Debt – Welcome To Poole http://welcometopoole.co.uk/ Fri, 04 Jun 2021 19:51:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://welcometopoole.co.uk/wp-content/uploads/2021/05/cropped-icon-32x32.png Debt – Welcome To Poole http://welcometopoole.co.uk/ 32 32 Virgin Money Almost Doubles CEO Salary Despite £ 385million PPI Charge | Blank group https://welcometopoole.co.uk/virgin-money-almost-doubles-ceo-salary-despite-385million-ppi-charge-blank-group/ https://welcometopoole.co.uk/virgin-money-almost-doubles-ceo-salary-despite-385million-ppi-charge-blank-group/#respond Thu, 11 Mar 2021 05:29:50 +0000 https://welcometopoole.co.uk/virgin-money-almost-doubles-ceo-salary-despite-385million-ppi-charge-blank-group/

Virgin Money nearly doubled its chief executive’s salary to £ 3.4million after the bank was pushed to a second consecutive annual loss by a £ 385million charge over poorly sold payment protection insurance .

David Duffy’s salary jumped 84% from £ 1.8million in 2018, despite an investor revolt in January in which a third of shareholders opposed the one-off payment.

The large increase is largely due to a £ 1.3million bonus linked to the 2015 spin-off of Virgin Money’s predecessor bank, CYBG, from the National Australia Bank, as well as incentives from 2016. Duffy’s base salary was worth £ 1million, according to the bank’s annual report, released Thursday evening.

Duffy also had a car allowance of £ 30,000 and an additional £ 19,784 of additional benefits including travel from home to work. Irish executive splits time between properties in Cork, Glasgow and London, according to 2016 Irish time interview.

Duffy’s bonus payouts were reduced by £ 175,000 to take into account the weak performance of the share price during the year. Investors had questioned whether the bank would have enough money to meet regulatory capital reserve requirements in the event of a financial shock, as it battled the weakening UK economy and merger of CYBG and Virgin Money and rebranding for the latter.

However, investors ignored the success of the PPI and reinvested in stocks on Thursday, as investors hailed a separately disclosed capital preservation plan earlier today, which included the suspension of the dividend. Shares jumped 19% to 170p, reaching levels not seen since late July, when pre-merger CYBG signaled pressure on its loan income.

The bank officially changed its name to CYBG at the end of October, but Duffy said it had made “great strides” on the integration and rebranding.

Virgin Money, created from remnants of the failure of Northern Rock, was the smallest bank before the merger, but the executives it deemed stronger brand, supported by Richard Branson than CYBG’s Clydesdale and Yorkshire banks.

The bank recorded a statutory after-tax loss of £ 194million for the fiscal year ended September 30, due to restructuring costs following the transaction, as well as additional money set aside to pay compensation of £ 385million in mis-sold PPI. The measure of the bank’s underlying profit, excluding these costs, was £ 539million, down 7% from last year. XDuffy said the bank had seen an ‘increase without previous PPI information requests in August ‘after the city regulator. set a final deadline of August 29 for complaints, which have so far cost banks more than £ 52 billion. The layout was in line with the bank’s previous guidelines for investors.

Banks and other financial institutions extensive PPI policies between 1990 and 2010 alongside loans, credit cards and other offers, telling consumers it would help them pay off debts in the event of illness or unemployment. However, in many cases, the fine print exclusions meant customers could never make a complaint.

The late summer deadline sparked a wave of customer complaints that surprised bank executives and investors, and led to massive provisions across the industry. Lloyds, which operates the UK’s largest branch network, last month took a hit of £ 1.8 billion, while Barclays set aside an additional £ 1.4bn.

Bank analysts said Virgin Money has responded to concerns about whether it has enough capital to stay above regulatory requirements, even after taking into account the impact of the PPI.

Sign up for the daily Business Today email

The suspension of the dividend was already expected in order to preserve the capital. The bank said its “ambition for a progressive and sustainable dividend remains,” and that it would consider reinstating payments over the next year.

Investors were also encouraged by the 16.1% year-over-year growth in personal loans. The company said this was due to “high quality” growth in the Virgin Money credit card and improvements in its payroll funding and online lending.

Duffy said the results represented “good operational performance under difficult conditions”.

Banks and other businesses have set aside £ 2.1bn since the PPI deadline

November 28: Virgin Money – £ 385million

November 22: Nationwide – £ 36million

November 7: Cooperative Bank – £ 60million

October 31: Lloyds – £ 1.8 billion

October 30: HSBC – £ 302million

October 30: Santander – £ 169million

October 25: Barclays – £ 1.4 billion

October 24: RBS – £ 900million

October 2: Tesco Bank – £ 45million

September 12: N. Brown – £ 30million

October 23: Direct Buy – £ 241million


Source link

]]>
https://welcometopoole.co.uk/virgin-money-almost-doubles-ceo-salary-despite-385million-ppi-charge-blank-group/feed/ 0
Reston Affiliate Points Affirmation on Returning $ 1.3 Million PPP Loan | Zoom Fintech https://welcometopoole.co.uk/reston-affiliate-points-affirmation-on-returning-1-3-million-ppp-loan-zoom-fintech/ https://welcometopoole.co.uk/reston-affiliate-points-affirmation-on-returning-1-3-million-ppp-loan-zoom-fintech/#respond Thu, 11 Mar 2021 05:29:50 +0000 https://welcometopoole.co.uk/reston-affiliate-points-affirmation-on-returning-1-3-million-ppp-loan-zoom-fintech/

Reston Affiliation Board of Directors Fills Gaps in Monetary Decision Making Due to Accepting $ 1.3 Million Loan from Paycheck Security Program that it has not since qualified several months.

Some RA members criticized CEO Hank Lynch for continuing the PPP loan at the end of March without consulting the board of directors at an appropriate meeting. RA President Julie Bitzer, board members, grassroots legal counsel and RA senior monetary officer were consulted before creating the pick. The funds were returned on May 14 with no penalties or monetary prices allowed.

In a July 23 statement, Bitzer said the method indicated that there was a “substantial gap in our instruments of governance.”

“Specifically, official controls on how RA can obtain unsecured loans do not exist,” she wrote in the statement authorized by the council.

She also said that employees and board members made “assumptions and mistakes” in a rush to protect RA’s financial stability in response to COVID-19, including that almost the entire board does not consider Lynch to have acted with bad intent or to exceed his authority.

In May, Reston Affiliation declined to give details of the loan amount to Reston Now. The difficulty was first raised publicly at a council meeting in May when Lynch explained to the council why the loan was repaid.

Nonetheless, RA put forward a number of motions to fill in the gaps in decision-making and improve total coordination this month:

Forward to ask the CEO to present to the Tax Committee all the unsecured loans present previously concluded for its evaluation and to ask the Tax Committee to present its evaluation and its suggestions on these loans to the Council at the common plenary meeting of the Council in September 2020.

Transfer to direct that the Board of Directors and CEO put in place a periodic review of our corporate processes and controls to proceed with the refinement of our operations.

Forward to request the Tax Committee and Board Governance Committee to review and provide draft amendments to the Draft Employee Reviews of Valuation Decision and Finance 10: Finance Amendments to clarify what constitutes a significant change to biennial funds which may require a motion from the board of directors. The Board asks that it be proposed or not a draft amendment to decision 10 at the latest at its full board meeting in November 2020 for its consideration and motion.

At the end of June, the board of directors also asked the CEO and employees not to take any action regarding the acquisition of additional loans – whether secured or unsecured – without the approval of the board of directors.

Bitzer also noted that Lynch’s decision to cancel summer packages was seen as a public welfare decision, not a budget decision. The choice was criticized by some members who claimed the change was a change in funds, which only the board is allowed to complete.

Few, if any, organizations have been fully prepared for the COVID-19 pandemic, and the RestonAssociation was no exception. Organizations had to respond to the disaster, at least in the beginning, with the sources they had readily available, then quickly pull together additional sources to deal with every apparent and not-so-obvious potential challenge to the functioning of the group and , for some, their very existence, ”Bitzer wrote.

Photograph via YouTube


Source link

]]>
https://welcometopoole.co.uk/reston-affiliate-points-affirmation-on-returning-1-3-million-ppp-loan-zoom-fintech/feed/ 0
How Xiaomi is set to take advantage of Mi credit to further develop in India https://welcometopoole.co.uk/how-xiaomi-is-set-to-take-advantage-of-mi-credit-to-further-develop-in-india/ https://welcometopoole.co.uk/how-xiaomi-is-set-to-take-advantage-of-mi-credit-to-further-develop-in-india/#respond Thu, 11 Mar 2021 05:29:50 +0000 https://welcometopoole.co.uk/how-xiaomi-is-set-to-take-advantage-of-mi-credit-to-further-develop-in-india/

Xiaomi has already seen remarkable success in the smartphone market in India and has shaken up the Internet of Things (IoT) segment with its affordable security cameras, connected air purifiers and smart TVs. But on Tuesday, the company officially launched Mi Credit, its standalone app for online lending. The debut of the Mi Credit app took place in May of last year, what Xiaomi now calls a pilot base. Based on its learning of the so-called pilot, Xiaomi relaunched the app on Tuesday with great fanfare and a host of new loan partners on board. The company at the launch event highlighted the growth potential of the Mi Credit app. But the goal behind the latest marketing initiative is to give a boost to its financial services business called Mi Finance.

In May of last year, Xiaomi in partnership with the KrazyBee startup based in Bengaluru to use its instant personal loan platform called KreditBee. But the Beijing-based company through the New launch integrated five new lending partners, namely Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. This extension made Mi credit an “organized market for loans” rather than just a platform for quick personal loans.

“We have been running this pilot for a long time because we were experimenting and modifying the product and the business model,” said Manu Kumar Jain, Managing Director of Xiaomi India, on the sidelines of the Mi credit launch in New Delhi.

“Now we are pretty confident [that] the current form in which we have an organized market working with multiple partners in the background, a very simple and clean interface up front is the right way to work, ”he added.

While Jain and his team initially started with KrazyBee, Mi Credit’s extended list of loan partners does not include the name of the startup. However, the executive stressed that they also hoped to bring KrazyBee’s KreditBee to the platform.

Since May of last year, Jain has pointed out that Xiaomi did many Mi Credit pilots in India. The initial testing helped the company find the right model for offering Indian youth loans online.

“In the current form, we started the pilot in the last quarter, which is the third quarter,” he said. “And that’s when we came up with this brand new concept of a market organized with several partners. “

The presence of several partners on Mi Credit aims to help clients easily obtain loans at a comparable interest rate and with a higher success rate. It is not similar to the original Mi Credit model which only had KreditBee as a loan partner. In addition, the company has also expanded the list of supported banks and aims to provide lending service to over 19,000 PINs in the country by the end of fiscal 2019.

Mi Credit initially has five lending partners

“Over time, a lot of things have happened that we can provide a much better user experience,” said Vikram Singh, Xiaomi Financial Services Manager, Xiaomi India.

Nevertheless, Mi Credit still has the limit of obtaining a maximum loan amount of Rs. 1,000,000 – depending on your credit history and the discretion of the lending partners.

The initial list of lending partners is mostly limited to fintech startups and non-commercial financial companies (NBFCs). Nevertheless, Xiaomi is considering using commercial banks to expand Mi Credit’s portfolio of loan partners. The company is also optimistic about obtaining an NBFC license from the Reserve Bank of India (RBI).

“We are in the process of applying for an NBFC license here,” said Hong Feng, co-founder of Xiaomi and CEO of Mi Finance.

“In this business, we are leading a very large-scale partnership because mainly in China, we have 120 million active users, [while] in India we have over 50 million users. So no matter how good your product engineers are [are], it is impossible for you to identify the diversity of all these users.

Jain, however, pointed out that despite the intention to obtain the NBFC license in India, Xiaomi is poised to continue operations with existing partners. The model would ultimately be similar to how the company currently operates its e-commerce business in the country where it sells its devices through Mi.com as good as Amazon and Flipkart.

“So having our own NBFC license allows us to also serve customers who may not be served by other partners,” he said. “It gives us a lot more leverage, but it doesn’t mean we won’t work with partners. “

Jain during his presentation at the launch of Mi Credit pointed out that user data that the platform receives will be stored in an “encrypted format” in India. However, when asked about third-party access, he acknowledged that data captured through the Mi Credit app will be shared with lending partners for their internal analysis.

“Of course, they can’t sell this data. It would be illegal – they cannot sell this data to anyone. [But] can they use this data for their risk modeling? Of course, yes, ”he noted.

Lending partners would be able to use data through Mi Credit to determine defaults. This would significantly help them reduce loan repayment charges and limit their non-performing assets (NPAs).

Jain also assured that Xiaomi will not use the information obtained through Mi Credit for any type of ad targeting. Likewise, he clarified that the company will not use the user information it receives from MIUI-based phones to target customers for a loan or to push traffic to Mi Credit.

“This [the user data from Mi Credit] is only for financial services and whether the client is worthy of granting a loan or not, ”the executive said.

Major NBFCs and financial institutions in India are largely looking for transformation to maintain their growth. According to a report By India Ratings, the retail lending segment that significantly powers the country’s entire banking sector would continue to experience moderate year-over-year growth in FY2020.

In such a scenario, Xiaomi’s move with the arrival of Mi Credit would help NBFCs and fintech startups persuade consumers to take advantage of easy personal loans.


Source link

]]>
https://welcometopoole.co.uk/how-xiaomi-is-set-to-take-advantage-of-mi-credit-to-further-develop-in-india/feed/ 0
Kenya is ‘recognized’ around the world for corruption ▷ Tuko.co.ke https://welcometopoole.co.uk/kenya-is-recognized-around-the-world-for-corruption-%e2%96%b7-tuko-co-ke/ https://welcometopoole.co.uk/kenya-is-recognized-around-the-world-for-corruption-%e2%96%b7-tuko-co-ke/#respond Thu, 11 Mar 2021 05:29:49 +0000 https://welcometopoole.co.uk/kenya-is-recognized-around-the-world-for-corruption-%e2%96%b7-tuko-co-ke/

– The results of the corruption index have just been published and Kenya is doing badly

– Transparency International ranked Kenya 4th most corrupt country in East Africa and 145th in the world

A Transparency International report advised President Uhuru Kenyatta to adopt new strategies after the country was ranked among the most corrupt in Africa.

Uhuru.

READ ALSO: Video of a Kikuyu Woman TERRORIZING her Adult Children

Transparency International ranked Kenya 4th most corrupt country in East Africa and 145th out of 176 countries. The country reached a score of 26.

Reports indicate that Uhuru may need to change its approach to tackle corruption as the country goes to the polls in August 2017.

The 2016 results showed that Kenya did not fare very well compared to 2014.

READ ALSO: Uhuru Kenyatta responds to Joho and Raila warning of dire consequences for August

Kenya is 'recognized' around the world for its corruption
Waiguru.

READ ALSO: Francis Atwoli sues 2017 presidential contender for KSh 110 million debt

The TI report noted that despite various approaches to treating the transplant, nothing has changed much.

Uhuru was forced to fire several senior government officials, including cabinet secretaries, over allegations of corruption.

Among them was former Cabinet Secretary for Devolution Ann Waiguru, who is now vying for the seat of governor of Kirinyaga.

READ ALSO: Rebel MP ODM narrowly escapes after being attacked by youths in Kisumu

Kenya is 'recognized' around the world for its corruption

Other countries classified as poor in the corruption index were South Sudan which ranked 175th with 11 points, Burundi (159 with 20 points), Uganda (151 with 25 points), Tanzania at number 116 with 32 points and Rwanda with 50 points and ranked 54th.

Source: Tuko.co.ke


Source link

]]>
https://welcometopoole.co.uk/kenya-is-recognized-around-the-world-for-corruption-%e2%96%b7-tuko-co-ke/feed/ 0
What to do when you can’t afford a home repair https://welcometopoole.co.uk/what-to-do-when-you-cant-afford-a-home-repair/ https://welcometopoole.co.uk/what-to-do-when-you-cant-afford-a-home-repair/#respond Thu, 11 Mar 2021 05:29:49 +0000 https://welcometopoole.co.uk/what-to-do-when-you-cant-afford-a-home-repair/

If you needed to have your furnace or pipes repaired after this recent cold snap, you are not alone. According to a study conducted last year by the Joint Center for Housing Studies at Harvard University, approximately $ 300 billion is spent annually in the United States on home renovations and maintenance.

This number is expected to be even higher, however. Many repairs are not repaired every year.

According to another 2013 study, this one from the National Center for Healthy Housing, 35 million metropolitan homes in the United States, or 40%, contain one or more health and safety hazards. The most common repairs that are not fixed? Exterior water leaks, which affect 11% of homes in the metro area, followed by openings in homes that mice can tap (10%) and interior water leaks (9%). Meanwhile, 5% of homes in cities and suburbs have unrepaired roofing issues, damaged interior walls, and foundation issues.

So what happens when you have a problem at home that needs attention but you don’t have the funds to fix it? You can’t do anything, of course, and live with your problem. But there may be more options available than you think.

Apply for a loan. You can laugh at first, especially if your credit is poor or your bank has already turned you down for a loan, but there are nonprofits designed to help low-income and middle-class homeowners, says Douglas Robinson. , spokesperson for NeighborWorks, a congressional nonprofit that supports community development in the United States.

“There aren’t billions of dollars out there, but there are millions of dollars out there,” Robinson says.

These loans generally finance repairs of not dismal but crucial infrastructure to your home. In other words, you are much more likely to find money to repair your roof, replace your furnace, or improve your ventilation than you will find money for a new oven or refrigerator.

NeighbourWorks itself does not distribute loans, but you can find loans through its network of housing organizations, like Homewise Inc. in Santa Fe, NM, Neighborhood Housing Services of Greater Cleveland, and 233 other non-profit organizations. independent nonprofit serving 4,500 communities across the United States.

On the NeighborWorks website, www.nw.org, you can go to the right side of the screen and click on “Find a neighboring organization”, which will take you to a page where you can type in your state or zip code. and search for nonprofits that may have loans available.

Robinson also suggests researching your local community development financial institution and seeking their advice and possibly financial assistance. “They’re all over the country, and not everyone will be qualified, but if we’re talking about something that’s not great and you have time to do your homework, it’s probably a good way to go. “, says Robinson. You can find community development finance institutions at ofn.org/cdfi-locator.

If your income is at poverty level (typically a family of four living on $ 23,050 or less is considered to be living on or below the poverty line), there is another organization you should know about: Rebuilding Together (rebuildingtogether. org), which specializes in repairing the homes of low-income people. (Finding a local Rebuilding Together chapter on the website can be difficult; you’d probably be better off searching for “Rebuilding Together” and your location.)

Refinancing. Specifically, with a 203k refinance loan from the Federal Housing Administration. These are loans in which the owner consolidates their existing mortgage and the cost of a home improvement project.

As long as the repairs are deemed necessary (like a new floor) and not frivolous (like a new patio) and add value to your home, you may have a good chance of getting the loan. Your local mortgage lender can help you apply.

Find out if you are eligible for a grant. Yes, free money. And, yes, good luck with that. But the subsidies, even if they are not abundant, do exist.

For example, Stephanie Irto, broker and realtor at Equity Builders Home Financing and Real Estate in Los Angeles, notes that if you live on the Los Angeles International Airport flight path, there is currently a program in which owners can apply for around $ 30,000 worth of work including projects like installing soundproofing, double wall modifications (no surprise, given the location of the house), service panel upgrades electrical, chimney and chimney modifications and the installation of a heating, ventilation and air system. packaging system.

Some cities, like Detroit and Tucson, Arizona, have even run occasional lotteries, where residents can apply for a home repair grant and hope their name is selected. These lotteries are rare, but it is worth watching them.

The United States Department of Agriculture has what it calls the Very Low Income Home Repair Program, which provides loans and grants to homeowners to repair, improve, or upgrade their homes. The ministry also offers the Rural Housing Repair and Rehabilitation Grant, which is available to homeowners 62 and over; funds can be used for repairs to improve health, safety or to make the home accessible to a resident with a disability.

As you can imagine, the best way to find out about these grants is to do some research online and see what you have to offer, or talk to someone in your community who might know about accommodation in your area. local nonprofit, chamber of commerce, your bank or your local Ministry of Housing and Urban Development office. HUD office workers may be able to direct you to an agency or nonprofit that can help you – or they may be able to help you get a block grant for community development, money that goes towards everything from affordable housing to home repairs.

But whatever you do, “Try not to make a rash decision about how you’re going to fund your repairs,” Robinson insists.

Sometimes this is easier said than done. If you don’t have a working heater and a polar vortex is staring you in the face, a high interest loan can start to look pretty appealing. But if you are in a situation where you have time before a home repair becomes an emergency, use that time to organize a group looking for money. There is home repair help out there – somewhere.

Source link

]]>
https://welcometopoole.co.uk/what-to-do-when-you-cant-afford-a-home-repair/feed/ 0
NZ COVID travel bubble allows first overseas arrivals to NSW not to be quarantined https://welcometopoole.co.uk/nz-covid-travel-bubble-allows-first-overseas-arrivals-to-nsw-not-to-be-quarantined/ https://welcometopoole.co.uk/nz-covid-travel-bubble-allows-first-overseas-arrivals-to-nsw-not-to-be-quarantined/#respond Thu, 11 Mar 2021 05:29:49 +0000 https://welcometopoole.co.uk/nz-covid-travel-bubble-allows-first-overseas-arrivals-to-nsw-not-to-be-quarantined/

The first travelers to take advantage of New Zealand’s one-way travel bubble with New South Wales have arrived in Sydney.

International passengers are the first in more than six months to leave the airport freely without facing a mandatory 14-day quarantine.

Auckland airport authorities have established a “safe travel zone” to separate passengers from those traveling to other destinations.

The more than 300 arrivals that landed at Sydney Airport were also segregated from other arrivals heading for the hotel’s quarantine.

There were emotional scenes as many reunited with their loved ones for the first time in months. Credit: Dean lewins/AAP
Friends hug each other while greeting each other at Sydney Airport after arriving from Auckland.
Friends hug each other while greeting each other at Sydney Airport after arriving from Auckland. Credit: James D. morgan/Getty Images

As seen in the video above, there was an emotional reunion as some reconciled with their families for the first time since the pandemic struck.

Sydney’s wife, Stacey Brown, flew to New Zealand to be with her dying mother who died on day three of her isolation.

Being able to return home to his family without being forced into quarantine again has been a saving grace after such a difficult loss.

New Zealand passengers arrive at Sydney International Airport in Sydney.
New Zealand passengers arrive at Sydney International Airport in Sydney. Credit: Dean lewins/AAP

Others arrived just in time for the big events.

A couple landed hours before their son’s wedding.

For others, the holidays were not happy.

Juliet Robertson has returned home to see her sister, who is terminally ill.

Stacey Brown is greeted home by her partner Adam Drape as she arrives from New Zealand.
Stacey Brown is greeted home by her partner Adam Drape as she arrives from New Zealand. Credit: Dean lewins/AAP
Stacey Brown is greeted at home by her partner Adam Drape as she arrives from New Zealand and arrives at Sydney International Airport.
Stacey Brown is greeted at home by her partner Adam Drape as she arrives from New Zealand and arrives at Sydney International Airport. Credit: DEAN LEWINS/AAPIMAGE

Source link

]]>
https://welcometopoole.co.uk/nz-covid-travel-bubble-allows-first-overseas-arrivals-to-nsw-not-to-be-quarantined/feed/ 0
Can you refinance your student loan if you haven’t graduated? https://welcometopoole.co.uk/can-you-refinance-your-student-loan-if-you-havent-graduated/ https://welcometopoole.co.uk/can-you-refinance-your-student-loan-if-you-havent-graduated/#respond Thu, 11 Mar 2021 05:29:49 +0000 https://welcometopoole.co.uk/can-you-refinance-your-student-loan-if-you-havent-graduated/

You’re stuck with all the student loans you’ve taken out, whether you have a degree or not, so paying them off should be a priority. One of the tools you have is student loan refinancing, which can make your payments more affordable and help you pay off student debt faster.

The only problem? Not all lenders allow student loan refinancing if you haven’t graduated. Here’s what you need to know about student loan refinancing without a degree.

How does student loan refinancing work?

You can consolidate or refinance student loans to make them more manageable.

RELATED CONTENT

Student loan consolidation involves taking out a consolidation loan directly through the federal government and combining two or more federal student loans into one. The interest rate is a weighted average, rounded to the nearest eighth of a percent. Consolidation may be required to enroll in some federal student loan repayment programs, such as income tested.

Refinancing, on the other hand, involves taking out a new loan from a private lender and using the funds to pay off one or more existing loans. Usually, the goal of refinancing is not only to consolidate student loan debt, but also to lower the interest rate. Borrowers can also choose a shorter or longer repayment term, depending on their goals. While you can refinance federal and private student loans, the refinancing process definitely makes all of your loans private.

For this reason, you must carefully weigh the option of refinancing federal loans. This means you lose all federal protections and benefits, including eligibility for public service loan forgiveness, income-based repayment options, deferral, and forbearance.

Find the Best Student Loan Refinance Lenders

Refinancing of student loans without a diploma

When it comes to refinancing when you haven’t actually graduated from college, your eligibility will depend on the policy of the individual lender.

“Many private consolidation loans are not available to students who have not graduated because dropping out of college is a good predictor of default,” says Mark Kantrowitz, editor and vice president of research at Savingforcollege.com. “Students who drop out are four times more likely to default on student loans than graduate students and account for two-thirds of defaults.”

But that doesn’t mean you’re out of luck. Some private lenders allow borrowers without a degree to refinance if they meet certain eligibility conditions.

First of all, you will need to meet the general refinancing requirements of the lender. Alyssa Schaefer, Marketing Director of Laurel Road, an online loan company that offers student loan refinancing and other services, says, “While some refinance lenders do not require a college degree, borrowers should still meet the eligibility criteria. ”

For example, she says that attending a school that offers federal student aid (Title IV school), a stable financial history, sufficient income, and a good credit rating are usually necessary.

To increase your chances of qualifying for refinancing without a degree, Kantrowitz suggests the following:

  • Maintain a stable job. “Borrowers who change jobs frequently are more likely to default,” says Kantrowitz. So if you’re hoping to eventually refinance your student loans, it’s a good idea to maintain uninterrupted employment for at least a few years to improve your chances of getting approved.
  • Avoid reprieve and tolerance. According to Kantrowitz, borrowers who need to temporarily suspend repayment are also more likely to default. If you can help it, avoid hanging or suspending your loans, which can be a red flag for refinancing companies.
  • Manage your finances responsibly. Do your best not to fall behind on other financial obligations. Paying all of your invoices in full by the due date will contribute to an increase credit score, which will help you qualify for refinancing. In fact, most lenders require a credit score of at least 650 to 680 to qualify.
  • Maintain a low debt-to-income ratio. In addition to a good credit rating, lenders also want to make sure that you are not overloaded with other types of debt. Keep the amount of your monthly income that goes towards paying down debt – known as debt to income ratio – the lowest possible will improve your chances of being approved.
  • Apply for refinancing from a creditworthy co-signer. It may be helpful to have a co-signer if you are not eligible for refinancing on your own. Co-signers leverage their own credit to help you get approved. The tradeoff, however, is that they are also responsible for repaying the loan; if you fall behind on payments, it will also negatively impact your co-signer’s credit.

Individual lender policies

Although lenders generally follow certain general refinancing requirements, each lender can set their own requirements for refinancing student loans. You can usually find the eligibility requirements online with the lender or on the application. “It’s important that borrowers do their homework to understand where they can qualify,” Schaefer says.

Here is an overview of some of the major lenders’ policies for refinancing student loans:

  • Discover. According to Sarah Grage Silberman, senior public relations associate for Discover, refinancing without a degree is okay. However, borrowers will need to meet eligibility requirements, including passing a credit check and holding no more than $ 150,000 in total student loan debt.
  • Serious. Currently, Earnest requires applicants for refinancing to have a full degree to qualify. However, “we will be reviewing this policy again in the near future,” said David Green, Product Manager at Earnest.
  • Laurel Road. The lender only refinances student loans for those with a bachelor’s or graduate degree and certain associate’s degrees. This also applies to parents who wish to refinance student loans they have taken out for their offspring.
  • SoFi. SoFi does not currently allow refinancing without a degree. “To be eligible for student loan refinancing, people must have completed an associate’s degree or more from a Title IV school,” says Rachel Reichblum, director of product communications for SoFi.
  • Financing of education loans. ELFI requires borrowers to have obtained a bachelor’s degree or higher from an approved post-secondary institution in order to be eligible for student loan refinancing.
  • Splash Financial. Splash Financial does not accept non-graduate applicants who refinance as solo borrowers. However, there are still options. “Borrowers who did not graduate would need either 1) a co-signer with a bachelor’s degree or 2) a relative to refinance loans on their behalf,” says Patrick Leimkuehler, COO by Splash Financial.

Your options if you are not eligible for refinancing

If you can’t qualify to refinance your student loans, all is not lost. There are a few steps you can try to improve your odds, as well as alternatives to refinancing that you can consider.

Improve your credit. “In most cases, the better the credit score, the more financing options you have,” says Schaefer. If you don’t qualify for refinancing because of your credit, spend time improving your score before you reapply. This can include paying bills on time and paying off other unpaid debts such as credit cards.

Apply with a co-signer. If you have a trusted friend or family member who qualifies for their own refinance, consider applying for refinancing with them as a co-signer. Again, remember that the co-signers share the same responsibility in repaying the loan, so you should only go with a co-signer if you are confident that you can afford to make all the payments on time.

Adhere to income-based reimbursement. If you have federal student loans, refinancing may not even be the best option available. “Federal student loan borrowers can get a direct federal consolidation loan even if they haven’t graduated,” Kantrowitz says. “However, a better option for these borrowers might be to obtain an income-based repayment plan, which bases the monthly payments on income.”

Seek forgiveness. There are several programs that will forgive some or all of your student loan debt if you qualify. Income-oriented plans, for example, will write off any remaining debt after the repayment period has passed. There are also career-oriented student loan forgiveness programs, such as the Public Service Loan forgiveness program. Find out about the types of programs that exist for the field in which you specialize. However, keep in mind that debt relief under some programs is considered taxable income, so talk to a tax professional about the impact of debt relief on your finances.

Consider completing your degree. Finally, if it is financially possible for you to go back to school and complete your education, it might be worth pursuing. Not only will you improve your employment prospects and you will be more likely to get a higher income, but you will also improve your eligibility for refinancing later on. Of course, taking on more debt to complete your degree just so you can refinance later is probably not worth it.

Source link

]]>
https://welcometopoole.co.uk/can-you-refinance-your-student-loan-if-you-havent-graduated/feed/ 0
Coronavirus alert issued for Bankstown Central shopping center in Sydney https://welcometopoole.co.uk/coronavirus-alert-issued-for-bankstown-central-shopping-center-in-sydney/ https://welcometopoole.co.uk/coronavirus-alert-issued-for-bankstown-central-shopping-center-in-sydney/#respond Thu, 11 Mar 2021 05:29:49 +0000 https://welcometopoole.co.uk/coronavirus-alert-issued-for-bankstown-central-shopping-center-in-sydney/

A popular Sydney shopping center has been put on alert after health officials revealed a person attended the scene after testing positive with COVID-19[female[feminine.

Anyone who visited Bankstown Central Mall on Saturday, August 8 between 10 a.m. and 3 p.m. is considered a casual contact of the matter.

Those who have visited the mall at the specified time are advised to watch for symptoms, get tested, and isolate if symptoms appear.

It comes as NSW on Tuesday recorded three new cases of COVID-19 – two of which were acquired locally and one from a traveler returned to hotel quarantine – from more than 13,000 tests.

Bankstown buyers have been put on alert. Credit: Getty Images

While the increase in cases is small, health authorities in NSW remain on alert.

Of the total number of cases in the state over the past four weeks, 16 have not been linked to known clusters and their source has not been identified.


Source link

]]>
https://welcometopoole.co.uk/coronavirus-alert-issued-for-bankstown-central-shopping-center-in-sydney/feed/ 0
Boris Johnson | Zoom Fintech https://welcometopoole.co.uk/boris-johnson-zoom-fintech/ https://welcometopoole.co.uk/boris-johnson-zoom-fintech/#respond Thu, 11 Mar 2021 05:29:49 +0000 https://welcometopoole.co.uk/boris-johnson-zoom-fintech/

Alexander Boris de Pfeffel Johnson (born June 19, 1964) is actually a British politician, author and former journalist who served as Prime Minister of the United Kingdom as well as leader of the Conservative Party after 2019. He was Foreign Minister from 2016 to 2018. and Mayor of London from 2008 to 2016. Johnson was MP for Henley from 2001 to 2008 and was MP for South Ruislip and Uxbridge after 2015. He has been called a part of the ideological tradition of conservatism of a nation and national conservatism.

Johnson was educated at Eton College and also studied classics at Balliol College, Oxford. He was elected president of the Oxford Union in 1986. Throughout 1989 he served as Brussels correspondent and later political columnist for the Daily Telegraph, where his articles had a powerful Eurosceptic impact on the British proper. He was editor-in-chief of The Spectator magazine from 1999 to 2005. Immediately after being elected MP for Henley in 2001, Johnson was clearly a junior shadow minister under Conservative leaders Michael Howard and David Cameron. Throughout 2008 he was elected mayor of London and resigned from the House of Commons; he was re-elected mayor in 2012. Throughout his mayoralty, Johnson oversaw the 2012 Summer Olympics, showcased the all new Routemaster buses, a bicycle rental program and also the Thames Cable Car, as well as alcohol consumption prohibited on many London public transport systems.

In the 2015 general election, Johnson was elected MP for South Ruislip along with Uxbridge; he resigned his post as mayor the following year, during which he became a figurehead in the excellent Brexit voting holiday plan of the 2016 EU membership referendum. then served as Minister of Foreign Affairs during the early stages of Theresa May’s tenure as Prime Minister; he resigned from content 2 years later, criticizing May’s approach to Brexit and also the Checkers deal. After May’s resignation in 2019, he was elected Conservative leader and appointed prime minister. The September month of his prorogation of Parliament in 2019 was ruled illegal by the Supreme Court. In the 2019 general election, Johnson led the Conservative Party to its biggest parliamentary victory after 1987, winning 43.6% of the vote – possibly the largest share of all parties after 1979. The UK won. withdrawn from the European Union under an amended Brexit Withdrawal Agreement, entering a transition period as well as negotiations leading to the EU-UK Trade and Cooperation Agreement. As of February 2020, Johnson has led the UK’s continued response to the COVID 19 pandemic.

Johnson supporters praised him as upbeat, entertaining and humorous, with an appeal going beyond mainstream Conservative voters. Alternatively, his critics accused him of prejudice, cronyism and elitism. His actions, viewed by his supporters as pragmatic, seem to be viewed by opponents as opportunistic.


Source link

]]>
https://welcometopoole.co.uk/boris-johnson-zoom-fintech/feed/ 0
NSW COVID Death Identified as Jamilie Joseph of Notre Dame du Liban https://welcometopoole.co.uk/nsw-covid-death-identified-as-jamilie-joseph-of-notre-dame-du-liban/ https://welcometopoole.co.uk/nsw-covid-death-identified-as-jamilie-joseph-of-notre-dame-du-liban/#respond Thu, 11 Mar 2021 05:29:49 +0000 https://welcometopoole.co.uk/nsw-covid-death-identified-as-jamilie-joseph-of-notre-dame-du-liban/

The 53rd person to die from COVID-19 in New South Wales has been identified as Sydney’s grandmother, Jamilie Joseph.

Joseph, who is 80, died Wednesday in intensive care, separated from the comfort of his family.

She was an enthusiastic and active member of her community and her church – Our Lady of Lebanon in Harris Park – which is at the center of one of the state’s main coronavirus clusters.

The church has now been linked with 25 cases of COVID-19.

A mass will be held on Friday, within the limits of the restrictions, to say goodbye to him.

But some family members will not be allowed to come and say goodbye because they too are battling COVID-19 or are in isolation.

Joseph, who is 80, died Wednesday after receiving treatment for the virus in intensive care. Credit: Provided

“She was a very, very lovely woman – and loved everyone,” one woman told 7NEWS.

“For a community that has been through all of this – and what has happened in Lebanon as well – it is just devastating,” said another.

“She still walks this road with her son. Every morning, she comes to say hello, ”recalls one man.

“It’s very sad.”

It is the 53rd death in the state and brings the national death toll to 361.


Source link

]]>
https://welcometopoole.co.uk/nsw-covid-death-identified-as-jamilie-joseph-of-notre-dame-du-liban/feed/ 0