How I Paid Off $115K of Debt

August 1st, 2014 by Admin

After years of keeping his credit cards locked in a fire safe, Peter got an unpleasant surprise: a collection of statements totaling more than $55,000. Peter alleges his wife had broken into the safe and gone on a shopping spree at high-end department stores. To say the least, he wasnt happy about it, but they remained married for a few years, eventually divorcing in 2012.

Then she cheated on me, hired an attorney, and I ended up being stuck paying 60k to her in alimony, and ended up with the 55k all stuck in my name, he claimed to Reddit recently. He proceeded to describe how he paid off that $115,000 in just 2 years.

How He Tackled Six-Figure Debt in 2 Years

The newly...

Head of Intermediary Sales – Consumer Finance / Unsecured Loans

July 31st, 2014 by Admin

Head of Intermediary Sales – Unsecured Lending / Consumer Finance

Our client is a rapidly expanding consumer finance / unsecured lender. Continued growth has resulted in the need for a dedicated Head of Intermediary Sales to play an integral role in the next stage of the companys development. You will have responsibility for the intermediary sales proposition including areas such PL, budget control, marketing, recruitment etc.

Experience required:

Proven track record of running the intermediary sales division for a lender / consumer finance company.

Unsecured lending experience preferred.

Self starter, motivated and performance driven.

Entrepreneurial

Ability...

Fitch attests to Manila lenders’ credit standing

July 31st, 2014 by Admin

Fitch Ratings affirmed the credit standing of four Philippine banks on the basis of their sound funding profiles and high loss-absorption capacities.

In a recently released statement, Fitch affirmed the ratings China Banking Corp., Security Bank Corp., Rizal Commercial Banking Corp. (RCBC) and the Union Bank of the Philippines.

“In Fitch’s view, these banks are in a good position to weather reasonable deterioration in the operating environment due to their sound funding profiles and high loss-absorption capacity,” Fitch Ratings said.

“All of the four banks aim to increase their lending into the consumer and SME [small and medium enterprise] sectors,...

SimplyBiz Mortgages launches unsecured loan offering

July 31st, 2014 by Admin

SimplyBiz Mortgages has selected existing panel member The Loans Engine as its preferred provider to offer advisers an unsecured lending facility for the first time, citing an increase in demand from members for alternative sources of finance for clients.

Members can now use unsecured loans for clients wishing to improve their credit score, make home renovations, buy a car or manage their bills. Ranging from pound;1,000 to pound;25,000, approved customers can have access to the funds within 24 hours of their broker submitting an application to The Loans Engine.

Martin Reynolds, chief executive of SimplyBiz Mortgages, said the proposition should encourage more advisers to explore...

Electricity Authority seeks protection for small retailers

July 31st, 2014 by Admin

Power companies face new restrictions on the widespread practice of saving and winning back customers whove decided to switch to another retailer for a more competitive offer, under new rules the Electricity Authority has released for public consultation.

The issue is particularly acute for small retailers trying to build a new customer base. As many as 10 percent of the 385,000 successful attempts in 2013 to get a customer to switch from one power company to another was reversed as losing retailers target special offers to encourage valued customers not to leave.

That is harming electricity retail market competition by making customer acquisition campaigns more expensive...

This Week In Credit Card News: Airline Rewards Cut Back, Debt Settlement …

July 31st, 2014 by Admin

Report Says Debt Settlement Companies May Leave Customers Worse Off

A report from the Center for Responsible Lending finds that consumers who sign on with for-profit debt settlement companies saw their debt grow about 20% on average before a settlement, with no guarantee that such a settlement will be reached. [The New York Times]

Fliers Facing Fewer Rewards

Airline rewards programs may not seem so rewarding anymore. Two of the nation’s largest airlines, United Airlines and Delta Air Lines, have announced that in 2015, frequent flier points will be based on dollars spent on plane tickets rather than miles flown. And while another major carrier, American Airlines,...

Rubio has his name on two proposals

July 30th, 2014 by Admin

WASHINGTON – These bills were introduced or co-sponsored by US senators from Florida.

o Sen. Mark R Warner, D-Va., introduced legislation (S. 2612) to simplify and improve the Federal student loan program through income-contingent repayment to provide strong protections for borrowers, encourage responsible borrowing, and save money for taxpayers.

The bill was introduced July 16 and co-sponsored by Republican Sen. Marco Rubio. The legislation was referred to the Senate Finance Committee.

o Sen. Mike Lee, R-Utah, introduced legislation (S. 2617) to repeal the wage rate requirements commonly known as the Davis-Bacon Act.

The bill was introduced on July 16 and has nine...

Moody’s Corporation: Moody’s assigns definitive ratings to five classes of …

July 30th, 2014 by Admin

US$20,250,000 Class B Senior Secured Deferrable Floating Rate Notes due July 2026 (the Class B Notes), Assigned A2 (sf)

US$29,250,000 Class C Senior Secured Deferrable Floating Rate Notes due July 2026 (the Class C Notes), Assigned Baa3 (sf)

US$20,250,000 Class D Senior Secured Deferrable Floating Rate Notes due July 2026 (the Class D Notes), Assigned Ba3 (sf)

The Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes and the Class D Notes are referred to herein, collectively, as the Rated Notes.

RATINGS RATIONALE

Moodys ratings of the Rated Notes address the expected losses posed to noteholders. The ratings reflect the risks...

Ashima Ltd signs term sheet for settlement of secured debt

July 30th, 2014 by Admin

Ashima Ltd has signed a term sheet for settlement of secured debt, with one of its secured lenders, namely Asset Reconstruction Company (India) Limited (ARCIL). It envisages payment of settlement amount in phases over a period of time.

As per the terms, ARCIL has rights to terminate the settlement arrangement and forfeit the amount paid by the Company upon occurrence of any of the events of default listed in the term sheet.

In absence of any sufficient internal accruals and the companys net worth being negative, the financial commitments given by the company to ARCIL would require raising resources through additional debt or equity.

The financial settlement with ARCIL...

Reasons to Use (Or Not Use) Home Equity

July 30th, 2014 by Admin

(MCT)–Homeowners who have equity might be tempted to extract some of that wealth and use it for other immediate needs or wants.

But should you use a cash-out refinance, home equity loan or home equity line of credit to replace your roof?

As Jay Voorhees, broker and owner of JVM Lending, a mortgage company in Walnut Creek, Calif., says, It all comes down to responsible borrowing.

With that in mind, heres a look at six common home equity cash-out scenarios and why they might–or might not–make sense for you.

Yep: Use Equity to Renovate
Home improvement is the No. 1 use of home equity loans and home equity lines of credit, or HELOCs, says Kelly...