Commonwealth Bank gave a roofer making $70,000 a year credit cards and increased his credit limit to $35,000 despite knowing he was a gambling addict, the Hayne royal commission heard on Thursday.
On the second last day of scheduled hearings focusing on the subject of consumer credit, the royal commission heard the story of David Harris and how he ended up in serious debt after a multi-year gambling binge funded with CBA credit cards.
Mr Harris told the court of how his gambling problem escalated, becoming emotional at points during his testimony.
“I would max it out, pay off chunks, I would try and work overtime to help pay off chunks and I would wait until I had a big win or saved up a lump of money to pay it off and do it ag…
Read the full article at: http://www.afr.com/business/banking-and-finance/financial-services/banking-royal-commission-cba-peppered-problem-gambler-with-credit-offers-20180322-h0xu7x
In September 2017, the National Company Law Tribunal (NCLT) Chennai ordered Stayzilla to become insolvent and pay the outstanding dues to JigSaw.
In a blow to homestay aggregator Stayzilla, the Supreme Court has dismissed the appeal filed by co-founder Yogendra Vasupal challenging the insolvency proceedings ordered by the National Company Law Tribunal.
On September 18, 2017, the National Company Law Tribunal (NCLT) Chennai, Stayzilla to become insolvent and pay the outstanding dues to the tune of Rs 1.7 crore to JigSaw Advertising and Solutions. The Tribunal had observed that based on the facts and circumstances of the case and the submissions made by both the counsels, Stayzill…
Read the full article at: https://www.thenewsminute.com/article/supreme-court-dismisses-stayzilla-s-appeal-against-insolvency-co-continue-under-ibc-78316
The Commonwealth Bank offered a man a credit card limit increase within days of him telling the bank he had a gambling problem, a royal commission has heard.
David Harris ended up in a cycle of continually maxing out his credit cards, which were consolidated on to a lower rate card in 2016.
During a call to sort out a change of address later in 2016, Mr Harris was told he was eligible for an increase on his existing $27,100 credit card limit.
“I explained that clearly I’m a gambler. I have a gambling problem,” Mr Harris told the banking royal commission on Thursday.
“I can’t understand why they kept offering me more money.”
Ten days later he received a letter offering an increase to $32,100 and four weeks later another offering a $35,10…
Read the full article at: https://www.9news.com.au/national/2018/03/22/03/36/car-buyers-don-t-realise-what-dealers-earn
By Abha Bhattarai,
Right after Christmas, Danielle Stevens and her husband drove an hour and a half to the nearest Babies R Us to start a registry for their first child. The main draw, Stevens said, was the companys endless earnings program, which promised 10 percent cash back in the form of a gift card following their babys birth.
They picked out $3,500 worth of items, including a $400 crib and $500 dresser. Stevens also signed up for a Toys R Us credit card, hoping to score additional rewards on future purchases.
We were dead set on buying everything from Babies R Us once we found out about their rewards programs, said Stevens, 28, of Sumner, Ill. Diapers arent cheap, so we thought of this as a little savings progr…
Read the full article at: https://www.washingtonpost.com/business/economy/they-opened-a-registry-at-babies-r-us-now-these-parents-to-be-are-in-liquidation-limbo/2018/03/21/0c44e8c4-2c78-11e8-b0b0-f706877db618_story.html
Creditors of luxury handbag retailer Oroton (ASX: ORL) will vote next week on a $25 million rescue plan that will hand control of the company to major shareholder Will Vicars.
The company’s administrator, Deloitte, has recommended creditors vote in favour of a deed of company arrangement that would return between 36 and 58 cents in the dollar to creditors.
The 80-year-old company slipped into administration in November 2017 following declining sales.
Creditors will vote next week in Sydney on March 28.
Vaughan Strawbridge, Oroton’s voluntary administrator, says the deal could be complete within two months and ensure the company has a strong and stable future and safeguard 350 jobs.
“This…
Read the full article at: https://www.businessnewsaus.com.au/articles/oroton-creditors-to-vote-next-week-on-rescue-deal-recommended-by-administrators.html
A gambling addict who says he blew $550,000 in disability payments on online lottery games is suing B.C. lottery officials for allegedly failing to intervene and help him.
A gambling addict who says he blew $550,000 in disability payments on online lottery games is suing the B.C. Lottery Corp. for allegedly failing to intervene and help him.
Tyler Hatch says despite being enrolled several times in a B.C. Lottery Corp. (BCLC) program for problem gamblers, he had incurred a significant gambling debt by the end of 2015.
As a solution to his debt, he negotiated a lump-sum payout of disability benefits he had begun receiving after being diagnosed with a major depressive disorder and bipolar disorder in about 2010.
In January 2016,…
Read the full article at: http://canoe.com/news/local-news/compulsive-gambler-who-blew-550000-disability-payment-sues-b-c-lottery-corp/wcm/53f42fb8-2ba7-4817-88c0-510274bb3cd8
Interview with Sheena Henderson of Knoxville outside the Toys “R” Us on Kingston Pike, the day after the company announced plans to close its 800 stores.
Jim Gaines, USA TODAY Network – Tennessee
WOODLAWN PARK, N.J. Toys R Us is hoping to start liquidation sales at most of its U.S. stores on Thursday, and complete those sales by the end of June.
Toys R Us had hoped to remain in business with about 700 stores still in operation, but abruptly filed for bankruptcy liquidation last week. In Febru…
Read the full article at: https://www.clarionledger.com/story/business/2018/03/21/toys-r-us-liquidation-sale/446320002/
Published on
21.03.2018 à 10h21
by
APA News
The Ghanaian press on Wednesday is awash with the declaration that uniBank Ghana is insolvent and the subsequent appointment of KPMG, a world acclaimed auditing firm by the Bank of Ghana (BoG) to take control of its operations.The bank recently announced its takeover of the Agricultural Development Bank (ADB) Ghana, but was denied by the BoG, and after barely a week, it has been declared insolvent and an auditing firm has been put in charge of its activities as an official administrator.
The Daily Graphic says, uniBank insolvent, KPGM takes over, saying the move by the BoG is to save the bank from immi…
Read the full article at: https://www.journalducameroun.com/en/ghana-press-awash-with-takeover-of-unibank/
Tyler Hatch is suing the BCLC for gambling losses he says the corporation should have prevented.
A gambling addict who says he blew $550,000 in disability payments on online lottery games is suing B.C. lottery officials for allegedly failing to intervene and help him.
Tyler Hatch says despite being enrolled several times in a B.C. Lottery Corporation (BCLC) program for problem gamblers, he had incurred a significant gambling debt by the end of 2015.
As a solution to his debt, he negotiated a lump-sum payout of disability benefits he had begun receiving after being diagnosed with a major depressive disorder and bipolar disorder in abo…
Read the full article at: http://vancouversun.com/news/local-news/compulsive-gambler-who-blew-550000-disability-payment-sues-b-c-lottery-corp
THE declining number of people in Mackay falling into financial ruin could be a sign of a more robust and confident economy, CQUniversity law lecturer Lance Rundle says.
Recent data from the Australian Financial Security Authority indicates fewer people fell into insolvency in the 2017 December quarter.
In total there were 60 -down from 76 in the September quarter. That figure was made up of seven business and 53 personal insolvencies.
In the Whitsundays the total number of debtors was steady at 13 in the September 2017 quarter and 14 in the December 2017 quarter.
The main industry affected by corporate insolvency in Queensland was business and personal services – at 32 per cent.
Construction, at 19 per cent, was next, followed by accommo…
Read the full article at: https://www.dailymercury.com.au/news/financial-stress-easing-as-mackay-businesses-find-/3367445/