The Financial Rights Legal Centre and Mob Strong Debt Help are urging consumers to be careful if taking out loans or using buy now, pay later services (BNPL) to keep up with Christmas expenses.
Financial Rights Legal Centre Chief Executive Officer Karen Cox while these options may seem like an easier way to cope with holiday season and back-to-school expenses, it could be the start of an ongoing debt trap.
We often see cases of people who find themselves in difficulty upon realising they cannot meet their loan obligations on top of their living expenses, she said.
Many people also end up in financial hardship because they take out loans to cover existing repayments.
Its important to know that help …
Read the full article at: https://www.miragenews.com/consumers-warned-to-avoid-christmas-debt/
A Rockhampton accounting firm has been placed into liquidation.
Taurus Accounting, which is registered to a Cambridge St, The Range, address, was issued the Australian Securities and Investments Commission (ASIC) liquidation notice on Monday.
The company is a chartered accountant and chartered tax advisor firm, specialising in small to medium enterprises and was registered in 2016.
A Brisbane firm, Pilot Partners, has been appointed as liquidators.
Liquidator Nigel Markey advised the company ceased trading on December 18 and he was investigating its affairs and the circumstances leading to its cessation.
Creditors with claims against the company are to contact Pilot Partners.
No other information is available as proceedings are still in…
Read the full article at: https://www.themorningbulletin.com.au/news/rockhampton-accounting-firm-goes-into-liquidation/4162627/
December 21, 2020 |
Several of Congresswoman Alma Adams (NC-12) equity-oriented higher education priorities are included in the FY21 Omnibus spending deal, including her bill, The HBCU Capital Finance Debt Relief Act, which cancels over $1.3 billion in debt held by historically Black colleges and universities (HBCUs).
According to Adams office, the bill also includes the largest expansion of the Pell Grant program in a decade, potentially resulting in hundreds of thousands of newly eligible for Pell Grant recipients. The bill will also restore Pell Grant eligibility for incarcerated individuals and for students defrauded by their institutions.
Additionally, the bill streamlines the Free Application for Federal student Aid (FAFSA), m…
Read the full article at: https://diverseeducation.com/article/199765/
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The national debate around student loan forgiveness has shifted into high gear. Last month, Sen. Chuck Schumer called for the elimination of up to $50,000 of student loan debt, joining a chorus of activists for debt forgiveness. Not to be outdone, Secretary of Education Betsy Devos just extended a pandemic-inspired moratorium on student loan payments. President-elect Joe Biden is facing high expectations to pursue broad-based student loan relief as soon as his first day in office. And the country is still sifting through the new federal Covid-19 relief package to understand whether any further help is in sight beyond the current Jan. 31 deadline.
But policymakers and pundits from both parties are …
Read the full article at: https://www.barrons.com/articles/the-key-to-student-loan-forgiveness-dont-treat-all-borrowers-equally-51608574869
Pakistan has secured a US$1.7 billion debt relief agreement to help offset the financial headwinds sparked by the coronavirus pandemic, officials said Monday.
The deal, following months of negotiations with creditors, will provide a moratorium on debt payments for large swathes of the current fiscal year and help ease the cash-strapped countrys massive financial obligations.
The Government of Pakistan has successfully negotiated and concluded rescheduling agreements with 19 bilateral creditors, including members of the Paris club, the countrys ministry of economic affairs said in a statement.
The ministry went on to describe the deal as timely that will help save the lives and livelihoods of millions.
Pakistans economy was already on l…
Read the full article at: https://www.macaubusiness.com/pakistan-signs-us1-7-billion-debt-relief-deal/
People should be careful to avoid a Christmas debt hangover, financial counsellors have warned, despite Australians reducing their credit card bills amid the uncertainty of 2020.
Key points:
- Credit card balances decreased by $11.7 billion this year
- Buy-now, pay-later services continue to increase in popularity
- Financial counsellors typically see an increase in calls for help after Christmas
Canberra financial counsellor Deb Shroot could be on the other end of the phone if you call the National Debt Helpline.
She said there had been calls from a whole new cohort of people this year.
“People who’ve maybe been fine at managing their debts but then this year they’ve either lost their job, they’ve had less hours and therefore have needed to seek …
Read the full article at: https://www.abc.net.au/news/2020-12-22/warning-on-christmas-debt-but-credit-cards-paid-down-in-covid/12997372
Monday, December 21, 2020
The United Kingdoms Corporate Insolvency and Governance Act 2020 (CIGA) shifted the focus of the United Kingdoms insolvency regime from administration and liquidation to rescue and recovery and introduced a number of interesting new features that apply to companies experiencing financial difficulties. This article considers how certain of these features fit into the insolvency regime of the Cape Town Convention.1
Of primary interest, CIGA permits a company experiencing financial difficulties to propose an arrangement or compromise with its creditors (aRestructuring Plan)2. This is a court-sanctioned scheme that could result in revised debt terms being imposed on each class of creditors, including any dissenting…
Read the full article at: https://www.natlawreview.com/article/ciga-and-cape-town-convention-insolvency-and-aviation
ROME (Reuters) – Italian police said on Monday a man who ran a cryptocurrency exchange that was declared bankrupt last year is suspected of being responsible for a series of hacks that caused losses of 120 million euros ($146 million).
More than 230,000 people were defrauded by the cyber-theft of a cryptocurrency called Nano which was held by the company BitGrail, the postal police said in a statement.
It is the biggest cyber-financial attack in Italy and one of the biggest in the world, the police said.
For the first time in Italy and in Europe, we have documented fraudulent and rapacious conduct to the detriment of investors carried out entirely on IT platforms and via the use of virtual currencies.
Police said th…
Read the full article at: https://www.reuters.com/article/italy-cyber-cryptocurrency/italian-police-accuse-cryptocurrency-exchange-boss-of-huge-fraud-idINKBN28V1XQ
With the New Year right around the corner, you may be trying to pay off your debt and increase your credit score. If paying off your debt is your goal, debt consolidation could help you manage multiple accounts at once by channeling them into one monthly bill. Westport Federal Credit Union offers our Whatevah loan for “whatevah” you may need, including debt consolidation
Making payments to multiple lenders each month can be a hassle. It can also be expensive especially if some of your debts have a high interest rate. Taking out a personal loan to consolidate debt can oftentimes make debt repayment easier and save you a lot of money over time.
If you worry about forgetting to make payments, we offer transfer management so you dont have …
Read the full article at: https://dartmouth.theweektoday.com/affiliate-post/new-year-new-loan-debt-consolidation-westport-federal-credit-union/51115