RUSSIA: ‘ SEEKING EARLY REPAYMENT OF $3 BILLION LOAN TO UKRAINE ‘

#AceFinanceNews- RUSSIA:Jan.12: Russia says it may seek early repayment of a $3 billion loan to Ukraine. Russian news agencies quoted Finance Minister Anton Siluanov as saying on January 10 that Moscow had “every reason” to demand …Russia News reported.

#AFN2015

#early-repayment, #loan, #ukraine

FRANCE: ‘ LE PEN BORROWS 9 MILLION EURO’S FROM KREMLIN LINKED BANK ‘

#AceFinanceNews – BRUSSELS – Nov.30 – The far-right French party, Front National (FN), borrowed €9 million from a Russian bank, posing questions over its relationship with the Kremlin.

The loan, by the First Czech Russian Bank (FCRB), was granted in late September, according to a report out on Saturday (22 November) in Mediapart, an online investigative journal.

It notes the FCRB is de facto owned by Roman Popov, a financier with close ties to the Russian political establishment.

Wallerand de Saint-Just, the FN’s treasurer, told Mediapart the loan was organised by Jean-Luc Schaffhauser, an FN euro-deputy.

“We’d been looking for a loan for a long time, notably to finance our election campaigns. Our bank, like many other French and European banks, categorically refused to lend a single centime to the FN or to FN candidates”, he said.

“So Mr Schaffhauser … who has had good relations in Russia for a long time, said:

‘Let me go and see this bank’.”

De Saint-Just denied the FCRB loan amounts to foreign interference in French politics, saying he has never met Popov and has only had contact with the bank’s “technical” staff.

Source:

#AFN2014 

#borrowed, #financier, #fn, #loan

‘ California Reverse Mortgage Lenders Bill Awaiting Approval to Protect Consumers Against Lenders ‘

#AceFinanceNews – UNITED STATES (California) – July 10 – A bill that would require California reverse mortgage lenders to provide certain disclosures to prospective borrowers during the application process is moving forward in the state’s legislature as it awaits a Senate vote.

Sponsored by Assemblyman Jose Medina (D-CA), AB 1700 aims to amend certain sections of California’s Civil Code relating to reverse mortgages.

Specifically, the bill would implement a seven day cooling off period, prohibiting a lender from taking a reverse mortgage application or assessing any fees until one week from the date of loan counselling.

Additionally, the bill would delete the requirement that the lender provide a written check-list and would, instead, prohibit a lender from taking the loan application unless the applicant has received from the lender a specified reverse mortgage worksheet guide.

The bill would require that the guide contain certain issues that the borrower is advised to consider and discuss with a HUD-approved housing counsellor, as well as requiring both the counsellor and the prospective borrower to sign the worksheet guide prior to closing.

“ These requirements seek to ensure that senior citizens will make informed decisions and that persons who offer, sell, or arrange the sale of reverse mortgages to senior citizens will act in the best interest of reverse mortgage loan borrowers,” states Section 1 of California’s Civil Code.

#AFN2014

#business, #california, #creditor, #financial-services, #loan, #mortgage, #mortgage-loan, #united-states-department-of-housing-and-urban-development

“Pay Day Lender’s in America ” Can They Be Stopped?

English: Author: swanksalot URL: http://www.fl...

English: Author: swanksalot URL: http://www.flickr.com/photos/swanksalot/77720976/ Description: Front Window of a financial institution in Illinois which offers payday loans. License: (Photo credit: Wikipedia)

Pew’s recommendations draw on a detailed analysis of regulation in Colorado, where state policy-makers replaced a single, unaffordable, lump-sum repayment with a series of instalment payments distributed over six months.

poll of payday loan borrowers, which also appears in the latest report, indicates support for such reform—an overwhelming 9 in 10 support a system of instalment payments over time instead of the conventional lump-sum-repayment structure.

“Pay-day Lending in America” series discusses the safeguards that are necessary to create successful small-dollar loan markets, and presents an analysis of a recent Colorado law change showing these safeguards can be applied while maintaining access to credit.

Pew’s research conclusively shows that pay-day loans are unaffordable for most borrowers. The loans require payments equal to one-third of a typical borrower’s income, far exceeding most customers’ ability to repay and meet other financial obligations without quickly borrowing again.

In its final report in the Payday Lending in America series, Pew provides guidance for federal and state policy makers on how to make the pay-day loan marketplace more safe, transparent, and predictable.

READ MORE: http://www.pewstates.org/uploadedFiles/PCS_Assets/2013/Pew_Payday_Policy_Solutions_Oct_2013.pdf

EVEN MORE: http://www.pewstates.org/research/reports/payday-lending-in-america-policy-solutions-85899513326?

 

#acedebtnews, #business, #colorado, #financial-services, #loan, #lump-sum, #payday-advance-services, #payday-loan, #pew-charitable-trust, #united-states

How To Repay Your Debts With Out Borrowing More Money In Three Easy Steps

If you cannot be honest with yourself, you cannot be honest with other people!

If you cannot be honest with yourself, you cannot be honest with other people!

This is how l provide my “Debt Management Services” to people who are in need of help and guidance, to cut their debts, and not increase them by borrowing more money!

My personal view of anyone that lends money to get people out of debt is that it is wrong! I realise that when faced with a large bill, or how to repay that last payment to the power company, or even the debt collector, the first thing we all do is “panic”! It is then that “Pay Day Lenders” come into their own by providing what you “want” not what you “need”

The reason why l can know ,all this was back in 1988 my debts were “huge” and l was absolutely “terrified”at the thought! But in my case l had actually lent other people’s money, as l was a “broker” that broker deals all over the world, and one day l was “broke”myself! I contemplated a number of routes including “suicide” but l did not believe, that this would really solve my debt problems! I needed to find a way to repay those that l had personally “borrowed” in my name! As these were the ones that would one day come back to haunt me!

So l set about creating a plan and named it using the initials in my name “DRAPE” and it stood simply for “Debt Reduction Analysis Plan Exercise” it eventually got shortened to just “DRAP” as it became simply “an exercise in good debt management” rather “than borrowing as a way” to repay my debts! So in this post l will simply explain how l do this, as everyone can do it ,but many are too scared to contact “their” lenders, so they go to short-term money lenders! This eventually brings them back to me and usually it is too late! So read how using

“My Three Easy And Simple Steps” you can teach yourself how to “not to pay more money to other lenders” and use that money you “save” to manage and eventually get out of debt!

Step One:- Being Honest With Yourself:

Is really adding together all that you owe, every debt you have including bills, finance agreements or others, even money owing to family or friends! This will enable you to start to deal with the “fear over debt” it is not the debt itself you fear “but the fear of being in debt.” So by adding it all together “you become aware of your total indebtedness” but be warned if you hide anything it will “come back to haunt you,when you least expect it.” As lenders who are ignored, will pester the life out of you “causing you even more stress,” that is why l call it “being honest with yourself” as if you are not honest with yourself, you cannot be honest with anyone else, including the lenders! And this plan is simply about “honesty”, as you will see, as l proceed to step two!

Step Two:- Being Honest With the Lenders:

Once you have fully mastered step one you can move onto step two and decide the “how and what” of presenting your case to the lenders {Be it One or More} this is the point at which people turn to “Debt Management Companies” for help and yes sometimes they relieved the short-term problem but they do not do this “without payment” for their services! Their costs vary and it is usually added onto what “arrangement for payment” you eventually agree upon, this is called “ Making An Arrangement With YOUR Creditors notice l highlighted “YOUR” as if to scream out at you as it is “YOUR” creditors and not the debt management companies! As once they have made an agreement upon your behalf, that “you”will pay them an agreed amount to the lenders, which now become “your” creditors, as at this point “the state of lending policy” has changed, in that “you”are no longer “lending money” ,but agreeing to repay it”! This makes a huge difference to UK Finance Agreements” as they change their “status” just by the fact of being altered by “YOU”!

Up to that point you have being paying a set amount monthly and you signed up when you “purchased this agreement, with you signature and now you have changed it state of payment status”,so and thus you agreed “ALL Terms and Conditions” that applied at the time, that by the way could be “Altered” by them at any time! That is “onerous” to say the least, but now “YOU” have changed the “State in which the “contract exists” and as such you are no longer governed by the same rules that applied at start of contract!

So as not to put to finer point on it, once these “debt management companies” change or alter your agreements” by making “An arrangement with YOUR creditors” you must not ,miss one payment or you immediately and without question revert to “non forfeiture” of YOUR agreement”. Then every single penny you owe ,will be added onto the agreement plus “compounding interest” and they will “demand immediate payment in full” or court action will apply!

Now you know why l said at “step one be honest with yourself”is simply about being honest with the lenders” as in this regard it will “save you time and money”! By being honest about “the amount of your debts” you will be honest with lenders “about how much you can “comfortably afford as a payment under this NEW arrangement”.  As so many people say to “debt management companies” l can afford that amount, as l have overtime, or a good job or another reasons! It is the job of any “good debt management company or services” to get the best deal for “YOU” and not “THEM”! As remember “their fees” are based on a percentage of “YOUR” repayment as agreed by “YOUR” creditors, the higher they get “YOU” pay the more they charge in costs!

Step Three: Getting The Best Arrangement For YOU!

This is all up to your “Debt Management Company or Services” a good word “services” meaning to “serve” or “provide service”, not to themselves but to you their “customer” so choosing who to use, or trust becomes a minefield! So my advice is simply

If it feels right in your Heart” then you are 90% of the way there, in making the right decision. The other 10% is down to“cost for their “services” in other words”. What do l get for “MY Money”you see l have once again highlighted “MY” as to mean belong too ,as it is “YOUR” money not theirs!

My advice is at this stage ask for a “complete break down of their service costs in writing” so you can then assess the “true cost of using their company or not”! So being honest at outset with yourself and then the lenders, will then enable to decide ,who can l trust with “MY” money!

The answer is simple of course trust “NO ONE” they have to “prove” they can be trusted and it is not up to “YOU” to prove anything at all! Any company charging “upfront cannot be trusted” or any “company charging a % of you debts” “CANNOT” be trusted! You can only “TRUST” once the company has provided their “services” for nothing and delivered what they said in your contract with them, and not before! REMEMBER: They need you and you do not need them! But they also want you, but you do not want anything from them except, a great service at a great price ,with no strings attached! Then if the cost of their “Flat Fee Charges” seems fair and feels right in your heart, that is all “YOU” can do to “TRUST” you instinct! As it is all down to “THEIR” skill or lack of skills to get “YOU” the best arrangement possible, for “YOUR” money!

As from 2013 we no longer charge any fee for our services, either upfront or at completion but will make an arrangement with your creditors, that is both affordable and also can be paid into a designated banking arrangement for the lenders!  This amount will increase under any circumstances once we have it in writing and have confirmed it to you, it will be fixed until all your debts are clear. One small thing l should mention is do not stop the agreed payments or the lenders reserve to the right to reinstate original amount and add back all interest, also their will not be any third chances! So need to get good quality advice about “YOUR DEBTS” then email me at our new designated email address at get-out-of-debt@acefinance.me or leave a comment on this post or email it to need-help-to-with-debt@acefinance.me and l will contact everyone as soon as l possibly am able. 

Thank you for your support in 2012 and will provide more helpful advice in 2013.

Happy New Year

Kindest regards,

Editor {Ian Draper Ace News Group} 

#company, #creditor, #debt, #debt-consolidation, #debt-management-plan, #debtreductionanalysisplanexcercise, #drap, #financial-services, #loan, #payment

OFT has opened formal investigations into several payday lenders over aggressive debt collection practices.

A shop window advertising payday loans.

A shop window advertising payday loans. (Photo credit: Wikipedia)

The OFT has opened formal investigations into several payday lenders over aggressive debt collection practices. It is also today writing to all 240 payday lenders highlighting its emerging concerns over poor practices in the sector.

These actions are set out in a progress report published today as part of the OFT’s compliance review of the payday lending sector. It highlights concerns about:

  • the adequacy of checks made by some lenders on whether loans will be affordable for borrowers
  • the proportion of loans that are not repaid on time
  • the frequency with which some lenders roll over or refinance loans
  • the lack of forbearance shown by some lenders when borrowers get into financial difficulty
  • debt collection practices.

The OFT is continuing to gather and analyse information about the activities of payday lenders as its compliance review progresses. It also expects to warn the majority of the 50 firms inspected, which account for the majority of loans, that they risk enforcement action if they do not improve specific practices and procedures which came to light when they were inspected. The OFT will require those lenders it warns to provide it with independent audits to verify that they have improved their practices and procedures to comply with legal obligations and expected standards.

The emerging findings are based on information from a wide range of sources, including:

  • a ‘sweep’ of the websites of 50 payday lenders
  • a programme of inspections of over 50 individual lenders
  • 686 consumer complaints
  • a mystery shopper exercise involving 156 online and high street lenders
  • 1,036 responses to a survey of businesses, trade associations and consumer bodies.

They have uncovered evidence that some payday lenders are acting in ways that are so serious, that they have already opened formal investigations against them. It is also clear they have said, that across the sector, lenders need to improve their business practices or risk enforcement action.

‘Their report shows that a large number of payday loans are not repaid on time. I would urge anyone thinking about taking out a payday loan to make sure they fully understand the costs involved so they can be sure they can afford to repay it.

‘Their revised guidance makes it absolutely clear to lenders what they expect from them when using continuous payment authority to recover debts and that we will not accept its misuse.’

The Consumer Credit Act 1974 requires most businesses offering credit, lending money or involved in activities relating to credit or hire, such as debt collectors, to be licensed by the OFT. The OFT produces guidance to clarify its expectations of those companies and individuals that hold a consumer credit licence. Failure to have regard to OFT guidance can call into consideration the business’ fitness to hold a consumer credit licence.

#business, #collection-agency, #consumer-credit-act-1974, #credit, #debt-collection-practices, #formal-investigations, #loan, #office-of-fair-trading, #oft, #payday-lenders, #payday-loan, #street-lenders

Data Protection And The Importance of Keeping It Safe

Seal of the United States Federal Trade Commis...

Seal of the United States Federal Trade Commission. (Photo credit: Wikipedia)

United Kingdom: stamp
United Kingdom: stamp (Photo credit: Sem Paradeiro)

This story intrigued me as it is very close to my heart on protecting information supplied by my clients! After 25 years plus l now have a Consumer Credit Licence with no renewal date, as l have had one so long.

Anyway getting to the reason for the post and the fact that any data given to me, is given in the strictest confidence. Then it is up to me, like a doctor, not to disclose this to anyone! Well for far too long many companies have come a  “Cold Calling” at the door by phone, email and the text message ,asking with out any ones permission pertinent questions, that l call impertinent questions.

Firstly we do not know who they are and where they got our name and basic details of our life, but they ask first for our name, this is when you say” l do not given out this type of information under the “Data Protection Act” then they ignore what l have said and say well this is just a short-survey and will take just 5 minutes, of your time and we can “Save You Money”, how l wonder! As to save me money, they first have to get me to answer their short-survey!

By me answering their questions l implicitly agree under the  “Data Protection Acts” disclosure rule, if l do not agree, that should end the conversation. Then as l have not complied with their request in writing and they have not equally requested information in writing, prior to their call, again this should end the conversation! As in both cases they are not then entitled to ask for anymore information, as you have been neither implicit or complicit! Though in so many cases they will take your silence to mean you agree!

It is then armed with their so-called idea of me agreeing, that they ask the first question!  Then l say and l suggest you say the same ” I Do Not Answer Questions” over the phone, as l do not know who you are!

It is then they revert back to “We Can Save You Money” ! Nowadays they are persistent as they are on a “Commission Based” earner and press the case, it is then l say NO again! They retort with “So You Do not Want To Save Money” then a pregnant pause and l answer I did not ask you to ring me and please take NO for an answer!!

I am told by my clients that at this point, they cave in and end up in debt and thus l have to get them out of a contract, be it power companies, finance houses and credit card and loan companies!

But please harken to these words “Any information” you give them over the phone, should be agreed in writing first, as you have to invite them into your home or life! Anything you tell them will be use in evidence against you ,to sell you what you so often do not want and this information will be kept, on a computer, file or as in this case discarded!

It is up to me as a professional in debt management services to protect your information and shred, return or discard of it correctly. And not too, as so many companies are doing, consider it is just for commission or profit purposes! With some dumping your data anywhere or everywhere or selling it to the highest bidder!

Extract: Please take time if you have it to read article as so many of these companies never get caught, its your “Data” not theirs and if you ever have a problem contact me!

A company that provides management services to more than 300 payday loan and check cashing stores, and an affiliated company that owns and operates several stores, will pay $101,500 to settle Federal Trade Commission charges that they violated federal law by allowing sensitive consumer information to be tossed into trash dumpsters.

The FTC charged that PLS Financial Services, Inc., and The Payday Loan Store of Illinois, Inc., failed to take reasonable measures to protect consumer information, resulting in the disposal of documents containing sensitive personal identifying information – including Social Security numbers, employment information, loan applications, bank account information, and credit reports – in unsecured dumpsters near several PLS Loan Stores or PLS Check Cashers locations.  PLS Group, Inc., which owns PLS Financial Services and The Payday Loan Store of Illinois, was also named in the complaint.

According to the complaint filed by the FTC, PLS Financial Services and The Payday Loan Store of Illinois violated the FTC’s Disposal Rule by failing to take reasonable steps to protect against unauthorized access to consumer information in the disposal of credit reports.  They also allegedly violated the Gramm-Leach-Bliley Safeguards Rule and Privacy Rule, which require financial institutions to develop and use safeguards to protect consumer information, and deliver privacy notices to consumers.  Further, the FTC charged that all three defendants violated the FTC Act by misrepresenting that they had implemented reasonable measures to protect sensitive consumer information.

This is the third time the FTC has charged a violation of the Disposal Rule, which requires that companies dispose of credit reports and information derived from them in a safe and secure manner.

According to the FTC complaint, PLS Group owns approximately two dozen operating companies, such as The Payday Loan Store of Illinois, that in turn own and operate more than 300 retail stores in nine states under the names PLS Loan Stores and PLS Check Cashers.  These stores offer a variety of products and services, including payday loans, check cashing, automobile title loans, debit cards, phone cards, and notary services.  PLS Financial Services provides management services to the PLS Loan Stores and PLS Check Cashers locations, including establishing their policies and procedures for the handling and disposal of consumer financial information.

In addition to the $101,500 civil penalty imposed on PLS Financial Services and the Payday Loan Store of Illinois for violation of the Disposal Rule, the settlement bars all the companies from violating the Disposal, Safeguards and Privacy Rules and from misrepresenting the extent to which they maintain and protect the privacy and integrity of personal information.  The order also requires that the companies carry out and maintain a data security program with independent third-party audits every other year for the next 20 years.  It also contains certain bookkeeping and record keeping provisions to allow the Commission to monitor compliance with its order.

The Commission vote to approve the proposed consent decree was 5-0.  The Department of Justice filed the proposed consent decree on behalf of the Commission in the U.S. District Court for the Northern District of Illinois.  It was signed by the judge and entered by the court on November 1, 2012.

NOTE:  This consent judgment is for settlement purposes only and does not constitute an admission by the defendant that the law has been violated.  Consent judgments have the force of law when approved and signed by the District Court judge.

Courtesy of the FTC to read article just click this link “Companies Dump Data” or email me at leave-your-views@yopmail.com alternatively you can visit my brand new group at Adam Christian Debt Management Services  if you a have debt or just need help and guidance.

KEEP YOUR DATA SAFE AND DO NOT DISCLOSE IT TO ANYONE UNLESS YOU KNOW WHO THEY ARE FIRST.

#federal-trade-commission, #financial-services, #ftc, #loan, #payday-loan, #payday-loan-store-of-illinois, #pls-financial-services, #pls-group