9. The Loan Trap

In this episode of Your Director’s Advocate, James Flaherty and Cheryl Stainsby sit down with Tammy Haug, General Manager of eCarz Finance, to expose a growing crisis in the business world—high-risk “last chance” loans that quietly destroy companies and personal assets. Tammy explains how easy it is for directors under pressure to click through late-night ads, sign complex contracts, and stack multiple short-term loans—only to wake up months later with crippling daily repayments, caveats on their homes, and every company in their group cross-collateralised. Together, Cheryl and Tammy unpack why embarrassment, pride, and a lack of advice often push directors toward these lenders, and how even well-designed asset protection structures can be undone with a single signature. Packed with real-world stories and urgent warnings, this episode is a must-listen for any director tempted by “quick cash” solutions. Before you scroll and click, press play and get the facts.