invoice factoring – B Through Z http://bthroughz.com/ Mon, 23 Aug 2021 16:19:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://bthroughz.com/wp-content/uploads/2021/08/icon-23-150x150.png invoice factoring – B Through Z http://bthroughz.com/ 32 32 Is A Debt Consolidation Loan The Best Choice For You? http://bthroughz.com/is-a-debt-consolidation-loan-the-best-choice-for-you/ Thu, 19 Aug 2021 21:59:50 +0000 http://bthroughz.com/is-a-debt-consolidation-loan-the-best-choice-for-you/ No one likes being in debt or accumulating debt over a period of time. However, people often find themselves in a situation where their finances have gotten out of hand and they have a mountain of debt that they have to pay off. These situations are more and more common and it is always best […]]]>


No one likes being in debt or accumulating debt over a period of time. However, people often find themselves in a situation where their finances have gotten out of hand and they have a mountain of debt that they have to pay off. These situations are more and more common and it is always best to consider your options when you are going through a financial crisis. One of the best options available to people in debt is to choose debt consolidation to get out of debt.

It is basically a personal loan that individuals can use to pay off high interest debt, such as credit card debt. When you consolidate your debt, you can pay off your credit card balances in full and benefit from a simplified repayment plan. This could help save you time and money, depending on the terms of the loan and the amount of your debt. However, you need to consider your financial goals and your circumstances before deciding if a debt consolidation loan is the best choice for you. Here’s what you need to know about it.

When Should You Consider a Debt Consolidation Loan?

Personal loans can be acquired for any reason and anything, but if you are using them for debt consolidation, here are the cases where it can work for you:

You have an excellent credit rating

People can get personal loans with any credit score, but if you want lower interest rates and great terms, Harris and his partners advise that you should have an excellent credit score, which should be above 670.

Your debt is at high interest

The average interest rate for personal loans is 9.41%, but the average interest rate for credit card debt is 16%. This is a significant difference, and people who can qualify for lower rates than what they are already paying should consider debt consolidation loans to save money in the long run.

You have a repayment plan

One of the worst things about credit card debt is that it is constantly revolving, which means you borrow and pay the funds off on an ongoing basis, but there is no repayment plan. . If you use your credit card and only pay the minimum each month, you could end up paying off your debt forever. However, personal loans have a repayment plan which makes them a great option if you can stick with it as it helps you get out of debt quickly.

While you will have obvious benefits if you get a debt consolidation loan, there are times when it might not be the best option for paying off your credit card debt. These include:

You haven’t changed your spending problems

A debt consolidation loan is advantageous because it means that you can use the credit available on your credit card. However, once you transfer the debt and continue to accumulate debt on the card you recently paid off, your financial situation could get worse. Hence, you need to sort out your spending problems before acquiring a debt consolidation loan.

You have poor or fair credit

Even people with bad credit can get approved for personal loans, but they will pay higher interest rates. This will increase their costs and sometimes make monthly payments difficult to repay, defeating the original goal of getting a loan.

You only have a small amount of debt

If you think you can pay off your existing credit card debt quickly over the next six months to a year, the savings you would make from a debt consolidation loan are not going to benefit you. You don’t need to take out a personal loan when you can easily pay your monthly credit card payments.

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Can Debt Consolidation Hurt Your Credit Score? http://bthroughz.com/500-fast-cash-payday-loan-it-only-takes-minutes-to-get-your-fast-payday/ Tue, 17 Aug 2021 13:18:33 +0000 http://bthroughz.com/is-debt-consolidation-hurting-your-credit-councilor-forbes-3/ Find out if debt relief is available for you Free estimate without obligation A debt consolidation program might be right for you if you have trouble paying your bills and want to get out faster. It’s important that you understand the implications of this debt consolidation method on your credit score, how it works and all […]]]>

Find out if debt relief is available for you

Free estimate without obligation

A debt consolidation program might be right for you if you have trouble paying your bills and want to get out faster. It’s important that you understand the implications of this debt consolidation method on your credit score, how it works and all your other options. Get more info via dedebt.com/ home page

This article explains how debt consolidation works in greater detail.

How does Debt Consolidation work?

Debt consolidation refers to a form or debt relief. It typically involves taking out another loan to pay off debts that you have previously owed. However, the new loan is combined with your existing loans and consolidated into one monthly installment. There are many benefits to debt consolidation, including lowering your interest rate and simplifying your monthly repayments. It can also help you deleverage quicker.

You should first look at your entire financial situation to determine whether debt consolidation is an option. Debt consolidation is an option if it’s difficult to pay your bills, if your current debt amounts are too high, or if the interest rates (APRs) on any of your credit cards or loans are unacceptable.

It is vital to understand how debt consolidation could affect your credit score. Pay off your debts while managing your credit score.

How debt consolidation can affect your credit

Both good and bad debt consolidation can have an effect on your credit score. Below are five ways debt consolidation could negatively or positively affect credit scores.

1. It could raise difficult questions about your credit.

When you apply for credit, the creditor conducts a thorough investigation (also known as a credit withdraw) to verify your creditworthiness. Each serious request can result in a reduction of your credit score. Temporarily, your credit rating could be affected by multiple requests for consolidation loans. Your credit score will be calculated if you submit multiple inquiries over a short period of time. These could range from 14 to 45 business days.

A thorough investigation does not have to be done every time you call a lender, or visit a website. It is possible to research the loan and prequalify for it without having to go through a rigorous investigation. Many lenders make it easy to do your research online and apply for a loan. This allows for you to start the process of determining whether you are eligible to borrow money.

Before you make a decision to work with a lender. .

2. Your credit usage may change.

Rating agencies and creditors pay attention at your credit utilization rate. It is approximately 30% of your FICO score. Your credit utilization ratio is the percentage you use of all available credit at any given moment. Example: If you have $ 15,000 in credit and $ 4,500 in debt, your credit utilization would be 30%.

It can negatively impact your credit score if you have a higher credit utilization rate after debt consolidation. Your rate will drop if the balance of $ 4500 is transferred from an existing credit card that has a limit of $ 15,000 and a credit limit up to $ 7,500. This new card will allow you to use 60% of your credit limit, which can impact your credit score.

You might also see a rise in credit utilization if you combine multiple credit card debts with one personal loan. Your credit mix is 10% and includes credit cards as well as personal loans.

Let’s suppose you have three credit accounts. The example given above is an example.

  • The first card is a balance card with $ 4,500 credit limit and $ 15,000.
  • The second card has a maximum balance of $ 2,000 and a credit limit $ 10,000
  • The balance of the third credit card is $ 5,000, with a credit limit $ 10,000

The credit usage rates for these cards would be 30%, 20% and 50%, respectively. Combining the cards will result in a credit utilization ratio of almost 33%. You can combine all three debts and get a new personal loan for $ 11,500. Your credit utilization ratios for each card will fall to zero (as long you keep your credit card accounts open, and you don’t spend on them more), which could lead to higher credit scores.

3. Your accounts could be getting older.

Another factor that can affect your credit score is your average age of accounts or how long these accounts have been open. This is a measure of the length of your credit history. It accounts for approximately 15% in your FICO credit score.

In order to consolidate debt, opening a new account will result in a decrease of the average age of credit accounts and a possible drop in credit score. The drop in your credit score may not be as significant depending on how many credit cards you have and what your credit history is.

4. It can improve your long-term payment history.

Around 35% of credit scores are affected by payment history. You may not notice a decrease in your credit score if you already have a good track record of timely payments. Although consolidating your debts into a loan with lower interest rates makes it simpler to make regular payments, consolidation of debt could improve your credit score.

5. It could lead to you closing your accounts

When you are going through the consolidation of debt, it is nice to close your old accounts following a balance transfer or obtaining a new loan. Be cautious. Closing your credit account could lower the average age of accounts or increase your credit utilization. Both of these actions can affect your credit score.

Once your debt consolidation is complete, you might want to keep any credit accounts that have zero balances open. These accounts should be kept on your credit report.

How to consolidate debt

There are many methods to consolidate debt.

  • Consolidating Debt LoansOnline lenders, credit unions and banks can offer debt consolidation loans. With this type loan, lenders can pay off your outstanding debts or provide you with cash to pay them off.
  • Personal loansFor debt consolidation purposes, you may take out a personal loans from a bank, credit union or other lender in order to pay higher interest debts like credit card debt. credit cards or other bills.
  • Balance transfer credit cardIf you have sufficient credit you can transfer balances of multiple credit cards to one credit card. The interest rate is lower, and sometimes even 0% for an introductory period.
  • Home equity loanIf your home is owned and you have enough equity, you may qualify for a Home Equity Line of Credit or Home Equity Loan to consolidate debt at a reduced rate. The ‘lower interest.
  • Refinance your mortgage and then withdraw.Withdrawal mortgage refinancing allows you to refinance your house for more than the current balance. The cash difference can be used for unpaid debts.

Alternatives to debt consolidation

There are many alternatives to consolidating your debt if you don’t want to take out another loan, open credit cards, or use your equity from your home.

  • Your debts are your responsibility.If you have enough income and space in your monthly budget to cover your debts, you may be able to make a plan that will help you get rid of your debt faster. You might be able, if your income is sufficient and your budget has enough space, to pay off your loans quickly.
  • You can enroll in a Debt Management Program.You can also work with a non-profit consumer credit counseling agency to establish a debt management program. This will allow you to agree to pay your debts monthly and help you with your payments. Your creditors are then paid by the credit counseling agency.
  • You can file for bankruptcyIf you are struggling to pay your bills, can’t or won’t be approved to borrow money any more, and you don’t think you can afford your debts, then you might consider bankruptcy. This legal process will help you erase your debt or make a fresh start. You should be aware that bankruptcy can remain on your credit reports for up to seven years.
  • You should consider debt settlement but only as a last resort.If you’re behind on your payments, you might consider talking to your creditors about negotiating a reduced amount. This is called debt settlement. You can do this yourself or with a professional debt settlement company. But be cautious. Debt settlement is risky. Creditors don’t have to accept the debt settlement offer. However, they may not be willing or able to negotiate. Credit damage is often caused by debt settlement. It should not be considered as a last-resort.

Final result

Does debt consolidation harm your credit rating? It depends. It depends. Debt consolidation can help you improve your credit rating and financial future, if you can manage your finances responsibly and get started on repaying your debt.

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The AAR Authorizes Input Tax Credit By GST Debt Settlement http://bthroughz.com/the-aar-authorizes-input-tax-credit-by-gst-debt-settlement/ Fri, 07 May 2021 04:37:19 +0000 http://bthroughz.com/the-aar-authorizes-input-tax-credit-by-gst-debt-settlement/ Businesses can claim an input tax credit (ITC) under the goods and services tax (GST) system even if the obligation to pay the inputs between them, including the tax, is met by adjustments in their books, ruled an advance ruling authority (AAR). AAR’s Bengal wing made the ruling during a hearing of a case involving […]]]>


Businesses can claim an input tax credit (ITC) under the goods and services tax (GST) system even if the obligation to pay the inputs between them, including the tax, is met by adjustments in their books, ruled an advance ruling authority (AAR).

AAR’s Bengal wing made the ruling during a hearing of a case involving Senco Gold, a jewelry supplier. The company also operates a network of franchise stores.

Explaining the case, Harpreet Singh, a partner at KPMG, said the plaintiff charged the franchisee with tax invoices for the supply of jewelry and for the provision of franchisee support services.

As a result, the franchisee also made the applicant pay tax invoices for the supply of antique jewelry received from customers. The claimant intended to settle the mutual debts through accounting adjustments.

However, for the purposes of benefiting from the ITC, Article 16 of the CGST Act requires the purchaser to pay the supplier the amount corresponding to the value of the supply, as well as the tax payable on it within 180 days. according to the date of the invoice.

As such, the Applicant requested an advance ruling on the eligibility of the input tax credit if it settled through an accounting adjustment the debt created on the franchisee’s inbound supplies.

AAR authorized the requester to do so. It found that the applicant could pay the consideration for the incoming supplies by offsetting an accounting debt.

He said a payment is a transfer of an asset to the recipient to fulfill an obligation arising from transactions involving goods, services or other legal obligations.

The most common asset class used for such payments is money, although other assets – unless expressly excluded by law – may be used, provided the payee accepts such a form of payment.

Singh said: “While the decision appears to bring great relief to taxpayers, it remains to be seen whether the same would apply in cases where the supplier reduces its debt by offering discounts to its customer, without a corresponding reduction in debt. tax. “

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Croatian company Agrokor accepts debt of $ 6.35 billion, disputes Sberbank claim http://bthroughz.com/croatian-company-agrokor-accepts-debt-of-6-35-billion-disputes-sberbank-claim/ Fri, 07 May 2021 04:37:19 +0000 http://bthroughz.com/croatian-company-agrokor-accepts-debt-of-6-35-billion-disputes-sberbank-claim/ ZAGREB (Reuters) – Bankrupt Croatian food and retail conglomerate Agrokor [AGROK.UL] recognizes creditors’ claims worth 41.2 billion kuna ($ 6.35 billion) but challenges other claims totaling 16.5 billion kuna, including that of Russian bank Sberbank, its largest creditor , the administrator said Thursday. Agrokor, the biggest employer in the Balkans with around 60,000 employees, was […]]]>


ZAGREB (Reuters) – Bankrupt Croatian food and retail conglomerate Agrokor [AGROK.UL] recognizes creditors’ claims worth 41.2 billion kuna ($ 6.35 billion) but challenges other claims totaling 16.5 billion kuna, including that of Russian bank Sberbank, its largest creditor , the administrator said Thursday.

Agrokor, the biggest employer in the Balkans with around

60,000 employees, was placed under public administration in April and has until July 2018 to reach a final settlement with creditors to avoid bankruptcy.

Its founder Ivica Todoric, who was detained and released on bail in London on Tuesday, and 14 others are under investigation into Agrokor’s issues.

Agrokor’s creditors include bondholders, local and foreign banks, and suppliers. The largest single debt, around 1.1 billion euros, is held by Sberbank.

But the administrator said the amount of Sberbank’s claim remained controversial as it had taken legal action against Agrokor companies in other countries, including Serbia and Bosnia, to secure repayment of a part of the debt.

Administrator Ante Ramljak said that if Sberbank waives this legal process, its debt could be recognized.

“We are in constant communication (with Sberbank),” Ramljak said.

Sberbank said in a statement it was “unpleasantly surprised” by Agrokor’s position.

“Anyone, including Sberbank, can resort to any legally permitted measure, in Croatia or in other countries, to protect their interests and should not be discriminated against because of it,” the statement said. Sberbank added that it would appeal Agrokor’s decision.

Ramljak said Sberbank could not block the final settlement with creditors as this requires the support of creditors holding at least 66% of the claims. Sberbank’s claims amount to less than 20 percent.

Agrokor said earlier that Sberbank could withdraw up to € 115 million from all its proceedings outside Croatia.

“If they took part in this out-of-court (restructuring) process, they could surely get that amount, maybe even more,” Ramljak said.

He did not want to speculate on probable write-offs, but analysts believe some creditors should accept write-offs of up to 70%.

Ramljak said no company in the Agrokor group would be offered for sale until the final settlement.

“We are seeing strong interest in (some) Agrokor companies, but there will be no sale until the creditors agree to the settlement,” he said.

Report by Igor Ilic, edited by Emelia Sithole-Matarise



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What should be done to the estate of the deceased without a will or debt but with an heir? http://bthroughz.com/what-should-be-done-to-the-estate-of-the-deceased-without-a-will-or-debt-but-with-an-heir/ Fri, 07 May 2021 04:37:19 +0000 http://bthroughz.com/what-should-be-done-to-the-estate-of-the-deceased-without-a-will-or-debt-but-with-an-heir/ PERSIDA ACOSTA Dear PAO, My son died a month ago. As the mother and the only heir, since he died without a wife or children, I made an inventory of the possessions he left after his funeral. Therefore, we have learned that he left behind a substantial amount of properties and money. After paying the […]]]>


PERSIDA ACOSTA

Dear PAO,

My son died a month ago. As the mother and the only heir, since he died without a wife or children, I made an inventory of the possessions he left after his funeral. Therefore, we have learned that he left behind a substantial amount of properties and money. After paying the expenses for his funeral, I learned that he left no will and it seems he left no obligations as well. Given the circumstances, are we required to submit his estate to a special intestate inheritance settlement procedure in court?

Remedies

Dear Remedios,

The answer to your question is no. Indeed, since your case indicates that the deceased died without a will, without any debt but with an adult heir, then the out-of-court settlement of the estate is authorized by the Rules of Court and is in fact encouraged, namely:

“RULE 74: Summary settlement of the succession

“Section 1. Extrajudicial settlement by agreement between heirs. – If the deceased left no will or debts and the heirs are all adults or the minors are represented by their judicial or legal representatives duly mandated for this purpose, the parties may, without obtaining letters of administration, share the estate as they see fit by means of a public deed filed with the registry of deeds, and in case of disagreement, they can do so in an ordinary partition action. If there is only one heir, he can take the entire estate by means of an affidavit filed at the office of the register of deeds. The parties to an out-of-court settlement, whether by public document

either by stipulation in the pending partition action, or the sole heir who assumes the entire estate by means of an affidavit filed, simultaneously and as a condition precedent to the filing of the public deed, or stipulation in the action for sharing, or in the affidavit to the office of the register of deeds, a bond with said register of deeds, in an amount equivalent to the value of the movable property concerned as certified under oath by the parties concerned and conditional on the payment of any just claim that may be filed under Article 4 of this rule. It is presumed that the deceased left no debt if no creditor files a request for letters of administration within two years of the death of the deceased.

“The fact of settlement or extrajudicial administration will be published in a newspaper of large circulation in the manner provided for in the following article; but no out-of-court settlement shall be binding on anyone who has not participated in it or has not been notified thereof. (emphasis provided)

Regarding the above, the Supreme Court in the case of Butiong v. Plazo (GR 187524, August 5, 2015), written by Chief Justice Diosdado Peralta, ruled that whenever the deceased dies without a will, a debt and the heirs are all of age, out-of-court settlement of the estate is encouraged, to know :

“xxx. Section 1 of Rule 74 in which the heirs of a deceased person, who have left no will and no debt due to his estate, may divide the estate either extrajudicially or in an ordinary share action without submitting the one. here to the judicial administration nor to request the appointment of an administrator by the court. The reason is that when the deceased dies without outstanding obligations, it is not necessary to appoint an administrator to administer the estate to his place and to deprive beneficial owners of the possession to which they are immediately entitled.

“In this case, it was expressly alleged in the complaint, and has not been contested, that Pedro died without a will, leaving his estate with no outstanding obligations. Thus, contrary to what the petitioner claims, the respondents had no legal obligation to submit the immovable property concerned to a special procedure for intestate succession settlement and are, in fact, encouraged to share it, judicially or extrajudicially. (emphasis provided)

If Article 1, Article 74 of the Rules of Court authorizes the heirs to divide the estate among themselves as they see fit or to resort to an ordinary action in partition, this provision does not oblige them to do so if they have good reasons to do so. ‘adopt a different course of action. It should be noted that resorting to an administration procedure even if the estate has no debts is only sanctioned if the heirs have good reasons for not resorting to the share action. Where partition is possible, whether in court or out of court, the estate should not be burdened with administrative proceedings without valid and compelling reasons.

Thus, it has been argued many times that when a person dies without leaving any outstanding obligations to pay, his heirs, adult or not, are not required to submit the property to a judicial administration, which is always long and costly, or to request the appointment of an administrator by the court. It has been universally accepted that in such cases, court administration and the appointment of an administrator are unnecessary and unnecessary procedures.

We hope we have been able to answer your questions. Remember that this advice is based solely on the facts you have reported and our appreciation of them. Our opinion may vary when other facts are changed or developed.

Editor’s Note: Dear PAO is a daily column for the DA’s office. Questions for Chef Acosta can be sent to [email protected]



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Indebted Xiwang Group Creditors Approve Settlement Plan http://bthroughz.com/indebted-xiwang-group-creditors-approve-settlement-plan/ Fri, 07 May 2021 04:37:19 +0000 http://bthroughz.com/indebted-xiwang-group-creditors-approve-settlement-plan/ Creditors of the debt-ridden corn-steel-processing conglomerate Xiwang Group Co. Ltd. on Tuesday approved a draft settlement proposal to repay part of its 16.7 billion yuan ($ 2.36 billion) in liabilities, marking a new milestone in efforts to repay bondholders and save the private company from liquidation. Nearly 90% of the 374 creditors present at the […]]]>


Creditors of the debt-ridden corn-steel-processing conglomerate Xiwang Group Co. Ltd. on Tuesday approved a draft settlement proposal to repay part of its 16.7 billion yuan ($ 2.36 billion) in liabilities, marking a new milestone in efforts to repay bondholders and save the private company from liquidation.

Nearly 90% of the 374 creditors present at the meeting convened by internet, voted in favor of (link in Chinese) the offer made by the administrator appointed by the Xiwang court to oversee the company’s affairs, people familiar with the matter told Caixin. The 335 who agreed to the plan owe about 12.4 billion yuan, or 86.4 percent of the company’s total unsecured debt, the sources said.

The administrator will now submit the draft settlement proposal to the court for approval, according to a statement from Xiwang Foodstuffs Co. Ltd., a subsidiary of the Xiwang Group, listed in Shenzhen, released after the meeting.

Xiwang, one of the largest private enterprises in the eastern industrial province of Shandong, filed in conciliation (link in Chinese) under Chinese bankruptcy law last month in a court in Zouping city where its headquarters are located, claiming it could not repay maturing loans and that its assets were insufficient to pay off all his debts. Under the country’s bankruptcy laws, Xiwang is allowed to seek a compromise or debt settlement with his creditors, and he has submitted a proposal to the court.

Court approval

On October 24 last year, the company failed to repay 1 billion yuan of matured short-term commercial paper, triggering defaults on four other debt securities amounting to 2.3 billion yuan. yuan. According to Xiwang’s 2019 financial statements, the company had total assets of 15.5 billion yuan with liabilities of 16.7 billion yuan at the end of last year. On Thursday, a total of 473 creditors filed claims against Xiwang Group for 20.2 billion yuan, according to documents viewed by Caixin. But the 410 creditors representing 13.9 billion yuan of the total have not yet been verified by the director of the company.

Zhang Yuzhe contributed to this report.

An earlier version of this story mistakenly referred to Xiwang as bankrupt and said that she had filed for bankruptcy. The story has been corrected to reflect that Xiwang filed for conciliation under Chinese bankruptcy law.

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Nerys Avery (nerysavery@caixin.com)

Caixin Global launched Caixin CEIC Mobile, the mobile-only version of its world-class macroeconomic data platform.

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PM Mottley tries to help, knows $ 2,000 won’t replace wages, clears debt http://bthroughz.com/pm-mottley-tries-to-help-knows-2000-wont-replace-wages-clears-debt/ Fri, 07 May 2021 04:37:19 +0000 http://bthroughz.com/pm-mottley-tries-to-help-knows-2000-wont-replace-wages-clears-debt/ Just under 100 Barbados LIAT workers can expect at least $ 2,000 BBD from the Government of Barbados to be paid immediately or at the latest within a week. After a ZOOM meeting today, Prime Minister Mia Amor Mottley shared the announcement saying she wanted to help displaced workers who in many cases are drowning […]]]>


Just under 100 Barbados LIAT workers can expect at least $ 2,000 BBD from the Government of Barbados to be paid immediately or at the latest within a week.

After a ZOOM meeting today, Prime Minister Mia Amor Mottley shared the announcement saying she wanted to help displaced workers who in many cases are drowning in debt.

National Union of Public Workers (NUPW) President Akanni McDowall and Acting General Secretary Wayne Walrond were in attendance and thanked the Prime Minister for the support offered to workers by the government of Barbados.

The full statement is below:

The government has offered a helping hand to just under 100 displaced Barbadian workers from LIAT, who will get help by early next week.

In a 1.5-hour Zoom meeting with dozens of former employees who have been waiting for more than a year for regional airline rights, Prime Minister Mia Amor Mottley pledged that everyone would receive a donation by $ 2,000 by Friday – or early next week, at the latest.

This donation, which will be provided by the central government, will give authorities time to put in place other measures that would provide additional relief over a much longer period.

All former Barbados LIAT employees who were based here contributed to the local national insurance scheme and are therefore entitled to severance pay will now benefit from expedited hearings by the NIS tribunal.

These hearings are also expected to begin as early as next week, with the hope that they will be completed in time for payments to be made just after the end of the month.

Prime Minister Mottley explained that it had become necessary for the cases of these workers to be brought to court as LIAT’s receiver in Antigua, Cleveland Seaforth, had so far not signed and delivered to Barbados documents that would have automatically triggered severance pay. Payments.

The other large group of LIAT workers receiving assistance includes Barbadians based primarily in Antigua, whose wages have been deducted from that country’s social security system and who are entitled to severance pay under the laws of that country. country.

Arrangements are being put in place to allow them to receive an advance of $ 2,000 per month from the government of Barbados, which will be repaid at a later date from any possible severance pay.

Prime Minister Mottley explained that this would be scheduled for up to a year, to be terminated earlier if they are able to find another job before the end of this year.

Mottley stressed that she understood that $ 2,000 a month would not equal their salary or wipe out the debt and hardship they have accumulated since they stopped working, but she was trying to help them. while balancing them with all the other pressing needs of Barbadians.

Faced with a direct request from employees who recounted their meetings with banks and other creditors, the Prime Minister promised to reach out to the sector on their behalf to request payment facilities.

The workers agreed to the immediate formation of a small working committee to liaise with the government to ensure that all the information necessary to carry out the promised assistance is available to the relevant agencies, and former workers of LIAT will meet with the Prime Minister again in 100 days. .



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AirZim administrator presents debt settlement plan http://bthroughz.com/airzim-administrator-presents-debt-settlement-plan/ Fri, 07 May 2021 04:37:19 +0000 http://bthroughz.com/airzim-administrator-presents-debt-settlement-plan/ BY CHIEDZA KOWO AIR Zimbabwe (AirZim) has sent out debt settlement deals to its multitudes of creditors, including more than 300 former workers made redundant as the ailing airline has sunk into turmoil in recent years. If creditors agree to the terms set out in the document, it could mark the start of the settlement […]]]>


BY CHIEDZA KOWO

AIR Zimbabwe (AirZim) has sent out debt settlement deals to its multitudes of creditors, including more than 300 former workers made redundant as the ailing airline has sunk into turmoil in recent years.

If creditors agree to the terms set out in the document, it could mark the start of the settlement of an estimated US $ 300 million debt accumulated by the common carrier over many years.

The airline took office in 2018 after a difficult decade in which its planes were grounded as the crisis worsened, with foreign airports threatening to seize its airliners for landing fees.

The AirZim crisis goes hand in hand with a regional trend that has seen once high-profile Southern African state airlines either liquidated, fall into court management, or continue under extremely difficult circumstances.

Reggie Saruchera, the boss of Grant Thornton Chartered Accountants, has been appointed a director of AirZim with the difficult mandate of raising capital, carrying out or shutting down any part of the business to successfully rebuild, operate all AirZim’s accounts and to admit any claims or claims against the airline.

In last week’s settlement plan, he said he had completed the verification and validation process that would automatically void any collateral held against the airline.

It was not clear whether the government had already released funds for unpaid debts in order to end a long-standing deadlock.

Saruchera was not available for comment yesterday.

But part of the settlement agreement he signed jointly with AirZim reads: “This agreement automatically voids any security held against the airline or charges on its properties and authorizes the administrator through the Master of the High Court to immediately quash these charges. “

“I / we cannot rely on any representation that would cause me / us to enter into this agreement, unless the representation is recorded in this agreement. No extrinsic evidence may be relied upon to interpret the provisions of this Agreement.

“This document is the only record of the agreement between me / us and the administrator and / or the airline regarding the payment of the amount due.

“Any modification of this Agreement, or any waiver related to this Agreement, will be void for all purposes except, in the event of any modification, it is agreed in writing and signed by or on behalf of the parties, or in the case of a waiver signed by or on behalf of the party granting the waiver.

“This Agreement constitutes the entire agreement between me / us and the administrator and / or the airline regarding the payment of the amount due to me / us and I / we confirm that there is no collateral or additional agreements relating to this agreement. “

The workers had already been agitated by the late payments. In December, Saruchera was pressured to resign from his post due to “maladministration, incompetence, mismanagement and unwarranted and unlawful deprivation” of wages from workers sacked by the airline there. six years, which the airline had been ordered to reinstate by the courts.

In a landmark judgment on December 7, three Supreme Court justices ordered the national airline to reinstate workers in positions they held when they were sacked amid the height of controversial Zuva layoffs in July 2015 .

The judgment gave companies the green light to lay off workers on short notice.

This sparked massive cutbacks across industries as businesses used the shutdown to cut costs and survive a raging economic crisis.

Since the Supreme Court has declared AirZim restrictions illegal, a number of companies will find themselves in a dilemma if other affected workers take legal action.

  • Follow Chiedza on Twitter @KowoChiedza



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Debt Settlement Firms Recruit Veteran Cincinnati Lawmaker To Protect Them From Ohio Fee Caps http://bthroughz.com/debt-settlement-firms-recruit-veteran-cincinnati-lawmaker-to-protect-them-from-ohio-fee-caps/ Fri, 07 May 2021 04:37:19 +0000 http://bthroughz.com/debt-settlement-firms-recruit-veteran-cincinnati-lawmaker-to-protect-them-from-ohio-fee-caps/ State Representative Bill Seitz, Township of R-Green– “Too many of these companies are taking the last dollar out of consumers’ pockets – and far from leaving them any better, pushing them deeper into debt, even bankruptcy.” – former chairman of the Federal Trade Commission Jon leibowitz, July 29, 2010. – “With the average American having […]]]>


State Representative Bill Seitz, Township of R-Green“Too many of these companies are taking the last dollar out of consumers’ pockets – and far from leaving them any better, pushing them deeper into debt, even bankruptcy.” – former chairman of the Federal Trade Commission Jon leibowitz, July 29, 2010.

“With the average American having thousands of dollars in credit card debt, debt settlement services can seem very appealing. But far too many of these companies are breaking their promises and leaving consumers in an even worse financial situation. “ – Ohio Attorney General Mike DeWine, March 12, 2012.

Sneaking through the Ohio legislature, without getting a word of the media coverage, is a bill that would knock a Buckeye State welcome mat down in an industry riddled with fast-paced artists.

So-called “debt settlement” companies are among the many potential saviors of people drowning in credit card debt. In this system, customers are usually asked to stop repaying their debts, but to accumulate sequestered sums of money that companies can return to creditors in exchange for a lower repayment amount. It is only after they are successful that they are supposed to charge a fee.

But abuse skyrocketed in the late 2000s during the Great Recession. US General Accounting Office Identifies Allegations Involving “Hundreds of Thousands” of Consumers Across Country complain about “fraudulent, abusive or deceptive practices”. The FTC banned settlers from debt charge an upfront fee in 2010. In 2013, more than half of the states had reduce costs companies hired to help dissipate debt.

Ohio was way ahead of the pack. In 2004, its Republican-controlled legislature and Republican Governor Bob Taft Fee ceilings adopted about businesses that help people “adjust, compromise or pay off” their debts. One limits “consulting fees or contributions” to $ 100 per year. Another caps a debt management or similar plan fee at 8.5% of a person’s monthly debt payments, or $ 30, whichever is greater.

But the debt settlement industry, led by its American Fair Credit Council trade group, has stepped up its lobbying efforts to repeal fee caps. There is not only a couple, but eight registered lobbyists working on his behalf in the Ohio Legislature.

Bill 182 and his twin Senate Bill 120 would give the industry what it wants. As long as debt relief companies comply with federal law, they would be completely immune to Ohio’s 2004 fee caps.

Which lawmakers have determined that Ohioans need better access to debt relief merchants who can charge what they want?

In the House, it would be Bill Seitz, Township of R-Green. He presented the same bill as a senator in 2015, but his colleagues accepted a pass. The AFCC was however grateful and made Seitz his keynote speaker at a conference the following April – in New Orleans. The two-day affair took place at Ritz Carlton Hotel in the French Quarter. AFCC picked up Seitz’s $ 929 travel and accommodation tab.

The 2017 edition of the bill makes the most progress in the Senate, where another Republican from the Green Township, Lou Terhar, is the only co-signer of the sponsor of the invoice John Eklund of northeastern Ohio. The Senate Insurance and Financial Institutions Committee held three hearings, but did not plan to vote.

CityBeat asked Seitz and Terhar why they would eliminate the caps on the state’s debt relief fees. Terhar never responded. Seitz, by e-mail, took the position that the Ohio Debt Adjuster Act, and therefore fee caps, do not apply to debt settlement companies.

This is contrary to previous interpretations. The Ohio Legislative Services Commission, which analyzes all bills, considered a similar, industry-friendly bill introduced in 2013 by Terhar and Dale Mallory, a Democrat from Cincinnati who is no longer in office. He wrote that debt settlement services probably fall according to the definition of “debt adjustment” and are subject to Ohio fee caps.

The jurisprudence of the Ohio courts also contradicts Seitz’s position.

In a 2012 lawsuit against California debt colonizer Jeremy Nelson, Attorney General DeWine cited the Ohio Debt Adjuster Act when he accused Nelson of charging higher fees than the law allows. Franklin County Common Pleas Judge Colleen O’Donnell ruled in favor of the state in 2014. In her 11-page order, she found that Nelson met the definition of a “claims adjuster” and broke the law.

Colorado reinstated fee caps

The lack of media coverage of Ohio bills denies notoriety of the debt settlement industry. The US Department of Justice has repressed on rogue players. The Consumer Federation of America compares hiring debt settlement agents to play the lottery. US Consumer Financial Protection Bureau Says Debt Settlement Can Leave People more in debt than they were. The Center for Responsible Lending says fees can be high, even when all or most of the debt is not negotiated.

Pamela Maggied, bankrupt Columbus lawyer, testified against Senate Bill 120 on October 3.

“These harassed and desperate people are not always able to separate the unscrupulous and the greedy from the legitimate,” she said. “Often they think they don’t have time to shop, study and evaluate alternatives; they just grab the nearest rope.

“Lifting state limits on fees that can be charged by adjusters could make their situation worse,” Maggied said. “It could make Ohio a better place for an unscrupulous debt adjustment company to ply their trade, and put more desperate Ohioians in financial stalemate.”

In 2011, Colorado did what Seitz and Terhar are asking the Ohio legislature today: to remove its fee caps, which had been set at 18 percent of total debt owed. After the repeal, the fees increased by up to 25 percent, observed state. Now, under a new law, “debt management” companies must adhere to rigorous standards for registration, disclosure, business practices and fees.

“Colorado data showed that more than half of consumers who participated in the program did not complete it – and terminated the program within two years,” said Kalitha Williams, from the liberal think tank Ohio Policy Matters, before the Senate Insurance and Financial Institutions Committee on October 3.

The most common ways to deal with crushing credit card debt is to bring in a consumer counseling company, which is usually a non-profit, and file for bankruptcy. The fees of consumer advisers are subject to state fee ceilings. Lori Pollack, Executive Director of the Financial Advisory Association of America, claims that fees are systematically waived or reduced for customers in difficulty.

“The profiteers of poverty”

Randy Williams, President of A debt coach in Florence, Ky., is one such credit counselor. He was stunned by the move to open the floodgates for debt relief companies by removing fee caps. Bigger companies, he says, play by the rules and provide a legitimate service. The rest, he considers it as “fly by night”.

Williams offers his point of view on the debt settlement method in a video on its website. Removing the cost cap, he said, would be like releasing a lion on a flock of sheep.

“I find it interesting that the elected representatives of the people are trying to change the law to harm the people they represent,” Williams said. “I guarantee you that no one ran for office on this platform. The people of the West Side need to know what’s going on.

Dr Troy Jackson, director of the AMOS project, a non-profit social justice group in Walnut Hills, praises Seitz’s work on mass incarceration, but says his bill for the debt settlement industry is flawed.

“At a time when our nation calls for protections for consumers who suffer from the profiteers of poverty, Representative Seitz has the audacity to go after those who profit from the poor,” Jackson said.

“Far too many in Cincinnati, Ohio and the United States find themselves in a perpetual spiral of increased debt and higher interest, reminiscent of the days of sharecropping and corporate stores,” he says. . “When it comes to standing up for the profiteers of poverty, Representative Seitz is on the wrong side of justice, on the wrong side of his district and on the wrong side of history.”

CONTACT JAMES McNAIR at jmcnair@citybeat.com, 513-914-2736 or @jmacnews on Twitter



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The AAR Authorizes Input Tax Credit By GST Debt Settlement http://bthroughz.com/the-aar-authorizes-input-tax-credit-by-gst-debt-settlement-2/ Fri, 07 May 2021 04:37:19 +0000 http://bthroughz.com/the-aar-authorizes-input-tax-credit-by-gst-debt-settlement-2/ Businesses can claim an input tax credit (ITC) under the goods and services tax (GST) system even if the obligation to pay the inputs between them, including the tax, is met by adjustments in their books, ruled an advance ruling authority (AAR). AAR’s Bengal wing made the ruling during a hearing of a case involving […]]]>


Businesses can claim an input tax credit (ITC) under the goods and services tax (GST) system even if the obligation to pay the inputs between them, including the tax, is met by adjustments in their books, ruled an advance ruling authority (AAR).

AAR’s Bengal wing made the ruling during a hearing of a case involving Senco Gold, a jewelry supplier. The company also operates a network of franchise stores.

Explaining the case, Harpreet Singh, a partner at KPMG, said the plaintiff charged the franchisee with tax invoices for the supply of jewelry and for the provision of franchisee support services.

As a result, the franchisee also made the applicant pay tax invoices for the supply of antique jewelry received from customers. The claimant intended to settle the mutual debts through accounting adjustments.

However, for the purposes of benefiting from the ITC, Article 16 of the CGST Act requires the purchaser to pay the supplier the amount corresponding to the value of the supply, as well as the tax payable on it within 180 days. according to the date of the invoice.

As such, the Applicant requested an advance ruling on the eligibility of the input tax credit if it settled through an accounting adjustment the debt created on the franchisee’s inbound supplies.

AAR authorized the requester to do so. It found that the applicant could pay the consideration for the incoming supplies by offsetting an accounting debt.

He said a payment is a transfer of an asset to the recipient to fulfill an obligation arising from transactions involving goods, services or other legal obligations.

The most common asset class used for such payments is money, although other assets – unless expressly excluded by law – may be used, provided the payee accepts such a form of payment.

Singh said: “While the decision appears to bring great relief to taxpayers, it remains to be seen whether the same would apply in cases where the supplier reduces its debt by offering discounts to its customer, without a corresponding reduction in debt. tax. “

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