Paramount Global Debt Cut to Junk Status by S&P Global
Carol M. Highsmith/Buyenlarge/Getty Images S&P Global has officially downgraded Paramount Global debt to junk status at BB+, from BBB-, or one level below investment grade. The credit rating agency made the move on “weak credit metrics,” with a stable outlook. The downgrade comes a month after Paramount was put on a negative watch by S&P […]
InDebted, a digital debt collection company, counts benefits of a cost-of-living crisis
Mr Foreman said InDebted would be cash flow positive by March 2024, and that its revenue would surpass $35 million this financial year. In a sign of the impact of cost-of-living troubles globally, he said revenue had doubled since mid 2022. The product is used by more than 100 organisations globally including buy now, pay […]
Asset-Backed Securities Face New Risks From US Court Decision
A federal court decision has raised new legal risks for a corner of Wall Street that bundles consumer loans into asset-backed securities. A US appeals court last week for the first time upheld the power of the Consumer Financial Protection Bureau to sue trusts that issue the securities if debt-collection companies or others they hire […]
Popular craft brewing company in voluntary administration
An award-winning Gold Coast brewing company is in voluntary administration with its business to be sold after mounting tax debts left it unable to continue. Read what happened Women across the Chicago area gathered on Tuesday to brew up a new beer called “Vibes Since 1920.” Black Hops Brewing wrote to investors late on Thursday […]
ATO to sool debt collector on 150,000 taxpayers
The ATO will refer up to 150,000 taxpayers to a debt collection agency before the end of June in “decisive and swift” action to recover millions owed by those “with the capacity to pay”. In its first post-pandemic use of an external debt agent, it said taxpayers with outstanding income, activity or superannuation amounts – […]
ATO debt recovery letters prompt new guidelines from watchdogs
The Australian Taxation Office (ATO) has again acknowledged its efforts to recover billions of dollars worth of ‘on hold’ debts from small businesses and individuals in 2023 caused “distress” to some of those affected, and has committed to improving the way it communicates about debts owed to its office. The renewed commitment followed the release […]
Celebrity fashion brand calls in administrators over tax debt
A Gold Coast sustainable fashion brand – made famous by Duchess Meghan Markle and favoured by movie stars – has called in administrators. Find out what it means. Outland Denim founder James Bartle told Sky News that Outland Denim’s mission has been to ‘give young women the future that we get to enjoy here in […]
False claim debt ‘invalidated’ after 30-day time limit
The claim: Debt is ‘invalidated’ if collector does not respond to verification letter in 30 days A March 21 Facebook video (direct link, archive link) shows a woman explaining a way of supposedly getting rid of debt sought by collection agencies. “So you Google something called a debt verification letter, you send it off, they […]
We’re More in Debt than Ever. What Now?
When I was nineteen, after being told that I was unemployable for every dishwashing, barbacking, and retail position that I applied for, I found myself working as a debt collector at a third-party collection agency. It was my job to motivate people to clear out their debts in the face of mounting interest or tarnished […]
The ATO is pursuing old debts that are worth billions. What impact is that having on the people affected?
Two federal ombudsmen have released a critical report on the manner in which the Australian Tax Office has pursued old debts that had previously been ‘written off’. In some cases, these debts are reappearing after more than a decade and, to the surprise of the taxpayer, come with hefty interest charges. The ATO have said […]