Archive for April, 2011
The storm is coming, as predicted there will be many companies going under this year due to non compliance issues and bad advice given to consumers.
On the 6th of December this year the Office of Fair Trading have put a marker against their credit licence that they are due to remove it to close the business down.
Please read the link here…
http://www.debtmanagementtoday.co.uk/newsstory?id=1135&type=newsfeature&title=debt_management_company_faces_oft_closure
For any consumers currently with First Step Finance seek alternative advice before it could be too late.
Genevive Crough
I sent a letter to first resolution management requesting them to validate the debt. I ask them for copies of the original contract and to validate. They send me facsimile copies of the account from chase statements for feb 2005- July 2006. There is nothing else with it, no contract or anything. So is this enough for them to go into court or is this a bluff? The debt is from 2004 and it says it was delinquent in 2006. What should I do now? I don’t see how copies of my statements are a good validation?
So, Whats next? Im getting mixed answers.
Mitsuko Schiff
2. Evaluate the asset, debt and equity structure of Lucent Technologies, as well as trends and changes found on the common-size balance sheet.
4. What additional financial and non-financial information would investors and creditors need to make investing and lending decisions for Lucent Technologies?
Executive Summary We design and deliver the systems, software and services that drive next-generation communications networks. Backed by Bell Labs research and development, we use our strengths in mobility, optical, access, data and voice networking technologies, as well as services, to create new revenue-generating opportunities for our customers, while enabling them to quickly deploy and better manage their networks. Our customer base includes communications service providers, governments and enterprises worldwide. We have three segments organized around the products and services we sell. The reportable segments are Integrated Network Solutions (“INS”), Mobility Solutions (“Mobility”) and Lucent Worldwide Services (“Services”). INS provides a broad range of software and wireline equipment related to voice networking (primarily consisting of switching products, which we sometimes refer to as convergence solutions, and voice messaging products), data and network management (primarily consisting of access and related data networking equipment and operating support software) and optical networking. Mobility provides software and wireless equipment to support radio access and core networks. Services provides deployment, maintenance, professional and managed services in support of both our product offerings as well as multi-vendor networks. Beginning in fiscal 2001, the global telecommunications market deteriorated, resulting from a decrease in the competitive local exchange carrier market and a significant reduction in capital spending by established service providers.This trend intensified during fiscal 2002 and continued into fiscal 2003. Reasons for the market deterioration included general economic slowdown, network overcapacity, customer bankruptcies, network build-out delays and limited availability of capital. We believe that the market for telecommunications equipment has stabilized and is starting to grow in certain areas. The growing demands of enterprises and consumers for additional services tailored to their needs is creating the need for a new convergence of networks, technologies and applications. Required 1. Using the Consolidated Balance Sheets for Lucent Technologies for September 30, 2004 and 2003, prepare a common-size balance sheet. 2. Evaluate the asset, debt, and equity structure of Lucent Technologies, as well as trends and changes found on the common-size balance sheet. 3. What concerns would investors and creditors have based on only this information? 4. What additional financial and nonfinancial information would investors and creditors need to make investing and lending decisions for Lucent Technologies? LUCENT TECHNOLOGIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in Millions, Except per Share Amounts) September 30, September 30, 2004 2003 Assets Cash and cash equivalents $ 3,379 $ 3,821 Marketable securities 858 686 Receivables 1,359 1,511 Inventories 822 632 Other current assets 1,813 1,213 Total current assets 8,231 7,863 Marketable securities 636 — Property, plant, and equipment, net 1,376 1,593 Prepaid pension costs 5,358 4,659 Goodwill and other acquired intangibles, net 434 188 Other assets 928 1,608 Total assets $ 16,963 $ 15,911 Liabilities Accounts payable $ 872 $ 1,072 Payroll and benefit-related liabilities 1,232 1,080 Debt maturing within one year 1 389 Other current liabilities 2,361 2,393 Total current liabilities 4,466 4,934 Postretirement and postemployment benefit liabilities 4,881 4,669 Pension liabilities 1,874 2,494 Long-term debt 4,837 4,439 Liability to subsidiary trust issuing preferred securities 1,152 1,152 Other liabilities 1,132 1,594 Total liabilities 18,342 19,282 Commitments and contingencies 8.00% redeemable convertible preferred stock — 868 Shareowners’ Deficit Preferred stock—par value $1.00 per share; authorized shares: 250; issued and outstanding: none — — Common stock—par value $.01 per share;Authorized shares: 10,000; 4,396 issued and 4,395 outstanding shares as of September 30, 2004,and 4,170 issued and 4,169 outstanding shares as of September 30, 2003 44 42 Additional paid-in capital 23,005 22,252 Accumulated deficit (20,793) (22,795) Accumulated other comprehensive loss (3,635) (3,738) Total shareowners’ deficit (1,379) (4,239) Total liabilities, redeemable convertible preferred stock and shareowners’ deficit $ 16,963 $ 15911
Hilma Chewning
I need to pay off some old debts and don’t particularly want to go through a debt management company. Isn’t there some way I can just get a bank to loan me $22,000 based on my credit score?
Mary
I sent a letter to first resolution management requesting them to validate the debt. I ask them for copies of the original contract and to validate. They send me facsimile copies of the account from chase statements for feb 2005- July 2006. There is nothing else with it, no contract or anything. So is this enough for them to go into court or is this a bluff? The debt is from 2004 and it says it was delinquent in 2006. What should I do now? I don’t see how copies of my statements are a good validation?
John Winchester
I wasn’t properly notified about my debt, they said it was something with the mail. So now it’s messing up my credit. I need to know what to do? PLEASE HELP
Clayton Edgehill
I had to close out 3 accts: 2 cr cards 1 LOC, and I just learned that one of my chks from cr card was ret’d for insufficient cash. I want to sign up for a Credit Union in order to re-finance my car loan to a smaller APR (8.99% now). Should I wait until my credit history calms down before I join Credit Union? Or just not apply for a car loan until next yr when my credit settles a bit? I did sign up for a debt management solution which downsized my monthly pmt on the 3 closed accts.
Randall Enwall
Should schools give us basic training on money management so 9 out 10 young adults don’t end up in credit card debt when they get out of highschool?
Hans Tanenbaum
The Federal Reserve, facing an economic recovery that it termed “more modest” than anticipated, said Tuesday it will stop shrinking its huge portfolio of securities by reinvesting the proceeds of maturing mortgages in U.S. Treasury debt.
The Fed move is largely symbolic and is unlikely to stimulate the economy significantly. But the shift in the management of its portfolio—and an accompanying statement—underscored Fed officials’ concern about the vigor of the economic recovery. It also opens the door for bigger purchases of Treasurys or other securities should the economy falter or the risk of deflation grow, though the hurdle for such action remains high.
http://online.wsj.com/article/SB10001424052748704164904575421481861512518.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsSecond
Robbie Mcguff
The company I work for moved me to Illinois 16 months ago. In return, I signed an agreement stating I would pay back relocation if I left within 2 years. Moreover, all monies have to be paid back within 1 month of my leave date. I made a BIG mistake and didn’t read the fine print. It turns out I have to pay back EVERYTHING if I leave before the two year period. This job has been awfull and it’s to the point that it starting to make me physically ill. I can’t afford to pay back the money because the salary is not comensurate with cost of living expenses and I have wracked up a bunch of debt just by trying to keep a roof over my head and gas in the car. I approached HR about my concerns which has only caused more friction between myself and management. I feel so trapped. Is there any way I can get out of the contract?
To clarify:
1) I was working for another company (in Iowa) prior to accepting this job. Part of the recruitering enticement to “lure” me away (boy…was that a mistake!) to the new company was the relocation package.
2) The relocation is not prorated! As I said before, more fool me for not reading the fine print, simply because I assumed it would be prorated!
3) If I leave or am fired for just cause (can;t any company find a reason to fire someone if they want them gone?), yes I have to pay everything back.
4) A scary thought…can they fire me with no warning or chance to improve an issue right before my commitment is up and still make me pay back all the original relocation costs?
Mild meds? I think I’m going to need something much stonger to get through these next eight months! A smart company would recognize that the low morale has very negative connotations and let the person move on, or at least offer to prorate the expenses. And people wonder why the sales of sawn of shotguns keep escalating (ok…bad joke)
Luther Munkberg