Financial Capital – Premudraja http://premudraja.net/ Mon, 23 May 2022 15:35:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://premudraja.net/wp-content/uploads/2021/06/icon-4-150x150.png Financial Capital – Premudraja http://premudraja.net/ 32 32 CFPB and New York Attorney General end debt collection ring https://premudraja.net/cfpb-and-new-york-attorney-general-end-debt-collection-ring/ Mon, 23 May 2022 15:35:50 +0000 https://premudraja.net/cfpb-and-new-york-attorney-general-end-debt-collection-ring/ washington d.c. – The Consumer Financial Protection Bureau (CFPB), in partnership with the New York Attorney General, has filed a motion for stipulated judgment in federal court to settle its case against a debt collection company and its owners and officers. The judgment would order all participants in the scheme, based in upstate New York, […]]]>

washington d.c. – The Consumer Financial Protection Bureau (CFPB), in partnership with the New York Attorney General, has filed a motion for stipulated judgment in federal court to settle its case against a debt collection company and its owners and officers. The judgment would order all participants in the scheme, based in upstate New York, to exit the debt collection market after their history of deception and harassment. Their debt collection companies would also be shut down and required to pay a total of $4 million in penalties.

“It is illegal for debt collectors to orchestrate smear campaigns using social media to extort consumers to pay,” CFPB Director Chopra said. “Our action with the New York Attorney General bars the ringleaders of this industry operation to end further misconduct.”

“This debt collection operation used illegal and deceptive tactics to prey on consumers, and now they are paying the price for the harm they caused,” Attorney General Letitia James said. “Predatory debt collectors make their profit by targeting hard-working consumers and then illegally pushing them further into debt. These debt collectors have used harassing calls and fake threats to coerce consumers into paying, not only is it illegal, it’s downright shameful. Today’s action should send a strong message to debt collectors nationwide that we will not hesitate to use the full force of the law to hold them accountable if they harm consumers.

The corporate defendants are JPL Recovery Solutions; Regency One Capital; ROC Asset Solutions, which operates as API Recovery Solutions and Northern Information Services; Check Security Associates, which does business as Warner Location Services, Pinnacle Location Services and Orchard Payment Processing Systems; Keystone Recovery Group; and Blue Street Asset Partners. The individual defendants are owners Christopher Di Re, Scott Croce and Susan Croce, and Brian Koziel and Marc Gracie, who acted as managers of some or all of the companies.

The companies are interdependent collection companies based from a single location in Getzville, New York. Together they bought up delinquent consumer debt for pennies on the dollar. The debt came from high-interest personal loans, payday loans, credit cards and other sources. The network then attempted to collect debts from approximately 293,000 consumers, generating gross revenue of approximately $93 million between 2015 and 2020.

The CFPB and the New York Attorney General allege the network used deceptive and harassing methods, violating the Fair Debt Collection Practices Act and the Consumer Financial Protection Act. Specifically, the complaint alleges that the owners, managers and businesses used the following illegal tactics to collect the debt:

  • Arrest and imprisonment falsely claimed: Collection companies threatened people with arrest and imprisonment if they did not pay. In fact, people are not likely to be arrested or imprisoned for non-payment of debts.
  • Lied about a lawsuit: Companies were wrongly threatening people with legal action, including wage garnishment and foreclosures. In reality, the network has never sought or obtained any legal judgments.
  • Inflated and distorted debt amounts: The defendants lied about the amounts of the debts owed to convince people that the payment of the sums they really owed represented a substantial forgiveness. To further pressure people, collectors said the offers would only be available for a short time.
  • Creation of “defamation campaigns”: Using social media and other methods, collectors pressured people to pay by contacting and disclosing the debts to immediate and distant family members, grandparents, in-laws, ex- spouses, employers, co-workers, landlords, Facebook friends and other known people. associates. The network did so even after the collectors were told by the victims to cease all contact. Victims called these tactics “emotional terrorism.”
  • People harassed with repeated phone calls: Collectors repeatedly called people several times a day over periods of a month or more. The network, in fact, instructed its collectors to let the person hang up on every call, so they could pretend in their call logs that they were disconnected, and then call back the very next day. Collectors also used insulting and disparaging language, and engaged in bullying behavior on the call.
  • Has not provided the information required by law: The network has not provided people with the notices required by law, which detail their rights. When individuals asked for the opinions, some collectors refused to provide them.

Enforcement measures

Under the Dodd-Frank Act, the CFPB has the authority to take action against institutions or individuals who engage in unfair, deceptive, or abusive acts or practices. The CFPB also has authority over debt collection practices under the Fair Debt Collection Practices Act. The proposed stipulated judgment filed today, if ordered, would require the companies, along with their owners and senior executives, to exit the debt collection market. The defendants must also pay a $2 million fine to the CFPB, which will be deposited into the CFPB’s victim relief fund, and a $2 million fine to the New York Attorney General. However, if the defendants fail to make the payments on time, each penalty amount owed would increase to $2.5 million.

Today’s order follows the CFPB and the New York Attorney General court case in September 2020.

Read the stipulated judgment and order offered today.

Consumers can submit complaints about debt collection activities, or about financial products or services, by visiting the CFPB website or calling (855) 411-CFPB (2372).

###

The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces federal consumer finance law and ensures that markets for consumer financial products are fair, transparent and competitive. For more information, visit consumerfinance.gov.

]]>
Financial literacy courses could become a requirement in Montana schools next year | Montana News https://premudraja.net/financial-literacy-courses-could-become-a-requirement-in-montana-schools-next-year-montana-news/ Fri, 20 May 2022 21:15:00 +0000 https://premudraja.net/financial-literacy-courses-could-become-a-requirement-in-montana-schools-next-year-montana-news/ When Butte resident Mike Paffhausen graduated from Carroll College in 2009, he received a thin, purple school book that he says changed his life. It was called “Life After Graduation: Your Guide to Success”. Paffhausen then made a to-do list on a few blank pages at the back of the book, filled with items the […]]]>

When Butte resident Mike Paffhausen graduated from Carroll College in 2009, he received a thin, purple school book that he says changed his life. It was called “Life After Graduation: Your Guide to Success”.

Paffhausen then made a to-do list on a few blank pages at the back of the book, filled with items the book recommended. The list spanned a page, plus a few, and included items such as “buy life insurance”, “create a budget” and “make a will”.

Today, he still has the book and has crossed off every item on the list within the first two years of reading it.

The book and the lessons learned from it were pivotal in Paffhausen’s life, he said, and after that he became determined to have other young adults benefit from those lessons.

“Finances are like sex, religion and politics,” Paffhausen said. “We don’t talk about it at the table anymore; it’s inappropriate and taboo, and it shouldn’t be. And that’s really inappropriate in those families where they’re not good at money. So we perpetuate poverty.

Paffhausen’s many efforts to improve financial literacy in the community include working with Carroll, local high schools, through his church, and even fundraising to continue buying books for future seniors.

In the summer of last year, he told the board of directors of the National Association of Insurance and Financial Advisors of Montana, of which he is a member, his goal of getting guaranteed personal finance courses for every high school student in Montana. Paffhausen and other proponents refer to it as guaranteed rather than required — like all high schools, students are guaranteed a financial literacy course.

Paffhausen has connected with Next Gen Personal Finance, a nonprofit that he says has worked with him and the NAIFA MT board for almost the entire year to make their goal a reality. Paffhausen was introduced to Carly Urban, an economist with a Ph.D. in economics and associate professor at Montana State University in Bozeman, via Next Gen.

In October 2021, Paffhausen spoke at the Montana Association of Business Professionals of America’s Fall Leadership Conference as part of NAIFA MT. Paffhausen said he spoke at a roundtable with teachers about the organization of guaranteed financial literacy classes in high schools in Montana, and they were all “resoundingly supportive,” which he said. urged him and the NAIFA MT Board to continue.

He became president of the National Association of Insurance and Financial Advisors Montana in January.

On Tuesday, Urban, who is a senior researcher in the field, presented her findings on guaranteed personal finance classes in schools at the 2022 NAIFA MT State Convention at the Fairmont Hot Springs Conference Center near Anaconda, where NAIFA MT members who were not on the board were present.

About Literacy Classes

The idea behind financial literacy in schools is that high school graduates have to make many very important financial decisions when they graduate and should educate themselves about money before they start doing so.

The case for financial literacy, Urban said during his presentation, is in his favorite thing: data. According to his research, only 27% of 23-28 year olds can correctly answer three basic questions about interest, inflation and diversification.

“And when I say basic questions, I mean, ‘You have $100 today, the interest rate is 2%, how much money will you have next year? Will you have more than $100, exactly $100 or you don’t really know? Said Urban.

She said her research also revealed that 54% of student borrowers did not calculate their future monthly payments before choosing a loan and, one statistic she found very telling: 38% of 18-34 year olds said they had used alternative financial solutions. services, such as payday loans, over the past five years.

Urban called these alternative financial services a “debt trap for young people”.

“If you want to make sure you can never start a small business as a young adult, or in your life, start the payday cycle,” she said.

When his research looked at states that guaranteed financial literacy courses as a condition of graduation, it showed that the first class had no change in credit scores by age 23 and had a decrease 1.4% of unpaid bills over 90 days. The second cohort achieved a 16 point improvement in credit score and a 3.4% decrease in delinquency over 90 days, and the third cohort experienced a 32 point increase in credit score and a decrease in 5.8% of delinquency over 90 days according to age. 23. Urban called the results of the third cohort of high school students “enormous.”

His research also shows that people want financial literacy courses in schools, with 88% of respondents to a 2022 survey saying high school students should be required to take a semester or year-long course on financial literacy. personal finances.

Student loan repayment rates for first-generation and low-income students and the shift from high-cost to low-cost borrowing methods have also increased with guaranteed financial literacy courses, and payday loans have declined. Students who had guaranteed financial literacy courses in high school were also 21% less likely to have a credit card balance. Moreover, his research found that students from low-income families were helped the most by this requirement.

However, Urban said, there is no evidence that guaranteed financial literacy courses increase the likelihood of opening a retirement account, non-retirement savings account or owning a home.

She said it’s because at 16, 17, and 18, most students think about what’s going on right now, like car loans and student loans, and they’re not ready to think yet. retired or owning a home.

The guaranteed personal finance courses also do not change graduation rates, college attendance rates, college completion rates, income, or work location.

According to Urban’s presentation, eight states across the country are guaranteeing financial literacy classes to every high school student, and five more are in the early stages of implementation.

The reason these courses should be required instead of optional, Urban said, is because research shows that making it optional makes no difference to students’ future credit scores, borrowing habits, and more. or delinquency rates.

Paffhausen said that in addition to the other sought-after benefits of guaranteed financial literacy classes, it’s a non-partisan cause that everyone he’s spoken to supports.

State of courses in Montana

Eight schools in Montana currently require financial literacy to be taught, including Absarokee High School, Anaconda Sr. High School, Box Elder High School, Hamilton High School, Polson High School, St. Ignatius High School, Sweet Grass County High School, and Victor High school, according to Urban’s presentation.

About three weeks ago, Paffhausen said, the efforts he and the NAIFA MT board put in paid off. Paffhausen and Urban were able to meet Elsie Arntzen, Superintendent of Public Instruction of Montana, and found her a home for their cause.

According to documents from the Montana Office of Public Instruction, updated Montana Administrative Rules Chapters 55, 57, and 58, which include guaranteed financial literacy classes for high school students, would go into effect in January 2023. they were adopted.

Currently four units of English Language Arts, three units of Mathematics, three units of Science, three units of Social Studies, two units of Career and Technical Education, two units of Arts, one health, two units of world languages ​​and two units of electives.

Proposed rule changes include adding a required half-credit of civics or government education in all three social studies units and adding a required half-credit of economics and financial education in all three social studies units or both vocational and technical study units. education, according to OPI documents.

Urban’s research shows that social studies is actually the best course for implementing financial literacy, not math, as some people might think.

There will be challenges, said Paffhausen, and these will mostly be “strategic and tactical issues” of course implementation, such as training existing teachers to teach personal finance and finding space for new content in the secondary program.

According to research on required personal finance courses in Peru, course teachers also benefit. The instructors involved in the Peru study saw their savings increase after teaching the class because they, too, learned about personal finance in a more fun and digestible way than personal finance is sometimes explained to adults.

The cost to schools can also be free, Urban said, with Next Gen Personal Finance offering free, high-quality teacher training and certification, as well as a free curriculum.

Arntzen also said she will make personal finance units available as part of the 60 units teachers must complete every five years to maintain an active teaching license.

Paffhausen said NAIFA MT is the right organization to champion this cause. “Which organization is best suited to bring this conversation to the fore? ” he said. “Everyone in this room has had clients in front of us who we wish we had had a better start and had a simple, fundamental education about how money works.”

And although NAIFA MT is an advocacy organization, Paffhausen said promoting guaranteed personal finance courses does not directly benefit them.

“Society doesn’t know who NAIFA Montana is and never will,” he said. “We have no discernible earnings advantage in this area.”

As for his own children, he said, they will learn financial literacy anyway. But he said he believed in this cause for all the other kids who might not, and ultimately because it’s a good thing to do.

]]>
FTC Issues More Checks to Victims of AMG Services https://premudraja.net/ftc-issues-more-checks-to-victims-of-amg-services/ Thu, 19 May 2022 21:06:53 +0000 https://premudraja.net/ftc-issues-more-checks-to-victims-of-amg-services/ The Federal Trade Commission announced Thursday, May 19, that it would send 690,000 checks, for more than $152 million, to customers who were defrauded by a payday loan scheme operated by AMG Services and the owner of the company, Scott Tucker. This will be done through the FTC Refund Administrator. This wave of checks is […]]]>

The Federal Trade Commission announced Thursday, May 19, that it would send 690,000 checks, for more than $152 million, to customers who were defrauded by a payday loan scheme operated by AMG Services and the owner of the company, Scott Tucker.

This will be done through the FTC Refund Administrator. This wave of checks is the second for this case, and when completed, the FTC will have issued more than $535 million in refunds to affected customers.

According to the FTC press release, the refunds were spurred by a criminal case filed by the Justice Department. Settlements with other defendants that had been reached in the Supreme Court overturned the monetary judgment the FTC had obtained in its civil case against Tucker in April 2021.

The FTC sued AMG in 2012, alleging that AMG and its operators falsely claimed that they would charge borrowers for the loan amount in addition to a one-time financing fee.

That’s not what happened – instead, defendants made numerous withdrawals from customers’ bank accounts, adding new funding fees to each withdrawal, resulting in consumers paying more for loans than they had agreed to do.

Then, in 2017, the United States Attorney’s Office for the Southern District of New York issued criminal convictions against Tucker and his attorney, Timothy Muir.

In other FTC news, U.S. Sen. Ron Wyden, D-Ore., said he wants the FTC to look into whether identity verification service provider ID.me, used by federal agencies and states, misled people about his use of the face. recognition.

Read more: Oregon Senator Wyden urges FTC to investigate ID.me for facial recognition deception

Wyden wrote a letter with other senators to try to investigate the company.

He alleged the company claimed in blog posts and other statements that its “one-to-one” facial recognition technology was better than “one-to-many” facial recognition, where a person’s photo is queried. against a numerical list of other people. ‘ Pictures.

——————————

NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.

]]>
Virginia Court Approved $489 Million in Aid for Victims of Illegal Internet Payday Loans https://premudraja.net/virginia-court-approved-489-million-in-aid-for-victims-of-illegal-internet-payday-loans/ Sat, 14 May 2022 13:20:37 +0000 https://premudraja.net/virginia-court-approved-489-million-in-aid-for-victims-of-illegal-internet-payday-loans/ RICHMOND, Va. (WRIC) – The federal court in Richmond has given preliminary approval to a class action settlement that would provide $489 million in relief to victims of illegal internet lending. The ruling was released Thursday, May 12, and will affect approximately 555,000 consumers who have been charged more than 600% interest on loans by […]]]>

RICHMOND, Va. (WRIC) – The federal court in Richmond has given preliminary approval to a class action settlement that would provide $489 million in relief to victims of illegal internet lending.

The ruling was released Thursday, May 12, and will affect approximately 555,000 consumers who have been charged more than 600% interest on loans by predatory internet payday lenders.

Litigation against predatory lenders began more than three years ago when a coalition of law firms, including the Virginia Poverty Law Center, Kelly Guzzo and Consumer Litigation Associates, came together to address the ongoing challenge of lending illegal wages.

“These law firms have taken the illegal lenders to court,” said Jay Speer, executive director of the Virginia Poverty Law Center. “We are very grateful for their tenacity and passion in engaging in this three-year fight for today’s settlement.”

Today’s settlement is one of many these law firms have secured with illegal internet lenders in recent years, including a $433 million settlement in 2019.

The proposed settlement provides $450 million in consumer debt forgiveness that will be paid in cash for most consumers.

The settlement will also set aside $39 million for the creation of a common fund for those who have repaid illegal amounts.

Settlement Class Members will not need to submit a Claim Form and will receive notice by email or US Mail.

In addition to litigation, VPLC assists borrowers through the organization’s predatory lending hotline (866-830-4501) and advocate for better laws to protect borrowers.

]]>
District 41 Candidates Discuss West Taos County | Policy https://premudraja.net/district-41-candidates-discuss-west-taos-county-policy/ Thu, 12 May 2022 15:40:00 +0000 https://premudraja.net/district-41-candidates-discuss-west-taos-county-policy/ Two candidates vying for the District 41 seat in New Mexico debated Monday night (May 9) at a forum hosted by the Taos County Democratic Party. Incumbent Susan Herrera and newcomer Marlo Martinez are both competing to represent House District 41, which, while primarily encompassing Rio Arriba County, also includes western portions of Taos County […]]]>

Two candidates vying for the District 41 seat in New Mexico debated Monday night (May 9) at a forum hosted by the Taos County Democratic Party.

Incumbent Susan Herrera and newcomer Marlo Martinez are both competing to represent House District 41, which, while primarily encompassing Rio Arriba County, also includes western portions of Taos County including Tres Piedras, Carson, a part of Arroyo Hondo and Ojo Caliente.

A rift between the two candidates became clearer as they debated topics ranging from renewable energy to gun regulations.

Herrera, who was elected in 2018, said she was strongly opposed to pursuing long-term oil and gas development in New Mexico, but added that “it’s a careful needle that we have to thread.” She said she hopes to bolster the state’s renewable energy fund and invest more money in rural infrastructure development.

She said the way to do that legislatively is to look at examples like Kit Carson Electric Cooperative. “You have to have leadership at the local level… [KCEC] is not just a model in the state, but a model in the nation,” she said, adding that she would encourage all rural cooperatives to pursue similar goals.

Martinez agreed the transition was necessary, but said “New Mexico’s state budget is dependent on oil and gas at about 40% of the budget. I think we need to carefully move from oil and gas to renewable energy, maybe subsidizing solar power for homes. He noted that subsidizing solar energy at the federal level would also go a long way in facilitating this transition.

Taos County Democratic Party chairman and host Darien Fernandez asked each candidate if they had accepted campaign donations from oil or gas companies. Martinez said yes, and again stressed the importance of a slower transition. “We kind of abruptly cut oil off because they’re a lifeline for New Mexico,” he said.

Herrera said she hadn’t taken any fossil fuel contributions to her knowledge and said she mostly self-funded her campaign. “I never wanted a lobbyist to look me in the eye and say, ‘Hey, I paid that much, where’s my refund?’ I really haven’t needed their money in the past and I don’t think I will need it in the future,” she said.

Martinez replied that “[Representative] Javier Martinez and the President [of the House, Brian Egolf] give money to my opponent, and they take money from oil and gas… I think oil and gas can invest in renewable energy. I don’t see why they can’t.

When asked about their legislative priorities and the direction in which they would focus, the candidates again showed differences.

Martinez said his top priority would be to bring more funding to the district. “For example, Arroyo Hondo [has] a center there that needs kitchen facilities to be active,” he said, referring to the defunct Arroyo Hondo community center. “There are also a lot of complaints about the roads in this area that they need to be repaired.”

He said his other priorities would include funding youth programs and broadband access, as well as addressing behavioral health issues, low graduation rates and criminal justice reform.

“I’m looking at millions and millions and billions of dollars for water infrastructure in the state. I think that’s the number one problem for our rural communities,” Herrera said. “My big push is on rural water infrastructure and that’s gearing up for this huge, huge amount of infrastructure [money] it comes from the federal level.

Herrera also said she remains focused on fixing the Arroyo Hondo Community Center now that the title has passed to the appropriate party.

While Taos County is only a small portion of District 41, it still encompasses several local communities, and each contestant was asked how much time they spend watching the Taos County portion of the district. Herrera said she always gives legislative updates to the various municipal bodies in her district and said she tries to work on capital spending projects with her respective state senators and representatives from surrounding districts.

“I think the down payment is really part of the amount of money needed in my district,” Martinez said. “I think we need a lot more money, as I mentioned earlier, to do some of the things that we need to do in this district.” He agreed, however, that the right approach is “needs-based and works hand-in-hand with each community”.

On water and allocating money to water rights, acequias and sustainability, both candidates were in agreement, saying more funding should be sought, especially at the federal level. .

The subject of state reimbursement checks was also brought up, with Martinez saying he felt the money could be better spent on infrastructure. “One trip to the grocery store and your $500 is gone,” he said. “I would say it’s better to invest $700 million and leverage that $700 million with the feds or other entities to get over $1 billion so we can solve our problems in our state. .”

Herrera, who voted for the family discount bill, said she recognizes the poverty in her district. She said that, faced with a budget surplus, she thought about getting immediate help for the families. “I think right now we had to look after poor working families, and that’s kind of what I represent – ​​working families. Five hundred dollars might not mean much to everyone on this Zoom, but it certainly means a lot to a family trying to decide whether to pay the rent or the grocery bill.

Arms control presented another split among the candidates. Herrera said she had many discussions in which gun violence was brought up. “In every one of those meetings, someone said, ‘What are you going to do about gun violence? What are you going to do and how are you going to fix it?'” she said. stop this crazy system we have.” She said she was in favor of background checks and proper registration.

Herrera clarified “no one is talking about banning the hunt…I have a family of hunters and we draw to get an elk and it’s a huge family tradition.”

Martinez admitted his district was pretty “armed up” and said he wasn’t sure how he would vote on a law banning assault rifles and extended magazines. “I don’t know if it will solve the problem if you don’t deal with behavioral health issues… We just put people in jail and we don’t pay attention to them,” he said.

The contestants were allowed to ask each other one question, at which point Herrera quizzed Martinez on the reason for his candidacy. “I’m really curious why you’re running against me because, in fact, we agree on 95% of the issues,” she asked.

” It’s not against you. It’s for the job. I think voters deserve to have a choice. I think with my life experience, I would do a good job… Money is spent where it shouldn’t. We have needs like fire victims and our infrastructure and our schools and our water,” he replied.

He then asked Herrrera why she told credit unions he was in favor of payday loans. “I’m not in favor of payday loans,” he said.

“I never told anyone you were for predatory lending,” she replied, adding that she had heard that Martinez was backed by someone who was into predatory lending.

In closing, Herrera said she felt she had done a good job representing the 41st District for the past four years. She noted her progress toward drug treatment centers in Española and a drug rehabilitation center in Taos County. “I’m proud of what I’ve achieved so far.”

Martinez said he felt he was the man for the job. “I think I can do a better job because I have business experience, I have common sense, I know people’s needs, I’m from northern New Mexico, and I know the county of Taos. As a small business owner, I go to Taos every week…I just don’t think we’re fast enough to move in the right direction.

]]>
The expert opinion on Burnley’s finances and the questions raised by the club’s ‘worried’ accounts https://premudraja.net/the-expert-opinion-on-burnleys-finances-and-the-questions-raised-by-the-clubs-worried-accounts/ Wed, 11 May 2022 05:04:00 +0000 https://premudraja.net/the-expert-opinion-on-burnleys-finances-and-the-questions-raised-by-the-clubs-worried-accounts/ Football finance expert Kieran Maguire believes there is reason to be concerned by Burnley’s most recent club accounts amid an uncertain financial situation at Turf Moor. The accounts were released last week and showed the extent of the club’s debt following the leveraged buyout by ALK Capital, which completed in December 2020. As part of […]]]>

Football finance expert Kieran Maguire believes there is reason to be concerned by Burnley’s most recent club accounts amid an uncertain financial situation at Turf Moor.

The accounts were released last week and showed the extent of the club’s debt following the leveraged buyout by ALK Capital, which completed in December 2020. As part of the deal, ALK borrowed 65 million to MSD Holdings and the accounts reveal a significant part of that. will have to be reimbursed if the Clarets are relegated.

The club’s cash reserves fell from £80m to £50m last June and the situation has likely changed since then. Burnley have also taken out a £12.5million loan from Australian firm Macquarie Bank on a transfer payment due from Newcastle United for the Chris Wood deal.

READ MORE: Burnley take out £12.5m loan for Wood Newcastle United transfer installment

The striker moved to St James’ Park in January after Newcastle activated a £25million release clause in his contract. The second installment is due in February 2023 and the Clarets chose to take out a loan to ensure they have the money now, rather than waiting 12 months.

This means that the transfer installment will instead be paid to Macquarie Bank and there will be interest attached, which should be around 8%. The process is not uncommon in football as clubs often believe that having cash on hand can provide flexibility in the transfer market, while it is common for transfer fees to be paid in many times, as is the case with the Wood deal.

But the decision to take the loan, coupled with the accounts, means Maguire is wary of the club’s financial situation, which would be made worse if the Clarets were relegated given that around 90% of their turnover came from the broadcast money and the payroll of around £86m accounts for 76% of their spend. Although the club would benefit from parachute payments should they end up in the Championship, it would also be necessary to sell players.

Maguire, speaking to Lancs Live, said: “The problem for Burnley is that the parachute payments would effectively be used to pay off the loan and that would put pressure on wages and Burnley would have to sell players. An £86million Premier League wage bill is not sustainable in the Championship and you’re likely to need a financial reset at the club and to do that you’re selling players so you’re watching Pope, McNeil, can -be Taylor and others.

“We’ve also seen the club take that loan from Macquarie and under normal circumstances I have no problem with that as it happens on a fairly regular basis. But for a club that had £50m in the bank as recently as ‘ last June to suddenly take out payday loans, you’re like ‘they spent a lot of money really fast’ and that’s where the unease begins.

“You only borrow money and therefore only pay interest, normally around eight or nine per cent, so you will only pay if you need the money. If you had £50m in the bank , in theory, you wouldn’t need it.

“Did they spend a lot of money on salaries? It’s not the Burnley style. They haven’t spent a huge amount on the transfer market either, suggesting the money has gone elsewhere. So was it used to fund payments to former owners? And we don’t know what’s going on there, but that doesn’t make you too comfortable.

Burnley’s accounts were always going to show a high debt figure given the nature of the takeover and the amount of borrowing involved. Chairman Alan Pace has always declared his faith in the financial model and the Clarets recorded a relatively small operating loss of just over £5million, the third lowest in the top flight. Pace has not publicly commented on the accounts – which have not been posted on the club’s website homepage or posted on the club’s social media – since they were published and the club declined to comment when he was approached by Launches Live.

ALK have invested in infrastructure around Turf Moor and spent money on the transfer market, and they are willing to take more recruitment risks to try to build Burnley as a Premier League club, while Pace has always reiterated his desire to keep the club on sound. financial base. Relegation would further affect finances and Pace has previously said it will mean the departure of some of Burnley’s top talent.

That’s the risk of a leveraged buyout – as Maguire concludes: “I teach leveraged buyouts and they’re high rewards when they work and high risk when they don’t. And it’s not looking good, if I was a Burnley fan and they were in the Championship next season would I think they could keep the core of their squad and come back up like they did? did in 2016? I don’t think I would be confident.”

Download the LancsLive app for free at iPhone here and Android here.

Don’t miss anything from the club you love! For all the latest updates on Burnleysign up for our free newsletter with all the latest news here.

]]>
What You Should Know About Working Capital Loans https://premudraja.net/what-you-should-know-about-working-capital-loans/ Mon, 09 May 2022 15:49:11 +0000 https://premudraja.net/?p=3313 Working capital is what amount companies make use of to pay their bills in the daytime, including the cost of utilities, as well as other things like payroll, rent, or utility costs. Working capital credit gives your business the possibility of temporarily paying your expenses when the cash balance is low. If your company is performing […]]]>

Working capital is what amount companies make use of to pay their bills in the daytime, including the cost of utilities, as well as other things like payroll, rent, or utility costs. Working capital credit gives your business the possibility of temporarily paying your expenses when the cash balance is low.

If your company is performing well and your finances are in good the right place, it’s unlikely you’ll require the assistance of PaydayChampion capital loans. This isn’t often the case. The ability to keep cash balances open isn’t easy.

It is important to have some funds set aside, but you shouldn’t allow the financial security of your company to expand to a large extent. If you’re in a position to save large sums of money (like The Scrooge) and you’ll be unable to put the money into your company and possibly expand.

What is the outcome if your investment does not perform as you expected or you’re not able to pay your invoices in the timeframe you’d like? What happens in the event that your company’s sales process is unpredictable and unexpected expenses occur in a month that has less revenue? If your finances are in a rough situation and your cash flow is not enough to cover your expenses, a working capital loan can assist your company by covering operating costs every day until the business can recover using invoices, sales invoices investments, or some other way.

What Is a Working Capital Loan?

These loans are used to pay for the daily activities of your company. These loans are used to meet the immediate expenses and requirements rather than long-term investments as well as assets.

As we have mentioned, this type of loan may be a business loan for small companies which could help companies that have financial problems regardless of the reason. This type of finance for business is not meant to be used for long-term investment but is used to finance the immediate objectives of a financial plan.

Before we begin to look at the various types of financing options We’ll go back to the beginning and learn the fundamentals of working capital, as it is defined as well as how to calculate it.

Working Capital

working capital (also known as network capital) is the difference between your company’s actual assets as well as the liabilities. The assets can include accounts receivables inventory and cash in banks. Accounts payable could be considered to be a debt that is due for business debts over the next 12 months.

It’s described in the following manner: Security Exchange Commission defines it in the following manner: “Working capital is the cash left over after a company has is able to pay its current obligations (that is, the debts to be paid within one calendar year from the date of its account balance) by utilizing its existing assets. “

The equation you’ll need to use to calculate your company’s work capital.

  • Current Assets – Current Liabilities = Working Capital

Let’s examine the formula. Your company has 1 million dollars worth of assets, which includes money accounts payable in cash, cash, and inventories. In addition, there are $750,000 in obligations as accounts payable outstanding and loans of other kinds.

$1 million-plus $750,000 equals $250,000 as working capital.

To determine the working capital ratio of your business The formula is slightly different

  • Current Assets / Current Liabilities = Working Capital Ratio

This means that when you have one million dollars in assets and liabilities of $750,000, the work-to-capital ratio (WCR) for your business can be 1.33. According to QuickBooks, your business should strive to achieve an operating capital ratio that is 2:1. In this scenario, it may be too low and could be an indication that you do not have enough funds in your account to fund your company.

Working Capital Loans

The issue of cash flow is an extremely stressful problem for entrepreneurs with small businesses. In fact, it is often one of the reasons for the decline of small-sized companies which fail. 82% of the companies fail due to poor control of the flow of cash.

While corporate credit cards are a convenient method of paying for unexpected costs, they generally have high interest. A better option is working capital financing.

Work capital loans are an excellent option for accessing fast cash to pay for expenses in the event of a sudden business or economic crisis. They are not a guarantee for the survival of your business, but they could help to keep the bleeding from happening until you can find the long-term solution for your business’s cash flow issues.

How Working Capital Loans Work

A business could utilize cash-flow loans for working capital to cover expenses such as payroll and rent and to repay any loans. If your company is in operation during the off-season, or during an unproductive season and requires an operating capital loan, it will allow you to keep your business going even if your income is decreasing.

Work capital loans allow you to get the money you need fast and can provide flexible loan terms. They do not require collateral and can be approved within a couple of minutes. However, the interest rate may differ from other options for financing, and it’s recommended to look into it as a possible option only if it is feasible. Certain working capital loans are provided by banks, however, you’ll typically require a switch to an online loan option.

Types of Working Capital Loans

There are five kinds of working capital financing and working capital lenders and other firms that provide the financing we would recommend.

Working Capital Short-Term Loans

Since the majority of business capital is used to cover the business’s daily expenses Business loans specifically designed to finance these costs typically are not as long to repay. These loans are short-term known as”cash flows” loans that have to be paid back in the space of a calendar year or at lower interest rates.

They are not intended to be used for investments that last a long time such as property or expensive equipment purchases, as they usually have higher rates of interest as compared to commercial loans for equipment or real estate and with shorter-term repayments.

Be sure to read the charges, as well as the loan terms and terms and conditions of the financial product before applying. You could sign up with Nav for no cost and be connected to the best deals you’re likely for based on your credit as well as other aspects.

Working Capital Lines of Credit

Do you wish to be able to get the amount you need and return the loan promptly in the future and then borrow from that same lending institution in the coming months, but without having to complete an application for your first loan? If this kind of borrowing flexibility interests you, it might be worth considering the possibility of establishing a credit line credit for your company.

A capital line of credit also known as credit that is based on credit gives businesses access to an unaffected cash source. Even businesses that don’t face problems with cash flow or in cash flow may benefit from an account of credit that is set aside.

Be aware of this before deciding on any kind of financing for your business, including lines of credit, in addition, make certain to understand the small print. Credit lines of credit for working capital credit could be more costly in terms of the interest rate and less loan amounts, or aggressive conditions for repayment. Everything is dependent on your credit as well as that of the lender and other aspects connected to your business.

Merchant Cash Advances

A credit card that merchants use isn’t a type of financial institution in its conventional meaning. It’s a method for many businesses to get the funds they require to pay their financial obligations for a specific period of time.

To be capable of receiving an advance in cash from a company you must allow a credit card as a form of payment. What’s the reason? Cash advance services are derived from the proceeds from each credit debit card transaction generally every day, until the point where the advance, plus any charges and interest are paid.

In actuality, you’re able to obtain cash through lenders who offer cash advances fast. However, quick cash access is expensive. In fact, it’s possible that the APR of cash advances by merchants could be as high as 70 percent, and as high as 200 percent. Additionally to this, your business credit and your credit score as well as your personal credit will be scrutinized as you fill out an application for credit.

Invoice Financing

Another kind of finance that can be utilized to meet short-term needs that companies often utilize to address problems that arise with the flow of cash is invoicing financing. This kind of loan is particularly beneficial for companies that invoice their products or services at the time they’ve been provided to their customers.

At present, waiting for invoices to be paid by the customers could cause cash flow problems and invoice financing could assist companies during difficult economic times.

The fundamental concept behind invoicing financing involves borrowing money against bills that haven’t been fully paid. After invoices are paid, you’re able to repay your loan by paying an interest rate. Another alternative is invoice factoring which is the practice of selling invoices that don’t get paid to the lender who is responsible to collect the due amount.

SBA Loans

If you’re a creditworthy individual who has good credit, both personal as well as professional, you might be eligible for an interest-free SBA loan to assist in meeting your requirements in terms of cash. Because SBA loans are guaranteed by their own Small Business Administration which is an official of the Federal government, they are therefore more secure as lending institutions. SBA Small Business Loans are among the most efficient methods to get financing for your business.

However, there are two key mistakes in avoiding SBA loans. The second one is that you need to be eligible to receive this loan and getting it to happen isn’t always straightforward. In addition to the stringent personal and business credit scores and prerequisites, there are other requirements that lenders also require. If you’re in need of cash quickly and need it urgently you can get it now, but you’ll need to meet the requirements for an SBA loan may not be the best option for you. The lengthy process of applying typically lasts between 60 and 90 days.

Are you interested in learning what you’ll need to qualify for a secured or unsecure loan from SBA? This step-by-step instruction can be useful.

Working Capital Loans for Startups

Startups are particularly susceptible to cash flow issues typically because it takes a new startup time to generate enough cash to pay for expenses. Working business loan to help fund capital is an excellent solution for startups in order to help them through this challenging period.

But, the options to finance an upcoming venture (and likely with poor or no credit background) are usually very limited. But, just because they are limited is not necessarily a sign of insufficient.

]]>
NC debarment: Criminal background checks still show old cases https://premudraja.net/nc-debarment-criminal-background-checks-still-show-old-cases/ Mon, 09 May 2022 13:01:49 +0000 https://premudraja.net/nc-debarment-criminal-background-checks-still-show-old-cases/ Winning in court took nearly five years for Rafael Smith, 39, after he was arrested for assault and sexual assault – but even a not-guilty verdict wasn’t enough to clear his name. On a recent Saturday, he arrived at the Plaza Road Academy, like more than 100 other people seeking to clear their criminal record. […]]]>

Winning in court took nearly five years for Rafael Smith, 39, after he was arrested for assault and sexual assault – but even a not-guilty verdict wasn’t enough to clear his name.

On a recent Saturday, he arrived at the Plaza Road Academy, like more than 100 other people seeking to clear their criminal record.

Even though charges against Smith from 2017 were dismissed and he was found not guilty, the existence of his arrest record, he says, held him back financially and prevented him from finding a job.

“It just gives me hope that things can be moved from my past and…my character can’t be tainted, like, you know, being a criminal,” Smith said.

Smith, who was a massage therapist at the time he was charged, said the hardest part of having a charge dismissed in his case is that he feels like he’s being punished for something he didn’t do that he was not found guilty.

Employers will see the charge and turn him down for job opportunities he was qualified for, Smith said. He hopes the radiation will give him a clean slate.

Expungement applies to a range of criminal cases in North Carolina where a person is seeking to remove an arrest, court dismissal, or criminal charge from their criminal record.

For thousands of North Carolinians who are eligible for this clean slate under the state’s second chance law, they have yet to take full advantage of it due to a gap in which record types are erased.

Felonies could first be expunged in the state starting in 2011 and the expungement process was expanded last year. Expungement orders apply to government records – like police arrest slips and court documents – but a recent investigation by The Charlotte Observer finds that employers and landlords often still have access to criminal records, which compromises the effect of radiation.

In other words, private providers who provide background check services have access to state-held electronic court records and they are not notified by the courts or required to purge expunged cases from their databases – even arrests like Smith’s, which the state of North Carolina will effectively consider never to have happened once his expungement is approved.

With recent reforms, the state granted more expungements in fiscal year 2021 — a total of 16,390 — than at any time since 2016. And that figure doesn’t include the number of expungements that happen automatically when prosecutors decide to dismiss certain charges.

Karl Burch followed the same process as Smith to remove a load he’s worn for over 45 years.

For Burch, a strike means the freedom to get a good job and his finances in order, he said.

“It’s so hard, you can’t get out. You can’t get housing… you can’t get a car, you really can’t get anything with a criminal record. And I mean, it’s been so long, you know, I thought it would go away,” Burch said.

Now Burch is 60 and hopes to clear her record for her seven grandchildren and six great-grandchildren.

But even if Burch and Smith get the expungements they are legally entitled to, the way data companies keep their records may still ruin their second chance.

It has been that way for at least a decade or more, when heads of state first required background check companies wanting North Carolina court records to log electronically into the Administrative Bureau’s records system. courts. The goal, officials said at the time, was to ensure these companies have up-to-date records — to close the delisting loophole.

But even recent legislative updates haven’t solved the problem, say advocates and experts recently interviewed by the Observer.

Cancellation in NC

Mecklenburg County Assistant District Attorney Robyn Withrow said the North Carolina General Assembly has struggled to address expungements nearly every year for the past five years. And while there is talk of doing so in the future, so far nothing has been done about third-party information providers keeping records that have since been deleted.

Withrow said that because write-offs often happen quickly, third-party and private providers are often not notified of an individual’s change in status. She said it will probably take legislative action to correct that.

Maria Macon, founder and director of the Mecklenburg Council of Elders, said the council is pushing for the General Assembly to fix this loophole and notify private entities when the records have been deleted. The Council of Elders is a nonprofit made up of 15 local organizations that hold quarterly clinics for people who need help expunging past arrests. The clinics are so popular that you have to register beforehand and they are often full.

Macon is particularly concerned about access to radiation for poor people. Because of the root causes of criminal behavior, she said, minors and adults living in poverty are more likely to have criminal histories – which, more often than not, will perpetuate multigenerational poverty as people age. they will lose job opportunities.

She said lawmakers should start looking at write-offs the same way they looked at payday loans when they passed legislation about it. Macon said it took a “groundswell cry” for this effort and he could pick it up with this loophole.

The Administrative Office of Courts, or AOC, a state agency, declined to be questioned by the Observer on the matter. According to the AOC website, only 70 private companies access the state database, compared to hundreds on the market.

Besides connecting to the Courts Administration Office system, any member of the public can obtain otherwise publicly available court records, but accessing a large volume is difficult without a database.

Joseph Laizure, a clinical programs staff attorney at UNC, who is part of the university’s law school, said that while the law currently does not require the state to notify private companies, people affected by an inaccurate background check may have recourse.

Private companies that conduct employment background checks or other background checks using public criminal records are regulated under the Fair Credit Reporting Act, Laizure said.

“Individuals who find themselves victims of inaccurate background checks conducted by private companies might consider speaking to a consumer attorney who can advise them of their rights under the Fair Credit Reporting Act and any other laws that may arise. ‘enforce,’ he said.

A second chance

In 2020, Governor Roy Cooper signed into law the Second Chance Law. According to the North Carolina Justice Center, a statewide advocacy organization, the law was bipartisan legislation that had been making its way through the legislature for nearly two years.

One in four North Carolina has a criminal record, according to the Justice Center. These records can make it difficult to obtain quality housing, employment and higher education.

The main provisions of the law include:

▪ Automatic removal of certain charges from a person’s record, such as a dismissed case.

▪ Raise the age of juvenile convictions, making more people eligible for expungement.

▪ Make expungement possible for all those whose charges have been dismissed and verdicts of not guilty, as well as for some who have been convicted of non-violent crimes.

▪ Allow prosecutors to request disbarments after a dismissal.

Habekah Cannon, managing partner of Habekah B. Cannon’s office, said the most significant expungement reform the state has made in recent years is the ability to remove multiple dismissed charges from a person’s record.

Dismissed charges occur when prosecutors drop a case against someone due to insufficient evidence, which they do not wish to prosecute, or due to mistaken identity. However, these charges are still on a person’s file.

“If your charges were dismissed, there shouldn’t be any record of them, there shouldn’t be this story that follows you,” Cannon said.

“Because if you were found not guilty, or if the state didn’t have enough evidence to prosecute the case, or if it was a case of mistaken identity, or if you earned your dismissal through a deferred program, you should not be penalized for this. And the way North Carolina enforced the law, before December 2021, was that people were punished even for being arrested.

Reform gaps

While recent reforms proposed in the Second Chance Act have helped those seeking expungements, there are still loopholes in the law, in addition to the loophole that allows expunged documents to continue to haunt individuals through expungements. private entities.

Cannon says that with the change in the law, dismissals and not guilty verdicts are supposed to be automatically erased from a person’s record. However, she and her colleagues find that this is not always the case and their clients still have to file motions to strike.

One of the biggest hurdles that still exist in terms of reform is the cost of the process and its complexity, Cannon said.

It costs $175 to file an expungement of record, Cannon said. And, the process can be difficult to navigate.

A person must determine which affidavit to complete, then they must have it signed by the district attorney, who sends it to the clerk, and then it is sent to the state, Cannon said. This process usually takes four to six months, but it can take longer than that.

Under the new law, those who wish to expunge their conviction records must wait five years for a misdemeanor and ten years for a felony, Cannon said. She said that in the future, the state should consider shortening that time limit for misdemeanors even further.

“If you commit non-violent crimes, those are your, what I call petty charges, your larceny, your trespassing. Many of these charges criminalize poverty,” Cannon said.

The Council of Elders of Mecklenburg regularly organize radiation clinics. To sign up for their services, visit their website and fill out a form in English or Spanish.

This story was originally published May 9, 2022 6:00 a.m.

Charlotte Observer Related Stories

Kallie Cox covers public safety for The Charlotte Observer. They grew up in Springfield, Illinois and attended school at SIU Carbondale. They reported on police accountability and barriers to LGBTQ immigration for the Pulitzer Center on Crisis Reporting. And, they previously worked at the Southern Illinoisan before moving to Charlotte.

]]>
QuickQuid and Pounds to Pocket borrowers receive payment news https://premudraja.net/quickquid-and-pounds-to-pocket-borrowers-receive-payment-news/ Sat, 07 May 2022 15:00:00 +0000 https://premudraja.net/quickquid-and-pounds-to-pocket-borrowers-receive-payment-news/ Borrowers who were wrongly sold loans they couldn’t afford by two companies that went bankrupt will get a little more back than they expected. Around 78,500 QuickQuid and Pounds to Pocket borrowers will be reimbursed some of the interest and fees charged to them at a rate of 53.5p for each pound due over the […]]]>

Borrowers who were wrongly sold loans they couldn’t afford by two companies that went bankrupt will get a little more back than they expected.

Around 78,500 QuickQuid and Pounds to Pocket borrowers will be reimbursed some of the interest and fees charged to them at a rate of 53.5p for each pound due over the next two weeks, it has been confirmed.

The joint administrators of Grant Thornton initially told borrowers to expect a payment of between 30 and 50 pence for every £1 of interest, fees and charges paid on their badly sold loans, plus 8% interest. But this week they contacted customers to say they will in fact receive 53.5p per £1 due, plus interest.

Read more: More families are turning to payday loans as the cost of living crisis rages

The update comes after CashEuroNet, of which payday lenders QuickQuid and Onstride.co.uk (formerly known as Pounds to Pocket) were part, went into administration in 2019 and ceased lending.

The claims portal for those who believed they were mis-sold a loan closed last February, so it’s too late to start a new claim. Customers who claimed before then should have received a decision on their claim by the end of June 2021, and another email this week detailing the amount they will recover. It is also too late to appeal decisions made by Grant Thornton, as borrowers had 21 days from receiving an initial decision on their application in June 2021 to do so.

When you submitted an application, you were required to include contact details, as well as the bank details you used when taking out your loan, and these will be the details that Grant Thornton will use to provide updates on your application. Any payment due will be transferred this week or the next.

It is now too late to update your contact details with Grant Thornton. A check will therefore be sent to the address you indicated during your complaint. If your address is no longer correct, contact CashEuroNet customer service on 0800 0163 250.

Payday loans and other short-term loans have been widely mis-sold and dozens of short-term lenders have gone bankrupt, including former Newcastle United sponsor Wonga, leaving customers with legitimate complaints to get payouts greatly reduced – or even find it’s too late to complain if their lender has gone bankrupt.

If you couldn’t afford to repay the loan, or the lender didn’t properly check your finances, you may be able to get your money back, as lenders need to review your finances to make sure you can pay the loan. loan and fees. If, as was often the case, this was not done correctly and you should not have received the money, or if the costs or repayment schedule were unclear, you have been wronged. sold.

Citizens Advice has a guide to making a complaint, including a sample letter to send to your lender here.

Read more :

]]>
True Pro-Life Beliefs Demand Our Attention | Opinion https://premudraja.net/true-pro-life-beliefs-demand-our-attention-opinion/ Thu, 05 May 2022 21:34:00 +0000 https://premudraja.net/true-pro-life-beliefs-demand-our-attention-opinion/ The Supreme Court’s leaked opinions regarding Roe vs. Wade made the conversations very volatile; strong feelings are expressed regardless of which side of the issue you support. Strong opinions are good. Rhetoric that disrespects, belittles and devalues ​​the lives of others is not. Pro-lifers will argue that overthrowing Roe against Wade is essential to protecting […]]]>

The Supreme Court’s leaked opinions regarding Roe vs. Wade made the conversations very volatile; strong feelings are expressed regardless of which side of the issue you support. Strong opinions are good. Rhetoric that disrespects, belittles and devalues ​​the lives of others is not.

Pro-lifers will argue that overthrowing Roe against Wade is essential to protecting vulnerable life.

It’s true: a baby in its mother’s womb is vulnerable. My cousin Zach’s life is also vulnerable because he lives with Down syndrome; a doctor’s advice before Zach was born suggested abortion, thank goodness that advice was not followed.

My dear Shawn’s life is also vulnerable, and a broken health system constantly puts him behind the 8 ball, leaves him with no options and like too many others; how does our health care system show respect for the lives of the most vulnerable people in need of care?

A worker – a valuable worker, an excellent nine-year-old worker – who is unfairly paid and survives or does not depend on the decisions of a greedy or downright indifferent employer is vulnerable. Payday loans only make matters worse and further degrade the dignity of a life.

Elderly people whose neglect and substandard care are startlingly inhumane are vulnerable.

Our homeless people are vulnerable, as are those who wander our streets with mental health issues; too often we just pretend not to see them. Or maybe too many of us just don’t want to.

The addict and the recovering addict are vulnerable, as are the LGBTQ+ people I work with and regularly work with.

Religious communities, in particular, need to take stock of what it really means and entails to respect life or to be pro-life or pro-birth. In my ministry, I encounter LGBTQ+ people, and especially young people, who are often viewed as “less than” and expelled from “religious” families and churches. If a child is born gay or trans and then leads a hellish existence thanks to a religious tradition that does not respect their life, how can they claim to be pro-life?

I could go on and on.

Tossing Roe against Wade may offer a victory for birthright defenders, but until all people are given the full and unconditional dignity they are rightfully entitled to and the care of a nation that prides itself on claiming to vote for respecting life, ensuring a life for a child does not make sense. That’s right; until we provide structures that respect and care for this child, this life, until his last breath with unconditional love, educational opportunities, health care, a living wage and justice of workers, and that we are concerned about the most vulnerable among us, we cannot say that we are anti-abortion. The point is, we’re pro-birth.

How easy it is to respond to the silent cries of the child in its mother’s womb, but when the pleas and deafening tears of those who are alive ask us to be pro-life and respect their lives, we fail. miserably. We are too often deaf, I’m afraid.

Overthrowing hard hearts is essential. The overthrow of a culture that slowly manifests a lack of respect for anyone’s life must be done with or without written opinions and votes. There must be, for sure, a communal uprooting of an ill-informed mindset that sees birth as an autonomous issue; there must be communal metanoia – a total conversion of hearts – before we can truly claim the victory of being pro-life.

Stan Zerkowski is the Catholic LGBTQ+ Ministry Director for Lexington.

]]>