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Page 16, Terrace Bay-Schreiber News, Wednesday, April 20, 1983 A new breed of con artist is preying on peo- ple caught in the jaws of the economic crunch. Calling themselves financial consultants, fi- nancial advisors or cash finders, they promise to arrange loans any loan, regardless of amount, venture or credit rating. According to the ministry of Consumer and Commercial Rela- tions, all they want in return is a little up- front 'good faith' money. It could be $100, $200 or $2,000 ... what- ever the client can af- ford. "They'll take any- thing," warns Ontario Consumer Minister Robert Elgie, "be- cause, when you come Financial sharks preying on desperate right down to it, they're giving nothing in re- turn." Elgie said his mini- stry has received numer- ous complaints from consumers who have ad- vanced up to $10,000 to secure loans. In_ all cases, the clients sign- ed contracts and were assured the loans could be arranged. 'On paper every- thing looked above- board and people walk- ed away thinking their financial problems were over. Little did they know they were just be- ginning."' In one case a man asked a financial consul- tant for a $300,000 loan to buy out his partner and pay off some out- standing business debts. He paid $1,000 upfront for the loan. When his bills came due, the financial con- sultant balked saying he couldn't come up with the loan as promised. Before the man could make other financial ar- rangements, his credit- ors put the business into receivership to recoup their losses. In another case, a couple lost their 25-acre farm after paying $10,000 to arrange a $300,000 mortgage. The mortgage did not come through, the mortgagee foreclosed and_ the couple are now living with relatives. When the clients con- fronted the companies they were told that the loans could not be ar- ranged because they were poor credit risks and refused to refund the deposits saying the money had been used to cover business expen- ses. 'One man's liveli- hood and a _ couple's home, down the drain. It's a nightmare that's likely to worsen if peo- ple aren't warned to exercise a great deal of caution when dealing with these types of com- panies,"' says Elgie. To protect them- selves, consumers should avoid paying up- front money to these companies, Elgie says. He advises three cour- ses of action: e Authorize the com- pany to deduct any ser- vice fees from the pro- ceeds of the loan. That way you won't be out any money if the deal falls through. e If the company won't agree to this, make out all cheques in trust. This makes the company a trustee of your money, and as trustee account- able for how it is spent. If there is any evidence that the money was not used for its intended purpose, charges of fraud can be laid under the Criminal Code of Canada. ¢ Or, consumers can ask the company to have the money placed in trust with a third-party law- yer. "This will provide ad- ded protection for con- sumers' money and give them legal grounds for suit if they feel they have been defrauded in any way."' Have the company clearly spell out the terms of the agreement such as interest rates, payment schedules and service fees before sign- ing anything. Get what is agreed to written' into the contract. It's also wise to get independ- ent legal advice before signing anything. If you're looking for a mortgage, ask to see the company's mortgage brokers registration. All brokers are required to register with the minis- try and adhere to certain rules such as putting all deposits into a trust ac- count. "If they're not regis- tered with us, chances are any deposits will be lost because the compa- nies are already oper- ating outside of the law," explains Elgie.- As an added precau- tion, the ministry is sending letters to all provincial newspapers advising them to ask mortgage brokers for proof of registration be- fore accepting ads for publication. The minis- try is hopeful that this will help to weed out companies or people that are operating il- legally. In addition, ministry investigators are look- ing into the situation. Snack Cake Mix 6 cups flour 3 tbsp. baking powder I 1/2 cups shortening 4 cups sugar 2 tsps. salt In large bowl combine flour, sugar, baking powder and salt. With pastry blender, cut in shortening till mixture resembles cornmeal. Store in airtight con- tainer in cool, dry place. Use within one month. Makes about 13 cups. _ Everyday cake - mix 2 cups snacking cake mix, 1 egg slightly beaten, vanilla and 1/2 cup milk. Bake at 375 deg. F. for 30 minutes. Choclate cake: mix 2 cups snacking cake mix, 1/4 cup unsweetened cocoa, 1 egg slightly beaten, 1 tsp. vanilla, Hilda's Fixins 3/4 cup ice water and 1 tbsp. icing sugar. Bake at 375 deg. 30 min. Use the basic every- day cake, add raisins, nuts, coconut etc. to make your own cake. Handy Tips Homemade fabric softener sheets. 3 cap- fuls of liquid: fabric soft- ener to 2 cups water. Soak a washcloth and wring it out. Put in the dryer to soften and freshen. 1 bottle fabric softener should do about 290 dryer loads. Most canned soups will taste homemade if you add a dash of sherry while heating. Salt will always pour if you put a few kernels of uncooked rice in your salt shaker. TERRACE BAY The Community Church Serving all Protestants Sunday Service - 11:15 a.m. with Sunday School at the same time Rev. Brian Bigelow, 'Minister Terrace Bay Assembly (affiliated with the Pen- tecostal Assemblies of Canada) Sunday Service - 11:00 Sunday Evening Ser- vice - 7:00 p.m. 'Pastor Barry Fellinger Gospel St. Martin's Roman Catholic Church Mass Saturday - 7:00 p.m. Mass Sunday - 8:30 a.m. and 10:30 a.m. }Confessions Saturday 1:00 - 2:00 p.m. Father Kenneth Pottie Holy Gospel Lutheran' Mission Sunday Service 7:30 p.m. Birchwood Terrace Chapel -- Richard Klein - Pastor SCHREIBER Holy Angel's Catholic Church: __ Mass Saturday - 7:15 p.m. Roman Schreiber Mass Sunday - 10:00 . Church Directory 12:00 - Rossport 12:00 Pays Plat, first Sunday of every month. St. Andrew's United 'Church Sunday Service - 9:45 a.m. with Sunday School at the same time Rev. Brian Bigelow, 'Minister Grace Baptist Church Sunday School 10:00 a.m. Sunday Service 11:00 a.m. Sunday Evening Ser- vice 7:00 p.m. Wednesday Prayer Meeting - 7:00 p.m. Rev. Jim Johnson, Pastor St. John's Anglican Church Sunday -9:30 Holy Com- munion 11:00 Parish Eucharist and Sunday School Monday - 2:00 p.m. Birchwood, Holy Eucharist Wednesday - 10:00 a.m. Prayer Eucharist Father Timothy Delaney, Rector The Church of Jesus Christ of Latter-Day Saints meets at 60 East Grove Crescent, Ter- race Bay 10:00 a.m. Sunday morning Sale Ends 39° Walker by Jolly Jumper" for baby's first steps. Has vinyl seat and folding frame. (48067) Saf-T-Ryder® car seat has 3- position recliner, anchor belt. Meets gov't standards. (48082) Plastic baby bath with handy pink, blue, white. (48107) 54°9 padded bottom folds away for storage. 26x40.' (48164) hes ay | Saturday, April 23rd (on built-in soap holder. Available in Nylon net play pen with safety- bath has vinyl-covered foam pade safety strap. (48113) Folding stroller has soft padded seat, steel frame. Asst'd patterns. (48046) Padded lounge seat with 3-position stand, easy- clean vinyl cover. 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