The Personal Finance Show

The Personal Finance Show is a place for people to tell their personal finance stories. Everyone has a personal finance story.

Episode 8 with Doug Hoyes

October 31st, 2017

“I would much rather come up with the right solution for you, rather than the solution that is going to make me money today.” - Doug Hoyes, This is the kind of thinking that makes me want to send everyone to Hoyes Michalos and Associates for help. In 2009 I found myself with a huge amount of consumer debt, due to my gambling addiction, and I could barely keep up with my minimum payments. I could feel that I was on my way to finding a way out of my gambling addiction, but it was hard to make any progress with so much debt weighing upon me and no plan to pay it off. I did a bunch of research and decided that filing for bankruptcy might be an option. I looked a bit further and found that a consumer proposal to my creditors might be the better choice. In early 2009 I emailed Hoyes Michalos and Associates with the following message: “Due to a recent gambling incident, my debt load has increased significantly. I do not believe I can reasonably afford to pay my current debt load. I think a consumer proposal might be the right thing for me.” The “incident”, of course, was not recent, and it was an accumulation of gambling debt over 10 years, which I clarified with Sandra, the insolvency trustee when we met. Sandra took my $40,000 in debt and crafted a proposal to my creditors asking if it could be reduced to $15,000. The alternative was bankruptcy, and $0, so my creditors accepted the $15,000. I now had fixed monthly payments of $300 for the next 50 months. Oh yeah, and my credit rating would be ruined for the entire 50 months + 3 full years after my proposal was paid in full. What might have been a negative for some, was a huge relief for me. With the inability to gamble with credit cards, and having enough cash flow to start saving again, I was able to focus on rebuilding. Soon after, I finally realized I was gambling because I had Attention Deficit Disorder(ADD). I was diagnosed, medicated and my life changed completely. It still took a few more years to shake the gambling addiction completely, but in 2011 I had my final relapse and was finally done with gambling. In August 2012 I paid my proposal in full and 3 years later my proposal was cleared from my credit report. It took a while but I recovered from what seemed to be a hopeless situation. This is the kind of situation Doug Hoyes sees every day. After 20 years and 10,000 clients, Doug decided to write a book called “Straight Talk on Your Money”, just released in September 2017 I really enjoyed speaking with Doug and I want to thank him for having me on his podcast “Debt Free in 30”. Here’s the link for that episode: To find out more about bankruptcies, consumer proposals, and other insolvency options, please head to or call 1-866-747-0660.

Episode 7 - Money 20/20 Payments Race

October 18th, 2017

Money 20/20 Payments Race On Wednesday, October 18, 2017 5 contestants began the Money 20/20 Payments Race in Toronto, Ontario, Canada at the SIBOS conference( Each contestant must use a different method of payment to get from Toronto to Las Vegas in 7 days, with checkpoints and challenges along the way. Payment methods are: Chip and pin, Bitcoin, Gold, Cash and Coins, and Contactless. It is only through a series of random connections that I became aware of this race. One of the contestants, Jessica Moorhouse, is a friend of mine and host of the Mo’ Money Podcast. She posted on social media about being the first Canadian to be selected to compete in the race. Then I found out that the race was starting at the 3rd day of the SIBOS conference in Toronto - a conference that I just happened to be already attending! So I tracked down the 5 contestants and chatted with all of them about the race, their assigned methods of payment, and how they were feeling at the beginning of this 7-day journey! Have a listen to the podcast and then follow the links below to access daily summaries, social media posts, YouTube videos and general updates from the contestants. Also follow hashtag M2020Race on Twitter( to get the latest from all contestants at once. Jessica Moorhouse - Chip and Pin Twitter: Facebook: YouTube: Instagram: Website: Amélie Arras - Bitcoin Twitter: Facebook: YouTube: Website: Ash Cooper - Gold Twitter: Facebook: YouTube: Instagram: Stuart Thomas - Cash & Coins Twitter: Facebook: YouTube: Jordan Dusty Drew - Contactless Twitter: Facebook: YouTube: Instagram: