Insolvency Guardian Media Centre
- Paying off consumer debt begins with asking yourself a question, according to Adeola Omole, author of 7 Steps to Get Out of Debt and Build Wealth: Whats motivating me?
- Omole paid off $US70,000 in debt in less than three years and she explained how she did it on Farnoosh Torabis So Money podcast.
- First, you have to figure out why you decided to go into debt in the first place. This helps you pinpoint your money mindset and behaviours, as well as money limitations.
The answer to getting rid of consumer debt begins with a question.
At least, thats if you follow the seven steps in author and lawyer Adeola Omoles book, 7 Steps to Get Out of Debt and Build Wealth.
According to Omole, who paid off …
Read the full article at: https://www.businessinsider.com.au/how-to-pay-off-credit-card-debt-advice-2018-10
Chase announced earlier this fall that in November it will discontinue its free payment management system Blueprint, due to low participation rates. As part of its tools, Blueprint allowed cardholders to choose purchase categories to pay off in full each month, and to divide a larger purchase into installments.
(A spokeswoman said the bank is constantly evaluating products to provide value to customers. As an alternative to Blueprint, she said, it offers “Fixed Amount Auto Pay” wherein users can set a recurring payment amount other than the monthly minimum.)
American Express offers “Pay It Plan It,” l…
Read the full article at: https://www.cnbc.com/2018/10/29/this-repayment-hack-could-help-you-knock-out-credit-card-debt-faster.html
News in brief
A former football club vice-chairman, whose wife has been missing for more than 40 years, has been declared bankrupt. Gordon MacRae, husband of Renee, did not defend the action after Leo Daly, a fellow Ross County FC director, took him to court over an alleged 411,000 debt. Accountant in Bankruptcy was appointed to be trustee of Mr MacRaes estate on behalf of his creditors at Inverness sheriff court. Mr Daly, 69, who lives in Inverness, said he raised the action after chasing Mr MacRae, 81, to repay a loan for a building project. He kept fobbing me off, Mr Daly said. I felt stabbed in the back. Mr MacRae, who also lives in Inverness, declined to comment on the case. …
Read the full article at: https://www.thetimes.co.uk/article/football-executive-whose-wife-disappeared-is-bankrupt-q8rz8zwcj
The way Nirav Modis entities have filed for bankruptcy in the US, ominously reveals the ingenious ways in which Indian companies through their multi-layered structures, move cash and other assets to other jurisdictions. Some of the US court filings have clearly suggested that assets of Modis entities in the US may have been obtained by using monies fraudulently obtained from Punjab National Bank.
The entire episode has brought to light the urgent need for a robust cross-border insolvency law in India. In this regard, the recent recommendations of the Insolvency Law Committee (ILC) on cross-border insolvency mark a crucial step forward. The committees recommendations are essentially in line with the provisions set out in the UNCITRAL Mode…
Read the full article at: https://www.thehindubusinessline.com/opinion/columns/ticklish-issues-in-cross-border-insolvencies/article25353273.ece
BOSTON, Oct 28 (Reuters) – Bank of Nova Scotia (Scotiabank) has hired four people for its metals business in New York after losing six traders and salesmen who defected to rival Canadian lender Bank of Montreal (BMO) last month, sources said.
The move signals that Scotia, whose Mocatta metals arm has for years been the worlds biggest lender to the physical precious metals industry, is committed to the business despite a restructuring that has seen staff exit the bank in droves.
Scotia embarked on a plan to halve the size of its metals operation earlier this year after failing to sell it, sources have previously told Reuters.
More than 10 people have left in London and New York since the restructuring began, including the heads of Mocatta…
Read the full article at: https://www.reuters.com/article/bank-nova-restructuring/scotiabank-fights-back-after-defections-with-new-metals-hires-sources-idUSL8N1X48N6
Sun, Oct 28, 2018 – 7:02 PM
CATALIST-LISTED gold miner Wilton Resources Corporation on Saturday announced a proposed restructuring exercise that would involve subsumingPT Renuka Coalindo Tbk, anIndonesia Stock Exchange listed company that deals in wholesale and export trading, especially in mining commodities.
This would take place largely through a share swap exercise between the companys subsidiaries, Wilton Resources Holdings (WRH) and PT Wilton Investment (PT WI), andRenuka.
WRH intends to enter aconditional standby buyer agreement with Renuka, which will appoint WRH to be the standby buyer in a rights issue exercise by Renuka.
WRH would be entitled to subscribe for new shares to be issued by Renuka in the rights issue, for about…
Read the full article at: https://www.businesstimes.com.sg/companies-markets/wilton-resources-corporation-proposes-restructuring-exercise
There are fresh fears 110-year-old foundation club Balmain Tigers is on the verge of folding after the Balmain Leagues Club (BLC) was officially placed into voluntary administration.
More than a century of sporting history could come to a premature end after the latest drama involving the new owners of the Leagues Club site at Rozelle. Heworth Construction Group had already lent BLC $300,000 and according to Balmain reneged on a commitment to provide a further $300,000 in urgent assistance.
The Balmain Tigers were involved in arguably the greatest grand final, their 1989 loss to Canberra.Credit:SMH
Balmain Tigers Rugby League Football Club chairman Dr Leslie Glen said the club had been left high and dry after entering into voluntary adminis…
Read the full article at: https://www.smh.com.au/sport/nrl/foundation-club-balmain-tigers-in-danger-of-folding-20181027-p50cdc.html
Bassam Naser, a Dublin GP whose imprisonment for tax evasion prompted a campaign for leniency, has been declared bankrupt at the High Court.
The Sutton-based doctor, whose case was championed by Finian McGrath, a minister of state, as well as locals such as Riverdance creator John McColgan and Howth seafood producer Michael Wright, was sentenced to 16 months in prison last June after pleading guilty to not paying almost 100,000 in income tax. He is currently serving his sentence in Loughan House, a low-security prison in Co Cavan.
The GP, a leading member of the Palestinian community in Ireland, petitioned the court for his own bankruptcy. Those who do so must prove they have made an honest attempt to repay their creditors. His applicati…
Read the full article at: https://www.thetimes.co.uk/edition/ireland/gp-jailed-for-tax-evasion-is-bankrupt-hn9mxfrdg
Debt consolidation is the conversion of high-rate debt into lower-rate debt in order to reduce total interest costs. Homeowners with large amounts of credit card debt who have unused borrowing power on their home have a consolidation option.
Whether or not it is in the homeowners long-run interest to exercise the option, however, turns out to be a challenging question, the answer to which depends on the specifics of the individual case. That makes it a calculator problem, where the challenge becomes finding the right calculator. This article will help with that.
Consolidation options of a homeowner with two mortgages
Homeowners who have both a first and a second mortgage have the most consolidation options:
They can consolidate …
Read the full article at: https://www.heraldtribune.com/news/20181027/jack-guttentag-debt-consolidation-during-period-of-rising-interest-rates
A former football club vice-chairman, whose wife went missing with her three-year-old son in 1976, has been declared bankrupt.
Gordon Macrae, husband of missing mum Renee Macrae, did not defend the action after a fellow Ross County FC director took him to court over an alleged 411,000 debt.
Christine Macrae, known as Renee, and three-year-old Andrew were last seen driving out of Inverness on November 12, 1976.
Later that day a BMW car owned by the 36-year-old mum was found burnt out on the A9 near Dalmagarry with blood stains on the boot.
The pair have not been seen since disappearing, which has led to a search of more than 40 years with no answers.
The probe into the…
Read the full article at: https://www.dailyrecord.co.uk/news/scottish-news/husband-scottish-mum-missing-40-13488001
Businessman Gordon Macrae husband of missing Inverness mum Renee Macrae has been declared bankrupt after a fellow Ross County FC director took him to court over an alleged 400,000 debt.
A petition for sequestration under the Bankruptcy (Scotland) Act 2016 was raised against Mr Macrae by Leo Daly at Inverness Sheriff Court.
The petition was granted by Sheriff Gordon Fleetwood, who appointed Kilwinning-based Accountant in Bankruptcy (AIB) to be trustee of Mr Macraes estate on behalf of his creditors.
Mr Macrae, 81, who lives in Inverness, did not appear in court and was not represented by a lawyer, so did not defend the action.
The sheriff said: The whole estate of said Gordon Major Robson Macrae is vested in and now belongs to said trus…
Read the full article at: https://www.pressandjournal.co.uk/fp/news/inverness/1593648/former-ross-county-director-declares-bankruptcy-after-racking-up-400000-debt/
An entrepreneur who made his fortune in telecoms and tech is putting his money where his heart is to help his native village realise its full potential.
Millionaire businessman Pearse Flynn, who owns and heads up British debt solution company Creditfix, has spoken publicly for the first time about his personal investment in and vision for his native Ballycotton in East Cork.
He expects to plough over 2.5m of his own cash into the village where, as a child, he fished for crabs and lobster.
Its a place worth investing in. My dream is to raise the tide. If the tide rises, everyone rises. If more people come into the village, everyone will benefit, said Mr Flynn.
I think this part of the world has great potential. It is just so beautiful and un…
Read the full article at: https://www.irishexaminer.com/breakingnews/ireland/businessman-pearse-flynn-brings-it-all-back-home-toballycotton-881545.html