The new Consumer Financial Protection Bureau is once again stepping up efforts to help consumers avoid predatory practices related to credit card debt, this time by focusing on debt collections agencies and credit reporting bureaus.

The CFPB recently issued a proposal that would allow it to oversee some of the larger participants in the debt collections and credit reporting industries as part of its efforts to expand its regulatory efforts to nonbanks. Under the rule, the CFPB would regulate about 180 debt collections agencies, based on their collecting more than $10 million in receipts per year, and 30 credit reporting agencies, which have $7 million in annual receipts.

However, the CFPB is also required to define exactly what constitutes a larger participant by July 21, 2012, with an official rule, the report said. The current proposal will be opened to public comment for 60 days after it is published in the Federal Register.

Better protection from questionable lending, reporting and collections practices may help consumers to get a better handle on their debt consolidation efforts and get their finances back under control.

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Manila, Philippines The Commission on Audit (CoA) recently released the findings of its audit examinations of the two chambers of Congress for fiscal year 2010.

Compared to other government agencies and constitutional bodies, including the Office of the President, the Senate and the House of Representatives were noted to have failed to observe a handful of government auditing procedures and laws relative to proper and transparent handling of government funds.

The CoA reported that former and incumbent congressmen and administrative officials of the House of Representatives have failed to liquidate P16.5 million in cash advances since December 2009. “We recommend that management require the congressmen and secretariat officials and employees with unliquidated cash advances to immediately settle their accounts,” State auditors said.

Reacting to the audit observation, the House management noted that P7,135,187.30 of the unliquidated amount represents cash advances of incumbent congressmen while P3,701,584.12 consists of recent advances.

The House assured CoA that justification of the expenses and submission of receipts “are almost certain within the ensuing months,” pointing out that numerous demand letters have already been sent to the accountable officials.

Meanwhile, CoA said the Senate violated Presidential Decree (PD) No. 1445 when it appointed accountable officials who are not covered with fidelity bonds. Among them are property officer Cynthia Bajamunde and special disbursing officers (SDOs) Riza Octavo, Cesar de Chavez, Antonio de Guzman, and Raquel Mejia.

The SDOs were granted cash advances for various travels abroad and other Senate activities requiring immediate cash payments.

“Unjustified failure of an accountable public officer to comply with the requirements to apply the fidelity bond pursuant to Treasury Circular 02-2009 dated August 6, 2009 and the public bonding law shall be subjected to applicable criminal, and or administrative liability under Revised Penal Code and PD 1445,” CoA warned. (Ben R. Rosario)

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(PRWEB) February 18, 2012

No Faxing Payday Loans is happy to announce the posting of a new article to its site. No Faxing Payday Loans is an online resource providing potential borrowers access and information about receiving payday loans from its trusted network of reputable lenders. The website offers a simple application process to gain entry to a gateway of local lenders offering payday loans. No Faxing Payday Loans has added an educational resource in the form of an informative article guiding borrowers through the payday loan process and helping consumers make sure they’re making the right decision about receiving a quick cash advance.

“We want the No Faxing Payday Loans website to provide not only a valuable service, but also be a valuable source of information for potential borrowers,” said spokesperson Jon Goldmeyer. “An in-depth article shows customers how the payday lending process works so that they’ll know the ins and outs when deciding which lender and which particular loan might be right for them.”

No Faxing Payday Loans works with a trusted network of lenders to provide quick, no fax payday loans to borrowers in need of emergency cash. The new informational resource, entitled “How It Works,” available on the website goes through the process step-by-step. Customers apply to gain access to lenders in their area through the website’s simple gateway, providing contact information, a checking account number to receive funds, proof of income, and proof of citizenship or permanent residency in the United States. From that point, if eligible, customers are provided with one or more payday loan options, which they are able to choose from at that point.

The Truth in Lending Act mandates that all loan rates and terms be divulged in writing prior to a loan being agreed to. The lender provides a contract and the customer can read it over before deciding to agree to the loan terms. With No Faxing Payday Loans, the loan contract process is done online via e-signature, so there is no need to mail or fax signed forms. There is also no waiting for a check to come in the mail, as customers receive the funds disbursed directly into the bank account they have provided.

No Faxing Payday Loans requires no credit scores, both speeding up the loan approval process and opening it up to borrowers who might not receive loans from traditional lenders such as banks. Automatic repayment speeds up the repayment process, allowing customers to conduct the entire process online from application to repayment. With the new article on the site, getting an easy payday loan has never been simpler.

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NEW YORK, Feb. 20, 2012 — /PRNewswire/ — Merchant Solutions Group a industry leader in merchant cash advances, is pleased to announce the recent openings of the companies 2 new locations to its thriving business. Merchant Solutions Group Chicago and Merchant Cap in La Jolla Calif.

Merchant Solutions Groups goal is to open up more offices in the major markets in the United States with the next location opening in Miami. Merchants in different markets have different financial needs ,opening offices in these markets will enable us to serve our customers more efficiently, said Billy Morrissey, President and Founder of Merchant Solutions Group.

We are committed to working as a team within the different locations to provide a streamlined development process with a bottom line goal of providing our customers a quality solution at the best possible value, said Morrissey.

The new locations will allow the company to accommodate growing customer needs while maintaining its headquarters in New York City. The company has plans to continue expanding its customer base and at the same time retaining the excellent customer service and personal touch expected from a small company.

About Merchant Solutions Group

Merchant Solutions Group is a leading provider Merchant Cash Advances. Thousands of small to medium-sized businesses have used MSG to power their growth. Founded in 2007 MSG has a nationwide sales and customer care staff that has provided more than $100,000,000 of working capital.

For more information about Merchant Solutions Group please visit our website at www.merchantsolutionsgroup.com.

SOURCE Merchant Solutions Group

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Insurance. For many of us, its another monthly expense to take care of – but it could go a long way to giving us peace of mind.

Whatever insurance youre paying for – whether its for your home and its contents, gadgets, car or even illness – having the right insurance can give
you the confidence that you and your loved ones have protection should you need it.

In these tight times, budgeting for all your regular monthly outgoings might not be as simple as youd like it to be. And if youre also repaying debts
– such as credit/store cards or an overdraft, for example – having your insurance payments to make as well could be quite confusing.

However, if your finances are generally in good shape, and youre managing your debts well, taking out a debt consolidation loan could help you to
reduce your monthly outgoings – which in turn could help make budgeting for your insurance payments easier.

Lets take a closer look at how this could work.

What is a debt consolidation loan?

A debt consolidation loan is a new loan big enough to pay off multiple existing debts. As a result, youll have just one payment to make every month
towards the consolidation loan, and youll only have to deal with one lender.

Taking all this into account, debt consolidation could provide a simpler way of dealing with your debts, and could even help to give your monthly
budget a bit of extra leeway by reducing your payments.

But how could a debt consolidation loan help you to do this?

Do you want to reduce your outgoings?

If you decide to take out a debt consolidation loan, you should have some flexibility in terms of how you repay it.

You may be in a position with your finances whereby you can repay the loan over a shorter period of time, so you can clear the loan in full sooner
rather than later (and potentially save a fair bit in interest too).

On the other hand, you may feel more confident agreeing a longer repayment period, with smaller payments youre sure you can stick to (as long as your
circumstances dont change). Although this could cost you more overall due to interest, you may feel its worth it, if it gives your monthly budget a
welcome bit of flexibility.

How will a debt consolidation loan affect your insurance?

Repaying your debts and keeping on top of your insurance payments are, generally speaking, quite separate areas of your finances.

However, consolidating your debts with a loan could indirectly help you to manage your monthly insurance payments.

For instance, if youve recently passed your driving test, you may decide that simplifying your debts with a consolidation loan and repaying it over a
longer period could help you to make room in your budget for your car insurance premiums. The same applies to your mobile insurance, or even your
critical illness cover, which could financially protect you if you have to take time off work due to serious illness.

Speak to a debt adviser for more advice about debt consolidation.

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Top Articles to Help You Lead A Debt-Free Life

• Debt Consolidation: “Debt Consolidation” is one of the most commonly misunderstood and misinterpreted personal finance strategies that consumers inquire about all the time. While some view it as a method of taking on new loans, others see it as a debt relief alternative. It is more important than ever for inquisitive consumers to have a very strong understanding of exactly what debt consolidation entails, and the impacts it can have on personal finances.
• Debt Relief: Debt relief is defined as a partial or total forgiveness of debt. When the term is used by the government, it usually refers to the forgiveness of debt to underdeveloped countries. Recently, it has begun to refer to the millions of consumers who are overwhelmed with debt seeking financial relief from their unsecured debt.
• Credit Card Debt: Credit card debt is an example of unsecured consumer debt, accessed through credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
• Debt Settlement: Debt settlement programs use a third party to negotiate lower balances and interest rates on unsecured debt. This type of debt management plan helps provide consumers an alternative to bankruptcy while reducing your outstanding debt.
• Credit Counseling: There are a numerous options for consumers who want to start getting their finances under control after accumulating large amounts of debt, which could inevitably lead to credit problems further down the road. Consumers who are in control of most aspects of their finances, but still feel like they could use additional help managing their debt burden, could certainly benefit from the assistance of a consumer credit counseling service.
• How Do I Get Out of Debt?: Now that the national economy is beginning to recover and people are having a better time dealing with their personal finances, many consumers who found themselves sunk deep in debt over the last few years may be asking themselves the question, “How do I get out of debt?” Fortunately, there are a number of avenues consumers can take to get out of debt, each with benefits and drawbacks depending on how quickly people need to fix their financial problems.
• 10 Tips to Avoid the Debt Trap: Have you ever thought about why so many of the people you know are struggling with debt? Do you ever wonder why banks keep lending to certain individuals, even when they are falling behind on their payments? Did you know that debt problems are a leading cause of major societal problems, such as stress, divorce and alcoholism?
• Credit Management: Many consumers are finding themselves buried under a pile of mounting debt. With interest accumulating month after month in addition to late fees being charged, many consumers are finding it difficult to make just the minimum payments on their credit cards. Although this may seem like an endless battle, with a strict budget and some discipline there are credit management strategies and solutions that will allow consumers to reduce or even eliminate their debt.
• Credit Card Debt Reduction: In recent months, many Americans have made a greater effort to seek credit card debt reduction and reduce the balances they owe, but some may not know where to start. Fortunately, there are several options available for consumers thathave a financial goal to achieve credit card debt reduction.
• Credit problems: Paying down high levels of debt is one of the best ways to improve credit problems and increase one’s credit standing. But many people cannot do that so quickly, especially in this economy. About one-third of a credit score is based off of a credit utilization ratio, which is the total creditbalances divided by the total credit limits. A great target is to use no more than 30% of one’s available credit.

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Dallas, TX — (SBWIRE) — 02/10/2012 — Most of the people are dependent on their living from paycheck to paycheck. A reason may be that an individual is not very financially sound. Despite of working for extra hours, one is not able to garb money that is sufficient to fulfill even the basic needs till the next paycheck. To add on to this, emergency can prevail anytime whether it is medical bills or car repair expenses. Paydayloansolutions.net has introduced cash loans to meet such requirements.

An individual with a poor credit history often goes to the local bank to seek help. Bank may or may not provide loan on the basis of bad credit report. Paydayloansolutions.net has introduced bad credit loans to put the borrower at ease. Bank adheres to many rules and regulation. The process of applying for loan and sanctioning loan is lengthy and cumbersome. One of the experts of the website said, “We are not a bank, but that works to your advantage. Your payday loans will be handled by one of the best lending institutions we can pair you up with in your state. We work as an unbiased middleman, and if any lender doesn’t meet and maintain our strict set of standards, then we won’t send you (or anybody else) to them for a loan.”

One is sometimes unable to get quick cash loans at the time of emergency. On the other hand seeking help from friends and relatives can be extremely embarrassing. Hence payday advance through Paydayloansolutions.net has proved to be extremely beneficial to one who is in dire need of money. “We serve as your financial matchmaker, pairing you with the perfect lender for your individual and unique payday loan needs,” an article on the company’s website explained.

About Paydayloansolutions.net
Paydayloansolutions.net provides nominal rate of interest and the fees on the loan is very low as well. In addition the service rendered is quick and efficient. Customer satisfaction is the ultimate goal of paydayloansolutions.net. Payday Loan Solutions is an online financial matchmaker, pairing up clients who are short on cash with lenders in their state who can help them get a quick loan to tide them over until the next paycheck arrives. The application process can be completed online and is safe and secure. No credit check is required, and most people get their money very quickly, sometimes within minutes. For more information, please visit http://www.paydayloansolutions.net

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The pen may be mightier than the sword but it is not, it seems, more mighty than political contributions. Over my nearly 20 years of contributing opinion columns to the News-Leader, I try not to repeat myself except in the case of the most urgent public needs. I have, however, lost count of how many columns I have published on the topic of Missouri’s malignant payday loan businesses. My columns are virtually never challenged by local business owners because, like the slave ships of old, no one wants to admit to being involved in this horrible practice of profiteering on human desperation.

Replies come from out of state representatives, arguing in defense of jobs and the necessary services provided in tones reminiscent of the arguments waged by the textile industry 200 years ago in defense of child labor, “why their families would starve if we were not paying the children to work!” Knowing all the while that the need for short-term loans could easily be served by a tenth as many businesses charging less than a tenth of the current interest rates.

Every state around Missouri has been able to put a reasonable interest rate cap on short term, small loans but it remains at 444 percent in Missouri and those who have to take out loans to pay previous loans can end up paying as much as 1,950 percent and yet our legislature refuses to act. Bills have been proposed in every session of the legislature but these sane measures never see a vote due to the crafty maneuvering of legislators in the service of the predatory loan industry.

The industry remains so profitable that locations pop up all over our city. We now have more legal loan shark shops in town than Walmart, McDonald’s and Starbucks locations combined! The millions taken by these businesses come from the most impoverished and desperate households in our community resulting in evictions, repossessions, families without food and the ill without medical care while funneling money through addicts into the illegal drug trade. They are a blight on Missouri that our legislature refuses to manage.

After a decade of trying, the time has come to do an end run around our embarrassingly incompetent legislature. A petition drive is beginning now to acquire enough signatures to put the matter to a statewide vote. This will not be easy. The payday loan industry is already gathering a war chest to defeat the petition drive and those trying to intervene on behalf of the vulnerable poor will never be able to buy the airtime to counter the misinformation ads we will all be exposed to.

Please, when you are approached by someone with a petition to bring this important issue to a public vote, sign it. If you are willing to help collect signatures or to donate to the cause, please write to me. Together we can accomplish what our elected officials either cannot or will not do for the most vulnerable poor among us.

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The meeting was called by City Councilwoman Kim Rafferty, who hopes to lay the foundation for a clearinghouse of available institutions willing to provide services to those now turning to high-interest and high-fee payday lending and check cashing businesses.

The 10 am meeting to form Bank on Birmingham comes two months after the city imposed a six-month moratorium on new licenses for such businesses.

We cant get rid of the payday loans, but we can give people alternative choices and education so there is no need for payday lenders in the city of Birmingham anymore, Rafferty said. We cant tell people how to spend their money, but we can give them better opportunities. This is a consortium of banking institutions that produce a product that meets the local need.

Birminghams project is modeled after initiatives including San Franciscos Bank On program that includes financial education and counseling, low-cost checking and savings accounts, electronic pay solutions and alternative small payday loan programs.

Residents in that city have opened tens of thousands of checking accounts through the program since it began in 2006. It has been cited as a national model.

Nashville this week became the latest city to adopt the concept with the creation of Bank On Music City.

Birminghams conversation about residents with poor credit and few options was piqued in December when the City Council passed the moratorium.

Since then, the federal Consumer Financial Protection Bureau held its first field hearing on payday lending to a standing-room-only audience in Birmingham.

The citys temporary halt on new approvals for the businesses was proposed by Councilwoman Lashunda Scales. Scales, who was not involved in Raffertys initiative, said she would continue her efforts to combat the proliferation of payday lending businesses.

I applaud Councilor Raffertys efforts; however, as a committee we will remain focused on the charge at hand, which is to minimize payday lending institutions within the corporate limits of the city of Birmingham, Scales said. In weeks to come, as chair of the economic development committee, I am going to have several town hall meetings regarding the facts of payday lending institutions and the disastrous effects it has on the inner city.

Mike Milner, executive director of Alabama Asset Building Coalition, said his group has worked to form a Bank on Alabama group and will participate in todays meeting.

Each one is different and unique, and they wanted to form a template that could be used in multiple communities, Milner said of the Bank On groups. You can go into any bank or credit union thats a part of this program and, if they cant open this account for you, theyll refer you to an institution that can. What were talking about is a great referral system.

Milner said the program will be a major step toward financial independence for many with limited banking options.

Were trying to get the money out of the cookie jars, out of the mattress and out of pockets and into a financial institution, Milner said. Its the first step.

While challenged customers wont provide a large new revenue source, banks will benefit from the program by improving their image with the goodwill gesture, said University of Alabama economics professor Gary Hoover. It will also create added pressure for existing payday operations to modify their practices, he said.

However, Hoover cautioned that no program will succeed unless customers themselves embrace financial responsibility. Some of the targeted clients previously held bank accounts, and have poor credit and other problems that led to their expulsion from the mainstream financial system.

Thats the reason these payday loan places exist in the first place, Hoover said. But youve got to hope the people change their practices. This is a chance to put them on the right track.

POSSIBLE ELEMENTS OF BANK ON BIRMINGHAM

o Financial education and counseling.

o Access to low-cost checking and savings accounts.

o Electronic pay solutions.

o Alternative small payday loan programs with payment plans and lower interest rates than standard payday lenders.

Sources: Birmingham City Councilwoman Kim Rafferty; San Francisco Office of Financial Empowerment

Join the conversation by clicking to comment or email Bryant at jbryant@bhamnews.com.

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Mr. Miller-Cheevers, who is also CEO at payday loans company speedeloans, says: According to the report, not even a Maths PhD student was able to correctly calculate the charges and fees related to an unauthorised overdraft with four different banks.

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