About Margaret Johnson

Margaret's philosophy is simple: "Your credit rating is not a reflection of your personal worth, it is merely a credit industry tool." In 1999 after spending 25 years in the financial industry in both lending and collecting, Margaret launched Solutions Credit Counselling Service Inc™ and Women and Money Inc. to help those burdened with debt regain their financial independence. Since then she's helped countless individuals become financially literate in addition to recovering their financial health. Margaret is an Insolvency Counsellor registered by Industry Canada. She is the President of The Canadian Association of Independent Credit Counselling Agencies (CAICCA) Other memberships and activities: Member - Vancouver Insolvency Discussion Group Charter Member - Canadian Insolvency Foundation Member - Association for Financial Counselling and Planning Education Member - Association of Credit and Collection Professionals - ACA International Former Vice President of Credit Professionals International (CPI) Member of the CPI board - 9 years Former Director - Surrey Public Library Volunteer - The Union Gospel Mission Volunteer - The Elizabeth Fry Society Volunteer and Mentor - Dress for Success Vancouver Volunteer - Corrections Canada, Youth Secure Detention Centre Volunteer - HRDC Self Employment Entrepreneurial Development Society Volunteer - Womens Network to Work Program Margaret is a two-time nominee for Entrepreneur of the Year, and a dedicated community leader. Margaret in the Media Margaret is the leading thinker in the field of Independent Canadian credit counselling. As a popular and respected financial speaker, Margaret is regularly sought after by the media to comment on matters of debt and credit as they affect the Canadian consumer. She is the author of many articles on credit counselling, and writes a popular advice column to promote credit education as a part of healthy living. Margaret's columns are featured on the popular Canadian Websites MyTelus.com , Shaw: Finance and Canada Home Guide . Margaret's progressive thinking keeps her in demand for public speaking engagements. She is very proud to have been a presenter at the Chapters of Health national seminar series.

 

The new rules prohibit lenders – storefront, phone and internet lenders from:

  1. Requesting an assignment of wages, or collecting from a borrower’s employer (this is great for consumers)
  2. Charging more that 23 per cent of the amount borrowed in interest and fees
  3. Lending more than 50 per cent of the borrowers net income (take home pay) or requiring repayment before the borrower’s next payday
  4. Operating unless licensed by the Consumer Protection BC
  5. Practices that unreasonably increase the borrowers debt load, which includes rollover loans that require the borrower to pay larger fees for extending the time frame to pay a loan

Also new the borrowers will now have the right to cancel the payday by the end of the following day without charge by returning the money borrowed. Payday lenders must display rates and fees, and Internet and phone lenders must make rates and fees known to borrowers.

Finally one for the little guy!

According to many people I have spoken with, those who use Payroll loan companies think they provide a valuabled service and it is hoped this will help both the industry and those who use the service.

Good one BC!

New rules for payday loan companies take effect in British Columbia on November 1, 2009.

A payday loan is usually less than $1500 borrowed for up to 62 days,and it is unsecured debt. The borrower is usually asked to provide a postdated cheque or a preauthorized debit form from their bank to repay the whole debt at the end of the term.

The new rules prohibit lenders – storefront, phone and internet lenders from:
1. Requesting an assignment of wages, or collecting from a borrower’s employer (this is great for consumers)
2. Charging more that 23 per cent of the amount borrowed in interest and fees
3. Lending more than 50 per cent of the borrowers net income (take home pay) or requiring repayment before the borrower’s next payday
4. Operating unless licensed by the Consumer Protection BC
5. Practices that unreasonably increase the borrowers debt load, which includes rollover loans that require the borrower to pay larger fees for extending the time frame to pay a loan

Also new the borrowers will now have the right to cancel the payday by the end of the following day without charge by returning the money borrowed. Payday lenders must display rates and fees, and Internet and phone lenders must make rates and fees known to borrowers.

Finally one for the little guy!

According to many people I have spoken with, those who use Payroll loan companies think they provide a valuabled service and it is hoped this will help both the industry and those who use the service.

Good one BC!