDO Financial Wellness Podcast, we’re uncovering the side of debt that isn’t always talked about — the effect that debt can have on your mental, emotional, and physical health. Debt can result in an increase in stress, which can negatively affect your overall health in many ways. For a closer look at the effects of debt on your health, we turn to Nancy Snedded and Paul Moffett. As BDO Licensed Insolvency Trustees, they are uniquely qualified to advise on the downsides of debt and the mental stresses it causes. Together they highlight the stress associated with debt, the mistakes too many people make when dealing with debt, and the first steps to take when you are ready to make a change.
Highlights
[1:13] How does the stress of debt immediately reduce when meeting with a BDO Licensed Insolvency Trustee?
[2:40] What is the physical toll of debt stress?
[3:10] How much time do BDO trustees spend addressing the mental, physical, and emotional toll of debt stress?
[4:15] Is there a correlation between stress levels and debt levels?
[5:35] What are the first steps to take when you start feeling the effects of debt stress?
[7:30] The correlation between effective financial health and physical health.
[9:50] The value of understanding how your mood affects your spending.
[12:05] Changes that immediately come to those who seek debt solutions.
[13:37] Getting real with the effect that debt is having on your mental health.
[14:44] Paul shares the four words that he wants everyone to hear about debt and mental health.
[16:24] The first step to ending the stress that surrounds your debt.
Resources
BDO Debt Solutions
Quotes
“It’s a very rare occasion that someone comes to see us and they’re not feeling some level of stress or anxiety.” — Nancy [1:25]
Have you ever received a call from a debt collector? If you have, you know it can be scary, confusing, and intimidating. For most people, dealing with a debt collection agency is not an everyday occurrence, so how do you know if the person on the phone is actually a legitimate debt collector? Are they allowed to call your family? Can you ignore the phone calls altogether?
In this episode of the BDO Financial Wellness Podcast, we turn to BDO Licensed Insolvency Trustees Michael Comrie and Nicole Olsen for answers regarding some of the most common questions about debt collection agencies. One of the ways they help people find debt relief is by putting an end to debt collection calls. In our conversation, they cover different strategies for dealing with debt collection calls, how to know if the phone call is legitimate, what debt collectors are allowed to do when contacting you, and how to know when you need help handling debt collectors.
Highlights
[:59] What is a debt collection agency and how can you determine if your debt has been sent to a debt collection agency?
[4:28] Communication and calendar regulations that debt collection agencies are required to meet after obtaining your debt.
[5:58] How can you determine if a phone call is from a legitimate debt collection agency?
[7:15] Three things you need to write down when you receive a phone call from a debt collection agency.
[10:05] Steps to advocate for yourself when you are contacted by the CRA or debt collection agencies.
[12:54] Rules surrounding phone calls and other contact made by debt collection agencies.
[15:01] Can debt collectors talk to anyone else about your debt? Penalizations for doing so or contacting you outside of the Collections Act regulations of each province.
[20:30] Debt collectors are beholden to the complaint process, but where should you start, especially if you have a low income?
[22:10] Handling intimidation attempts from a debt collection agency and filing complaints when necessary.
[24:29] Ignoring debt collection agency calls is never a good idea. This is what you should do instead.
[26:14] Statute of limitations on debts and the standard time frame that collectors can pursue collection of a debt.
[29:05] How can a licensed insolvency trustee help with a debt collector?
Resources
How to Negotiate with a Debt Collector
Quotes
[10:11] “If you get to the point that it’s complicated and you can’t make sense of how to move forward and what your rights are … you can contact a licensed insolvency trustee.” — Mike
[16:17] “I absolutely recommend to all of my clients to lodge those complaints because the more complaints there are, the more action the debt collection agencies have to take.” — Nicole
[17:12] “If we just believe lodging a complaint won’t work and those complaints don’t get filed then clearly it won’t work.” — Mike
[19:48] “If you send a registered letter to the collections agency stating ‘I do not want you to contact me by phone anymore’ … they have to honor that.” — Nicole
[22:33] “As much as I set boundaries with how people interact with me, I want my clients to be setting those boundaries with debt collection agencies as well.” — Nicole
[32:00] “Our role is to give you all of the information to help you make an informed decision in the first place.” — Mike
Our BDO debt professionals share real-life debt stories and strategies that will help you plan ahead for life-changing events.
Our BDO debt professionals discuss what your first meeting with a Licensed Insolvency Trustee looks like, and how they can help you achieve debt relief.
BDO debt experts join the Financial Wellness podcast to share advice on how to keep your holiday budget under control while still enjoying the celebration.
In this second part of our interview with two BDO LITs, we’re busting myths about income tax debt, student debt and mortgage debt. Listen or read.
When it comes to debt, the more you know the better. We set the record straight about five common debt myths. Listen to learn more.
Are you responsible for your ex-spouse’s debts? We debunk common myths about divorce and debt and discuss what you need to know about your debt obligations in a divorce.
Considering a payday loan? BDO Licensed Insolvency Trustees talk about the real cost of payday loans and 7 solutions that will help you avoid the high interest and spiraling debt.
Dealing with student loan debt and paying it off in Canada can be challenging. Find expert advice on how to manage student loan debt here.
Transcript: https://debtsolutions.bdo.ca/5-tips-to-manage-student-loan-debt/
Rebuilding your credit is possible if you are patient and diligent. Our Licensed Insolvency Trustees have 8 solid steps you can take for repairing poor credit.
Transcript: debtsolutions.bdo.ca/how-to-rebuild-credit-canada
Understanding your credit score doesn’t need to be confusing or intimidating. We cover the credit score basics and debunk many of the myths of credit reporting.
Transcript: https://debtsolutions.bdo.ca/9-things-to-know-about-your-credit-score
Learn why a budget is worth your time and effort, and why creating and maintaining a budget isn’t as difficult, time-consuming or scary as you might think.
Transcript:
https://debtsolutions.bdo.ca/6-reasons-why-budgeting-is-important/
Learn how open, honest and regular financial discussions and a healthy money relationship can help couples overcome financial challenges like overwhelming debt and divorce.
Debt from unpaid taxes is a growing concern for many people who received CERB and other pandemic benefits. We cover 5 things you can do if you’re concerned about tax debt.
Making a plan to manage your debt will help you weather the financial uncertainties ahead. Our Licensed Insolvency Trustees share their best debt relief tips of 2020.
Do you need help budgeting this holiday season? These practical tips on how to budget for the holidays will help you plan debt-free joyous celebrations.
If this is the year you need to control your holiday spending, we have some tips to protect your finances and stick to your holiday budget.
A she-cession is the disproportionate financial hit women have taken due to COVID-19. BDO Licensed Insolvency Trustees talk about it and what women can do to rebuild their finances.
Has the COVID-19 financial crisis made it tougher to manage your student loan debt? Now is the time to explore debt solutions says BDO Licensed Insolvency Trustee Ilan Kibel.
Getting out of debt can be difficult when you’re struggling to afford basic essentials. BDO Licensed Insolvency Trustee Mike Braga shares strategies to overcome debt and affordability challenges in 2020.
What happens when debt becomes a problem? BDO Licensed Insolvency Trustee Jennifer McCracken shares strategies and solutions that can help you avoid debt and deal with it when it’s too much to manage on your own.
Nancy Snedden, BDO Licensed Insolvency Trustee, discusses how to tackle 7 common debt challenges you might encounter during the pandemic. Now is the time to plan for any potential financial roadblock ahead.
Are you worried about the end of CERB? BDO Licensed Insolvency Trustee Nancy Snedden offers insight, advice and strategies to help you manage your stress and prepare your finances for what’s ahead.