O’Halloran gets 50 calls after report — Ctv News

CTV News viewers reached out to Terry O’Halloran in a burst after a report on his high-interest loan, and the Barrie, Ont., man said the response quickly turned into an offer to wipe out what he still owed. In a matter of four to four and a half hours, he said there were 50 calls.

O’Halloran said the first people to contact him were a husband and wife who want to remain anonymous. They have made arrangements to pay off his loan in full next week, and he said it will be paid on Monday.

Terry O’Halloran’s loan

O’Halloran said he lost his leg five years ago and needed money for a wheelchair and a ramp for his home. He took out a $4,500 loan and said he paid $200 a month without missing a payment.

After five years, he still owed $3,697. O’Halloran told CTV News, "At $4,500, if you do the math, it comes out to close to $10,000 for a $4,500 loan".

Calls from across Canada

The response did not stay local. O’Halloran said people contacted him from Vancouver, Regina, Alberta, Newmarket and two from the east coast, all after the report aired.

He said the speed of the response left him with a different outlook. "The support there is that there are that many people there that would do it, and now I can get on with my life, thanks to you," he said.

After the report aired

O’Halloran is back repairing small engines at his shop and said he feels much better about the future. He said, "I really want to thank the viewers from the bottom of my heart and for what CTV News has done," and said his story was important because it put a spotlight on high-interest-rate loans.

He also said the government needs to do more to stop predatory lending practices. The loan payoff now removes the remaining balance that had barely fallen after years of payments, turning a long-running debt into a closed file for him.