Members of the OECD Development Assistance Committee (DAC), comprised of 29 donor countries and the EU, have agreed on a method for reporting debt relief as official development assistance (ODA). The agreement follows calls by developing countries and civil society for expanded international debt relief efforts. Creditors within the Paris Club, a forum of official…
One of Australia’s big banks has cracked down on “debt vultures” – businesses or individuals that claim to assist those struggling with debt but actually rake in big fees. National Australia Bank said it will no longer deal with unlicensed, fee-charging debt management provides. “Debt vultures exploit loopholes in the law to prey on the…
Digitalisation can radically change the debt assistance and administration into a more people-oriented approach in the Netherlands All signals are on red in the debt sector[1]. The sector is all about people in often difficult situations. More than 2,5 million Dutch households suffer from late payments[2]. About half of those households have structural debt problems.…
Debt consolidation through a personal loan makes sense if you can qualify for a new loan at a lower rate and you have a plan to pay off what you owe. (iStock) Owing money can be a huge financial burdenand it can also be logistically difficult to keep up with multiple creditors if you have…
The Bank of Thailand is considering adding a haircut method to the third phase of debt relief measures to help borrowers reeling from lower income caused by the virus crisis. The regulator has discussed an additional debt relief instrument with financial institutions to respond to the actual requirements of borrowers on a case-by-case basis for…
With the number of consumers in hardship soaring as hundreds of thousands of people put their mortgage payments on hold, the bank said its action was aimed at protecting customers from potentially ending up in a worse situation. NAB’s group executive for personal banking, Rachel Slade, said customers were in vulnerable situations due to the…
With the number of consumers in hardship soaring as hundreds of thousands of people put their mortgage payments on hold, the bank said its action was aimed at protecting customers from potentially ending up in a worse situation. NAB’s group executive for personal banking, Rachel Slade, said customers were in vulnerable situations due to the…
Zambia took on debt to revamp a railway to Victoria Falls.AFP Zambia was once a model in Wall Street’s rush to issue debt for the world’s poorest nations, attracting bigger orders and lower interest rates than some more-developed countries. Less than a decade later, the Southern African nation is straining to pay back more than…
Photo by Melissa Walker Horn on Unsplash Wealth management platform Myprosperity has seen a 200% increase of debt recorded on its platform since the start of the year. As more Australians are having conversations about their financesduring the COVID-19 pandemic, Myprosperity now tracks $12 billion worth of debt on its platform, with an 80% increase…
From: Canada Revenue Agency The Canada Revenue Agency (CRA) is closely monitoring the COVID-19 situation, and is committed to supporting Canadians throughout it. The CRA understands that individuals and businesses might be dealing with difficulties in meeting their financial obligations, including paying tax debts they may have incurred prior to the crisis. The Canada Revenue…