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Save Your Soul With Christian Debt Consolidation
By CambodiaITCity.com
The ever increasing cases of debt and bankruptcy among people nowadays, predicts a sorry state of things, especially for Christians who are falling into the trap of debt. Once you opt for the credit schemes and purchase assets with the intention of paying later or through monthly installments or if you take a financial loan to meet certain financial expenditures, a slight change in your financial conditions can place you in deep trouble. Often the debtors resort to take further loans to repay your previous debts and it become s a vicious circle on your own making. However, if you are a Christian and find yourself under the burden of debt, then one of the most feasible solutions for your financial problems is to opt for a Christian debt consolidation solution.
A group of like minded forms such an organization so as to provide debt relief to fellow Christians. The primary motive of this service is to achieve debt freedom for Christians through
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The Receivables Exchange Welcomes Cedar Lane as a Buyer of Entertainment Receivables
The Receivables Exchange, the world's first online marketplace for real-time trading of accounts receivable, announced today that Cedar Lane Asset Management, LLC has joined The Receivables Exchange as a Buyer of entertainment and media receivables.“We are very excited to have Cedar Lane, one of the leaders in asset -based finance to entertainment and media companies, join The Receivables Exchange,” said Nicolas Perkin, co-founder and president of The Receivables Exchange. “Cedar Lane’s participation in the Exchange continues to broaden our global network of Buyers and further underscores the broad appeal of our online marketplace for accounts receivable.”“Cedar Lane’s focus on asset-based investments in the entertainment industry also highlights the benefits Sellers can expect from having access to a large and diverse network of Buyers in a centralized marketplace,” Perkin added.Cedar Lane, a New York-based asset manager managing funds specializing in asset-backed loans to owners and distributors of entertainment and media content, advises funds with more than $120 million in assets under management. Cedar Lane joins The Receivables Exchange’s distinguished group of Buyers from around the world that will compete in real-time at competitive rates for accounts receivable. The Receivables Exchange will provide millions of small-to-mid-sized businesses quick access to working capital at a lower cost than other financing options.“The Receivables Exchange allows Cedar Lane to extend our asset-based finance investment strategies to include short-term receivables,” said Sam Adams, Cedar Lane’s Managing Director. “The Exchange offers a unique opportunity to obtain returns better than money-market but with shorter tenures than the traditional entertainment and media loan positions in our funds’ portfolios. Through The Receivables Exchange platform we can invest funds on a short-term basis to a qualified pool of Sellers at a much higher rate of return than cash alternatives without diverging from our investment strategy.”In the United States alone, there is more than $18 trillion in accounts receivable annual turnover, yet less than one percent of that volume is currently financed. The Receivables Exchange's patent-pending, proprietary online trading platform brings together a global network of accredited Buyers with America's growth-oriented small and mid-sized businesses in search of capital to help them grow. The Receivables Exchange’s Charter Member program has surpassed more than $2 billion in accounts receivable turnover since commencing its sales initiatives six months ago.About The Receivables ExchangeThe Receivables Exchange is the world's first online marketplace for real-time trading of accounts receivable. The Receivables Exchange provides a new dimension in working capital management by connecting private companies to a global network of accredited Buyers who compete in real time to buy and trade receivables. Exchange participants benefit from flexible access to working capital finance at competitive rates. The Receivables Exchange is a fast and efficient way to manage working capital at a fraction of traditional financing costs. The Receivables Exchange has secured financing from Prism VentureWorks and Fidelity Ventures, the venture capital arm of Fidelity Investments. The Exchange's trading platform is proprietary and patent-pending. For more information, visit www.receivablesXchange.com.About Cedar Lane Asset Management, LLCNew York-based Cedar Lane is an asset manager that sources and structures asset-backed loans to owners and distributors of entertainment content. The company started in 2006 and advises funds with more than $120 million in assets under management. For more information, visit www.cedarlanefund.com.
Debt Buyers Discuss Falling Portfolio Prices and Funding at Forum
Debt portfolio prices have fallen anywhere from 10 to 50 percent, debt buyers told insideARM at last week’s ACA Fall Forum in Chicago.The actual percentage depends largely on knowing the portfolio one is buying, said Stuart Blatt, partner with Margolis, Pritzker, Epstein & Blatt, Townson, Md. “The rates run between 5 percent and 10 percent on good portfolios and 40 to 50 percent on bad ones.”Portfolio prices had been artificially high before the recent slide started, Blatt added. If a debt buyer paid too high a price initially, the pricing fall-off was sharper than if he had paid a lower price. Additionally, debt buyers must closely examine their purchases to ensure that they will perform as the seller said. With the recent downturn in the economy, it’s a good time for debt buyers to re-examine their portfolios, Blatt said.It’s also a good time to be a buyer, Blatt added. In the past, creditors had sold their worst portfolios first. Now creditors are so cash strapped that they are selling many more prime portfolios, which will be much better performing than the secondary and tertiary portfolios banks were offering up before, Blatt said.Another factor is the mix of accounts in the portfolios, said D. Ryan Campbell of The Sagres Company in San Diego. While credit card portfolio prices might be down 30 percent, auto-related debt is down much further. Recovery rates on those portfolios are down anywhere from 10 percent to 50 percent.“Newer paper is performing much better than older paper,” Campbell said. He recommended that debt buyers with a mix of older and newer debt concentrate on the former because the recovery rates will be much better.An increase in prices and improvement in recovery rates aren’t likely until the economy improves, which isn’t likely until the second half of next year, Campbell added. “[The economic recovery] has become really tough to forecast.”Another issue plaguing the debt buying industry is that the funding for purchases has largely dried up. Campbell said financing is very difficult to find right now.Stewart W. Hayes, senior vice president at Wells Fargo Foothill Lender Finance, a provider of senior secured financing from $10 million to $1 billion and one of the speakers at the conference, concurred that lenders are taking a much more critical look at debt buyers and other prospective borrowers than they once did. Hayes, and other panelists who discussed financing, agreed with the 10 to 50 percent figure for the decline in debt portfolio pricing. One telling factor, according to Christopher Runci, principal of the Runci Group, was that the original panel to discuss financing included five members besides himself, but market conditions had shrunk the panel size to two.Hayes said debt buyers should focus their capital-seeking efforts differently, depending on their size. Those in the $100,000 to $1 million range should seek funds from peers, equity capital from friends, family and business associates and debt capital from local and regional banks. While national banks may at times offer capital to these smaller debt buyers, “local banks are much more likely to provide some types of credit,” Hayes said.Those firms in the $1 million to $10 million range should seek debt capital from local, regional or national banks or hedge funds, Hayes said.For those over the $10 million threshold, Hayes said that Wells looks for an experienced management team, stable track record, consistent monthly acquisition volume, institutional platform and reporting, defined recovery strategy and an ability to contribute equity. “We want to make sure that they have some skin in the game,” Hayes said.Lenders are also looking to tie amortization of loans to actual collection history, particularly now that actual collections are usually falling short of previous collection history and predictions.Any credit facility will have a maximum limit, with the advances tied to the acquisition prices of purchased asset pools. Hayes added that asset pools must conform to established eligibility criteria (e.g., pool size, asset type, purchase price vs. face value).“Customary financial covenants will apply,” Hayes added.Hayes recommended that debt buyers seeking funding should determine how much they need, where they would like to take their business, and the best type of funding to fulfill their needs (e.g., equity or debt).“Look at loan terms and structure,” Hayes added. “The cheapest money may not always be the best money.”
Medical ARM Market to Grow, Even Under Universal Healthcare: Analyst
“With the election and the economy as bookends, the current state of the healthcare industry -- plagued by regulatory changes, insurance quandaries, and bad debt -- has become a kind of war zone,” Michael Klozotsky, analyst for Kaulkin Ginsberg, told those attending the ACA International's annual Fall Forum in Chicago Thursday. “Indicators now suggest that the economic trends impacting the healthcare segment of the ARM industry will not be short-lived, and will continue to impact recoveries well into 2009.”Klotzotsky pointed to the continued weak economic reports and their historical impact on health care payments. A one percent rise in the nation's unemployment rate is projected to increase the number of uninsured by 1.1 million and result in an additional 1 million (600,000 children and 400,000 adults) enrolling in Medicaid. Unemployment has been steadily climbing in 2008, with the Labor Department Friday reporting an additional 240,000 jobs lost in October and an unemployment rate of 6.5 percent, up from 4.9 percent in January.Bad debt expense in the for-profit hospital sector is expected to grow 15 percent to 17 percent in 2008, reaching more than $14.5 billion.Meanwhile, healthcare collection reforms enacted in Illinois, California, North Dakota, and Nevada will further regulate how hospitals and service providers collect delinquent medical debt. Many states’ healthcare reforms are “on hold” due to current economic conditions, Klotzosky added.“The two main parties -- patients and providers -- involved in “conflicts” over medical receivables view themselves as having been conscripted into a war not of their own making, and that fact is both a challenge and a weapon for ARM companies in the healthcare market,” Klotzosky said. “The simple truth is that changes promised and/or implemented by new administrations, in this and every election cycle, come to fruition very slowly, if ever.”The recently approved bank bailout plan means that the newly elected administration is unlikey to make any quick changes to the health care system, Klotzosky added. Just after TARP was approved, the Office of Management and Budget and the U.S. Department of Treasury announced that the fiscal year 2008 federal budget deficit was $454.8 billion; some analysts predict that the fiscal year 2009 deficit might exceed $700 billion.With those deficits, there’s no additional money for health care reforms. In short, healthcare collection agencies and medical debt buyers troubled by how “The Spectre of Universal Coverage” or “The Era of Big Insurance Vampires” (depending on one’s perspective) might impact their ability to profit from healthcare collections post-election should simply take it easy, loosen up, and relax, Klotzosky said.He cited several reasons for the health care collections market to continue to thrive for the next several years.-- Outside of the estimated 45 million Americans who lack health insurance, a 2008 report by the Commonwealth Fund indicates that 25 million Americans are underinsured; rates of underinsurance among families earning more than $40,000 a year nearly tripled from 2003 to 2007.-- The current cash market for uncompensated care expenses is made up of medical bills not covered by private or public insurance, excluding the cost of catastrophic care; this figure represented $265 billion in out of pocket consumer payments in 2006.-- Half of uninsured households had $600 or less in total assets (not including their house and cars) in 2004, compared to median assets of $5,500 for insured households. Moreover, after households' debts are subtracted from assets, the median net worth of uninsured households drops to zero -- leaving many of the uninsured with no financial reserves to pay unexpected medical bills.-- Since 2001, premiums for family coverage have increased 78 percent, while inflation has increased by 17 percent and wages have gone up only by 19 percent, according to the Kaiser Survey of employer health benefits. -- In 2009, the combined average premium and out of pocket healthcare costs for U.S. workers are expected to increase by 9 percent; annual wage gains for American workers average less than half that (between 3 and 3.5 percent in 2008).Even in overly simple terms, the myth of “nothing to collect” under a universal health care system becomes a paradox if un- and underinsured patients have “no remainder” in the face of rising healthcare costs, including insurance premiums and prescription drugs, Klotzosky noted.“According to ARM industry executives, the down economy will stimulate new approaches to the collection of delinquent healthcare paper,” Klotzosky said. “Broad ARM service offerings and a ‘partnership presence’ with healthcare creditors in a given community -- as well as promoting job creation, etc. -- are likely to provide positive social capital.”Klotzosky conceded that the economy is in a recession, and that the healthcare market in ARM, like the larger industry, is recession-resistant, not recession-proof. But the good news is that the ARM industry ordinarily follows a LIFO accounting structure. So the current economic climate will mean increased placement levels and declining liquidation rates, though placements may start to level off as well.Hospitals, burdened by rising uncompensated care expenses and facing restricted access to credit, may be more eager to sell portfolios of delinquent accounts; investment cash flow being deployed as capital source vs. supplement, Klotzosky added. Empirical evidence suggests that many healthcare agencies’ 2008 revenues will at best be flat, with some reports of 10-12 percent declines compared to 2007. “The broad healthcare crisis is deepening and will increase the need for diverse healthcare receivables management solutions,” Klotzosky said. “Political change and economic uncertainty can be catalysts for growth and reinvention in the emerging healthcare collections market.”Editor's Note: Kaulkin Ginsberg is the parent company of insideARM.com
Executive Change: Juan Carlos Gonzalez Named Head of Aktiv Kapital's Spanish Operation
Aktiv Kapital entered the Spanish non-performing loan market by acquiring Treym Consulting y Servicos in 2005. Arriving to the end of the three year commitment after the acquisition of Treym, Maria Haddad has decided to seek new opportunities outside the Aktiv Kapital Group and we wish her the best for the future.We are pleased to announce that Juan Carlos Gonzalez is appointed to and has accepted the role as new Country Manager for Aktiv Kapital's Spanish' operation based in both Barcelona and Madrid. Juan Carlos Gonzalez is 40 years old and has extensive experience from both the operational and the investment aspect of the debt purchase and collection industry. Juan Carlos Gonzalez performed as Technology and Systems Director and later as Operations Director at Intrum Justitia Ibérica from 1998 to 2008. Juan Carlos Gonzales has most recently held the position of Managing Director and Investment Director at Multigestión Iberia (GFKL).Erik Oyno, CEO & President of Aktiv Kapital Group, states that he is confident that Juan Carlos Gonzalez, with his business and operational knowledge in combination with strong analytical skills, his enthusiasm, energy and management experience, will make a significant contribution to Aktiv Kapital's continued development of the Spanish debt purchasing market and further operational enhancement.Juan Carlos Gonzalez holds a degree as Telecommunications Engineer from ETSIT in Madrid."Maria Haddad has taken the company from being a debt collection agency to be a major portfolio purchaser. The Spanish operation has contributed significantly to the Group's growth over the past year. Maria Haddad's entrepreneurial spirit and energy has been vital in this phase," says Erik Oyno.Maria will stay in the position until Juan Carlos Gonzalez is on board in December.Further information Erik Oyno, CEO & President Aktiv Kapital Group Phone: +47 90131203, email: erik.oyno@aktivkapital.com or May Kristin Haugen, Chief HR & Communication Officer Phone: +47 97745057, email: may.kristin.haugen@aktivkapital.comAbout Aktiv Kapital Headquartered in Oslo, Norway. Aktiv Kapital has operations in 11 countries, and is today Europe's and Canada's largest purchaser of non-performing consumer credits. Aktiv Kapital had in 2007 an operating revenue NOK 1 575 million. Within the Portfolio segment Aktiv Kapital had approx 550 000 paying customers in 2007. Aktiv Kapital is listed on the Oslo Stock Exchange (AIK). For more information about Aktiv Kapital, please visit www.aktivkapital.com About Aktiv Kapital Spain Aktiv Kapital Spain has two business areas; Non-performing portfolio acquisition and servicing and debt collection for third parties. The revenue first half 2008 was approximately 14.1 million Euro. The collected amount on portfolios owned by Aktiv Kapital Spain first half 2008 was 12.7 million Euro and the income from third party debt collection in the same period was 1.4 million Euro.
EXCLUSIVE: Tenet Spins Off ARM and Communications Business
Hospital operator Tenet Healthcare Corp. announced today that it is expanding and spinning off its revenue cycle management operations, forming wholly-owned subsidiary Conifer Health Solutions, Inc.Dallas, Tex.-based Conifer (www.coniferhealth.com) will provide a full range of accounts receivables management (ARM) services, including patient pre-registration, debt placement, debt collection and debt buying, Stephen Mooney, head of Conifer Revenue Cycle Solutions, told insideARM. The company also will offer patient communications services, including 24-hour inbound communications, marketing services and physician referrals.“The ultimate goal is to drive yield. To put more money in [hospitals’] pockets,” Mooney said of Conifer’s revenue cycle solutions division. Mooney said Conifer already has more than 100 hospital clients, most of which are non-Tenet affiliates. He said those clients will be served by about 2,200 health care professionals dedicated primarily to revenue cycle management services working from offices in eight locations across the United States. Currently, Conifer handles about five million patient accounts, worth about $9 billion, annually. Conifer also will buy self-pay receivables, which it will work in-house, Mooney said. In fact, the new company has already bought a portfolio of medical accounts receivable. The company expects more deals as hospitals look for cash infusions to expand services or buy equipment, Mooney noted.While Conifer expects to be a major provider of ARM services, Mooney said Tenet will continue to outsource some healthcare receivables collection work to its agency network and partner with other ARM companies to provide best-in-class, integrated approaches to clients’ receivables management needs. “We don’t believe we have the answers to everything,” Mooney said. “We will find the best in breed to find whatever the problem might be and the solution they are trying to obtain.” Kaulkin Ginsberg Health Care Analyst Michael Klozotsky called Tenet’s move to provide healthcare revenue cycle management services “groundbreaking.” “For an organization of the size and scope of Tenet, this is a big deal,” Klozotsky said. “It clearly represents or suggests a kind of progressive forward thinking about receivables that hospitals aren’t doing. This move on Tenet’s part has everything to do with developing a new revenue stream.” Klozotsky also said Tenet’s entrance into medical receivables purchasing poses a major risk to other medical debt buyers because Tenet has the benefit of health care provider experience that other buyers can’t claim. “In simpler terms, hospitals looking to sell medical account portfolios are going to potentially look to someone like Tenet with a bit of a softer eye,” Klozotsky sad. “There’s a level of identification and comfort that says ‘these folks are like me.’” Mooney said Tenet’s expansion into medical ARM services was more opportunistic than planned. Nearly a decade ago when the Dallas-based company began selling some of its hospitals, the new owners wanted Tenet to continue managing their accounts receivables. Tenet, however, wasn’t prepared to take on the responsibility. “The timing wasn’t right,” Mooney said. “We wanted to make sure we were operationally sound internally before we offered our services to others.” Nonetheless, the requests for revenue cycle management help continued, Mooney said. And as Tenet moved to centralize its revenue management operations (“Tenet Centralizes Program, Cuts Unpaid Bills,” Oct. 2, 2007), the market and regulatory challenges facing health care revenue cycle managers grew. In 2007, Tenet hired a consultant who confirmed the market need Tenet was seeing, and the Dallas-based hospital operator began expanding its staff and infrastructure to support ARM and revenue cycle management services for other hospitals. “The opportunity is there and the market exists,” Mooney said. “We’ve gotten to the point internally where we feel confident we can support Tenet and new clients effectively.” Mooney wouldn’t reveal Tenet’s growth expectations for Conifer. But he said “it’s clearly something we think will grow, otherwise we would not be going into the business.”
Executive Change: CEO Michael Wolf Leaves Intrum Justitia
Intrum Justitia announced today that Michael Wolf is leaving the firm after two years as CEO in order to take up the position as President of the Swedbank Group."Although I am sad to see Michael leave us, I wish him and Swedbank all the best," says Lars Lundquist, Chairman of the Board of Intrum Justitia AB. "Intrum Justitia's strategy to create complete solutions for long term client relations within Credit Management Services remains unchanged. Our aim is to build client and shareholder values and to be an attractive employer."Intrum Justitia will continue on its chosen path: the efforts to achieve higher operational efficiency will continue with undiminished force. Knowledge sharing within the Group, regionalization and the building of a common data centre are important corner stones for our strategy."Intrum Justitia has a strong and experienced Group Management Team and it is with confidence I look forward to the continued cooperation within the Group," concludes Lars Lundquist.Michael Wolf remains in his position until April 24, 2009. The process to recruit Michael Wolf’s successor has been initiated. Intrum Justitia is Europe’s leading Credit Management Services (CMS) group, with revenues of approximately SEK 3.2 billion and 3,600 employees in 24 markets. Intrum Justitia offers services designed to measurably improve clients’ cash flows and long-term profitability. Intrum Justitia AB is listed on the Nordic Exchange, Mid Cap list. For further information, please visit www.intrum.com
Streamline Capital Designates Portfolio Management Group as Exclusive Sales Agent
Purchasers of debt will now find it easier to source from a reputable company. Chicago-based debt investor, Streamline Capital Partners, announced a formal alliance designating the leading debt marketing firm, Portfolio Management Group (PMG), as their sole sales agent.Brian Glass, managing member of Streamline, said, “The principals of PMG, John and Jason Pratt, are leaders in the industry, have more than 20 combined years of experience and are highly regarded by the debt purchasing community. This alliance will be an avenue for debt buyers to purchase a higher quality of debt, through a well-respected and reputable source.” Streamline has established a forefront position in the industry and was recently recognized as one of the nation’s top 20 debt purchasers by the trade magazine “Collections and Credit Risk.” Founded in 2003, Streamline has purchased more than 100 portfolios of charged-off consumer debt consisting of accounts from well-known credit issuers such as Chase, Citibank, and Discover. Streamline pursues recovery of these accounts through its litigation strategy, and PMG will now re-market those accounts that do not fit its legal model.Jason Pratt agreed that reputation is important when selling a debt portfolio. “Without a solid, trustworthy network in place, debt sellers often find themselves forced to stockpile accounts or sell them for less than they’re worth,” Indeed, since its inception in 2003, PMG has developed an extensive network, advising on over $800 million in debt transactions since late 2007, for some of the largest debt buyers in the industry. Streamline has consulted with PMG on its debt sales since 2003. “We have been working with the Pratts for over five years, and this alliance is the natural progression of our consulting, training, and sales relationship,” said Glass.
Higher Government Deficits Leading to Opportunities for ARM Companies
As state and local government deficits rise in a battered economy, more officials are turning to outsourcing the accounts receivable management function to outside collection agencies. Patrick J. Swanick, chief executive officer of the government ARM firm Municipal Services Bureau, said debt has grown so much that governments are increasingly bringing in third party debt collection agencies to collect money that is owed to government entities.“Using outside resources like third party collection agencies is a good move for them,” he noted. “Government entities outsourced their collections before. But many government entities are looking for extra assistance in collecting this money in the current environment.”As budget deficits swell – spurred on by lower tax collection in the face of job losses and business cutbacks -- more government debt will be available to work.Swanick noted that there has even been discussion on selling government debt to companies, which would create a new sector in the debt purchasing arena. Other companies also sense an opportunity for quick growth in the government ARM sector. Debt purchasing giant Portfolio Recovery Associates (PRA) completed two fee-for-service acquisitions in the government services sector in the last quarter alone: MuniServices, LLC, a provider of revenue administration to local governments, and Broussard Partners and Associates, Inc., a provider of audit services to local governments.In an exclusive video interview with insideARM, PRA’s Executive Vice President Craig Grube said there is a slight trend in the use of debt collectors by municipalities. But the real opportunities are coming in helping local governments identify all sources of revenue.“Municipalities are looking to enhance revenue without adding cost,” said Grube. He noted that PRA’s government services arm is auditing local business to ensure they are paying the appropriate level of taxes. (To view the entire interview with Grube, please see, “VIDEO INTERVIEW: Craig Grube, Portfolio Recovery Associates,” Nov. 5)Last month, a group of ARM industry leaders also identified the potential of the government collection market and launched an association that will cater exclusively to the sector (“Industry Leaders Launch Non-Profit Association for Government Collections,” Oct. 15).“It’s not unusual to see governments outsourcing their collections,” Kendall Tierney, board member of the Government Revenue Collections Association, told insideARM. “I don’t think that is a trend that’s going to change. Governments are becoming more and more serious about recovering those receivables.”
Radian Swings to Profit in Q3; Sherman Stake Contributes $16 million
Mortgage insurance company Radian Group, Inc. (NYSE: RDN) announced early Wednesday that it turned a profit in the third quarter of 2008 with help from dividend contributions from its stake in debt buying giant Sherman Financial Group.Radian reported net income of $36.7 million, or $0.46 per share, for the third quarter, up dramatically from the net loss of $703.9 million it reported in the third quarter of 2007.The company, like most involved in the U.S. mortgage market has been hammered this year by deterioration in the real estate market and the ensuing credit crunch. Radian is a risk management company focused on mortgage insurance.Radian also owns a 29 percent stake in Sherman Financial, one of the largest accounts receivable management companies in the U.S. In the third quarter of 2008, radian said that Sherman contributed $16 million in dividends to the company’s earnings. In the first nine months of 2008, Sherman has contributed a total of $35.5 million to Radian.Sherman was joint-owned by Radian and fellow mortgage insurer MGIC Investment Corp. But MGIC sold the last of its stake in Sherman in August for $209 million (“Minority Owner Sells Stake in Sherman Financial for $209 Million,” Aug. 15). After the transaction, Radian increased its stake in Sherman.But Radian noted in its earnings press release that the company still has the “flexibility to pursue a sale of its stake in Sherman” should it need additional capital.
VIDEO INTERVIEW: Craig Grube, Portfolio Recovery Associates
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Executive Change: Najib Nathoo Named CEO of 1st Credit Ltd
The Board of 1st Credit Ltd today announced that Najib Nathoo would succeed Mike Cleary as Chief Executive Officer with immediate effect. Mr Nathoo, currently Chief Operating Officer of the company, replaces Mr Cleary who, after seven years in the role, has decided to pursue other business ventures. Mr Cleary will remain a shareholder in the business as well as become its President.Mr Nathoo, who was part of the founding team of 1st Credit in 2001, has over 20 years of financial services experience, the majority of which was gained at GE Capital. In 2001 he, along with Mike Cleary and Charles Holland, founded 1st Credit. He is also the President of the Credit Services Association.Commenting on his appointment, Mr Nathoo said: “I will be working with the team to further develop 1st Credit at a time when our industry faces many opportunities and challenges.” 1st Credit (www.1stcreditltd.com) is a leading UK debt purchase and collection business, focusing on the acquisition and collection of distressed debt portfolios from credit providers such as banks and building societies, credit card companies, car and consumer finance companies as well as retailers and utilities. It also provides consulting and outsourced credit management services. It currently manages over a million accounts with a face value of £3.5 billion ($5.5 billion). 1st Credit was acquired by its management in a buyout with funding from Bridgepoint in a transaction totalling £72 million in 2004.
methods like Christian debt consolidation, financial guidance and advice and even financial support. The Christian debt consolidation helps the debtor to consolidate all his existing debts under a single, affordable amount that can be easily repaid through monthly installments and it does not prove to be a burden on the debtor or his family. The debt consolidation services also include the negotiations that are carried out with the lenders on behalf of the debtor in order to reduce or at least freeze the interest and charges on the existing debts.
In times of crisis, faith can be a major strength for the debtor and his family. Once you have the moral support, financial guidance and assistance from fellow members of your faith it gets easy to overcome any kind of problem like the tremendous pressure of a debt. It saves you and your family from the embarrassment and harassment of lenders and creditors. Christian debt consolidation focuses on the practical aspects of repaying the consolidated debt amount with reference to the teachings of the Bible. Also, the major advantage is that most of the Christian debt solution providers give this service free of cost to the Christian debtor, thereby avoiding adding to the financial burden of the debtor. Hence, the dual purpose of teaching as well as helping and guiding is fulfilled through the consolidation and credit counseling services.
However, like any other financial service, you must undertake a complete research before you opt for the Christian debt consolidation services. Some good ways to locate a reliable organization providing these services is through the yellow pages or the internet. Also, ensure that you are well acquainted with all the terms and conditions of the service, as unfortunately, there are many tricksters in the market who dupe the innocent individuals in the name of providing such service and guidance. Once you have opted for the debt consolidation services, you can rest assured that your debts will be repaid and you need not go into bad debts or be bankrupt. In turn this also helps to spread awareness among other members of your community thereby strengthening the society from within.
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Additional
Resources
Aid Debt Consolidation With A Home Equity Line Of Credit
By CambodiaITCity.com
If you decide to consolidate your debt yourself, you can aid your debt consolidation program by requesting a home equity line of credit that will give you all the finance you need to cancel small Read more...
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Additional
Resources
How To Achieve Financial Independence And Get Debt-free
By CambodiaITCity.com
If you are tired of being in debt and having to ask for money to family members, friends and financial institutions, if you want to become debt-free and achieve financial independence follow this Read more...
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Tips For Keeping Your Get Out of Debt Resolution
Keeping your resolution to stay out of debt may seem like a daunting task once the credit card bills roll in from holiday spending. Instead of faulting on the resolution to get out of debt consider such methods like using your tax return towards your credit card debt or a balance transfer credit card to consolidate your debt. Having a clear understanding of what options are available to help you succeed in your resolutions will help you keep your resolution and make this year the year that you get out of debt.
Handling Your Debt On Your Own
Just because a person has debt does not mean that a person is obligated to use a debt consolidation loan or credit repair service to get out of the debt that they are in. People with debt can easily negotiate their own debt as long as when they call their creditors they have the funds available to pay immediately on the price that they negotiated with their creditor. Online payday advances is one way people have found that they can acquire the funds that they need so that when they start their own debt negotiation they have the money readily available in their bank account to use.
Properly Dealing With Credit Card Debt
Credit cards are an easy way for a person to find themselves in over their head in debt. Once a person realizes that they are in credit card debt they may find it very hard in choosing the best option in getting themselves out of the financial mess that they are in. Taking the time out to research the various options available in helping one take care of their credit card debt can help a person decide if a balance transfer credit card, debt consolidation loan, or even a cash advance loan is the best solution to their financial needs.
Tips and Tricks In Getting Out Of Debt
At one point or another many people are faced with debt. Debt has a way of working itself very easily into anyones lifestyle and when it does become a part of how one lives it is best to get the situation out of control. Using the snowball effect on credit card payments is one way in which a person can get a better hold on their finances and not feel the complete burden of debt.
What To Do When Debt Becomes A Problem
Debt is simply one of those things that can not be ignored. When debt becomes a problem it also becomes a problem that needs to be handled immediately. Dealing with debt can be done solely by the person who has accrued the debt and it starts by not accruing any more debt and ends in making the best financial decisions on a daily basis that will free up money that can be later used in getting out of debt.
No Hassle Loans
Cash advances are a simple, easy tool to help with any financial burden. Theyand#39;re quicker, and easier to do than conventional loans, and can have the money in your account almost immediately.
Solutions for Financial Troubles
Payday advances allow you to catch up on monetary matters that need immediate attention. Unexpected bills or costs can be stressful, but with a cash advance, you can take care of the issue in a hurry.
Credit and Expenses
Controlling your finances is a job that only you are responsible for, it''s not difficult to spend wisely, however it is very easy to fall into a debt trap. Make sure that you only spend what you have, live on your level. Those that try to live on a level they''re not on get themselves into trouble. Maintaining you daily expenses is the first step, everyone needs to remember that bad credit equals you not being approved for loans or other financing, so keep your credit as immaculate as possible!
Car Leasing vs Car Buying
Leasing a car can be a good option for someone who knows that won't like having the same car for an extended period of time, in addition for one that will not want to pay for any car repairs. Buying a car is a great option for one that knows they will keep the same car for a while, and they will be able to make any or fund any repairs on the vehicle. Their are pros and cons to each option and it comes down to personal preference. There is no right answer, you just need to make sure it works for you and your life.
Community Home Buyers Programs
A Community Home Buyer's Program is an extreme benefit to a person that desires to purchase a home, but doesn't have the means. The loan is financed by Fannie Mae, and there are certain restrictions, such as a one hundred and twenty percent income cap. In addition, you must pay back a portion of any home appreciation if sold. Contact your local Board of Realtors for more information about availability in your area.
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