Adventure series – Urban Art Adventures http://www.urbanartadventures.com/ Wed, 18 May 2022 01:12:59 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.urbanartadventures.com/wp-content/uploads/2021/11/icon-17.png Adventure series – Urban Art Adventures http://www.urbanartadventures.com/ 32 32 Americans are in a bad mood, but that hasn’t dampened their spending: splurging on retailers, especially some retailers https://www.urbanartadventures.com/americans-are-in-a-bad-mood-but-that-hasnt-dampened-their-spending-splurging-on-retailers-especially-some-retailers/ Wed, 18 May 2022 01:00:08 +0000 https://www.urbanartadventures.com/americans-are-in-a-bad-mood-but-that-hasnt-dampened-their-spending-splurging-on-retailers-especially-some-retailers/ Retail therapy in bars and restaurants, cannabis stores and e-commerce? Other retailers not so lucky. By Wolf Richter for WOLF STREET. Retail sales jumped 0.9% in April from March, after jumping 1.4% in March from February, to $678 billion, and rose 8.2% from to a year ago, seasonally adjusted, the Commerce Department reported today. Retail […]]]>

Retail therapy in bars and restaurants, cannabis stores and e-commerce? Other retailers not so lucky.

By Wolf Richter for WOLF STREET.

Retail sales jumped 0.9% in April from March, after jumping 1.4% in March from February, to $678 billion, and rose 8.2% from to a year ago, seasonally adjusted, the Commerce Department reported today. Retail sales are only sales of goods and not of services. And we’ve been seeing for months now a widespread shift in consumer spending from goods to services, where spending had crashed during the pandemic but is now rising.

These retail sales today confirm this trend: despite the shift in spending towards services, consumers are still spending huge amounts on goods, and retail sales growth is close to the rate of inflation, with growth “ real” (adjusted for inflation) trending downwards. , because expenditure on services, corrected for inflation, largely compensates for it.

Consumers are in a bad mood, but that hasn’t dampened their spending.

Soaring inflation has outpaced income growth for many Americans, and they are also shifting their spending toward services. And yet, retail sales continued to rise, including online sales. What’s fascinating, in terms of the changes, is that there’s a big boom in bars and restaurants, and miscellaneous stores, which prominently include cannabis retailers – where sales have far exceeded the inflation rate.

This surge in sales comes even as consumer sentiment in May fell to its lowest level in a decade, according to the University of Michigan Consumer Sentiment Survey. Overall sentiment was weighed down by concerns over runaway inflation that has spread to all sectors of the economy and is hitting consumers daily (data via St. Louis Fed and Consumer Survey from the University of Michigan):

Retail therapy? It’s as if consumers are trying to overcome their grief and anger over inflation with classic retail therapy to feel better – and they’re doing it in bars and restaurants, specialty stores that include shops of cannabis and with e-commerce. Other retailers are not so lucky.

Sales at dealerships of new and used vehicles and parts, the largest category of retailers, rose 2.2% in April from March to $132 billion, seasonally adjusted, but down 1.7% from a year ago. Used vehicle prices began to decline month over month, although they remain much higher than a year ago, while new vehicle prices continued to climb at a steady pace. record as new vehicle dealerships have terribly low inventories. And retail dollar sales are the result of this mix:

E-commerce sales and other “non-store retailers” rose 2.1% seasonally adjusted in April from March, to $107 billion, and was up 12.7% year-over-year. It is the second largest category of retailers and includes the e-commerce operations of traditional brick-and-mortar retailers, such as Walmart:

Food and Beverage Stores: Sales fell 0.2% for the month to $77 billion, seasonally adjusted, but still rose 7.1% year-over-year, driven entirely by price increases :

Food services and drinking places: The sales of these bars, restaurants, cafes, cafeterias, etc. jumped 2.0% for the seasonally adjusted month to a record $84 billion, and 19.8% year-over-year. This growth rate is nearly thrice the CPI inflation rate for “food outside the home” (7.2%), which indicates that people are going out to splurge and have fun and perhaps stifle their bad mood with the appropriate cash, and that they spend heroic sums of money to do this.

General Merchandise Stores: Sales were essentially flat for the month at $57 billion, seasonally adjusted, and were up just 0.8% from the stimulus fueled in April a year ago. Walmart and Costco are in this category, but not major stores.

Service stations: Sales fell 2.7% for the month, due to lower gasoline prices, to $62 billion, seasonally adjusted. Year-over-year sales were still up 36.9%, fueled entirely by soaring gasoline prices year-over-year.

Stores of building materials, supplies and garden equipment: Sales were roughly flat for the month at $43 billion, for a year-over-year gain of 1.7% from Stimulus Miracle April:

Clothing and accessories stores: Sales increased 0.8% for the month and 8.0% year over year to $26 billion, seasonally adjusted:

Miscellaneous in-store retailers (including cannabis stores): Sales rose 4.0% for the month to a record $15.9 billion (seasonally adjusted) and were up 19% from a year ago. This category tracks specialty stores, including cannabis stores that have become one of the hottest trends in brick-and-mortar retail as part of the black market emerges:

Department stores: sales rose 1.1% for the month, to $11.5 billion, and were up 2.9% from a year ago. Price increases compensated for volume decreases. From the peak in 2000, sales were down 42% as this store format fell out of favor with Americans, causing thousands of stores to close and many bankruptcies:

Furniture and home furnishings stores: Sales rose 0.7% for the month (seasonally adjusted) and, at $12 billion, were up just 0.8% year-over-year, despite price increases:

Sporting goods, hobby, book and music stores: Sales fell 0.5% for the month to $8.9 billion (seasonally adjusted), and were down 5.4% year over year:

Electronics and appliance stores: Sales rose 1.0% for the month to $7.8 billion, seasonally adjusted, but fell 5.2% year-over-year. This segment only covers sales at specialty electronics and appliance stores, such as Best Buy or Apple stores. Electronics and appliances is a large business that is spread across many types of retailers, such as general merchandise and e-commerce retailers, and sales of electronics and appliances at these retailers are included in their segments (above).

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What if you can’t pay the medical bills? https://www.urbanartadventures.com/what-if-you-cant-pay-the-medical-bills/ Mon, 16 May 2022 08:39:55 +0000 https://www.urbanartadventures.com/what-if-you-cant-pay-the-medical-bills/ Are your medical bills and overdue notices piling up on your table? You might be tempted to throw them all away, but that won’t be the best solution. You can’t pretend your debt doesn’t exist even if you think you can’t afford to pay it back.About 61% of consumers with medical debt reported feeling stressed, […]]]>

Are your medical bills and overdue notices piling up on your table? You might be tempted to throw them all away, but that won’t be the best solution. You can’t pretend your debt doesn’t exist even if you think you can’t afford to pay it back.
About 61% of consumers with medical debt reported feeling stressed, while 49% lost sleep over medical bills and 23% were unwilling to repay existing medical debt. Do not give up repaying this debt. Here’s what happens if you don’t pay your medical bills.

What happens if you don’t pay your medical bills?

You will feel stressed

Sure get a $200 payday loan no credit check may be an appropriate solution to cover your medical expenses without a credit check. But if you already have a mountain of medical debt that you can’t handle, you might be afraid of phone calls and collection offices.

Some collection agencies have aggressive tactics to return the money unless you write letters begging them to stop these behaviors or find a lawyer to protect you. You may want to offer a reasonable monthly payment and negotiate this arrangement with the doctor’s office or hospital.

Having to apply for payday loans for this purpose also brings added stress. According to research on payday loans in americamost borrowers use payday loans to fund their day-to-day expenses over the months, while the average borrower is in debt about five months a year.

Research shows that the first time consumers took out a payday loan, 69% used it to cover utilities, rent or credit card bills, while 16% used it as help with medical bills or auto repair.

Invoices can go to collections

You should take immediate action if the hospital billing department threatens to send your bills to collections. Medical bills on your credit report will seriously hurt your credit rating. You may need to work with the doctor’s office or hospital billing department if you want to avoid having your account sent to the collection agency.

Your credit rating may suffer

The health care provider may not send your account to collections. However, this does not mean that the result will be positive. The hospital may report missed or late payments to credit reporting agencies such as Equifax, Experian, or TransUnion.

Are Medical Bills Affecting Your Credit? Yes, once this information appears on your credit report, it goes into the Payment History category. This category accounts for 35% of your credit rating, so it can significantly lower your rating.

You can find a suitable solution

You should do your best to think about a settlement, payment plan, or some type of arrangement between you and the doctor’s office. The sooner you find a suitable solution, the more likely you are to avoid going to collections or lowering your credit score.

You can get a credit card with a 0% introductory APR for a long time. This option also depends on your credit rating, your ability to repay debt on time, and other factors.

It is possible to buy additional time

Did you know that credit reporting agencies must wait 180 days before posting outstanding debt on your credit report? They count 180 days after receiving information about your unpaid medical debt. In other words, you still have a grace period of six months to try to negotiate this debt and resolve it. Otherwise, it will show up on your credit report and damage your rating.

Is a medical loan right for you?

Many people decide to take out a personal loan or a medical loan to finance their bills. It is important that you define whether applying for a medical loan can be a beneficial decision in your situation. It is useful if:

You can afford monthly payments

Many loans can be repaid in monthly installments or installments. If you calculate the total loan amount and it can easily fit into your budget, you can withdraw that money. Make sure you fully understand the loan terms and APR, and get a decent interest rate.

You consolidate your medical debt

Some consumers have high-interest medical bills that want to be consolidated. This decision will help you get a lower interest rate, manage your monthly loan payments, and pay off debt faster.

Do not take out a medical loan if:

You qualify for special programs and grants

Consumers, who are eligible for assistance from government programs, grants, and charities, may not need to apply for a medical loan. Look for alternative solutions or ask your hospital for a hardship plan before you decide to take out a loan.

High APR

Borrowers with poor and fair credit (FICO score below 689) may get a high creditor APR. As a result, you will have to pay higher interest rates and the total loan sum might not be affordable for you. If you calculate the total amount and find it too expensive with APRs above 36%, it is better to look for other options.

to summarize

You cannot neglect your medical debt. If you have a pile of medical bills, you need to find a proper way to get rid of them. Negotiating a hardship plan with your doctor’s office or taking out a medical loan can save you the stress of the unpleasant consequences of non-payment.

If you don’t pay your medical bills on time, your debt can be collected while your credit score can take a big hit. If you want to maintain good credit and protect your credit history, follow our advice and think about the best solution for your current financial situation.

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Virginia Court Approved $489 Million in Aid for Victims of Illegal Internet Payday Loans https://www.urbanartadventures.com/virginia-court-approved-489-million-in-aid-for-victims-of-illegal-internet-payday-loans/ Sat, 14 May 2022 13:20:37 +0000 https://www.urbanartadventures.com/virginia-court-approved-489-million-in-aid-for-victims-of-illegal-internet-payday-loans/ RICHMOND, Va. (WRIC) – The federal court in Richmond has given preliminary approval to a class action settlement that would provide $489 million in relief to victims of illegal internet lending. The ruling was released Thursday, May 12, and will affect approximately 555,000 consumers who have been charged more than 600% interest on loans by […]]]>

RICHMOND, Va. (WRIC) – The federal court in Richmond has given preliminary approval to a class action settlement that would provide $489 million in relief to victims of illegal internet lending.

The ruling was released Thursday, May 12, and will affect approximately 555,000 consumers who have been charged more than 600% interest on loans by predatory internet payday lenders.

Litigation against predatory lenders began more than three years ago when a coalition of law firms, including the Virginia Poverty Law Center, Kelly Guzzo and Consumer Litigation Associates, came together to address the ongoing challenge of lending illegal wages.

“These law firms have taken the illegal lenders to court,” said Jay Speer, executive director of the Virginia Poverty Law Center. “We are very grateful for their tenacity and passion in engaging in this three-year fight for today’s settlement.”

Today’s settlement is one of many these law firms have secured with illegal internet lenders in recent years, including a $433 million settlement in 2019.

The proposed settlement provides $450 million in consumer debt forgiveness that will be paid in cash for most consumers.

The settlement will also set aside $39 million for the creation of a common fund for those who have repaid illegal amounts.

Settlement Class Members will not need to submit a Claim Form and will receive notice by email or US Mail.

In addition to litigation, VPLC helps borrowers through the organization’s predatory lending hotline to 866-830-4501 and advocating for better laws to protect borrowers.

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The expert opinion on Burnley’s finances and the questions raised by the club’s ‘worried’ accounts https://www.urbanartadventures.com/the-expert-opinion-on-burnleys-finances-and-the-questions-raised-by-the-clubs-worried-accounts/ Wed, 11 May 2022 05:04:00 +0000 https://www.urbanartadventures.com/the-expert-opinion-on-burnleys-finances-and-the-questions-raised-by-the-clubs-worried-accounts/ Football finance expert Kieran Maguire believes there is reason to be concerned by Burnley’s most recent club accounts amid an uncertain financial situation at Turf Moor. The accounts were released last week and showed the extent of the club’s debt following the leveraged buyout by ALK Capital, which completed in December 2020. As part of […]]]>

Football finance expert Kieran Maguire believes there is reason to be concerned by Burnley’s most recent club accounts amid an uncertain financial situation at Turf Moor.

The accounts were released last week and showed the extent of the club’s debt following the leveraged buyout by ALK Capital, which completed in December 2020. As part of the deal, ALK borrowed 65 million to MSD Holdings and the accounts reveal a significant part of that. will have to be reimbursed if the Clarets are relegated.

The club’s cash reserves fell from £80m to £50m last June and the situation has likely changed since then. Burnley have also taken out a £12.5million loan from Australian firm Macquarie Bank on a transfer payment due from Newcastle United for the Chris Wood deal.

READ MORE: Burnley take out £12.5m loan for Wood Newcastle United transfer installment

The striker moved to St James’ Park in January after Newcastle activated a £25million release clause in his contract. The second installment is due in February 2023 and the Clarets chose to take out a loan to ensure they have the money now, rather than waiting 12 months.

This means that the transfer installment will instead be paid to Macquarie Bank and there will be interest attached, which should be around 8%. The process is not uncommon in football as clubs often believe that having cash on hand can provide flexibility in the transfer market, while it is common for transfer fees to be paid in many times, as is the case with the Wood deal.

But the decision to take the loan, coupled with the accounts, means Maguire is wary of the club’s financial situation, which would be made worse if the Clarets were relegated given that around 90% of their turnover came from the broadcast money and the payroll of around £86m accounts for 76% of their spend. Although the club would benefit from parachute payments should they end up in the Championship, it would also be necessary to sell players.

Maguire, speaking to Lancs Live, said: “The problem for Burnley is that the parachute payments would effectively be used to pay off the loan and that would put pressure on wages and Burnley would have to sell players. An £86million Premier League wage bill is not sustainable in the Championship and you’re likely to need a financial reset at the club and to do that you’re selling players so you’re watching Pope, McNeil, can -be Taylor and others.

“We’ve also seen the club take that loan from Macquarie and under normal circumstances I have no problem with that as it happens on a fairly regular basis. But for a club that had £50m in the bank as recently as ‘ last June to suddenly take out payday loans, you’re like ‘they spent a lot of money really fast’ and that’s where the unease begins.

“You only borrow money and therefore only pay interest, normally around eight or nine per cent, so you will only pay if you need the money. If you had £50m in the bank , in theory, you wouldn’t need it.

“Did they spend a lot of money on salaries? It’s not the Burnley style. They haven’t spent a huge amount on the transfer market either, suggesting the money has gone elsewhere. So was it used to fund payments to former owners? And we don’t know what’s going on there, but that doesn’t make you too comfortable.

Burnley’s accounts were always going to show a high debt figure given the nature of the takeover and the amount of borrowing involved. Chairman Alan Pace has always declared his faith in the financial model and the Clarets recorded a relatively small operating loss of just over £5million, the third lowest in the top flight. Pace has not publicly commented on the accounts – which have not been posted on the club’s website homepage or posted on the club’s social media – since they were published and the club declined to comment when he was approached by Launches Live.

ALK have invested in infrastructure around Turf Moor and spent money on the transfer market, and they are willing to take more recruitment risks to try to build Burnley as a Premier League club, while Pace has always reiterated his desire to keep the club on sound. financial base. Relegation would further affect finances and Pace has previously said it will mean the departure of some of Burnley’s top talent.

That’s the risk of a leveraged buyout – as Maguire concludes: “I teach leveraged buyouts and they’re high rewards when they work and high risk when they don’t. And it’s not looking good, if I was a Burnley fan and they were in the Championship next season would I think they could keep the core of their squad and come back up like they did? did in 2016? I don’t think I would be confident.”

Download the LancsLive app for free at iPhone here and Android here.

Don’t miss anything from the club you love! For all the latest updates on Burnleysign up for our free newsletter with all the latest news here.

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NC debarment: Criminal background checks still show old cases https://www.urbanartadventures.com/nc-debarment-criminal-background-checks-still-show-old-cases/ Mon, 09 May 2022 13:59:38 +0000 https://www.urbanartadventures.com/nc-debarment-criminal-background-checks-still-show-old-cases/ Winning in court took nearly five years for Rafael Smith, 39, after he was arrested for assault and sexual assault – but even a not-guilty verdict wasn’t enough to clear his name. On a recent Saturday, he arrived at the Plaza Road Academy, like more than 100 other people seeking to clear their criminal record. […]]]>

Winning in court took nearly five years for Rafael Smith, 39, after he was arrested for assault and sexual assault – but even a not-guilty verdict wasn’t enough to clear his name.

On a recent Saturday, he arrived at the Plaza Road Academy, like more than 100 other people seeking to clear their criminal record.

Even though charges against Smith from 2017 were dismissed and he was found not guilty, the existence of his arrest record, he says, held him back financially and prevented him from finding a job.

“It just gives me hope that things can be moved from my past and…my character can’t be tainted, like, you know, being a criminal,” Smith said.

Smith, who was a massage therapist at the time he was charged, said the hardest part of having a charge dismissed in his case is that he feels like he’s being punished for something he didn’t do that he was not found guilty.

Employers will see the charge and turn him down for job opportunities he was qualified for, Smith said. He hopes the radiation will give him a clean slate.

Expungement applies to a range of criminal cases in North Carolina where a person is seeking to remove an arrest, court dismissal, or criminal charge from their criminal record.

For thousands of North Carolina who are eligible for this clean slate under the state second chance lawthey have not yet taken full advantage of it due to a loophole in which record types are erased.

Crimes could be expunged in the state first from 2011 and the delisting process was expanded last year. Expungement orders apply to government records – like police arrest slips and court documents – but a recent investigation by The Charlotte Observer finds that employers and landlords often still have access to criminal records, which compromises the effect of radiation.

In other words, private providers who provide background check services have access to state-held electronic court records and they are not notified by the courts or required to purge expunged cases from their databases – even arrests like Smith’s, which the state of North Carolina will effectively consider never to have happened once his expungement is approved.

With recent reforms, the state granted more expungements in fiscal year 2021 — a total of 16,390 — than at any time since 2016. And that figure doesn’t include the number of expungements that happen automatically when prosecutors decide to dismiss certain charges.

Karl Burch followed the same process as Smith to remove a load he’s worn for over 45 years.

For Burch, a strike means the freedom to get a good job and his finances in order, he said.

“It’s so hard, you can’t get out. You can’t get housing… you can’t get a car, you really can’t get anything with a criminal record. And I mean, it’s been so long, you know, I thought it would go away,” Burch said.

Now Burch is 60 and hopes to clear her record for her seven grandchildren and six great-grandchildren.

But even if Burch and Smith get the expungements they are legally entitled to, the way data companies keep their records may still ruin their second chance.

It has been that way for at least a decade or more, when heads of state first required background check companies wanting North Carolina court records to log electronically into the Administrative Bureau’s records system. courts. The goal, officials said at the time, was to ensure these companies have up-to-date records — to close the delisting loophole.

But even recent legislative updates haven’t solved the problem, say advocates and experts recently interviewed by the Observer.

Cancellation in NC

Mecklenburg County Assistant District Attorney Robyn Withrow said the North Carolina General Assembly has struggled to address expungements nearly every year for the past five years. And while there is talk of doing so in the future, so far nothing has been done about third-party information providers keeping records that have since been deleted.

Withrow said that because write-offs often happen quickly, third-party and private providers are often not notified of an individual’s change in status. She said it will probably take legislative action to correct that.

Maria Macon, founder and director of the Mecklenburg Council of Elders, said the council is pushing for the General Assembly to fix this loophole and notify private entities when the records have been deleted. The Council of Elders is a nonprofit made up of 15 local organizations that hold quarterly clinics for people who need help expunging past arrests. The clinics are so popular that you have to register beforehand and they are often full.

Macon is particularly concerned about access to radiation for poor people. Because of the root causes of criminal behavior, she said, minors and adults living in poverty are more likely to have criminal histories – which, more often than not, will perpetuate multigenerational poverty as people age. they will lose job opportunities.

She said lawmakers should start looking at write-offs the same way they looked at payday loans when they passed legislation about it. Macon said it took a “groundswell cry” for this effort and he could pick it up with this loophole.

The Administrative Office of Courts, or AOC, a state agency, declined to be questioned by the Observer on the matter. According to The AOC websiteonly 70 private companies have access to the state database, compared to hundreds on the market.

Besides connecting to the Courts Administration Office system, any member of the public can obtain otherwise publicly available court records, but accessing a large volume is difficult without a database.

Joseph Laizure, a clinical programs staff attorney at UNC, part of the law faculty of the university, Although the law does not currently require the state to notify private companies, those affected by an inaccurate background check may have recourse.

Private companies that conduct employment background checks or other background checks using public criminal records are regulated under the Fair Credit Reporting Act, Laizure said.

“Individuals who find themselves victims of inaccurate background checks conducted by private companies might consider speaking to a consumer attorney who can advise them of their rights under the Fair Credit Reporting Act and any other laws that may arise. ‘enforce,’ he said.

A second chance

In 2020, Governor Roy Cooper signed into law the Second Chance Law. According to North Carolina Justice Centera statewide advocacy organization.

One in four North Carolina has a criminal record, according to the Justice Center. These records can make it difficult to obtain quality housing, employment and higher education.

The main provisions of the law include:

▪ Automatic removal of certain charges from a person’s record, such as a dismissed case.

▪ Raise the age of juvenile convictions, making more people eligible for expungement.

▪ Make expungement possible for all those whose charges have been dismissed and verdicts of not guilty, as well as for some who have been convicted of non-violent crimes.

▪ Allow prosecutors to request disbarments after a dismissal.

Habekah Cannon, managing partner of Habekah B. Cannon’s office, said the most significant expungement reform the state has made in recent years is the ability to remove multiple dismissed charges from a person’s record.

Dismissed charges occur when prosecutors drop a case against someone due to insufficient evidence, which they do not wish to prosecute, or due to mistaken identity. However, these charges are still on a person’s file.

“If your charges were dismissed, there shouldn’t be any record of them, there shouldn’t be this story that follows you,” Cannon said.

“Because if you were found not guilty, or if the state didn’t have enough evidence to prosecute the case, or if it was a case of mistaken identity, or if you earned your dismissal through a deferred program, you should not be penalized for this. And the way North Carolina enforced the law, before December 2021, was that people were punished even for being arrested.

Reform gaps

While recent reforms proposed in the Second Chance Act have helped those seeking expungements, there are still loopholes in the law, in addition to the loophole that allows expunged documents to continue to haunt individuals through expungements. private entities.

Cannon says that with the change in the law, dismissals and not guilty verdicts are supposed to be automatically erased from a person’s record. However, she and her colleagues find that this is not always the case and their clients still have to file motions to strike.

One of the biggest hurdles that still exist in terms of reform is the cost of the process and its complexity, Cannon said.

It costs $175 to file an expungement of record, Cannon said. And, the process can be difficult to navigate.

A person must determine which affidavit to complete, then they must have it signed by the district attorney, who sends it to the clerk, and then it is sent to the state, Cannon said. This process usually takes four to six months, but it can take longer than that.

Under the new law, those who wish to expunge their conviction records must wait five years for a misdemeanor and ten years for a felony, Cannon said. She said that in the future, the state should consider shortening that time limit for misdemeanors even further.

“If you commit non-violent crimes, those are your, what I call petty charges, your larceny, your trespassing. Many of these charges criminalize poverty,” Cannon said.

The Council of Elders of Mecklenburg regularly organize radiation clinics. To sign up for their services, visit their website and complete a form in English or Spanish.

This story was originally published May 9, 2022 6:00 a.m.

Charlotte Observer Related Stories

Kallie Cox covers public safety for The Charlotte Observer. They grew up in Springfield, Illinois and attended school at SIU Carbondale. They reported on police accountability and barriers to LGBTQ immigration for the Pulitzer Center on Crisis Reporting. And, they previously worked at the Southern Illinoisan before moving to Charlotte.

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QuickQuid and Pounds to Pocket borrowers receive payment news https://www.urbanartadventures.com/quickquid-and-pounds-to-pocket-borrowers-receive-payment-news/ Sat, 07 May 2022 15:00:00 +0000 https://www.urbanartadventures.com/quickquid-and-pounds-to-pocket-borrowers-receive-payment-news/ Borrowers who were wrongly sold loans they couldn’t afford by two companies that went bankrupt will get a little more back than they expected. Around 78,500 QuickQuid and Pounds to Pocket borrowers will be reimbursed some of the interest and fees charged to them at a rate of 53.5p for each pound due over the […]]]>

Borrowers who were wrongly sold loans they couldn’t afford by two companies that went bankrupt will get a little more back than they expected.

Around 78,500 QuickQuid and Pounds to Pocket borrowers will be reimbursed some of the interest and fees charged to them at a rate of 53.5p for each pound due over the next two weeks, it has been confirmed.

Co-directors at Grant Thornton originally said borrowers should expect a payment of between 30 and 50 pence per pound in interest, fees and charges paid on their badly sold loans, plus 8% interest. But this week they contacted customers to say they will in fact receive 53.5p per £1 due, plus interest.

Read more: More families are turning to payday loans as the cost of living crisis rages

The update comes after CashEuroNet, of which payday lenders QuickQuid and Onstride.co.uk (formerly known as Pounds to Pocket) were part, went into administration in 2019 and ceased lending.

The claims portal for those who believed they were mis-sold a loan closed last February, so it’s too late to start a new claim. Customers who claimed before then should have received a decision on their claim by the end of June 2021, and another email this week detailing the amount they will recover. It is also too late to appeal decisions made by Grant Thornton, as borrowers had 21 days from receiving an initial decision on their application in June 2021 to do so.

When you submitted an application, you were required to include contact details, as well as the bank details you used when taking out your loan, and these will be the details that Grant Thornton will use to provide updates on your application. Any payment due will be transferred this week or the next.

It is now too late to update your contact details with Grant Thornton. A check will therefore be sent to the address you indicated during your complaint. If your address is no longer correct, contact CashEuroNet customer service on 0800 0163 250.

Payday loans and other short-term loans have been largely poorly sold and dozens of short-term lenders have gone bankrupt, including former Newcastle United sponsor Wonga, leaving customers with legitimate complaints to get dramatically reduced payments – or even finding it too late to complain if their lender has gone bankrupt.

If you couldn’t afford to repay the loan, or the lender didn’t properly check your finances, you may be able to get your money back, as lenders need to review your finances to make sure you can pay the loan. loan and fees. If, as was often the case, this was not done correctly and you should not have received the money, or if the costs or repayment schedule were unclear, you have been wronged. sold.

Citizens Advice has a guide to making a complaint, including a sample letter to send to your lender here.

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CFPB seeks information on ‘unwanted fees’ charged by providers of consumer financial products or services | Hudson Cook, LLP https://www.urbanartadventures.com/cfpb-seeks-information-on-unwanted-fees-charged-by-providers-of-consumer-financial-products-or-services-hudson-cook-llp/ Mon, 02 May 2022 21:14:44 +0000 https://www.urbanartadventures.com/cfpb-seeks-information-on-unwanted-fees-charged-by-providers-of-consumer-financial-products-or-services-hudson-cook-llp/ On January 26, the Consumer Financial Protection Bureau issued a “Request for Information Regarding Fees Charged by Providers of Consumer Financial Products or Services.” In a contemporary statement, CFPB Director Rohit Chopra described the request for information as the start of “a new effort to help American families save billions of dollars in unwanted fees […]]]>

On January 26, the Consumer Financial Protection Bureau issued a “Request for Information Regarding Fees Charged by Providers of Consumer Financial Products or Services.” In a contemporary statement, CFPB Director Rohit Chopra described the request for information as the start of “a new effort to help American families save billions of dollars in unwanted fees in their financial lives.” The request for information seeks public comment on the impact of these “junk fees” on individuals (especially seniors, students, the military, people of color, and low-income consumers) and solicits feedback from social service organizations, consumer advocacy organizations, assisting attorneys, academics and researchers, small businesses, financial institutions, and state and local government officials.

As part of the request for information, the CFPB identified as points of attention:

  • If you are a consumer, please let us know your experiences with fees associated with your bank, credit union, prepaid card account, credit card, mortgage, loan, or payment transfer, including: (a) charges for things you thought were covered by the base price of a product or service; (b) unexpected charges for a product or service; (c) charges that appeared too high for the purported service; and (d) charges for which it was not clear why they were charged.
  • What types of fees for financial products or services hide the true cost of the product or service by not being included in the original price?
  • What charges exceed the cost to the entity that the charge is intended to cover? For example, is the amount charged for the NSF check fee necessary to cover the cost of processing a returned check and the associated losses to the depository institution?
  • Which businesses or marketplaces derive significant revenue from return fees or consumer costs that are not factored into the list price?
  • What are the barriers, if any, to incorporating fees into the initial prices for which consumers buy? How can this vary depending on the type of fee?
  • What data and evidence exists on how consumers view return costs, both inside and outside of financial services?
  • What data and evidence exists that suggests consumers do or do not understand fee structures disclosed in fine print or boilerplate contracts?
  • What data and evidence exists that suggests consumers do or do not make fee-based decisions, even if they are well disclosed and understood?
  • What oversight and/or policy tools should the CFPB use to deal with escalating excessive fees or fees that divert revenue from the original price?

The RFI originally set a deadline for comments to be provided no later than March 31.

However, on March 25, the CFPB extended the deadline to April 11 and announced that it had already received 25,000 comments.

In a February 2 blog post, the CFPB described “junk fees” as fees that “take many different forms, including fees for late penalties, overdrafts, returns, use of an out-of-network ATM, money transfers, inactivity, etc.” The blog post further identified the following “common unwanted charges”:

  • fees for lack of money (overdraft fees and NSF fees);
  • late fee;
  • fees to pay your bill (convenience fee);
  • prepaid card fees; and
  • closing costs and home buying costs.

In additional information provided as part of the RFI, the CFPB characterized the imposition of “hidden return fees”, which are “mandatory or quasi-mandatory”, as an anti-competitive tactic intended to “encourage consumers to make purchasing decisions based on a perceived lower price.” In support of its position, the CFPB noted that:

  • overdraft and NSF fees topped $15.4 billion in 2019, compared to just $1 billion in account maintenance fees;
  • fees represent about 20% of the total cost of credit cards (including $14 billion in late fees);
  • convenience fees remain common, despite a 2017 CFPB bulletin on unfair, deceptive, and abusive acts or practices (and violations of the Fair Debt Collection Practices Act) regarding telephone payment fees; and
  • in the context of residential mortgage transactions, “monthly property inspection fees, new title fees, legal fees, appraisals and appraisals, broker price notices, forced insurance, foreclosure and various unspecified “corporate advances” can all cost a homeowner dearly out of a home.

Although the request for information relates to credit cards, residential mortgages and fees charged by financial institutions in relation to deposit accounts, it is clear that the CFPB’s field of interest is much broader than that. The CFPB explicitly states that it is “interested in other loan origination and servicing fees, including for student loans, auto loans, installment loans, payday loans and other types of loans “. Therefore, while sales finance companies and installment lenders are not the immediate target of the CFPB’s investigation into fees charged in connection with financial services, we believe that these creditors should anticipate scrutiny by the CFPB of these practices and the future development of rules governing origination and creditor service fees. of all types. The information request also indicates, as expected, that Director Chopra plans to use the CFPB’s extensive oversight and review functions to aggressively regulate creditors and their financial products.

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Protection against high-cost lenders in place May 1 https://www.urbanartadventures.com/protection-against-high-cost-lenders-in-place-may-1/ Fri, 29 Apr 2022 18:17:29 +0000 https://www.urbanartadventures.com/protection-against-high-cost-lenders-in-place-may-1/ Financially vulnerable British Columbians will benefit from better protections that come into effect on Sunday, May 1 with new legislation to regulate lenders of high-cost credit products. “The coming into force of this new framework strengthens consumer protection and improves financial education to help people make important decisions,” said Mike Farnworth, Minister of Public Safety […]]]>

Financially vulnerable British Columbians will benefit from better protections that come into effect on Sunday, May 1 with new legislation to regulate lenders of high-cost credit products.

“The coming into force of this new framework strengthens consumer protection and improves financial education to help people make important decisions,” said Mike Farnworth, Minister of Public Safety and Solicitor General. “Those using or considering high-cost financial services will benefit from regulation and oversight of the industry.”

As part of the 2019 amendments to the Business Practices and Consumer Protection Act, under the new framework, businesses that offer high-cost credit products, such as installment loans and lines of credit with more than 32% interest, will be required to obtain an annual license and be regulated by BC Consumer Protection.

This oversight will help ensure that businesses understand and comply with these new requirements, and that consumers are protected and can make informed choices when using high-cost alternative financial services.

The amendments also establish new requirements for transparency and borrower protection. The rules prohibit certain charges, establish requirements for credit agreements, and establish the rights and remedies of borrowers.

These improvements are part of the government’s 2018 Financial Consumer Protection Action Plan to strengthen consumer protection and improve affordability for the most financially vulnerable people in British Columbia. Previous phases included enhanced financial protections for consumers using payday loans and government check cashing services.

A new Consumer Financial Education Fund, also coming into effect May 1, 2022, will improve consumer financial education and awareness across the province. The fund will be supported by industry as part of its annual fee.

As the province’s consumer protection authority, Consumer Protection BC will administer the new framework and the Consumer Financial Education Fund. Information on high cost consumer credit products and the business licensing process is available on the Consumer Protection BC website.

Learn more:

Action plan for the financial protection of consumers:
https://news.gov.bc.ca/releases/2019PSSG0020-000263

Regulating high-cost credit products to protect consumers:
https://news.gov.bc.ca/releases/2021PSSG0093-002228

Online resources for borrowing money:
https://www2.gov.bc.ca/gov/content/family-social-supports/borrowing-money

Information on British Columbia consumer protection laws – Consumer Protection BC:
www.consumerprotectionbc.ca

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Florida Digital Lending Market Analysis 2022-2030 and Key Vendor Key Business Strategies – The New York Irish Emgirant https://www.urbanartadventures.com/florida-digital-lending-market-analysis-2022-2030-and-key-vendor-key-business-strategies-the-new-york-irish-emgirant/ Wed, 27 Apr 2022 20:58:00 +0000 https://www.urbanartadventures.com/florida-digital-lending-market-analysis-2022-2030-and-key-vendor-key-business-strategies-the-new-york-irish-emgirant/ According to the Market Statsville Group (MSG), the Florida Digital Lending Market it is estimated that the size goes from $5.2 billion in 2021 for $18.1 billion by 2030to CAGR of 16.9% from 2022 to 2030. Consistent credit approval process, secure and privacy features, speed and instant decision making options are some of the major […]]]>

According to the Market Statsville Group (MSG), the Florida Digital Lending Market it is estimated that the size goes from $5.2 billion in 2021 for $18.1 billion by 2030to CAGR of 16.9% from 2022 to 2030. Consistent credit approval process, secure and privacy features, speed and instant decision making options are some of the major advantages of digital lending solutions and services in the market. Many lenders determine a borrower’s creditworthiness based on scores from the Fair Isaac Corporation (FICO) in Florida. Also, FICO scores have different names in each of the three major US credit reporting companies, namely Experian, Equifax, and TransUnion.

Get a sample full PDF copy of the report:https://www.marketstatsville.com/request-sample/florida-digital-lending-market

In Florida, customers are increasingly requesting short-term and long-term loans for their personal and business needs. Additionally, a massive increase in internet usage among individuals and easier access to loans from lending companies are driving the growth of government digital lending solutions. However, lending institutions charge a high rate of interest for various loan amounts, which is the main factor hindering the growth of the market.

Digital Lending Market Definition

Digital lending involves offering loans online and allows borrowers to apply for loans using laptops or smartphones over the internet. With many advantages over the traditional lending process, individuals and businesses are opting for digital lending services.

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Florida Digital Lending Market Dynamics

Drivers: Rise in Need and Adoption of Digital Lending Solutions in the State

In Florida, consumers are increasingly asking for short-term and long-term loans for their personal and business needs. Additionally, the massive increase in internet usage among individuals and easier access to loans available through online applications are driving the growth of digital lending solutions in the state. Moreover, digital lending services allow consumers to change their lifestyle and standard of living by helping them financially. Also, an increase in government initiatives for digital lending and an increase in the number of consumers taking out loans from digital lenders to establish their own business and increase their standard of living, which is propelling the growth of the market.

Constraints: High interest on small amounts and shorter repayment term provided by lenders

Lending institutions charge a high rate of interest for different loan amounts, which is the main factor hindering the growth of the market. Also, loan companies mainly focus on increasing their revenue due to which their repayment term is short for sanctioned loan amount. In addition, credit institutions borrow large sums of money from various banks and other institutes. Interest rates charged on loan amounts are generally high, which limits the growth of the digital loan market in Florida.

Florida Digital Lending Market Segmentation

The study categorizes the digital loan market based on loan type, provider type, loan amount, and end users..

Outlook by loan type (Sales/Revenue, USD million, 20172030)

By type of Outlook provider (Sales/Revenue, USD million, 20172030)

  • Banks
  • credit unions
  • FinTech Institutions
  • Others

Outlook by Loan Amount (Sales/Revenue, USD million, 20172030)

  • Less than $500
  • $500 to $4,999
  • $5,000 to $10,000
  • Over 10,000

From end-user perspectives (Sales/Revenue, USD million, 20172030)

  • People
  • Contractors
  • SME

The personal loan segment expected to account for the largest market share, by loan type

On the basis of loan type, the Florida digital loan market is segmented into payday loans, personal loans, and SME loans.. In 2021, the personal loan segment accounted for the largest market share of 50.1% in the Florida digital loan market. A personal loan is a lump sum of money that an individual borrows from a bank, credit union, online lender, financial institution, and others.

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Personal loans allow users to make smarter financial decisions by highlighting spending trends, helping manage debt repayment, and tracking financial goals. Additionally, individuals are resorting to personal loans to easily manage emergency financial crises, enabling efficient planning and management of monetary cash inflows and outflows, thus driving the adoption of digital lending services in this segment. Additionally, following the COVID-19 pandemic, in May 2020, a study conducted by TransUnion, an American consumer credit reporting agency, reported that Florida had 10.35%, which is the highest percentage of personal loans compared to Colorado and New York States.

Key Market Players in Florida Digital Lending Market

The main competitors in the digital loan market in Florida are:

These players have adopted various strategies to gain higher shares or maintain leading positions in the market. Product launch, agreement and partnership are the strategies most adopted by these players. The best winning strategies are analyzed by performing an in-depth study of the key players in the Florida Digital Loans market. A comprehensive analysis of recent developments and growth charts of various companies helps in understanding the growth strategies adopted by them and their potential effect on the market.

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The 3 Best Installment Loan Apps to Get You Started https://www.urbanartadventures.com/the-3-best-installment-loan-apps-to-get-you-started/ Mon, 25 Apr 2022 15:24:58 +0000 https://www.urbanartadventures.com/the-3-best-installment-loan-apps-to-get-you-started/ Lending apps are gradually replacing traditional loan agencies or credit unions. Today, traditional lending institutions struggle to keep up with the convenience and transparent processes of these apps. Moreover, these applications and online lenders accept applicants regardless of their credit history. However, identifying trustworthy installment loan applications can be difficult. There are many lending companies […]]]>


Lending apps are gradually replacing traditional loan agencies or credit unions. Today, traditional lending institutions struggle to keep up with the convenience and transparent processes of these apps. Moreover, these applications and online lenders accept applicants regardless of their credit history.

However, identifying trustworthy installment loan applications can be difficult. There are many lending companies in this industry, and while some offer good service, others are opportunistic and deceptive.

Accordingly, we have listed the top three installment loan apps that can help you get started on the right foot. Let’s dive!

The 3 best installment loan apps to get you started

1. Heart Paydays

Heart Payday is a popular loan app in the United States. This site offers all of its loan services online and saves you the hassle of in-store loan applications. You can complete the entire application process in five minutes or less.

They offer various loan services, such as loans for bad credit guaranteed approval $5000which can help you meet your emergency needs.

This application has a user-friendly interface, and practically anyone can easily maneuver it easily. The site is notorious for accepting applicants rejected by other lenders, as its eligibility thresholds are relatively lower than those

in most credit institutions. For example, they accept people with bad credit, the unemployed, and those receiving government benefits.

Typically, Heart Payday loans come with APRs ranging from 5.99% to 35.99%.

Advantages

  • There is no paperwork involved
  • Same day payment
  • Easy application process

The inconvenients

2. Viva Payday Loans

Another great option for a payout when you’re short on cash is the Viva Payday Loan app. The site offers no-collateral loans within hours of completing your application.

Viva Payday Loan has partnered with direct lenders who can meet your loan needs as quickly as possible. Moreover, these direct lenders offer different loan amounts.

Viva Loans does not perform intensive credit checks when evaluating loan applications, and even people with bad credit scores can get loans with them. Other groups, such as the unemployed and recipients of government support programs, can also apply for Viva Payday loans.

Their payday APRs range from 5.99% to 35.99%. This is mainly because every direct lender they partner with imposes their rates. One of their main drawbacks is that their services are not accessible in all states.

Advantages

  • Same day payments
  • The simple and fast application process
  • Flexible loan amounts from $200 to $5,000

The inconvenients

  • Viva Loan services are not available in all US states

3. Credit Clock

Credit Clock Loan is considered best for quick loan approvals. They offer their customers a range of loan products, such as bad credit payday loans, personal loans, emergency loans, and more.

It is the ideal lender if you are in urgent and urgent need of money fast because their fast loan approval process and fast repayment period can save you time.

They offer loans to people with bad credit and even those who receive government benefits. However, you must meet their minimum requirements; you must be over 18, prove you earn at least $1,000, and be a US citizen. In some cases, you may need to prove that you are employed by submitting your payslip.

Advantages

  • Fast application process
  • Same day payments
  • People with poor credit history are also allowed to apply

the inconvenients

  • Only people earning $1,000 or more can apply for the loans

Conclusion

Knowing that you have a loan option within reach of your phone can be an amazing feeling. We often find ourselves in difficult situations, and going through the process of applying for a loan in store can be time consuming to try to finance an emergency. Therefore, having loan applications can make our lives much easier.

However, it also exposes us to great temptations. Unlike the traditional loan system, where you have time to think before taking out a loan, the new app option gives you the luxury of completing a loan application with just a few clicks. Some people, especially spendthrifts, might end up in cycles of debt.

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