Mark explains why having filed for personal bankruptcy does not disqualify him as a debt coach, pointing to his 12 years as a collection agency lawyer, nine years as a consumer lawyer and his book The Wolf At The Door.
Transcript
Filing for bankruptcy
Yes, that is true. I am a bankrupt. The debt would have been over $110,000. My biggest creditor was CIBC, for more than $62,000. So, CIBC, here's to you and your $62,000. My number two creditor was the Canada Revenue Agency, and my friends over there were owed $27,000. So, cheers to the Canada Revenue Agency. My third largest creditor was the Toronto-Dominion Bank, and I owed them over $20,000. A shout out to the Toronto-Dominion Bank: I actually like the people at TD. They always treated me really well. My fourth largest creditor was a debt buyer, CBV Collection Services. They would have purchased some kind of debt, and that was for about $650. My final creditor was Virgin Mobile, for $117, in connection with my daughter's cell phone.
Does bankruptcy disqualify a debt coach?
You'll notice that I'm not holding myself out as a wealth advisor or an investment advisor. If a Canadian was looking for advice on how to deal with their debts, I don't think they would be asking Jeff Bezos or Mark Zuckerberg or Warren Buffett. If you want advice dealing with your debts, you want someone who has relevant experience, and I challenge a Canadian to find someone who has more relevant experience when it comes to being a debt coach. I have three decades of relevant experience as a debt coach for Canadians.
There have been times in my life when I have had debt problems, and as a result I have received collection notices, I have received collection calls, I have been sued, and I have had my bank account frozen by the Canada Revenue Agency. Through this experience I have been in the shoes of people who are in debt, and this makes me more sympathetic to Canadians who are struggling with that. I would like to help them by taking advantage of what I have learned, and I want to level the playing field between creditors, collection agencies and Canadians struggling with debt.
Twelve years as a collection agency lawyer, nine as a consumer lawyer
I worked for 12 years as a collection agency lawyer for four of the largest collection agencies operating in Canada. As a result of that experience, I have intimate knowledge of how collection agencies work. I know their strengths and their weaknesses, and this gives me a huge advantage in advising people on how to get the best possible result when they're dealing with a collection agency.
During the nine years that I worked as a consumer lawyer representing Canadians across the country who were struggling with debt, I personally negotiated hundreds of favourable settlements, in which my clients would pay as little as 15 to 25 cents on the dollar to settle their debts. So I like to think that I have a tremendous amount of experience when it comes to negotiating settlements, and I am in a position to be a very useful resource when people want advice on how to deal with their debts, and in particular assistance with settling unpaid accounts.
Writing The Wolf At The Door
I wrote a book called The Wolf At The Door: What To Do When Collection Agencies Come Calling, published by McClelland & Stewart. I spent over a year writing and researching this book. During this period I spent a considerable amount of time researching the various options that were available to individuals who are struggling with debt.
What sets me apart
Canadians are bombarded with advertising from firms offering to assist people struggling with debt problems. Virtually all of these firms are offering one, possibly two, debt relief options. At one level, these firms are marketing one or two debt relief options, and they don't receive any financial compensation unless the consumer chooses that particular option. The debt relief options offered by these organizations may very well not be the ideal option for a particular individual.
In contrast, I am not a captive of a particular debt relief option. I simply provide advice to Canadians struggling with debt. My goal is to help a particular individual identify the best course of action for them to deal with their debts. I challenge you to find someone who can provide you with better advice about your debts.