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Credit counsel The following is the first of what will be a series of columns in this newspaper, dealing with questions from readers on money and credit management. This one is jointly done by Paul Mattar of the Credit Bureau and Don Camin of the Midland Household Finance office. If readers have problems they can't solve, need advice on how to set up a budget, or want to find out what their rights and obligations are when dealing with creditors, drop a note to The Midland Times or the Penetanguishene Citizen and we will try to provide the answer. For the Times, it's Box 609, Midland, at 526-9369; for the Citizen, Box 429, Penetanguishene, at 549-2012. Write clearly, explaining your problem or question. You need not sign your name unless you want a direct reply. . ' Be S. R. Camin Paul Mattar by S.R. Camin Midland manager Household Finance Corporation Question: I have been asked by a friend to co-sign a loan. What exactly does this mean to me? Answer: When you co-sign for someone you are actually accepting responsibility for the full repayment of his loan. If, for any reason, he does not make a payment, you will have to pay this for him, up to the full amount of the loan plus the interest. Before you sign, I would suggest you think about this very carefully. Can your budget handle this if you had to make the payments? Do you know exactly why your friend needs a co- maker? What is he buying? And from your personal knowledge, can he handle the payments? Finally, I must say that I do not personally recom- mend anybody to be a co-signer. If you are in any doubt of your willingness to do this, refuse. It can be a very costly lesson to have to pay somebody else's debts. by Paul Mattar The Credit Bureau of Midland, Penetanguishene and Collingwood, Ltd. Question: I got several months behind in my fuel bill a couple of years ago and in June or July the Credit Bureau sent me a letter for the amount that I owed plus $16.00. Are they allowed to charge me for collecting the account? Answer: No. The Credit Bureau's fees for collecting accounts are paid by the creditor, not the debtor. I can't help but think though, that if everyone paid on time as agreed the creditors "cost of doing business"' could be less and therefore his prices could probably be reduced for everyone. As it is now, the few people who don't pay as agreed (and don't keep in touch with the creditor to explain why they are delinquent) cause the creditor to use the Credit Bureau's collection service which in turn cost him (the creditor) money. These costs, like any other overhead, of necessity, are borne by all his customers. To get back to your question, what probably happend was that the creditor, before he listed the account for collection, added interest at the rate of 1 per cent or 142 per cent or maybe 2 per cent per month. If you look at the statements he was sending you while you were past due you will probably see something like this printed somewhere on it. "Interest at the rate of X per cent per month will be charged on overdue accounts." And it's all legal and proper. After all, when he sold you the fuel, he expected to be paid for it on time and you should have done so, or at least approached him and explained your reason for delay. If you had done so, the account would probably never have been sent to the Credit Bureau. P.S. I hope you finally paid the account before it became necessary for court action. because then the court costs would have been added to the debt too. Book published from Harbour conference Now the SCOPE book is Last January, scientists Call Contact 526-9333 Hours: 9 a.m. to9 p.m. except Saturdays and Holidays : by Eileen Smith "Feed not your loneliness on empty days but fill each waking hour in useful ways." Contact's strength is the people of the area who respond to needs of others in many ways. The calls we receive vary from people with a need for very simple information to those in some form of crisis. We call on our volunteers for tran- sportation to doctors or hospitals, assisting with senior citizens, odd jobs where needed, visiting, meals-on-wheels, and many other areas too numerous to mention. The people and services of this area are very receptive to others when they know a need exists. Many fulfilling ex- periences happen to our Contact volunteers because they are willing to give. If you have time on your hands, we would be happy to hear from you at 526-9333. We can always fit whatever you can personally contribute to a need somewhere. Financial counselling Hopefully, many of you viewed the Contact Credit Council program last Thursday evening Channel 12. In case you didn't, a panel including Don Camin, of Household Finance, accountant Harvey Freedman, Paul Mattar of the Credit Bureau, Vern LeClare, from the Simcoe-Georgian Credit Counselling Service, in Barrie, and Brian Parr, of the Royal Bank, made themselves available and open for questions on a call-in show to answer anyone with concerns about financial Major MID-SEASON MADNESS SALE matters. These gentlemen are to be greatly commended for the service they are offering. One thing that came through clearly is that they are all approachable and willing to assist anyone, no matter how deep their problem. They all stressed, however, that one should seek assistance early in time of financial stress to make it more possible for someone to help. If enough positive feedback is received about this program, future programes will be planned. Please call Contact at 526- 9333 with your comments or questions and we will pass them on to the panel. This newspaper also welcomes your questions -- they may be called to or written. The financial consultants will answer you through a weekly column in the paper. The Global Television Network will carry a telethon in support of Cerebral Palsy beginning at 6 p.m. Saturday, February 1, and running to 6 p.m. Sunday, February 2. The United Cerebral Palsy Association is provincial and national. It works in association with its American counterpart. Stars such as Wayne and Shuster, Lorne Greene, Rich Little (Canadian stars) and some American stars will highlight the telethon. There are children in our own area who need this support, so please listen to the program and be generous with your contributions. Mrs. Aleta Campbell, at 322-2006 in Elmvale, would welcome calls from other parents of cerebral palsied children in order to form a supportive group in our area. Gordon Smith, MPP will be here to meet his constituents at the Midland Civic Centre (Armoury) east side entrance, February 12 from 6:30 to 8 p.m. Contact's Valentine Ball, is on Valentine's Day, Friday, February 14, at the Midland Civic Centre, from 8:30 p.m. to 1 a.m. There will be a midnight buffet, appetizers, favours for the ladies, Tommy Crowe's Orchestra, and door and spot dance prizes. Make party reservations early. Cost is $14 per couple. Call Contact for tickets and reservations. Youth a.a. St. Margaret's Church, side entrance, Hugel Ave. and Third Street, Midland, Monday night 8:30 p.m. ~ Atoms tie Sale ends Saturday, Feb. 8th 6:00 P.M. _For the Skier: Cwood 2-2 Midland Major Atoms skated Collingwood to a 2-2 tie in hockey action last Hockey Stick Reg. $6.19 Sherwood PMP's NOW $3.88 Childrens Goal Sticks $1.15 Wednesday evening. Scoring for Midland were John Johnson and John Walters with assists going to Wilson Cooper & Spalding Helmets $7.88 Cowan, Scott McKerracker, from all over the world spent a week at the Sportsman Motor Inn in Victoria Har- bour, discussing en- vironmental impact assessment. The delegates to the Scientific Committee on Problems of the Environ- ment (SCOPE) were co- sponsored by Environment Canada, The United Nations Environmental Program and by UNESCO. They gathered and collated in- formation on the changes man exercises on his natural environment through in- dustrialization and population growth. The results were to be published in a book. out with contents as meaty as its title -- Environmental Impact Assessment: Principles and Procedures. It is designed for use by decision makers in the public and private sectors as well as by laymen with an in- terest in ecology. The preface contains the following note by editor Dr. R. E. Munn. "I should acknowledge the Canadian hospitality provided by the Victoria Harbour Hotel manager and his wife, Jim and Carol Ashworth." The 160-page book is available for $4.50 from the SCOPE secretariat, 51 Boulevard de Montmorency, 75016, Paris, France. Waverley Recreation Association Carnival Dance Elmvale Community Centre Friday Jan. 31, 1975 9:00 til 1:00 MUSIC BY THE XL's Country, Western & Rock $2.50 per person -- Lunch provided Call for Tickets to Joan Grigg -- 322-1950 Phyllis Truax -- 322-1881 and Roger Laughlin. The Collingwood goals were by Dale Hollingshead and Collin Ryersee, with assists by Mike Willett and Jody Livingstone. Major Peewees lose 5-3 to Owen Sound Midland Major Peewees lost 5-3 to Owen Sound in a game held last Saturday. Scoring for Midland were Randy Buttineau, Mark Little, and John Quilty. Sell every drop CO-OP Milk Replacer and CO-OP Vealer have been reformulated and improved to make them a more economical calf feeding team. Replacement calf and veal production does not need to be a drain on your sales of whole milk. The extra revenue generated from the additional milk receipts will more than cover the modest cost of feeding calves these balanced formulations. Start your CO-OP Calf Feeding Program now .. . and stop feeding them your profits! SIMCOE DISTRICT ones 259 INNISFIL ST. BARRIE 726-6531 Co-op Calf Feeding programs let you sell all your milk Hockey Skates Penta Moulded Reg. $100.00 SPECIAL $58.88 - All other Skates Ski Fashions by Anba, 5 Innsbruck and David S. Reid 30% OFF our regular low price be 30% OFF -- All Hockey f All Downhill Skis 9 Protective su Equipment Many other 50% OFF unadvertized Suggested Price Specials! M3 ROTA MAT FD $85.00 Sale Price $58:88 He' x 30 ft. White Hockey Tape Reg. 50c per roll . Humanic NOW $1.00 a dozen rolls. Se. San Marco Koflach Raichle 25% OFF Huit Bikinis 50% ofr QUANTITIES LIMITED PETER-REINO SPORTS Most Complete Ski Shop in Simcoe County master charge i Open Mon. thru Fri. till 9 p.m. Sat. till 6 p.m. THE BAYMART 726-3232 McNee appointedManpower manager Mr. C.M. Jutras, area Mr. McNee, his wife manager, department of Ellanore, and children Manpower and Immigration, Donna 11 and Bruce 9, will be Barrie District is pleased to moving to Midland at the end announce the appointment of of February. Mr. Donald M. McNee as ~ f the Canad angaed centre in HARD OF HEARING ? Fine Quality Custom Fitted Hearing Aids Fully Guaranteed executive of the Walkerton Figure Skating Club, a member of the Golf Club and coach of a minor hockey team. Midland. Mr. MeNee has served in various Manpower Centres during the past 14 years and comes to Midland from Walkerton where he was manger of that centre for the past two years. _ While living in Walkerton, he was the secretary of the Rotary Club, on the Ford Motor Co. Service to most makes Write, and Bourgeois Motors Ltd. announce a Customer Cash Bonus Program If you buy or lease and take delivery of any of the new Mercury products during the period-Jan. 17 to Feb 28, 1975 you qualify for the Ford Motor Co. - Bourgeois Motors Ltd. cash rebate as listed below. 1974 Bobcat 1975 Comet 1974 Capri 1975 F100 Super Cub $200 rebate $200 rebate $500 rebate $350 rebate In addition Bourgeois Motors Ltd. will give a $100 Cash Rebate to anyone who purchases a new car or truck regar- diless of whether it qualifies for the above factory rebates. Example: 1974 Capri $500 Factory rebate $100 Bourgeois Mtrs. Ltd. rebate Total Savings $600 Customers may assign bonus directly to dealer and take reduction with dealer (save Ontario sales tax) or bonus can be paid directly to customer. (This program ends Feb. 28th 1975) Bourgeois Motors Ltd. Midland - 526-2278 Service After Sales P.O. Box 192 Bayshore Drive, Midland, Ontario 526-6391 x Fisherman's Package . COMPLETE $939 QQ New 12' Starcraft Aluminum Fishing Boat with 1975 9.9 HP Evinrude - paddle - fuel tank - life jacket. * OMC Oil Hs (2 cycle outboard) * Case Lot 24 Pints Per Case SALE $19.20 REGuLAR__ 26.40 OFFER EXPIRES FEB. 10, 1975 Page 14, Wednesday, January 29, 1975