PSC: It’s time to liquidate

Posted by admin on 01/18/2017 in Cash Advances | Short Link
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Arrest made in Lumberton Band booster theft

Posted by admin on 01/18/2017 in Cash Advances | Short Link
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Cox was taken to the Hardin County Jail and had not posted bond as of late Thursday afternoon. If convicted, she could face 2 to 10 years in a state prison and a fine. She also could be required to pay restitution.

Sullins said Cox began stealing from the club on June 6 and used the money primarily at the Golden Nugget Casino in Lake Charles and other casinos in Mississippi and Alabama. The thefts began one week after Cox was elected treasurer and given access to the clubs accounts and debit card.

Still looking at her to this day, I cant believe it, said president Randy Eason, who discovered the money was missing on Oct. 18. She went on a vacation across the South with the money.

According to a probable cause affidavit provided by Lt. Joseph Breaux Jr., Cox confessed in October that she began gambling in June of 2016 to relieve stress from work and divorce, and used incredibly poor judgment when her losses were greater than her personal finances could support.

She also made purchases at Wal-Mart and Sams Club and paid for at least one dental appointment using the money, according to the document.

She felt the need to try and fix the situation by gambling more hoping to earn back when she had lost, the affidavit said.

She spent almost $85,000 at the Golden Nugget, according to casino records referenced in the affidavit.

She got the money through ATM withdrawals, cash advances, a few checks and debit card purchases, Sullins said.

Eason said Coxs financial reports at monthly booster club meetings did not indicate a problem, and when asked a question, she always had a good story. They trusted her because she worked for Jasons Deli as a forensic accountant in charge of loss prevention and because her daughter is a leader in the band, he said.

Breaux said that they believe the thefts had nothing to do with her employer. A customer service representative for Jasons Deli said Cox is no longer employed there.

We thought we knew her, but I guess we didnt, said club secretary Trish Volker, who recalled Cox sitting with the board at games and acting normally. She said Cox was able to take the money easily without being noticed because the band and club have almost no activity over the summer. She cleaned out our accounts before school started, and then took everything that came in after, she said.

In the last month, the club has elected a new treasurer and assistant treasurer and implemented new security procedures, including notifications of withdrawals and additional board access to the accounts, Eason said.

With community fundraisers and assistance from area bands, the boosters have raised enough to cover about $38,000 in unpaid bills but are still down about $25,000, he said.

Our lives have been fundraising for the last six weeks, Volker said.

The club typically pays for uniform cleaning, music and fundraising supplies and T-shirts, and supports a band trip to play at Disney World in alternate years. Money set aside for the trip, which is scheduled for March 2018, was taken.

The club is struggling to meet some ongoing expenses, Eason said.

We really should have had their uniforms cleaned before UIL competitions in the next few weeks, a $1,400 expense, but we just cant justify it right now, he said.

The band is performing at local venues and restaurants to raise money, and will be holding its annual fireworks sale in December.

Lori Sell, who served as the clubs treasurer for two years before Cox, said she took the theft personally.

I looked her in the eye, I handed the checkbook to her, I told her you need to be a person of integrity, intelligence and utmost trust to do this job, she said. Ive been in accounting for 25 years. I would never have dreamed of seeing something like this.

Eason said band director Tim Pallone addressed the students about supporting Coxs daughter, who has participated in one of the bands fundraisers.

The band students have come together behind her daughter. … The band kids are like a family, he said.


Cash Advance Option Available For Unharvested Grain

Posted by admin on 01/17/2017 in Cash Advances | Short Link
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Farmers who have been unable to harvest their 2016 crops may be eligible for a cash advance under a revised application deadline.

Canadian Canola Growers Association (CCGA) will accept new seeded cash advance applications until March 2017.

“The deadline extension means farmers have a new option for generating cash flow even though they have unharvested crops,” says Rick White, CEO of CCGA. “This deadline change applies equally to farmers already enrolled in the 2016 program, as well as those who are applying for the first time.”

Farmers are still required to meet all existing seeded advance requirements including provision of security, reporting requirements, and repayment deadline.

“In the past we could not issue seeded advances after August 31st,” says Dave Gallant, Director of Operations at CCGA. “This change creates an opportunity for many farmers across the Prairies who were not able to complete harvest this year due to weather difficulties.”

Advances also remain available for grains already harvested and stored in bins.

The advance payments program is a federal loan guarantee program, which provides agricultural producers with access to low-interest cash advances.

The program is part of Agriculture amp; Agri-Food Canada’s suite of business management programs.


Judge allows money motive to be detailed in East Dundee murder trial

Posted by admin on 01/17/2017 in Cash Advances | Short Link
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Court documents have long suggested prosecutors believed Schmelzer committed the crime to tap into money from his grandmothers $800,000 estate, of which he was a benefactor. During a Wednesday hearing, Assistant States Attorney Bill Engerman offered Abrahamson some details as to how prosecutors believe Schmelzers finances served as a motive. Engerman described Schmelzers financial arrangements with two women – one in Texas, a second in Las Vegas, who he alternately described as prostitutes or escorts. Schmelzer also had taken $22,500 in cash advances on one of Darringtons credit cards over the course of six months in 2013 and 2014.

Engerman noted that Schmelzer, who controlled the family finances, and his wife were gainfully employed. They supported their four kids, and could pay a nanny and the $600-per-month payment on his car. Yet, Schmelzer asked family members for loans at various times and failed to make mortgage payments for several months, leading the family home to go into foreclosure, Engerman said, previewing some of Schmelzers now-ex-wifes expected testimony.


UL researchers secure funding for new cystic fibrosis device

Posted by admin on 01/14/2017 in Secured Funding | Short Link
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University of Limerick (UL) inventors recently secured funding for the new percussion device that helps remove mucus from the airways and will, they hope, greatly improve the quality of life for cystic fibrosis patients.

Ireland has the highest incidence of CF in the world and CF is the most common, fatal hereditary disease in the United States.

Professor Colum Dunne, who is Foundation Chair and Director of Research at ULs Graduate Entry Medical School (GEMS), explained the background to the development of the product.

Patients with respiratory diseases use various devices, which help the removal of mucus from the airways and the improvement of pulmonary or lung function. One example that we have focused on here is the CF patient airway, which is defective in ciliary function; resulting, due to ineffective removal, in a mucus-rich environment favouring growth of bacteria. These bacteria include potential pathogens, associated with chronic infection, decreased lung function and accelerated respiratory disease.

Currently, there are percussion-based chest physiotherapy devices on the market, but according to Professor Dunne, these can sometimes become reservoirs for the bacteria that cause infections in Cystic Fibrosis patients. Because the new device, SoloPep, is disposable, it poses no threat of reinfection.


First the scam involving lead-poisoning settlements, now the crackdown: Washington Post editorial

Posted by admin on 01/12/2017 in Cash Advances | Short Link
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By The Washington Post Editorial Board

As it was outlined last week in a federal lawsuit, the scam had an elegant simplicity. Sharpies at a financial firm in Chevy Chase called Access Funding would comb court records with the goal of targeting unsophisticated Baltimoreans, usually African-Americans who as children had been victims of lead-paint poisoning. Often, they suffered cognitive impairment; frequently, they were hard up for cash; nearly always, they were unsuspecting.

The idea, according to the suit filed by the federal Consumer Financial Protection Bureau, was to bilk victims out of long-term, incremental payments, known as structured settlements, which they had received from lawsuits arising from the poisoning. In return, they were offered immediate, and deeply discounted, lump-sum payments, generally worth just 25 to 30 percent of the present value of the future payments they were forfeiting.

In some or most cases, an independent professional adviser might have cautioned the lead-paint victims that the deal might not be in their best interests; many of the victims, with no experience in financial management, would be ill served by a lump-sum payment, which they might squander. But in this case the adviser, required by law, was a sham arranged and mostly paid for by the financial firm itself, the lawsuit alleges.

The lawyer, Charles Smith, was neither independent nor very professional, and, in the scenario laid out by the lawsuit, what he rendered could hardly have been called advice. After a cursory few minutes on the phone with Smith, the lead-paint victims – now victimized again – generally went along with the deal.

Thats the gist of the bureaus suit against Access Funding, its officials and Smith. They stand accused of running what amounted to a highly effective con that exploited its victims by plying them with cash advances, which tricked them into believing, falsely, that they were obligated to go forward with the transaction.

Smith got $200 from Access for every client to whom he provided such independent professional advice, attesting that he had rendered it in a letter that was later provided for the benefit of a state court. Nearly all of the victims ended up poorer, generally to the tune of tens of thousands of dollars.

A similar lawsuit is pending in state court, brought by Marylands attorney general. The lawsuits, along with reforms enacted by state lawmakers this year, are a fitting response to the scheme, first uncovered last year by The Post.

In just two years ending last fall, according to the Maryland attorney generals office, Access Funding struck 158 such deals, mainly with lead-paint poisoning victims, in which it paid just $7.5 million for settlements with a present value of $32.6 million. Thats a disgrace in which state courts and judges, which rubber-stamped the deals, were complicit.

At the least, its to be hoped that the lawsuits result in orders that the defendants pay damages to their victims, be stripped of their ill-gotten gains and be permanently barred from the structured-settlement-purchasing industry. That outcome would serve as a warning to others who would prey on highly vulnerable, cognitively impaired victims – precisely the sort of citizens who are entitled to protection in law and the courts, but in this case didnt receive it.

(c) 2016, The Washington Post


COA reports ‘lapses’ in grant, liquidation of Aquino SBMA officials’ cash advances

Posted by admin on 01/11/2017 in Cash Advances | Short Link
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THE Commission on Audit (COA) has questioned Subic Bay Metropolitan Authority (SBMA) officials cash advances amounting to P14.1 million during the Aquino administration.

In its audit report, the commission said there are lapses in the grant and liquidation of cash advances involving P14.1 million to SBMA officials, who were not even duly designated as disbursing officers.

The agency said the cash advances and inadequate documentation of liquidations totaling P5.5 million exposed government funds to risks of misappropriation or loss and cast doubt on their regularity.

The COA reported that the postaudit of disbursement vouchers (DVs) for cash advances with their liquidation reports revealed that the cash advances were granted to seven SBMA officers, six of whom were not duly designated as disbursing officers.


5 reasons your credit card application was rejected

Posted by admin on 01/11/2017 in Unsecured Credit Cards | Short Link
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Thinking back to when I applied for my first credit card, the entire process was pretty straightforward and simple. Despite being a full-time college student with little income and zero credit history, I was approved with no problem. Then again, this was the late 90s and during a time when banks would give broke students a credit card like it was candy. Its not like this today.

Applying for a credit card can build your credit history. But with tougher credit and income requirements, instead of receiving a credit card in the mail a couple weeks after submitting an application, you might get a rejection letter. Your first reaction might be anger, and you might say the credit card gods are against you. But theres a reason for the banks decision. To position yourself for an approval, you have to know why you were rejected in the first place.

Your Credit Card Balances are Out of Control
There are no rules regarding how many credit cards are too much. So if you already have a handful of credit cards in your name, its possible to get approved for a new card as long as youre managing your existing accounts responsibly. Some banks, however, might reject your application for a credit card if your current card credits are maxed out or close to being maxed out.

You might shrug off high balances, but it is a big deal to banks. This is because maxed out credit accounts increase the probability of defaulting, and banks dont want to risk losing money. Before applying for a credit card, work on paying down the balances you already have. Ideally, you should keep credit card balances below 30% of your credit line.

You Got a Little Happy with Credit Applications

Credit card companies also look at your number of recent credit inquiries when deciding if you qualify for an account. An inquiry appears on your credit file every time you submit a new application for credit and banks pull your credit history.

When establishing credit, some people make the mistake of applying for as many accounts as possible to increase their odds of an approval. What they dont realize is that each credit inquiry lowers their credit score by a few points, making even harder to qualify for a credit card. An excessive amount of inquiries is also damaging because some banks are hesitant to extend credit to applicants who have multiple inquiries within a short span of time. The bank may assume youre desperate for credit or experiencing some sort of financial trouble.

You Have Fresh Delinquencies on Your Credit Report
Negative information can stay on your credit report for up to seven years and have an immediate negative impact on your credit score. The good news is that these items arent as damaging to your credit as time goes on. So if you have a 60-day late payment on your credit report from four years ago, most banks will overlook this item. Theyre more interested in your recent credit history and how well youre managing credit today. With that said, a bank might reject your credit card application if late payments, collection accounts, charge-offs or judgments have been added to your credit report within the past 12 to 24 months.

Its Your First Crack at Establishing Credit
Sometimes, no credit is just as bad as having poor credit. When you apply for a credit card with a blank credit history, banks are unable to gauge how well you manage debt. And unfortunately, this can result in a few rejections. The trick to overcoming this hurdle is applying for credit cards created specifically for individuals looking to establish credit. These include secured credit cards, as well as unsecured credit cards. Unsecured credit cards dont require a security deposit, but they typically have higher interest rates and lower credit limits.

Youre Under 21
Just because youre a legal adult at 18 doesnt mean you can get a credit card. If truth be told, getting approved for a credit card is challenging for anyone under 21. This is because the Credit Card Act of 2009 requires applicants under 21 to have a cosigner, such as a parent, a guardian or another adult over the age of 21. The only exception is when an individual under 21 can provide sufficient proof of independent income and assets to manage minimum monthly payments.

The Takeaway
Because most working adults have at least one credit card, some people think credit cards are accessible to everyonewhich unfortunately, isnt true. Credit card companies want customers just as much as consumers want credit accounts. Even so, banks are in business to make money, not lose money. And if you dont fit their criteria of the ideal applicant, you wont get an account. To move the odds in your favor, do your research and make sure you know what banks look for in an applicant.

The post Denied a Credit Card? 5 Reasons Why Your Application Was Rejected appeared first on The Jenny Pincher.

RELATED: 20 Tips for Saving Money at the Grocery Store


ONE Savings Bank PLC : Director/PDMR Shareholding

Posted by admin on 01/10/2017 in Secured Funding | Short Link
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Avoid paying interest while shopping for holidays

Posted by admin on 01/04/2017 in Cash Advances | Short Link
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Charge only what you can afford. Buy something with a credit card and you get what amounts to an interest-free loan. However, that’s true only if you pay off your balance in full by the due date after you receive your monthly statement — what’s termed a grace period. If you pay in full month after month, you’ll get a break on new purchases but NOT on cash advances or convenience checks. Those generally start accruing interest immediately. Some balance transfers may also not be included in a grace period; read the terms of your card carefully to see what terms apply.

Plan your payback. If you carry any balance into the next billing cycle, there’s no grace period on purchases you make during that cycle. Your card company will start charging interest the moment you make a purchase. Some card companies require you to pay your balance in full for two straight months to get your grace period back.

If you have carried a balance, you might get hit with something referred to as “trailing interest” or “residual interest.” Those terms refer to interest that accrues on your balance before you have a chance to pay it off, even if you’re paying the full balance that’s shown on your statement. The trailing or residual interest might have accrued between the time your statement was printed and the time your received it in the mail.

David Leach, principal examiner at Maine’s Bureau of Consumer Credit Protection, has some realistic advice about holiday shopping. He suggests a cooling-off period when considering major purchases.

“Your friends and family don’t want you to incur excessive debt to buy them presents,” Leach said recently.

Consumer Forum is a collaboration of the Bangor Daily News and Northeast CONTACT, Maine’s all-volunteer, nonprofit consumer organization. For assistance with consumer-related issues, including consumer fraud and identity theft, or for information, write Consumer Forum, PO Box 486, Brewer 04412, visit or email


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