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Tag Archives: Finance
Banking Commissioners Study Just Released on Modernizing North Carolinas Consumer Finance Act
Raleigh, NC (PRWEB) February 23, 2011
The Workplace of the Commissioner of Banks just released its findings on February 18, 2011 of a study it performed on the states consumer loan companies. The General Assembly had previously requested the Commissioner, who has supervised these loan offices given that the 1940s, to look at what modifications should be made to modernize the existing law. This law, the North Carolina Customer Finance Act, was final revised in 1983and was reviewed in 2010.

The North Carolina Credit and Individual Finance Council (NCCPFC), a group representing North Carolinas licensed and regulated non-depository private loan sector, will be right away reviewing the outcomes of the Commissioners findings. They will engage knowledgeable specialists from accounting, finance, and client demographics to conduct a thorough assessment of the findings.

Throughout the Banking Commissioners study in 2010, the NCCPFC provided essential reality-primarily based data from specialist sources and federal government agencies to the Commissioner. This information revealed that the current interest prices fixed in law more than 28 years ago are unsustainable for todays business circumstances. The NCCPFC demonstrated that a legislative modify is necessary due to the fact the 1983 fixed price tag schedule is shrinking loan access for North Carolina citizens and harming private enterprise firms. The goal of the NCCPFC is to assure that North Carolinian borrowers continue to have protected and proper access to responsible and reasonably priced private loans.

Committees of the North Carolina Common Assembly determined in each 2008 and 2010 that customer installment loans have worth and are necessary by North Carolinians. In Might 2010, NC Legislators requested suggestions for modifications to update the Customer Finance Act. These suggestions to the law were to contain all suitable customer protectionsand also recognize the specifications for potential profitability for the lender. The goal of these modifications is to guarantee understandable, transparent, successful and fair installment credit in North Carolina by means of private enterprise.

There is a crucial need and a sturdy demand for classic installment loans to aid NC households handle their household and individual monetary matters. In two statewide surveys, over 98% of our industrys customers have clearly communicated that they trust the service in our local offices and they rely on our private 1-on-one service and the accountable, affordable loans we provide. Larry Heckner, President of the NC statewide credit group

National consumer advocacy groups have also regularly recognized the need for accountable loans. The Center for Economic Solutions Innovation, a national consumer advocacy group primarily based in Chicago, recently told the American Banker in October, 2010, Demand for modest amounts of credit is higher. We need to enhance access to accountable, scalable, and ultimately lucrative forms of credit for households that need and can benefit from it.

Throughout the Commissioners review, The Center for Financial Solutions Innovation presented some of its conclusions from its recently completed report. A major point created was that since of the high-touch aspects of the responsible lending model, installment loans are far more costly to offer. The CFIS report concluded that the primary price drivers of the installment lending model arise from the genuine expense of operation of physical offices, underwriting costs, and the high-touch management of the loans.

We primarily based our presentation to legislators and the Commissioner on two vital elements, first the consumer demand for and satisfaction with the customer finance firm product, and also the undeniable financial reality of operating below a value freeze for 28 years. We are confident that North Carolina installment loans meet the benchmarks for higher quality credit set by all the main customer advocacy groupsloans that are marketed transparently, reasonably priced for the customer and structured to help repayment, and the clients repayment is reported to credit bureaus to create a financial future.

The reality of the economics of this enterprise, extended known by us, have now turn out to be clear to customer advocates and federal monetary regulatory agencies and we hope the NC Commissioner has recognized them as nicely, stated Mr. Wallace. The FDIC and the Federal Credit Union Administration final year also identified that costs and dangers for modest dollar installment loans are larger than other consumer loans and acknowledged that these prices have been necessary to reasonably attract deposit-taking lenders to the company. Nevertheless, the profitability benefits alone have been not sufficient for most banks to remain active in creating loans and other inducements would be needed. C. Everett Wallace, Policy Advisor and Counsel to the North Carolina Credit and Personal Finance Council

The NCCPFC and other financial professionals will right away evaluation the study benefits that have been just released by the NCCOB and will strategy and announce a press conference to present an overview of the Commissioners findings and recommendations.

Mr. Wallace indicated that the non-bank installment lending sector gives the most viable and accountable selection for buyers:

The Commissioners report is some thing we hope will lead to a productive and good discussion of this critical responsible loan solution for North Carolinians. It is important that this industrys story of customer satisfaction and service be heard. It is also essential that we assist policymakers adopt a contemporary law which can assure there is access to protected, fair, and cost-effective private loans for the monetary requirements of responsible folks and families in North Carolina.

Contact: Everett Wallace, 919-389-8822 
NC Credit and Individual Finance Council, Suite 1130, 150 Fayetteville Street, Raleigh, NC 27601

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Vehicle finance internet site Car Loan 4U reveals the most common MOT failures
Macclesfield UK (PRWEB UK) 30 Could 2012
Each and every motorist has a duty to make positive their car is secure to use on the roads, but a number of times, faults can go unnoticed causing an MOT failure.

Study shows that there are 5 common failures that drivers face: a massive 40% of all vehicles fail their MOT.*

The number a single frequent failure that motorists face is with lighting and signalling defects. Indication lights, brake lights and signal lights are the mostly likely to make drivers fail their MOT.

The second most common MOT failures are suspension defects closely followed by defective breaks and illegal tyres.

An additional frequent failure which tends to make its way into the best five list is when the drivers view of the road is impaired.

Vehicle Loan 4U Co-Director Ryan Dignan comments

Taking your auto for an annual MOT test can be a daunting expertise as many may not know what the finish result will be. Older vehicles are far more prone to MOT failure than newer cars.

Generally new cars only need an MOT test when they are three years old. In order to keep away from pumping far more cash into an unreliable automobile, it could be worth buying around for a new automobile now.

Whilst not every person can afford to buy a new vehicle, reasonably priced vehicle finance is offered. Car Loan 4U offers vehicle finance loans beginning from just 7.9% APR.

Prime ideas for passing your MOT

1.
Dr. Robert D. Manning Named One particular Of The Prime Personal Finance Experts in US by Cardratings.com
Rochester, NY (PRWEB) September 26, 2011
Cardratings.com was founded in 1998 and is devoted to educating buyers about credit cards. A pioneer in the on-line compilation of customer evaluations of bank-issued credit cards, Cardratings.com is a leading supply of objective credit card rating data. Cardratings.com has often reported on the pathbreaking perform of Dr. Manning, a leading scholar in customer finance education as properly as a national consumer advocate in promoting customer protections in the monetary solutions marketplace.

Dr. Manning is ideal known for his internationally reknown book, CREDIT CARD NATION (2000) which followed his pathbreaking study, “Credit Cards on Campus: The Social Price of Customer Debt,” released by the Customer Federation of America in 1999. Broadly interviewed in the national and international media and a regularly invited expert witness just before US Congressional, federal agency, and state legislative hearings, his study was the basis of the provocative 1997 documentary, “In Debt We Trust: America Before the Bubble Burst.” Dr. Manning’s analysis on consumer debt consists of the monograph, LIVING With DEBT (2005) and several awards including co-winner of the prestigious 2003 George Polk Award which raised the spector of the impending subprime loan debt crisis. He was also 1 of the earliest forecasters of the 2007 monetary meltdown and was instrumental in the enactment of 2010 federal CARD Act. Dr. Manning’s ardent advocacy for more stringent regulation of the financial services business contributed to the momentus 2010 Dodd-Frank Act.

The past Director of the Center for Consumer Financial Solutions at Rochester Institute of Technologies, Dr. Manning, is President and CEO of the Accountable Debt Relief Institute (RDR), a nonprofit business that specializes in the patent-pending, net cash-flow, credit capacity assessment technique.

RDR offers distinctive consumer loan underwriting and debt solutions application, market leading research, and strategic management consulting. The RDR internet-based solutions system is the basis of his proprietary RDR mortgage modification program for unfavorable equity mortgages, the Debt Resolution Plan (DRP) which gives a “means-tested” alternative to debt settlement programs with the assistance of the Utah state Lawyer Basic, exclusive Credit Capacity assessment score as an option to traditional credit scores, proprietary tenant screening system, and the pathbreaking MyMoneyEd customer financial empowerment method that launches in fall 2011. Dr. Manning’s revolutionary net money-flow algorithm/software technique will fundamentally modify how households handle their individual finances and, ultimately, level the playing field between banks and customers.

Dr. Manning is also the founder of DebtorWise Foundation, a nonprofit organization devoted to supplying reasonably priced economic education to financially distressed and low-earnings households. It is the nation’s leading provider of on the web Credit Counseling and Debtor Education courses that are required by the Federal Court for filing consumer bankruptcy. Dr. Manning’s most current monograph examines Walmart’s expansion into customer economic services in the United States with a case-study of Banco Walmart de Mexico.

For much more information contact:
Donna Slavin, Director of Unique Applications
d.slavin(at)debtorwise(dot)org
(585) 270-8398

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The Wait is More than — 21st Century Individual Finance Tools Have Finally Arrived!
Rochester, NY (PRWEB) Might 31, 2012
With tens of millions of Americans struggling with customer debt burdens and millions trying to save their houses from foreclosure, it is shocking that 19th Century individual finance tools remain the major alternative for distressed households. Certainly, the lack of precise and realistic income management tools characterizes the private finance education market that is dominated by private banks, credit unions, larger education, nonprofit foundations, personal finance gurus, and specially federal and state government agencies. Even the Presidents Advisory Council on Financial Capability has ignored its leadership duty to create and market much more accurate and innovative approaches to individual finance in common and household budgeting in particular. Americans need and deserve so a lot more during this period of economic uncertainty.

The important question is why are monetary institutions and even public agencies continuing to use antiquated personal finance software/techniques and connected budgeting/income management curricula rather than a lot more sensible approaches that address the complexity of modern household finances? In distinct, why are American households encouraged to use gross income assessment tools when their economic reality is that household costs should be paid from net earnings? Is there a cause that these personal finance tools offer the illusion of higher monetary manage and but lead the typical American to greater levels of consumption and eventually customer debt?

With this ongoing leadership crisis in the individual finance education business, the DebtorWise Foundation is pleased to announce the release of its pathbreaking, net cash-flow budgeting/ personal finance Credit Counseling course that is based on the IRS 1040 federal tax guidelines. Rather than a one particular size fits all strategy to private finance with its inherent imprecision, the DebtorWise Foundations cash management computer software/curriculum allow buyers to: (a) specify the unique financial characteristics of their household, (b) calculate their month-to-month net income, and (c) customize a household spending budget based on the financial constraints of their net cash-flow. The essential functions incorporate household size/structure, tax filing status, and state and regional income tax liabilities. In addition, the DWF budgeting application is accompanied with a state-of-the art document management/information verification method.

According to Dr. Anita Butera, Esq, Director of Bankruptcy Education, it is striking that Americans are berated over their lack of personal finance expertise. However, the so-called professionals promote personal finance tools that are a lot more suitable for the age of the horse and buggy than the Ipad generation. At DebtorWise, we have harnessed the scholarly vision and academic precision of our founderDr. Robert D. Manning to better serve these Americans that desperately require our sensible guidance and revolutionary budgeting computer software/courses/help.

As Dr. Butera explains, Imagine trying to develop a spending budget based on gross revenue that ignores state and regional taxes, itemized tax deductions, and even homeowner status. You can simply overestimate available household income to spend month-to-month expenditures by 20% – 25%. And, try evaluating whether or not a mortgage modification is inexpensive when you dont know the net price of decrease loan (tax deductible) interest rates. No wonder so a lot of difficult operating households are confused over balancing their spending budget –with gross incomewhen they recognize that they dont have enough money to spend their bills at the finish of the month! Is it surprising that so numerous men and women give up on their individual finances? With the aim of bridging this informational deficiency, the DebtorWise Foundation is providing the very first net money-flow budgeting curriculum that is primarily based on the IRS 1040 federal tax recommendations.

The DebtorWise Foundation is the nations leading innovator in on the web monetary education courses and individual finance software. Founded by Dr. Manning, an internationally recognized consumer finance scholar, the DebtorWise Foundation is a nonprofit organization committed to supplying affordable monetary education to financially distressed and low-income households. It gives the pre-filing Credit Counseling and pre-discharge Debtor Education courses that are essential by the Federal Court for filing consumer bankruptcy. Dr. Manning’s most current monograph examines Walmart’s expansion into customer economic solutions in the United States with a case-study of Banco Walmart de Mexico.

For far more details speak to: 
Donna Slavin, 
Director of Special Programs 
d.slavin(at)debtorwise(dot)org 
(585) 270-8398
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CEDAR to Attend at Auto Finance Summit in Las Vegas, October 21-24
Atlanta, GA (PRWEB) October 09, 2012
CEDAR invites conference attendees to schedule time with our Auto Finance specialists although attending the show. Experts will be available to go over how CEDAR’s communications management platform helps you better handle your buyer relationships while maintaining pace with todays increasingly complicated regulatory atmosphere.

This year’s Auto Finance Summit will be held at the Encore in Las Vegas, October 21-24.

If you would like meet with CEDAR at the show, please call (770) 395-5060 or send an e-mail to jstancil(at)cedardoc(dot)com. To find out a lot more about CEDAR and our auto finance buyer communications solution, visit our internet site.

About CEDAR: 
CEDAR Document Technologies is the major provider of hosted multichannel buyer communications and account self-servicing capabilities. CEDAR performs with auto lenders to improve and accelerate their finish-to-end processes for all higher value consumer communications. CEDARs client communications management platform lives among your core and your consumer, aggregating and transforming consumer account data into impactful, customized buyer touches such as month-to-month statements, interest rate adjustment notices, secure payment applications and loan modifications.





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CEDAR Exhibiting at 17th Annual AFSA Vehicle Finance Conference
Atlanta, GA (PRWEB) January 29, 2013
CEDAR invites conference attendees to quit by booth #207 and schedule time with our Auto Finance specialists even though attending the show. Practice managers will be obtainable to discuss how CEDAR’s communications management platform helps you greater handle your consumer relationships even though keeping pace with todays increasingly complex regulatory environment.

This year’s conference will be held at the Peabody Hotel in Orlando, February 6 – 8. 
For more information on CEDAR Document Technologies or to schedule a meeting at the conference, send an e mail to jstancil(at)cedardoc(dot)com or check out our website.

About CEDAR: 
CEDAR Document Technologies is the major provider of hosted multichannel consumer communications and account self-servicing capabilities. CEDAR functions with auto lenders to boost and accelerate their end-to-end processes for all high value customer communications. CEDARs client communications management platform lives between your core and your consumer, aggregating and transforming client account details into impactful, personalized consumer touches such as month-to-month statements, interest price adjustment notices, safe payment applications and loan modifications.





Associated Loan Modification Services Press Releases
Direct Capital Slashes Finance Transaction Time with eSignatures
Portsmouth, NH (PRWEB) June 8, 2010
Direct Capital, a leading nationwide provider of commercial lending services, has launched a new electronic documentation system that enables its customers to securely execute lease, loan, and working capital transactions electronically. The system, the first of its kind in the equipment leasing industry, is drastically reducing turnaround time for business customers and delivering meaningful cost savings for the company.
“We have launched the most streamlined, convenient lending process available to businesses today,” said James Broom, Chief Executive Officer for Direct Capital. “This was a major undertaking that significantly improves the efficiency and experience for businesses when they need to access capital. Equally as important, we have also enhanced our industry leading competency in fraud detection.”
According to Broom, the initiative has reduced the customer documentation processing time from five days to five hours on average. “It’s a win-win for all parties,” he said. “We are completing transactions with remarkable speed while reducing costs involved with express delivery services and expensive errors, and we are also greatly reducing our impact on the environment.”
The new process has also been very well received by Direct Capital’s vendor partners, according to Shawn Arnone, Vice President of Business Development for Direct Capital. “We have a large base of vendors/dealers who offer financing to their customers using our services,” said Arnone. “You can imagine how pleased they are to receive a purchase order the same day they submit an application to us. We are even providing same day payments in some cases. This is a game-changing efficiency in the vendor sales cycle.”
According to Broom, the initiative was built through a partnership with electronic solutions provider eOriginal. “Our vendor selection hinged on the capability to deliver robust eSignature technology and management together with a trusted repository,” he said. “eOriginal has a long and successful history providing the capability to transfer and securitize electronic loan transactions. eOriginal is one of the best technology partners we have ever worked with.” Broom also noted that Direct Capital has successfully implemented the process with its secondary market financing sources.
“Partnering with Direct Capital on such a dramatic and successful business process transformation has given both companies the opportunity to showcase our strengths in the finance market,” said Steve Bisbee, CEO of eOriginal. “We realized the depth of the Direct Capital commitment when we saw their due diligence in confirming legal, audit and secondary market requirements and their requirement to incorporate only the best practices.
About Direct Capital
Established in 1993, Direct Capital provides specialty finance solutions, including capital equipment leasing, commercial loans, working capital, and merchant cash advances. Direct Capital markets its services through direct relationships with businesses and through partnerships with franchisors, vendor dealers, and manufacturers of capital equipment. Superb execution on its exceptional and unique direct service delivery model is the cornerstone of Direct Capital’s success in an increasingly commoditized financial services industry. Direct Capital is headquartered in Portsmouth, NH with offices in New York, New Jersey, California and New London, NH. Subscribe to the Direct Capital blog at http://blog.directcapital.com. Follow Direct Capital on Twitter at http://twitter.com/directcapital.
About eOriginal
eOriginal provides advanced electronic signature, vaulting and electronic transaction solutions that are tamper-sealed, auditable and legally enforceable through either a SaaS or as an on premise software model. eOriginal SmartSign
Get Out of Debt Free Card, Now Available on Kindle, is a Personal Finance Book Everyone Can Understand
(PRWEB) February 07, 2012
Get Out of Debt Free Card, written by Karin Palminteri, is now available on the Kindle platform. The book was written with the goal of helping the everyday person become financially responsible by teaching readers how to develop skills to get out of debt and make good financial decisions. The book has everything the reader needs to know for a debt free future. There is no finance degree or college education required; this book was written for everyone to understand.
If more people are aware of their finances and how to structure them, and they are educated on the resources available to them, they will be able to get out of debt and make good financial decisions in the future. In return, it will help our economy as a whole, Palminteri said. In todays society, a lot of people make very poor financial decisions due to the lack of knowledge and skills that are required to be successful financially.
Palminteri wrote the book in a straightforward, easy-to-understand manner, leaving out the fluff included in other personal finance books. She gives the reader clear information and gets straight to the point.
The following topics are featured in the book:
Creating a budget: It is important to know how to create / structure and stick to a budget. A budget is a breakdown and plan of how much money you have coming in and going out. A business couldnt be successful if it didnt keep track of its income and expenses, and the same is true when it comes to personal finances.
The warning signs of debt: There are a few early warning signs of credit problems people should be aware of. When you know what warning signs to look for, action must be taken immediately to turn finances around.
Defining wants and needs: As we take a closer look at our spending habits during our countrys financial crisis, chances are we are still spending hard-earned money on needs that should really be wants. We must become more financially responsible for our actions and more conservative with our finances.
How to live within and beneath your means: Its important to learn how to save money and live beneath your means. Your spending habits can have a tremendous impact on your financial future.
Creating and structuring goals: Goal setting is a very important tool to use in your life. It helps you focus on your current and future visions for yourself, while quickly identify distractions that take you off your path to your current goal.
Negotiating tips and techniques for credit card debt reduction: One of the best possible ways to get rid of your debt is to ask creditors to negotiate the amount to be paid. In this manner, you can ask the creditor to allow you to pay a certain amount smaller than that which is due. Before moving on to debt settling with a collection agency, you need to first understand how collection agencies play a part with your debt.
How to reduce expenses: Never pay full price for anything, including internet, phone, satellite and cable services prices. You have to ask for a discount to get one everything is negotiable. Many retail stores will give you at least 10% discount if you ask. When structuring your budget for utilities, call and get on the budget plan program which puts your bill at a set amount each month. On a set budget plan, you will eliminate any potential financial surprises.
Important facts about banks and mortgages: What are your rights? What help is available? What loan modifications are available? Make decisions with your head, not your heart. Reduce your house taxes by filing an appeal for a property tax decrease.
It is important to read every chapter in the book and incorporate them into daily life. The chapters help develop skills to be financially successful and eliminate debt. The goal-setting skills that will be acquired can also be useful in personal life for success.
Get Out of Debt Free Card is available for the Kindle for $ 7.95 and can be found by clicking here.
About the Author:
Karin Palminteri has had many financial challenges in her life. She worked a full time job and two part time jobs while attending college full time for 6 years. She was a single parent raising two sons on her own with no financial support from her ex-husband while having both sons in ice hockey 5 days a week and spending only $ 25.00 a week for groceries. She encourages readers to not give up on their goals and dreams, reinforcing that if they push themselves hard enough, they will succeed. She is living proof.
Palminteri has a BA in Finance and a MBA in International Business at DePaul University. She is currently working as a Sr. Financial Analyst and has over 15 years of financial experience in budgeting, forecasting, costing and financial structuring. She has her own business that financially advises the budget structuring of start-ups, presents workshops for a debt-free future and provides private debt consolidation advice. She is living proof that if you have a strong desire and determination to succeed and get out of debt, you will.
Media Contact:
Karin Palminteri
708-320-8531
karin.palminteri(at)yahoo(dot)com
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