Category Archives: Credit Granting

Time almost up at the all-you-can-eat buffet?

Canada’s current debt binge has some sounding the alarm on rate hikes. According to Macquarie Capital the unprecedented rise in consumer debt means the Bank of Canada’s (BoC) rate-hiking cycle is already the most severe in 20 years and further increases will have far graver consequences than conventional analysis shows. Assuming just one further rate […]

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Can an Email Can Extend a Limitation Period for a Debt Claim?

In British Columbia, the right to sue on a debtor’s failure to repay a loan is generally limited to a two year period following the date the debtor defaults on that loan, thanks to the provisions of the Limitation Act, S.B.C. 2012, c. 13 (the “ Limitation Act”). However, section 24(6) of the Limitation Act also provides […]

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Top Eight Signs Your Client May Be In Financial Difficulty

This post is written to help those looking in from the outside (bankers, lawyers, accountants, insurance agents etc.) spot when a client of yours may be experiencing financial difficulty and might need the help of insolvency professionals like us. ?Assessing whether your client is experiencing financial distress does not require access to detailed financial information, […]

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Paying Out of Pocket to Keep Your Business Afloat

Ultimately, the purpose of any business is to make a profit. The value of any business is largely determined as a multiple of its profit or cash flow. While many, if not most, businesses lose money during their start up period, the losses will eventually have to stop in order to achieve success. If you […]

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Have bankers gone insane or is it me?

Does anything scream insanity louder than this sign board shown below that was spotted on August 23, 2016 at the CIBC Branch located on the University of Waterloo campus? -Is home ownership for an international student with a study permit and no verifiable income in the best interest of the student? the bank? or society in general? -CMHC […]

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Delinquency Rates – Runaway Train

Although increasing debt levels may be slowing in the areas most impacted by the oil-slump (our backyard) it is clear that a substantial increase in delinquency rates in this same region is a cause for concern. Based on the global economic macro-view one can expect this trend to continue for some time to come making it […]

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Consumer Debt: Bridging the Gap

According to a recent Manulife Bank survey (click here) more than one third of Canadian households have been covering monthly living expenses by running up credit lines, credit cards, or even selling off investments and hitting up family members for much needed cash. More troubling however is that the survey also found that 14 percent of […]

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Buy All The Things!

According to credit monitoring agency Equifax this past week, the national 90-day-plus delinquency rate on consumer debt in the first quarter of this year was 1.12 per cent, up from 1.09 per cent in the fourth quarter of 2014.  The observation came as Equifax reported that Canadians generally continued to increase their borrowings for car […]

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Even “God” has an Equifax credit score

The credit reporting giant Equifax recently settled a bizarre case in late May which it was accused of denying a New York man named “God” entry into its credit database because it refused to recognize his legal name. Equifax’s original stance had led the man, Brooklyn jewelry dealer God Gazarov, to being denied one car loan, […]

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Increase in business financing : Don’t get too excited

The Bank of Canada’s (BoC) surprise rate cut in late January, which brought short-term rates to their lowest level since the Global Financial Crisis, seems to have potentially spurred some much-needed investment among the country’s businesses, or has it? According to a recent report from the Royal Bank of Canada’s (RBC) economics team, Canada’s business […]

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