QUESTION: Is it better to get debt consolidation or to be under debt review?
ANSWER: Capitec Bank gives a good explanation of the different options when you get into trouble with too much debt and struggle to keep up with your monthly payments. Apart from debt consolidation and debt review, there is also debt administration through a court order and selling of assets (voluntary sequestration).
Sequestration is the only option where debt can be written off to start afresh (when assets are not enough to repay all debt).
Debt Consolidation
Debt consolidation is where you use one single loan (personalised or on security of a house or other assets or security) to pay off all other loans.
It simplifies your debt problem and makes it easie…
Read the full article at: https://www.fin24.com/Economy/South-Africa/money-clinic-when-do-you-need-debt-consolidation-or-a-debt-review-20190115-2
EX-PREMIER League striker Marcus Bent has gone bankrupt owing millions in unpaid tax.
The former Everton star, 40, who earned an estimated 10million from football, was made bankrupt in the High Court after failing to pay HMRC several large tax bills.
Simon Jones – The Sun
Marcus Bent was declared bankrupt by the High court for not paying his taxesA source said the debt ran into seven figures and was due to Bents involvement in a number of failed tax avoidance schemes.
Official documents show he invested in five film-based schemes. Bents two-decade career spanned 16 clubs and two appearances for England Under-21s.
During Bents time at Everton and Ipswich Town his wages were said to be around 20,000 a week more than 1million a year.
In 201…
Read the full article at: https://www.thesun.co.uk/news/8194811/ex-everton-striker-marcus-bent-bankrupt-high-court/
PG&E is about to go bankrupt. But the troubled utility said it will keep the lights on and is committed to a fair and expeditious resolution of the billions of dollars it faces in potential liabilities from the Camp Fire and the 2017 wine country fires.
How can PG&E survive? Heres a look at what might happen, and what it would mean to the state, ratepayers throughout Northern C…
Read the full article at: https://www.sacbee.com/news/business/article224188410.html
The Supreme Court of Appeal Justice Rezin Mzikamanda has sustained the bankruptcy order onMzimba Hora legislator the Reverend Christopher Ngwira.
Mzomera: Not off the hook
Ngwira, a former deputy Cabinet minister in former president Bingu wa Mutharikas administration, was declared bankrupt in June this year after allegedly failing to pay $75 222.06 (about K55 million) to Tata Zambia (Malawi Branch) for four pick-up trucks he bought in 2013.
However, the High Court discharged the order after he demonstrated ability to service the contested debt.
Lawyers for judgment creditor Tata Zambia Limited (Malawi) filed an application to the Supreme Court challenging the discharge order.
Making his ruling on Friday, Justice Mzikamanda observed tha…
Read the full article at: https://www.nyasatimes.com/supreme-court-sustains-mzomeras-bankruptcy-case-political-future-hang-by-the-thread-f/
Blackbaud, a Daniel Island-based software firm with global customers, laid off some of its staff last week.
The company said it had to eliminate positions within the company in order to shift resources from one area of the business to another as it invests in sales, research and development and cybersecurity, to name a few focus areas.
The company laid off workers in several departments as part of the restructuring; it did not disclose which departments were affected. The company did say that some positions were in Charleston, but the majority were in other locations.
Company spokesman Brian Kosoy said Blackbauds actions are about our responsibility, as a publicly traded company, to our shareholders, customers and employees to reg…
Read the full article at: https://charlestonbusiness.com/news/technology/75824/
Debt consolidation can be tempting at this time of the year and works well for many people, but there are traps for those who dont understand how it works.
The idea of combining all your consumer debts into one simple loan and repayment is growing in popularity.
New data from peer-to-peer consumer lender Society One shows that more than 60 per cent of its loans are taken out to consolidate debt, followed by home improvements (11 per cent) and vehicle finance (8 per cent).
MORE: Banish these bad money habits
MORE: Why you should consider ditching your credit card
SocietyOne CEO Mark Jones said Australians were becoming more financially savvy about debt.
He said younger generations in particular were scrutinising traditional financial products s…
Read the full article at: https://www.news.com.au/finance/money/understand-the-financial-traps-before-consolidating-your-debts/news-story/b9b5356f722ac19fdba774d795fff692
In an Urban Outfitters ad, a young woman turns on a neon sign on a bedside table that becomes increasingly cluttered with neutral-toned home decor. In another, against a backdrop of millennial pink and macrame, the woman gazes at her phone and grins.
These ads are ostensibly for the youth-oriented retailer and its woven wall hangings, crystals, ceramics, and other mid-priced kitsch but they are primarily for Afterpay, a point-of-sale installment payment service that allows a customer to split purchases as low as $35 and as high as $1,000 into four separate charges.
Afterpay insists it is not a finance company and that its service is not offering loans to consumers. It is a retail tool, not a finance product, according to founder Nic…
Read the full article at: https://www.vox.com/the-goods/2019/1/14/18178772/afterpay-stores-installment-urban-outfitters
1. Get to know your finances better
With life expectancy continuing to rise, the reality is that today we need to make our earnings from 40 to 50 years in the workforce, extend across 80 to 90 years of living. Everyone has different dreams for their retirement. It could be travel or something just as simple as spending time with your family. Knowing what you want in retirement and then linking this to your superannuation goals is the key to feeling in control.
Too many Australians fail to plan for this and find themselves short on super. Understanding what super shortage (if any) you have will allow you to proactively plan for your future. Taking the time to look at this in your 50s means you still have time to…
Read the full article at: https://www.bhg.com.au/finance-tips-for-people-over-50
Maddocks has appointed a second partner in a month.
Danielle Funston is joining the independent firm in Sydney, making the move from K&L Gates, where she is a partner. She was also previously a senior associate at Norton Rose Fulbright.
Funston adds to Maddocks restructuring and insolvency expertise. She advises clients on recoveries, liquidations, corporate restructuring, and general corporate transactions, as well as on financial services litigation matters, Maddocks said. Her practice services a wide range of sectors, including agriculture, automotive, aviation, construction, and real estate.
The appointment comes after the firm appointed partner Ben Miller, who is moving to the firm next month.
P…
Read the full article at: https://www.australasianlawyer.com.au/news/maddocks-adds-restructuring-and-insolvency-partner-259231.aspx
BestJet, a Queensland-based airline booking company, went into voluntary administration in December 2018, leaving many Australian customers badly out of pocket.
Thousands of Australians who had outstanding bookings with the company have been told they have no tickets and are now left arguing with multiple parties trying to secure a refund.
In this case, theres a lot of finger-pointing about who is liable, consumer advocate Christopher Zinn toldYour Money Live.
Is it BestJet? Is it the airline ticket consolidator who they work with? Is it the airline? Who has refunded what to whom? The consumer is really left confused by all of this.
While disgruntled consumers are still entitled to compensati…
Read the full article at: https://www.yourmoney.com.au/business/small-business/airline-booking-site-collapse-leaves-thousands-stranded/
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Read the full article at: https://www.wpxi.com/news/top-stories/as-liquidation-looms-fate-of-sears-to-be-decided-monday/904172583