Following CTV News’ report about a man who took out a high-interest loan and was shocked that after five years of payments, he still owed almost the same amount, many viewers came forward to offer help.
Terry O’Halloran of Barrie, Ont., is back repairing small engines at his shop and says he now feels much better about the future.
“In a matter of four to four and a half hours, there were 50 calls,” said O’Halloran.
“50!”
O’Halloran lost his leg five years ago. He needed money to buy a wheelchair and make a ramp for his home. So, he took out a $4,500 loan and was paying $200 a month.
Even though he never missed a payment, he was shocked to discover he still owed $3,697.
“At $4,500, if you do the math, it comes out to close to $10,000 for a $4,500 loan,” O’Halloran told CTV News.
Minutes after the story aired, CTV News viewers across the Greater Toronto Area and Canada reached out wanting to help.
“There were people from Vancouver, Regina, Alberta, Newmarket and two from the east coast,” O’Halloran said in a follow-up interview.
He told CTV News the first people to contact him were a husband and wife. They want to remain anonymous, but they’ve made arrangements to pay off his loan in full next week
“It’s going to be paid on Monday, and it’s gone,” a relieved O’Halloran said.
He feels overwhelmed by the response and gets emotional thinking about the kindness of strangers who wanted to help.
“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,” O’Halloran said.
“I really want to thank the viewers from the bottom of my heart and for what CTV News has done,” O’Halloran added.
O’Halloran also said he feels it was important for his story to be told and put a spotlight on the issue of high-interest-rate loans.
He feels the government needs to do more to stop predatory lending practices.
