New state office hopes to help Virginians
who are loaded down with student debt
RICHMOND A new office housed within the State Council of Higher Education for Virginia is trying to help people with student loan debt.
The state agency has opened the Office of the Qualified Education Loan Ombudsman to help with problems with student loan debt. The office is a result of legislation from last years General Assembly session.
Scott Kemp, a longtime state higher education official, is the offices first Student Loan Advocate. A SCHEV news release said he will help borrowers understand their rights and responsibilities, investigate complaints and a…
Read the full article at: https://www.richmond.com/news/local/education/virginians-are-loaded-with-student-debt-a-new-office-hopes/article_05f017df-fef3-59e1-a647-f17b5efd134e.html
Debt- whether they are from loans, credit cards, or unpaid bills, can become debilitating and overwhelming. They will steadily worsen your credit until your credit score is so low you cant buy anything of value. It keeps you from purchasing vehicles and obtaining housing. Debt can even threaten your home, since mortgage lenders could foreclose on your home if you default on a loan. Its important to reduce your debt as much as possible to avoid these disasters. The debt snowball method can help you do just that. Lets look at how this method of debt reduction can help you.
Debt Service Coverage Ratio
Debt service coverage ratio is a term that is usually applied to small businesses and corporate finance, but it can be used to refer to ind…
Read the full article at: https://usa.inquirer.net/19558/how-to-get-out-of-debt-with-the-debt-snowball-method
More than 11,600 borrowers received advice and support from Abhaile, the States mortgage arrears and debt resolution service over a two-year period, according to a recent report.
The Department of Justice and Equality, and the Department of Employment Affairs and Social Protection, who co-ordinate the scheme, published annual reports reviewing the take up and outcomes of Abhaile between July 2016 and June 2018.
Over that time, 11,695 borrowers received financial advice and negotiation support either from a personal insolv…
Read the full article at: https://www.irishtimes.com/news/ireland/irish-news/more-than-11-600-households-seek-debt-advice-from-state-body-1.3772610
Nearly one third of borrowers who engaged with the states mortgage advice service had a solution in place within a year of seeking help, a report says.
A second annual report from Abhaile, a service for mortgage holders in arrears, said 3,618 of the 11,695 borrowers which received its advice had a solution in place within 12 months.
Abhaile was launched in October 2016 and provides borrowers in serious mortgage arrears and at risk of losing their homes access to advice from legal professionals and a personal insolvency practitioner for free. It delivers personal insolvency arrangements, alternative repayment pl…
Read the full article at: https://www.thetimes.co.uk/article/thousands-of-borrowers-helped-by-debt-service-abhaile-prt06rftw
The Supreme Court on Friday upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC) in its entirety.The ruling by a bench headed by justice Rohinton F. Nariman is a setback to operational creditors,such as suppliers and contractors, who wanted to be treated on a par with secured creditors, who have the first claim to the money realized through the insolvency process.Crucially,the judgement upheld Section 29A of the code.The section specifies a broad range of criteria that would disqualify potential bidders from bidding for assets undergoing the corporate insolvency resolution process and, among other things, bars promoters of a company facing insolvency proceedings from bidding to regain its control. While the s…
Read the full article at: https://www.livemint.com/opinion/online-views/opinion-a-quicker-resolution-of-bad-debts-in-sight-now-1548609546335.html
With State Bank of India (SBI) putting its entire loan exposure in Essar Steel the company involved in one of the largest insolvency cases on the block, one message thats come through loud and clear is of a loss of confidence in the Insolvency and Bankruptcy Code (IBC).
The move was just the cue required for other public sector banks (PSBs) to join in. Union Bank of India, IDBI Bank, Central Bank of India, Dena Bank, Bank of India and Punjab National Bank have all put some of their bad loans on the block as there is an urgency to shore up the balance sheet by March …
Read the full article at: https://www.business-standard.com/article/companies/why-the-drag-in-essar-steel-insolvency-case-makes-lenders-jittery-119012800018_1.html
An amendment in the Insolvency and Bankruptcy Code (IBC) last year to insert Section 12A which allowed withdrawal of cases admitted to the National Company Law Tribunal (NCLT) has slowly begun to make an impact.
At the end of December 2018, two years after the IBC came into effect, 586 cases have been settled one way or another.
Of these cases, 11 per cent were actually withdrawn under Section 12A, while resolution plans were approved in only 13 per cent of cases. A staggering 52 per cent of companies ended up in liquidation, while another 24 per cent cases were closed on appeal shows data from the Insolvency and Bankruptcy Board of India (IBBI).
In cases where resolution plans were approv…
Read the full article at: https://wap.business-standard.com/article/economy-policy/insolvency-and-bankruptcy-code-cases-withdrawn-under-sec-12a-on-the-rise-119012700695_1.html
Kansas City advertising icon Bob Bernstein now has the inside track to buy several Beauty Brands stores out of the companys bankruptcy estate, court filings show.
If successful, Bernstein will be back in control of the salon and spa retailer that he founded in 1995.
…
Read the full article at: https://www.kansascity.com/news/business/article224949830.html
This press release was orginally distributed by SBWire
Dallas, TX — (SBWIRE) — 01/26/2019 — Global Debt Consolidation Market 2018-2023:
The growing demand for Global Debt Consolidation Market has provided a major boost to the Global Debt Consolidation Market as more people are shifting their preferences to this growing sector. The market is expected to keep rising at a high CAGR and reach values of high millions by the end of the forecast period of 2018 up to 2023. The global Debt Consolidation Market report covers every aspect of the market including statistics and key insights for the customers.
The global Debt Consolidation Market has been segmented by region which includes the United States, Canada, Mexico, Germany, France, UK, Ital…
Read the full article at: http://www.digitaljournal.com/pr/4128272
Liz Allen, a novelist and former journalist, has been declared bankrupt with debts of 3.7m after the High Court accepted she had no realistic prospect of repaying creditors. Allen, who became the Sunday Independent crime correspondent following the murder of Veronica Guerin, lost heavily on a series of property investments a decade ago.
Her statement of affairs shows Allen owed 3.2m to Bank of Ireland. It financed a property development by Allen and her estranged husband Andrew Hanlon, former director of news at TV3, in the mid-Noughties.
Allen and Hanlon bought a run-down bungalow in Killiney in 2006 for about 2.5m. They subsequently demoli…
Read the full article at: https://www.thetimes.co.uk/edition/ireland/liz-allen-novelist-and-former-journalist-goes-bankrupt-with-3-7m-debts-5cmd2jzr2
Former New Mexico Gov. Susana Martinez (Journal file)
One of Susana Martinezs former bodyguards has filed a lawsuit against the Department of Public Safety that at times reads more like a soap opera script when describing the inner workings of the former governors security force.
Tony Fetty, who said he spent six years on Martinezs security detail before being abruptly reassigned to patrol duties and sent to remedial training, filed the lawsuit in state District Court in Santa Fe last week. The suit said that the Department of Public Safety retaliated against him in violation of the whistleblower protection act because he raised questions about actions by other members of the detail.
The …
Read the full article at: https://www.abqjournal.com/1271866/former-gov-martinez-bodyguard-files-whistleblower-suit.html
Perth families are losing their homes and being chased by debt collectors as councils move to recover more than $73 million in unpaid rates across the city.
The value of outstanding rates ballooned 20 per cent last year, piling more pressure on households already struggling to service mortgages on homes in many cases now worth less than their loan.
Not helping matters is that the total value of rates raked in by Perths 30 metropolitan councils surpassed $1.6 billion last financial year, an increase of about 4.2 per cent on the previous year.
Under the Local Government Act 1995, a council is able to take possession of a property if its rates are left unpaid for three years or more.
City of Stirling launched proceedings to repossess 47 homes…
Read the full article at: https://www.perthnow.com.au/lifestyle/real-estate/perth-families-losing-homes-chased-by-debt-collectors-over-council-rates-ng-b881082869z