Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Collection actions on defaulted loans were halted. So was negative credit reporting for eligible federal student loans, meaning the Education Department reported suspended payments to the major credit bureaus as if they were made on time.
But the pandemic-related relief is scheduled to end on Sept. 30. Even if the forbearance is extended, heres what you need to know.
Frequently Asked Questions
When will I have to start paying my student loans again?
How likely is it that there will be another extension?
Is there anything I should do whenever loan repayments resume?
What should I do if I cant afford my payment?
Was it a mistake to take advantage of the forbearance when I could have afforded to make my payments?
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If youre a homeowner whos taken on too much debt, a financial product known as a home equity loan may help you escape it.
Although taking on a home equity loan can be risky after all, your house is used as collateral for the loan the products rates are typically lower than those like credit cards or personal loans.
As long as you have a steady source of income and know that you will be able to repay the loan in a timely manner, the lower fixed rates of a home equity loan make them a sensible…
GFG Alliance now have 85 initiatives in place which are positively impacting the bottom line at the Whyalla Steelworks, according to an update issued by Chief Restructuring Officer (CRO) Jim Stein. It comes as the company’s Restructuring and Transformation Committee (RTC) continues to work towards restructuring the business in the wake of Greensill’s collapse. Chairman Sanjeev Gupta said the update demonstrated that GFG’s core business had continued to perform well despite numerous challenges. “We are taking advantage of the excellent market conditions we face,” he said. “Much remains to be done, but we believe that we are now making rapid progress in building faith with our creditors and other stakeholders through our restructuring p…
Despite all assertions to the contrary, the Portuguese government insists debt-ridden airline TAP is absolutely strategic and must be saved at all costs.
These are likely to run to around 3 billion, the spending of which has been held up by Brussels doubts in all directions.
The European Commission isnt simply concerned over the Ryanair case that alleges a State bailout breaks the EU laws on competition. It is worried that TAP will continue losing money even after the restructuring plan that promises to gobble up so much taxpayers money.
But while these issues are ironed out (meaning the government is intent on answering all questions to prove TAP is in fact worth saving), State media network RTP insists the State is set to become TAPs …
Senate Minority Leader Mitch McConnell attends a press conference at the U.S. Capitol on August 04, 2021 in Washington, D.C. | Kevin Dietsch/Getty Images
Senate Minority Leader Mitch McConnell promised Thursday that Republicans will not support a debt ceiling hike, just as Democrats have signaled they plan to take a path that would require Republican support.
Democrats had talked about including an increase to the nations borrowing authority in their $3.5 trillion budget plan, but this week indicated they would forgo the measure in the party-line bill.
If our colleagues want to ram through yet another reckless tax and spending spree without our input, if they want all this spending and debt to be their signature legacy, they shoul…
WASHINGTON, DC Today, Rep. Rashida Tlaib (D-MI) introduced the Maintaining Access to Essential Services Act, which would provide nearly $40 billion to help wipe away household water, power and broadband debt across the country.
With the Delta variant prompting a new COVID surge, this relief is more urgent than ever to stop mounting utility debt and the shutoffs crisis. Studies have found that moratoria on utility shutoffs reduced the spread of COVID and deaths linked to the virus. One study found that a water shutoff moratorium would have prevented 500,000 COVID infections. Unfortunately, those policies have expired in most states, and the Bipartisan Infrastructure Framework in the Senate lacks these vital protections.
Rajya Sabha has passed the Insolvency and Bankruptcy Code (IBC) Amendment Bill, 2021. Here are four key highlights of the amendment.
The Rajya Sabha passed the amendment to the Insolvency and Bankruptcy Code (IBC), 2016 targeted towards simplification of insolvency procedure for micro, small and medium enterprises (MSMEs). This follows the repeal of the same ordinance which was promulgated in April earlier this year.
The highlights of the bill are
1. Introduction of Pre-Package Insolvency Resolution Process
The new bill introduces Pre-package Insolvency Resolution Process (PIRP) apart from the Corporate Insolvency Resolution Process (CIRP). For this purpose, the bill inserts a whole new chapter (III A) into IBC. PIRP is where the corporate d…
Government support for businesses during the pandemic has failed to prevent a significant rise in corporate insolvencies across England and Wales through the second quarter of the year – but it has still provided an essential lifeline for many struggling firms and stopped the situation being much worse.
Thats the view of Alexandra Withers, North East chair of insolvency and restructuring trade body R3, after the corporate insolvency figures for England and Wales for the second quarter of 2021 revealed an increase of more than 31% on the figures for the first three months of the year.
The new Insolvency Service statistics show that there 3,116 corporate insolvency cases lodged between April and June this year, compared to…
The Warehouse shuttered Diners Club in 2018, and has now put it into liquidation.
The once-proud Diners Club (NZ) has been put into liquidation.
Its ultimate owner was The Warehouse, which bought it for $3 million in 2014 in a bid to launch a financial services operation.
But in 2018, the NZX-listed retailer pulled the plug, sending letters to cardholders explaining that Diners Club (NZ) would stop issuing cards and membership would be discontinued from the end of December that year.
The letters asked cardholders to pay off any debts they owned on their cards, or contact the company to arrange repayment plans.
According to a March 2021 Forbes Advisor article, women spend more time researching their investment choice and are more likely to take on appropriate levels of risk with their investments than men, resulting in better investment outcomes. Their research also found that women are less likely to chase hot tips and, as such are more likely to hold investments for the long term.
Women are also more likely to stay calmer in market downturns which protects them from locking in their losses. That said, while women tend to be better investors which sets them up well for the future, there are certain things that can weaken womens financial positions and leave them financially prejudiced.
A woman has appeared in court accused of fraudulently disposing of property by giving 75,000 to a relative while declared bankrupt.
Barbara Bentley appeared at Ipswich Crown Court on Wednesday to deny the charge.
The 59-year-old spoke only to confirm her name andher date of birth, and to enter a not guilty plea.
Bentley, of Yeoman Crescent, Hadleigh, is charged with fraudulent disposal of property by making a gift of 75,000 to her son, while declared bankrupt, on March 13, 2017.
Judge David Pugh entered the case for trial on a two-week warned list to begin during the fortnight commencing July 4 next year.
The trial is expected to last between three and four days at Ipswich Crown Court.
Bentley, represented by barrister Isobel Ascherso…
