Archive forOctober, 2014

Can I Refinance If I Have Bad Credit?

You can try to refinance your auto loan while you have damaged credit, but the results may not be what you hope.

Refinancing is a great way of reducing the amount you owe in interest on a loan, and it can also be used to reduce your current monthly payments if you need some financial relief immediately.

However, that second option can cost you – especially if you have a tarnished credit history.

Lowering Your Interest Rate

At Auto Credit Express, weve worked tirelessly for years helping hundreds of thousands throughout the nation find affordable auto financing. We understand the need for financial relief, and we want to give you more insight about how refinancing an auto loan or waiting may help you.

Lets get this out of the way first; if you have bad credit and you are trying to find ways of refinancing your current loan in order to lower your interest rate, you really should wait until you have taken more time to rebuild your credit history.

If your score hasnt increased enough, obtaining a better rate will be difficult; its likely that if you got your current rate back while your credit was good it would only get higher. Or in the best case scenario, it may stay the same.

In fact, the only way to make it worthwhile is if you were able to show the lender that you have cash in the bank or other types of liquid assets such as stocks or bonds that could be used to repay the loan if needed. If you dont have those, you could also try having a cosigner with a better credit score. These two things might help you, but the actual results may vary.

Making the Day to Day Easier

If you are thinking about refinancing to reduce your monthly payments in order to lighten your financial load, see if there are ways to reduce your financial burdens in other areas of your budget first.

I only say this because while getting a reduction on your monthly payment will give you some relief from month to month, it will cost you heavily in the long run for two reasons:

  1. You will pay on your loan for a longer period of time
  2. When youre finished paying on the longer term, you will have paid far more than your car was worth due to the additional interest on the loan.

As We See It

Trying to take different avenues to reduce your day to day expenses and focusing on getting your credit in order is the best way to get back in financial shape.

Once youve done that, we can find the right people to help you. All you need to do is fill out our easy and secure online application. Dont wait a moment longer, get started now!

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SunTrust moves equipment finance group from Towson to downtown Baltimore

Businesses looking for an equipment loan from SunTrust Banks Inc. wont be driving to Towson anymore.

SunTrust (NYSE: STI) moved its 55-employee equipment finance group for the Baltimore area into its downtown offices at 120 E. Baltimore St. The group opened there Monday, relocating from a longtime office at 300 E. Joppa Road in Towson.

The Atlanta-based bank had space available in the downtown Baltimore buildings 23rd story following some floor plan reshuffling that makes more efficient use of space. The move is largely an attempt to give customers more of a one-stop-shopping experience.

SunTrust has relationship managers downtown who help clients move through the banks different offerings, said Scott Wilfong, its CEO for Greater Washington and Maryland. The Towson location, on the other hand, only hosted the equipment finance group. So SunTrust wanted to put its equipment finance employees in the same building as the other services its clients might want.

The move could also help SunTrust attract talented employees to the group over the long run.

If you look at the national trend, theres renewed interest in downtowns across the country, and millennials want to live in vibrant cities, Wilfong said. If you look at those kinds of national trends, I also think its a workforce quality issue down the road.

The equipment finance group makes equipment loans and offers other financing structures like conditional sales agreements, finance leases and operating leases. Its clients range from manufacturers to transportation companies to service providers that need to find ways to pay for copier machines, computers and telephone systems.

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Caesars’ $18.3 Billion Reorganization Plan Gains Steam

Creditors are coalescing around
Caesars Entertainment Corp. (CZR)’s reorganization plan, paving the
way for a restructuring of $18.3 billion in debt and a possible
mid-January bankruptcy filing for a unit of the largest casino
operator in the nation.

Caesars’ biggest operating unit amended a debt document
giving senior bondholders a lien on its cash, according to a
filing yesterday with the US Securities and Exchange
Commission. A transfer of assets, including a pledge on cash,
needs to be done at least 90 days before a Chapter 11 filing.

Caesars’ parent company, which was loaded with debt after
Apollo Global Management LLC and TPG Capital took it private for
$30.7 billion in 2008, is seeking to reorganize after losing
money every year since 2009. A group of investors that own the
casino operator’s term loans signed non-disclosure agreements
that give them access to private information that will
facilitate the discussions, according to a statement from
Caesars today.

“This latest and important step further reflects our
commitment to working constructively with creditors to
deleverage Caesars Entertainment Operating Co. and create a path
toward a sustainable capital structure for Caesars Entertainment
Operating Co. that is in the best interest of all
stakeholders,” Gary Loveman, chief executive officer at
Caesars, said in today’s release.

Interest Payments

Caesars said in an Aug. 11 filing that it didn’t expect to
have sufficient cash flow from operations to be able to repay
its indebtedness and would have to restructure its debt.

Caesars’ $4.5 billion of 10 percent, second-lien notes due
December 2018 have $225 million in interest payments Dec. 15, a
cash outlay other creditors don’t want leaving the company. When
a company misses an interest payment, it has a 30-day grace
period before it’s in default, which means the company may seek
a Chapter 11 filing by Jan. 15.

A $3.6 billion portion of the bond fell 2.3 cents on the
dollar to 16.3 cents at 3:53 pm in New York, a record low,
according to Trace, the bond-price reporting system of the
Financial Industry Regulatory Authority. That’s down from 47.5
cents a year ago.

Lender Protection

“The first-lien lenders want to protect themselves in
bankruptcy,” Chris Snow, a New York-based analyst at researcher
CreditSights Inc., said in a telephone interview yesterday. By
doing this, “the company is saying it needs to grant the liens
on this cash in order to move” debt talks “forward,” he said.

Caesars received a notice of default from holders of the 10
percent notes, according to another SEC filing today, the second
one this month. The specified defaults need to be remedied
within 60 days, according to the filing.

The casino operator is already negotiating with first-lien
bondholders about a possible restructuring plan, people with
knowledge of the talks said last month. Creditors involved in
the discussions include Pacific Investment Management Co.,
Elliott Management Corp., Beach Point Capital Management LP,
BlackRock Inc., Brigade Capital Management LLC, and JPMorgan
Asset Management Inc.

Loan holders KKR amp; Co., Fortress Investment Group LLC,
Franklin Resources Inc. and GSO Capital Partners LP were
preparing to enter into reorganization talks with Caesars
earlier this month.

To contact the reporter on this story:
Laura J. Keller in New York at
lkeller22@bloomberg.net

To contact the editors responsible for this story:
Shannon D. Harrington at
sharrington6@bloomberg.net
Richard Bravo, Mitchell Martin

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PayPlan Partners With Charity Victim Support

PayPlan is now helping people struggling to cope with debt after being bereaved through homicide, through a new partnership with the charity Victim Support.

The governments Victims Commissioner reported in 2012 that the average cost of bereavement due to homicide was pound;37,000 [1] at least pound;10,000 more than the average salary in the UK [2]. This can leave those affected in great financial difficulties.

Alex Newton, business development manager at PayPlan, said:
The cost to people affected by homicide is high. This is where PayPlan can help. Victim Supports team can now use a secure website to refer those who need help with debt to PayPlan. This will ensure a smooth process and means we can track what weve done to help those people and report back to the charity.

Cathy Owen, Homicide Service manager at Victim Support said:
The Homicide Service has already helped more than 1,500 people bereaved by murder or manslaughter. My team provides a wide range of practical and emotional support to people who are directly affected by this crime.

If they need specialist advice about managing money, we look to expert sources such as PayPlans free services. They can use its expert debt help and a range of practical solutions at no cost to them or to the charity.

For more information about PayPlans free debt management solutions, please call 0800 280 2816 or visit www.payplan.com

To find out more about how the charity Victim Support supports crime victims and witnesses, or to make a donation, please visit www.victimsupport.org.uk

Ends

Notes to editors

[1] The financial costs of murder and manslaughter, Victims Commissioner (Ministry of Justice), May 2012

[2] Average UK salary is pound;27,000 per annum. Office of National Statistics, Annual Survey of Hours and Earnings, 2013

PayPlan, one of the countrys largest free debt solution providers, is a trading name of Totemic Limited, which is a limited company registered in England, Company No. 02789854. https://www.payplan.com/

Victim Support is the independent charity for victims and witnesses of crime in England and Wales. Last year it offered support to more than 1 million victims of crime and helped nearly 200,000 people as they gave evidence at criminal trials through our Witness Service. Victim Support also provides the Homicide Service supporting people bereaved through murder and manslaughter and runs more than 100 local projects which tackle domestic violence, antisocial behaviour and hate crime, help children and young people and deliver restorative justice. The charity has 1,400 staff and 4,300 volunteers and is celebrating its 40th anniversary in 2014. Registered charity no. 298028

Website: http://www.victimsupport.org.uk/
Facebook: www.facebook.com/victimsupport
Twitter: twitter.com/victimsupport

Free debt counselling, debt adjusting and providing of credit information services is also available from the Money Advice Service.

Source: RealWire

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Want a job in finance? Think about moving to Liverpool

Financial services companies are hiring more staff in the North of England in
an attempt to save money on wages and rent, according to research by a
recruitment company.

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Sactoberfest organizer filing for bankruptcy, apologizes

The organizer of the recent Sactoberfest is apologizing and filing for bankruptcy protection, after the second annual event drew lower attendance than projected, according to KXTV-TV Channel 10.

Richard Clakeley of Finrich Events wrote a letter to contractors and creditors owed money, saying he was embarrassed by the failure of the event in West Sacramento, according to News 10.

Turnout through the three-day festival from Oct. 10 to 13 was low, especially on Sunday, thanks in part to high winds.

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Billionaires Add Last-Minute Cash To Campaign Coffers

In a midterm election on track to be the most expensive in history, billionaires -unsurprisingly -are shelling out a lot of the cash. Three of the top five donors at the federal level are on The Forbes 400: Tom Steyer (along with his wife Kat Taylor), Michael Bloomberg and Paul Singer. Of course, those are just the ones who are transparent –many donations aren’t disclosed in the wake of the Supreme Court’s 2012Citizens Uniteddecision.

As Election Day draws nearer, some billionaires are digging deeper into their wallets for last-minute campaign cash. Here’s a round-up of some their contributions made this month:

Oil tycoon Paul Foster gave $1 million to Freedom Partners Action Fund, a conservative super PACs led by the Koch brothers.

Retired hedge fund manager Tom Steyer, the election’s most generous donor, added another $16 million to his NextGen Climate Action PAC. He’s given nearly $58 million to the group, which is trying to elect candidates who pledge to take action on climate change.

American Crossroads, the super PAC backed by Karl Rove, brought in$1 million from former Univision CEOJerry Perenchioand $1.25 million frominvestment banker Warren Stephens(he gave the group $3 million total).

Casino mogul Sheldon Adelson gave $5 million to the Congressional Leadership Fund, a political action committee backing House Republicans. The donation helped the group rake in $6.8 million in the first two weeks of October, nearly double what it had collected in the previous three months.

Follow me on Twitter@katiasav.

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Orlando cash advance clerk robbed at knifepoint

INVESTIGATION AND THE RESULTS. ERIC AND ORLANDO FOR US. A CLERK ATTACKED AT KNIFE POINT INSIDE A LOCAL STORE. SURVEILLANCE CAMERAS WERE ROLLING AS A ROBBER WALKED IN, PULLED UP A KNIFE AND HELD UP THE CLERK AND THAT ROBERT IS STILL OUT THERE. THIS HAPPENED INSIDE CASH ADVANCE IN ORLANDO BETWEEN MILLS AMAKA UBAKA IS LIVE. IS THAT CLERK OKAY TONIGHT? Reporter: LISA, SHE IS DOING OKAY. I SPOKE WITH HER HUSBAND OFF CAMERA AND HE SAID SHE IS GRATEFUL HE WASNT HER. SHE IS ONLY 4-10 AND 96 POUNDS WHAT SHE MANAGED TO STAY CALM WHEN CONFRONTED BY ROBBERS SIDE THIS STORE. A FEMALE CLERK VIOLENTLY ROBBED AS SHE WORKED ALONE INSIDE THIS ADVANCE AMERICA. A CASH ADVANCE STORE. ONLY LOCAL 6 HAS THE VIDEO THAT SHOWS A MAN WALKING IN, PRETENDING TO BE A NEW CUSTOMER. DEPUTIES SAY AS A 26-YEAR-OLD CLERK GOES TO THE BACK ROOM THE ROBBER FOLLOWS COMING BEHIND THE COUNTER WITH A KNIFE. ANOTHER CAMERA SHOWS THEM COMING BACK TO THE FRONT WHERE SHE CALMLY HANDSOME CASH FROM SEVERAL REGISTERS. HE THEN DEMANDS SHE OPEN THE SAFE. AFTER GRABBING THE CASH THE ROBBER JUMPS OVER THE COUNTER AND TAKES OFF. THAT IS PRETTY SCARY. Reporter: GARY WORKS AT GOODFELLAS PIZZA AND SAID THEY WERE ONLINE DOWN. CUSTOMERS WERE TRYING TO COME IN AND PICK UP FOOD AND OUR DELIVERY DRIVERS COULDNT LEAVE. Reporter: WITH A VIOLENT ROBERT STILL OUT THERE DEPUTIES ARE HOPING SOMEONE CAN HELP IDENTIFY HIM BEFORE HE STRIKES AGAIN. LISA, IM TOLD THAT WOMAN NORMALLY DOES NOT WORK AT THE STORE. SHE WAS ALONE BECAUSE SHE WAS COVERING FOR OTHER EMPLOYEES. THE STORE IS SET TO REOPEN AT 9 AM TOMORROW.

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West Bank levee authority looks for millions to finance interim operations at …

As it girds itself to operate the worlds largest pump station temporarily, the West Bank levee authority will transfer $2 million into a capital fund for emergency expenses. The Southeast Louisiana Flood Protection Authority-West board also will consider dedicating another $2 million to a special account to pay for running the West Closure Complex for a year.

The moves are prompted by a dispute among local governments over responsibility for running theBelle Chasse facility, the$1 billion linchpin of the West Bankhurricane protection system. Jefferson Parish, the New Orleans Sewerage and Water Board, Plaquemines Parish and levee authority were supposed to share the cost, but Jefferson and New Orleans have balked.

While negotiations continue, the authority is working out an interim agreement with Plaquemines to share the expense to oversee the structure. The agency is budgeting $2 million for operations, officials said, although the cost has been projected as much as $3.5 million.

This is not really a matter of are we going to do this. This is a matter of how are we going to do this, said authority President Susan Maclay.

Assuming responsibility for the pump station places additional financial stress on the authority also faced with the start of a $15 million to $25 million project next year to lift levee reaches that have subsided. Adding soil to raise the structures height is necessary to accommodate the Army Corps of Engineers which will armor the levees with sod to increase their strength.

And there is the primary mission of operating and maintaining 100 miles of levees, floodwalls and floodgates.

Our budget has been blown up, Ed Camnetar, chairman of the authoritys finance committee, told the board this week.

The authoritys $7.4 million budgetis derived from $5 million in taxes paid by West Jefferson residents and $2.4 million in Algiers. But Algiers contribution would be cut in half if 6.35-mill tax is not renewed next year.

Maclay said the $2 million for the capital fund will come from $8 million left over from previous fiscal years in the general fund. The West Jefferson and Algiers levee districts will chip in $1 million each. Plaquemines share is about $380,000, Maclay said.

Were cautiously optimistic that it will be just $2 million, she said.

The authority retains $3.5 million in its general fund to cover expenses from July through December.

Our fiscal year starts in July but we dont start seeing the first penny of tax revenue until (December), Maclay said. Youve got approximately six months that you have to operate without any revenue coming in. If we dont leave revenue from the prior fiscal years collections in the general fund, then you dont have money to operate.

Maclay said the finance committee would return to the full board once the agreement with Plaquemines and the state Coastal Protection and Restoration Authority is in place to take over the pump station. At that time, another $2 million would be placed in a West Closure Complex escrow account along with money from Plaquemines.

Officials are under the gun to secure a pact with Plaquemines after the states contract with the private entity overseeing the station expired Oct. 19. The authority would likely retain the firm since its involvement with the structure dates to its construction.

The massive pump station and 225-foot sector gate are designed to block storm surge from the Harvey and Algiers canals and lessen flooding in West Jefferson, Algiers and Belle Chases.

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6 Surprising Ways Having Bad Credit Hurts

Its been said many times that having a low credit score can hurt your finances. From being denied a credit card to receiving a high-interest rate on an auto loan, poor credit will hurt you. In addition to the recognizable consequences, there are a few lesser known, but still hazardous, effects bad credit can have on you. Here are some of these surprising effects:

1. Job hunting. While its true that only a fraction of employers run credit checks on all prospective new employees for a particular job, poor credit can hurt your chances of landing it. Considering a handful of states restrict employer-run credit checks to varying degrees, you will be asked to sign a release in order for the company to pull your credit history.

Its best to know what your credit report looks like going in so you can be prepared for possible questions. If there are mistakes on your report, make sure to clear them up with the creditor that made the error and ask them to report their mistake to the three major credit bureaus — Equifax, Experian and TransUnion. Having a bad credit score wont necessarily make or break your pursuit of a job, but its good to know about any possible problems to remedy them.

2. Paying utilities. Believe it or not, utility companies care about your credit history, too. A utility company might require you to put down a cash deposit or provide a letter of guarantee to be eligible for the service. A letter of guarantee is a promise someone else will agree to pay your bill if you dont. Its not the easiest way to get water or electricity, but sometimes its the only option.

3. Getting a cell phone. Like with utility companies, a cell phone provider might require you to put down a deposit to secure service. You might also miss out on special rates and promotions if you have a not-so-perfect credit score. The selection of phones can be limited to pay-as-you-go models if you cant afford a deposit or find a cosigner for the contract.

4. Applying for car insurance. Its a given that a bad credit score will hurt when applying for a car loan. Youll have to pay a higher APR on it, which means you may end up paying thousands more dollars than someone else with a good credit score on the very same vehicle.

But even your car insurance rates can be adversely affected because of poor credit. Some companies base their premiums on your credit score when you apply for insurance. Companies justify this by saying lower credit scores correlate to more claims being filed. Whether its fair or not, your credit history can have a big impact on attaining affordable auto insurance rates.

5. Elective medical procedures. To be clear, mandatory treatment will never be denied. Elective procedures that arent covered by your insurance, however, such as laser eye surgery and certain plastic surgery, will require payment upfront if the doctors office determines you cant afford to pay the monthly installments. And how is that determined? You guessed it: based on your credit score.

6. Starting your own business. If you thought getting a favorable car loan was daunting with bad credit, be prepared to be turned away for small business loans. Even a great idea with a sound business model might not be enough to get off the ground if youre in need of a loan to do it. If you do get approved for a small business loan, youll probably have a high interest rate and might have to put up a lot of collateral in exchange for the funding.

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