Bankruptcy

debt – UOB eyes growth as net profit jumps 57 pct – Yahoo! Malaysia News

Rolf Joho — Fri, 12 Mar 2010 02:34:04 +0000

UOB eyes growth as net profit jumps 57 pct – Yahoo! Malaysia News

* UOB Q4 net profit S$522 mln; consensus S$489 mln

* Says asset quality improving, boosts Tier 1

* Analysts see modest loan growth, higher fees in 2010

* UOB shares down 0.4 pct before earnings

By Saeed Azhar

SINGAPORE, Feb 26 – Singapore's third-biggest bank UOB posted its best quarterly profit since June 2008 as the city-state's lenders recovered from the depths of the global financial crisis, and are poised for more growth in 2010.

Singapore's three banks grew earnings by an average of 64 percent in the October-December period, their best-ever profit rise since they started reporting quarterly results, lifted by strong fees and a decline in bad assets except for DBS Group .

DBS was hit by higher bad-debt charges in the last quarter due to its exposure to Dubai World, but United Overseas Bank and Oversea-Chinese Banking Corp both saw writedowns for soured loans slump.

“Things probably have improved if you look back at the uncertainty a year ago,” said Peter Elston, a strategist at Aberdeen Asset Management Asia, which owns UOB shares.

“We are going from having been in a very difficult position to sort of more stability.”

UOB chief executive Wee Ee Cheong said in a statement the bank was positive about growth though he cautioned that 2010 could be volatile as the deleveraging process takes time to work through.

“Asia is well positioned for the post-crisis era, barring any major shocks in the global system,” he said.

The bank said its capital position improved in the last quarter due to higher retained earnings and rebalancing of its balance sheet, as it shifted to better-priced loans and reduced its investment portfolio. Impairment charges decreased 81.1 percent from a year earlier.

UOB's core Tier 1 capital adequacy ratio stood at 11.9 percent, a relatively higher ratio than its Asian peers in a sign that Singapore banks could weather any potential tightening of capital rules.

UOB posted a net profit of S$522 million in October-December, compared with S$332 million a year earlier.

This was the best profit figure since the second quarter of 2008 when it posted a net profit of S$601 million.

The consensus was for a net profit of S$489 million, according to the average forecast of five analysts surveyed by Reuters.

For a graphic on Singapore banks' stock performance, please click on: http://graphics.thomsonreuters.com/0210/SG_BKS0210.gif

MACRO RISKS

Aberdeen's Elston said Singapore banks could show low-single-digit earnings growth in 2010 and could still face risks from the global economy.

“The main risks are on the macro front relating to the possibility of a double-dip. We're certainly not out of the woods yet.”

OCBC, Singapore's No. 2 lender, said it posted its best profit in six quarters, helped by stronger trading profit and gains from its insurance unit.

Earlier this month, DBS Group, Southeast Asia's biggest bank, posted a forecast-beating 67 percent rise in quarterly profit, as strong fee income and a tax writeback helped offset an about 40 percent jump in bad-debt charges.

UBS expects Singapore banks could see loan growth of 5 percent and may benefit from a rise in interest rates.

“With the recession behind us, we expect investor focus to return to growth,” Jaj Singh, an analyst at UBS, said in a note ahead of the results. He added growth could come from either more loans or higher interest rates.

UBS, which has a “buy” on Singapore banks, estimates the sector is trading at 12 times 2010 earnings, below the 14.1 times average valuation for banking stocks for the past 10 years.

Singapore banking shares have weakened this year after a big rally last year when global markets surged following a market meltdown in 2008.

UOB's shares, which were down 0.4 percent on Friday before the results were announced, have fallen about 5 percent this year, broadly in line with the benchmark Singapore stocks < .FTSTI>. But the shares have declined less than its two rivals.

Winding Up Orders Now Being Used As Debt Collecting Tools

Winding up (or compulsory liquidation) is the closest thing to bankruptcy for a limited company. Normally the process is initiated by one or more of a company’s creditors who feel that the company should be closed and cease trading. The creditor will present a petition to wind up the company at the court (a Winding Up Petition). The company may then be ordered by the court to be liquidated or wound up.

Once a winding up petition is ordered, a liquidator will be appointed who will be responsible for closing the business. They will :

- make any employees redundant

- sell company assets to raise cash to pay company crditors

- investigate and report on the company directors (did they continue to trade when they knew it was insolvent).

Traditionally, winding up was initiated by a creditor because they believed that a company was not able to pay its debts. As such, they wanted to protect both themselves and other potential creditors from trading with the business which in the future may not be able to afford to pay them. The company itself would be protected from misunderstandings by the court. The court will review the creditor grievance and any defense put forward by the company and then grant or reject the winding up petition.

Despite the traditional use of winding up, over about the last year I have seen an increase in creditors using winding up petitions to force creditors to pay outstanding debt. All winding up petitions are advertised in the London Gazette which is a significant downside if one is issued against your company. This advertisement will be picked up by all banking institutions whose normal response will be to freeze the bank account of the company in question. This action will prevent payments being made either in or out of the account. A frozen bank account will excaserbate operating problems for a company already facing financial difficulty. As such, the directors of the company often have no real option other than to pay the outstanding debt (and associated legal costs) in full to insure the petition is lifted by the petitioning creditors.

Whether this is a legitimate debt collection method is subject to debate. Ultimately if a creditor has u
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sed all other reasonable methods to try and collect debts owed to them and payment is still not forthcoming then I believe they should be allowed to pursue a winding up order. However, clearly the purpose of the action is to force the company to pay its debt, rather than actually stop it trading. If the winding up order was actually granted by the court, all of the company’s unsecured creditors will be treated equally and be eligible for a fair share of any available cash. However, if, in order to avoid a winding up order, a company is pressured into paying off one creditor in full, I believe that this could be seen as creditors almost making themselves preferred by the back door and thus to the detriment of all others.

By: Derek Cooper

Article Directory: http://www.articledashboard.com

Derek Cooper is Managing Director of Cooper Matthews Limited coopermatthews.com and a member of the Turnaround Management Association UK.

With significant experience in working with small to medium sized businesses, Cooper Matthews specialise in providing straight forward insolvency advice for businesses with financial problems.

More expert advice on Company Liquidation issues coopermatthews.com/company-liquidation.html

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Understanding Loan Consolidation for Business Owners

Rolf Joho — Wed, 10 Mar 2010 20:22:14 +0000

Owning a business is never easy especially if you’ve just started your business. Many business owners have to take a loan or get a credit card to start their business. Many businesses owners find out that it’s very easy to get in debt. There is a solution to help business owners get their business’s finances back on track. If you have loans and credit cards then you should consider getting a loan consolidation. A consolidation loan can help by combining all of your business’s debts into one monthly payment with one interest rate rather than having to try to pay them all at the same time.

Before you go in to ask for a consolidation loan you should make sure your finances are all in line. If this is your first business you may have little experience setting statements up, but it is very important. It is not only important for getting loans, but it is important for doing your taxes and monitoring your business finances as well. These statements should include the businesses overall income, expenses, and debt. Having a month by month printout including your interest rates and payments is usually the best way to go. By having these necessary documents organized you are showing the lender that you are a quality customer that they can rely on to pay back the loan.

The bank also offers loan consolidation if you don’t want to use a private lender. Sometimes the guidelines are stricter based on what guidelines corporate has set up for them. However, seeking loan consolidation from a bank is a good place to start if you have decent credit. Ask for the loan officer and fill out the application that he or she gives you. You will be able to determine what type of loan that will work best for you by talking to them about your business and your situation, and they may ask for other paperwork to be provided with your application. Make sure you turn it in as soon as possible so it doesn’t go out of date.

If you are unable to get a loan consolidation from the bank or want to try a different option because what they offer isn’t optimal for you then you can try other organizations. There are many organizations, both for profit and nonprofit, that offer small business loans to businesses. You can search online to find such organizations that offer these loans.

Every lending company you go to will ask you to fill out an application before you get approved. Some business owners will include payment plans and their business finances with their application as a way of securing their loan. Although this is not a guaranteed way to get approved, your extra effort is important to the loan officer who is looking over your paperwork.

Sometimes the easiest and best way to settle business debt is by getting a business credit card. Depending on what you are able to get approved for, you may find cards that offer 0% interest rate for a few months. If you feel you will be able to pay off the debt with the card before the interest rates go up, you can work your way around paying extra fees for consulting a loan service. Take some time to look around for as many options as possible before settling with a company you are comfortable with.

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debt – YouTube – Reporter Exposes NJ Debt Collector Pressler & Pressler

Rolf Joho — Wed, 10 Mar 2010 02:18:37 +0000

Start by drawing up a budget and the key is to stick with it
You don’t really need to drive that BMW now. Sell it and buy something affordable and save towards buying your smart car cash
Instead of using your credit card for purchases, start using your debit card so that you can go through your financial statement and see where you can cut down on expenses
If you are paying monthly for an investment such as a unit trust or similar plan, stop pumping in money for now until you can recover financially
Buy an affordable house, buy the mansion once you can afford it. Mortgage payments can balloon especially if interest rates rise. There is no need to refinance to renovate your home if you are not currently financially stable. This is where a financial plan is essential
Shop smarter when you do your groceries, if you can save a dollar then it’s worth it. Buying non-branded products is an option!
You don’t need to buy that new couch today. Buy furniture, electronics and house hold appliances cash. If you do not have the cash now, then save until you can buy the items cash
If you can make the sacrifice, start paying off the small bills or the really short term debts by paying more on them and clearing them first.
Change your habits. Alcohol, cigarettes, a night on the town, it adds up. Rather reduce or eliminate these totally and save your disposable income.

There are dozens of other things you can do to start your journey out of debt. However, the ones I’ve listed above are usually the best starting point for most people. Remember the aim is to correct your financial mistakes in an effort to rectify your personal finances. For me, I sold my mercedes benz, put my house on rent and moved into my parents’ for a while. Four months after I moved into my folks’ place I paid up most of my small debts. It took another three months to totally pay off all my debts. Once I had done this, I could then enjoy my rent money from my tenants. However, I had to re-adjust myself to gain relief. Sometimes it is not easy to let go of what we have but letting go for now brings more rewards later.

Self control is very important when it comes to finances and money. Without self control and financial discipline you almost always end up in trouble. Changing your outlook on money can help change your financial situation. It’s that simple. Remember getting out of debt is the first step to achieving financial success but you have to take action.

“A journey of a thousand miles begins with a single step ” – Chinese Proverb

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Details Of Bad Credit Car Loan

Rolf Joho — Tue, 09 Mar 2010 18:01:25 +0000

Obtaining a Bad Credit Car Loan can be a challenging task, but it is not an impossible one. It is important to understand that car loan lenders all have what they refer to as a score that is considered to be “subprime”.

The creditor determines whether someone fall into the category or not. When you’re looking for a Bad Credit Car Loan, typically, this number is around 620 and under as far as the score of your credit is concerned.

If you fall below this average, it is quite likely that you will find it difficult to find someone that will finance you. The good news is that there are many lenders that will offer a bad credit car loan. You may only end up paying higher rates when there is interest.

When applying for car loans for bad credit, it’s essential that you get your free credit report each year and take time to check all information contained on this report. You would like to ensure that all outstanding accounts that listed on the report are correct.

If you find a discrepancy, it is important to contact the credit report agency in writing and include any and all evidence that you have showing that the finding is inaccurate.

When you want to be approved for a Bad Credit Car Loan, it is important that all the information on your credit report is properly reflected. If it is not, you may fall into the subprime category. While this will not ruin your chances for a Bad Credit Car Loan, it can result in your paying much more than you originally anticipated.

When you are in a position of getting a Bad Credit Car Loan, it is important to know that you still have the option of shopping around a little bit. There are actually several lenders that want to assist individuals with bad credit in getting the vehicle that they want.

If you want to see how much you may be required to pay monthly for a car payment when you take out a Bad Credit Car Loan, you can implement the use of car loan calculators.

These tools can assist you in determining how much you will pay based on your income and credit score. As you can see, it is not impossible to obtain a Bad Credit Car Loan, it just takes some simple know how.

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Is It Illegal To Use Debt Consolidation Programs?

Rolf Joho — Tue, 09 Mar 2010 03:09:40 +0000

Everywhere you look Debt consolidation programs are being offered. Ads on billboards as well as commercials on television are promising to eliminate your bills. The services are designed for people who cannot pay their bills and are getting harassed by bill collectors and have late fees and penalties they cannot pay.

There are many different types of debt consolidation services and each will have unique impacts on your credit score. The services are legal but can make problems on your credit report that are hard to repair.

People who have are not paying their bills on time and are not able to catch back up financially are already noticing a decline in their credit score. Debt consolidation management programs are designed for these people in mind. The programs are able remove your outstanding debt fast. All of your accounts will be negotiated for a lesser amount for you to pay off. If your credit was already in danger then it will not matter that this service further hurts it and you will save hundreds or thousands of dollars.

People who are attempting to improve their debt to income ratio or simply remove high interest rate debt in hopes to increase their credit score will want to stay away from the debt consolidation management type of programs.

Anyone looking to better their credit situation or searching for a way to consolidate their high interest debts in to a lower interest loan payment need to think about a debt consolidation loan. A debt consolidation loan will offer you a lower interest rate than your current credit card or other unsecured loans offer. These loans are designed to pay off the other debtors and give you one lower interest rate payment. By absorbing your higher interest loans into a lower interest loan you are able to save thousands over the lifetime of the loan.

Although debt consolidation has been given a poor reputation and some people are afraid of it, there is more to it. The fact is debt consolidation can be very helpful for many people who without it would have their credit ruined entirely.

Your financial situation as well as your goals will determine what debt consolidation service is right for you. A debt consolidation loan is normally the only real option for those trying to obtain a mortgage loan or repair their credit. Any other type of debt consolidation service will leave your credit situation in a poor light and could even add further damage to it.

Your credit will be unharmed and your credit score could even be increased with the use of a debt consolidation loan. You can remain in good standings with your creditors as you are paying the debt back in full. It is recommended to leave one or two of the oldest accounts open to allow your credit history length to remain intact. Your credit history length makes up a portion of your credit score and when trying to improve it you want to ensure you do nothing that could lower it.

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debt – The Fair Debt Collection Practices Act- Tips That Work

Rolf Joho — Tue, 09 Mar 2010 02:19:53 +0000

The Fair Debt Collection Practices Act- Tips That Work

When dealing with an abusive debt collector it is difficult to know where to start. Debtors may already know that debt collection agencies are fast approaching. Often times a first warning is the final notice in the mail, sometimes there is no notice at all. Dealing with debt collectors can be frustrating and sometimes will require a knack for negotiating. Sometimes, however, negotiating is not enough. The calls still continue, the abuse still runs rampant, and peace of mind is just a fleeting hope. The Fair Debt Collection Practices Act was created to protect consumers from these very abuses. Here are some tips that can help consumers and their consumer advocate to bring these abusive debt collectors to justice.

1.Get their offer in writing.

When negotiating the best payment plan, it’s important to get the deal in writing. It will probably be with a promissory note, which debt collectors may ask consumers to sign, to assure they will get their money in case the payments are not paid as agreed. If consumers are not sure what to do, contacting an attorney who belongs to NACA, National Association of Consumer Advocates may be a useful first step.

2. What to do to help when seeking help from an attorney.

An attorney will need credit reports to better evaluate the situation. Everyone is entitled to one free credit report each year from each of the three primary agencies, TransUnion, Equifax and Experian. These reports are available for free at Annualcreditreport(dot)com

Prepare phone logs of who called, when and the content of the call, if possible.

Consumers can tape the calls, but in California notification that the call is being recorded is necessary before the fact. A collector may hang up if they don’t grant permission for the recording to take place. A tape may be helpful to note exactly what was said, which is sometimes difficult to remember if when dealing with abuse, unnecessary personal attacks, and complicated situations.

Save any voicemails or messages that are received from the collector.

3. Sometimes consumers may have filed for bankruptcy and still receive demands from collection agencies to pay. This may be a violation of the law. Consumer’s shoul
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d inform their attorney if this occurs.

If you or someone you know is being abused by a debt collector, don’t accept the abuse. Contact an attorney who specializes in cases of the Fair Debt Collection Practices Act, often times it will cost the consumer nothing and benefit them greatly. Not only will it help on a personal level, it will help to clean up an area rife with wrongdoing.

Norman Taylor & Associates are consumer advocates who know when consumers’ rights are being violated and what can be done to stop abusive debt collectors. Helping consumers since 1987, they have handled over 8,000 consumer cases. The best possible support when dealing with debt collector abuse is the assistance and advice of an attorney who has a solid understanding of the Fair Debt Collection Practices Act and the knowledge of how to put an end to these abusive debt collection practices. Norman Taylor & Associates may be contacted at 1-800-764-7182.

About Norman Taylor & Associates – Consumer Advocates

Norman F. Taylor and Associates have been assisting consumers since 1987. At Norman Taylor & Associates, the goal is to provide clients with the highest quality of legal representation. The firm and its associates are experts in both the debt collection laws – the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA). They can provide you the help you need to end debt collection harassment and bring you peace of mind. They represent consumers all over the state of California. With a twenty two year history of successful cases, Norman Taylor & Associates has established their reputation as a firm of consumer advocates that get the job done.

By: Ann LoCicero

Article Directory: http://www.articledashboard.com

Norman Taylor studied engineering at Arizona State University as an undergraduate. He attended Glendale School of Law, graduated and passed the Bar in 1986. Aside from advocating consumer rights he volunteers for international human rights efforts and sponsors drug education speakers in the public school system. For more information about the Fair Debt Collection Practices Act visit www.stopdebtcollectorsnow.com.

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