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exactly what would take place in the event that you simply stopped spending? What would take place in the event that you owned cash on a charge card or financial loan and you simply stopped having to pay it?

exactly what would take place in the event that you simply stopped spending? What would take place in the event that you owned cash on a charge card or financial loan and you simply stopped having to pay it?

COMPLETE TRANSCRIPT show #87 with Ted Michalos

It’s the final show regarding the thirty days, and it’s time for our frequently asked questions show here on Debt Free in 30 as we do at the end of most months. Of all frequently asked questions shows we’ve got a listing of five or 10 concerns. Now record is significantly smaller. We’ll probably just arrive at two concerns however they are two questions that are important.

Exactly just What would happen you just stopped paying it if you owned money on a credit card or bank loan and?

Most of the time in the event that you just stopped paying if you are deep in debt, a consumer proposal or a bankruptcy is the necessary solution, but what would happen? You didn’t register a consumer or bankruptcy proposition, you merely stopped paying.

That’s today’s question that is first to answer it I’m accompanied by my Hoyes Michalos partner and co-founder Ted Michalos. Therefore, Ted am I able to stop paying just? Just exactly exactly What would take place if i recently walked far from my debts? What’s the procedure?

Ted Michalos: Well, let’s break this down and discuss various kinds of financial obligation. Therefore, one of many things you talked about ended up being charge cards. That’s a pretty common issue for individuals to have, therefore is it possible to walk from your credit debt? Continue reading “exactly what would take place in the event that you simply stopped spending? What would take place in the event that you owned cash on a charge card or financial loan and you simply stopped having to pay it?”

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Ontario Limitations Act and Old Debts. Let’s focus on that which we understand

Ontario Limitations Act and Old Debts. Let’s focus on that which we understand

Can it be correct that in the event that you simply ignore a vintage financial obligation it’s geting to go away? Not quite. You can find a few misconceptions about the Ontario Limitations Act. This week’s Technical Tidbits edition of Debt complimentary in 30 may help split the reality from fiction.

We know that in the event that you don’t spend a financial obligation, you’re going to get collection phone calls and, possibly, get wages garnisheed. So yes it is possible to ignore a debt, however it might induce collection actions. Doing nothing is not generally an option that is good.

You don’t need to worry about wage garnishments if you don’t have a job. But that doesn’t suggest you could just ignore a financial obligation while having it disappear.

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Debts don’t just “go away”

You to court and suing you if you have no wages to garnishee, or no assets to seize, there many be no benefit to a creditor or debt collection agency taking. Therefore yes, you might simply overlook the financial obligation rather than suffer direct monetary effects. Your debt didn’t disappear, you nevertheless owe the funds. Continue reading “Ontario Limitations Act and Old Debts. Let’s focus on that which we understand”