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Hoyes Michalos Reviews, Ratings And Fees 2020

Based on 1
Customer Reviews
ADDRESS
2446 Bank St Unit 203
Ottawa, Ontario
K1V 1A4
BUSINESS HOURS
  • Monday to Thursday 8 am-6 pm
  • Friday 8 am-5 pm
  • Saturday to Sunday Closed
WEBSITE
https://www.hoyes.com/
Presentation

Who Is Hoyes Michalos

Hoyes, Michalos & Associates Inc. has been consulting Canadians with debt relief solutions since 1999. They are a company of Licensed Insolvency Trustees with over 20 years of experience and a strong history of providing people with all types of debt management products. Whatever happens, you can be sure that Hoyes Michalos will exhaust all other potential debt-solutions before ever letting it go to bankruptcy.

What Will The Assessment Process Be Like?

Similar to any credit counselling agency, the first step toward becoming debt-free with Hoyes Michalos is to have your financial situation evaluated by one of their Licensed Insolvency Trustees. During the initial assessment, you’ll likely have to answer various questions, including but not restricted to:

  • What type of debt(s) do you have? How much?
  • Have you tried any other debt management techniques?
  • What is your living situation like?
  • What are your estimated monthly expenses?
  • What is your income and employment status?

Keep in mind that you’ll have to be open about your financial problems in order for them to recommend the right solution. This is particularly true when it comes to a consumer proposal and bankruptcy. In addition, be prepared to provide them with various personal information, such as your: 

  • Full name
  • Residency details (address, citizenship, etc.)
  • Employer & income details
  • Phone number(s)
  • Email address  

What Debt Relief Options Does Hoyes Michalos Offer?

One of the best things about Hoyes Michalos is that they offer a broad selection of debt management techniques, which can range from simple financial advice to drastic legal procedures that only Licensed Insolvency Trustees can administer. These debt relief options include but certainly aren’t limited to:

Debt Consolidation

The average debt consolidation can be done in two ways, both of which involve reducing your debts using one monthly repayment plan:

  • A debt consolidation loan is when you borrow a lump sum of money from a financial institution and use it to pay off multiple debts. You’ll then repay your lender through monthly installments (with interest). Some consumers can even use a cosigner or collateral for better approval chances and loan conditions.  
  • A debt management program involves a similar technique. However, a credit counsellor will oversee your case and negotiate with your creditors for you. Your monthly payments will then be interest-free and you won’t have to qualify for a loan.

Consumer Proposal 

A consumer proposal is a government-regulated debt relief program that is legally binding. Those who file for a consumer proposal will have the majority of their unsecured debt forgiven and will pay the rest off through monthly installments. If you need to file a consumer proposal, Hoyes Michalos’s LIT can guide you on your journey to being debt-free.

Typically, you can qualify for a consumer proposal if you have between $5,000 and $250,000 of debt. While debts that are secured by collateral cannot be eligible, you will have a full 5 years to pay off your unsecured debts, with the option of making interest-free prepayments. 

Personal Bankruptcy

If bankruptcy is your only choice for living a debt-free life, Hoyes can represent your case. Filing for bankruptcy will eliminate your unsecured debt and potentially some student debt. You may lose some of your assets during the bankruptcy, but it varies depending on your situation. Your Hoyes Michalos Licensed Insolvency Trustee will guide you throughout the process.

Luckily, you can qualify for bankruptcy with $1,000 (minimum) of unsecured debt and there is no maximum limit. If you make all your court designated payments on time, you may be discharged in only 9 months. Although bankruptcy can have a heavy negative toll on your finances, it’s likely the most effective debt-relief option.  

What Sets Hoyes Michalos Apart From Other Debt-Relief Firms?

As far as financial counselling agencies go, Hoyes Michalos certainly stands out amongst its competitors and not just because they’ve been operating in Ontario for more than 20 years. Here are just some of the main reasons why Hoyes Michalos is considered a dependable group of Licensed Insolvency Trustees:

  • Their website is full of information about their many different solutions
  • They list the benefits, drawbacks, and reasons to avoid some debt-relief options
  • They have good customer reviews and have been featured by many news outlets 
  • They are truthful about the potential costs of many debt solutions
  • They can negotiate with your creditors and debt collection agencies
  • They can teach you how to deal with almost any type of unsecured debt
  • Their credit counselling courses can teach you how to budget properly

The Benefits and Drawbacks of Hoyes Michalos?

While Hoyes Michalos & Associates are a well-reviewed company of Licensed Insolvency Trustees, it’s still a good idea to weigh the pros and cons of their debt-relief procedures beforehand to make sure they are right for your financial situation. 

Benefits

  • Website has clear details about a variety of debt management options
  • Seeking debt-relief can save you a lot of money over time
  • Responsible debt payments can gradually improve your credit
  • LITs can prevent creditor harassment, wage garnishment, and other penalties
  • Free first consultation and zero upfront fees  
  • Multiple locations across Ontario 

Drawbacks

  • Costs vary depending on what procedure is necessary and may be unaffordable
  • Some debt-relief options can be costly
  • Debt management programs cannot cover payday loans or student debt 
  • Secured debts cannot be covered by most debt-relief solutions

Frequently Asked Questions

What effect can bankruptcy have on my finances?

As mentioned, despite personal bankruptcy being one of the fastest and most effective ways to eliminate unsecured debt, it can also have a significant negative impact on your finances and credit. For instance:
  • If your income is over Ontario’s provincial threshold, you will be required to make surplus income payments. In addition, you’ll have to make a base contribution of around $1,800.  
  • If your income is too low and your debts are bad enough, the court may also drain your assets as a form of payment. This could include your car, your home equity, or even the money in your RRSP account. 
  • Your credit report will retain a record of the bankruptcy for 7 years following your date of discharge. Additionally, any accounts associated with the process will be assigned the lowest credit rating of R9.
  • When potential creditors check your credit report, they will be able to see all this damage. This can make it difficult to get approved for affordable credit products and you may have to get by with just your income until you’ve recovered.

What types of debt are eligible for debt relief?

Although this depends on what solution you choose, the vast majority of debt-relief procedures can only cover unsecured debts. For example, a debt that’s secured by collateral can’t be included in a consumer proposal or bankruptcy because it implies that a creditor has a lien on one of your assets. Take a look at the following examples before you attempt any form of debt-relief: Unsecured/Eligible Debts:
  • Credit cards
  • Unsecured loans & lines of credit
  • Traditional student loans
  • Payday Loans
  • Income taxes
Secured/Ineligible Debts: 
  • Mortgages
  • Vehicle loans
  • Home equity loans & lines of credit (HELOC)
  • Legal fines (tickets, lawsuits, alimony, etc.) 
  • Government student loans

Services

Offered Services

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Product Details

Debt Relief Consultations

Hoyes also provides advice regarding the five main debt relief solutions available to Canadians. Regardless if you need to file a consumer proposal or bankruptcy, Hoyes is happy to provide advice regarding each individual’s circumstances.

Fresh Start program

Hoyes’s Fresh Start program is a free program that is accessible to clients who have completed a consumer proposal or bankruptcy. This program offers free access to online information regarding your credit. You’ll have educational material about how to check your credit, understanding your credit and how to build your credit.

Bankruptcy

If bankruptcy is your only choice for living a debt-free life, Hoyes can represent your case. Filling a bankruptcy will eliminate your unsecured debt and potentially some student debt. You may lose some of your assets during the bankruptcy, but it varies depending on your situation. Your Hoyes Licensed Insolvency Trustee will guide you throughout the process.

Consumer Proposal 

A consumer proposal is a government-regulated debt relief program that is legally binding. Consumers who file for a consumer proposal will have the majority of their unsecured debt forgiven. If you need to file a consumer proposal, Hoyes’s LIT can guide you in your journey to being debt-free.
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