Coloradans struggling to stay afloat in a tough economy are using debt management companies more and are spending more time under contract with those firms, according to a report by the Colorado attorney general's office. Debt management companies fall into two categories: credit counseling and debt settlement. Credit counselors negotiate with creditors to waive or lower interest, fees and payments; consumers make monthly payments to the counselors that are distributed to creditors. Debt settlement companies contract with consumers to set up regular payments into a bank or trust account rather than directly paying creditors. After a certain amount of funds accumulate, the debt settlement company uses consumers' contributions to negotiate a lump-sum settlement of the debts.
Pursuant to the Privacy Act of 1974, 5 U.S.C. 552a, and the Office of Management and Budget (OMB) Circular A-130, notice is hereby given that the Department of Justice (DOJ or Department) proposes to establish a new Department-wide system of records notice, entitled Debt Collection Enforcement System, JUSTICE/DOJ-016. The purpose of publishing this Department-wide system notice is to reflect the Department's consolidation of its multiple debt collection systems, which were previously maintained in various individual DOJ components, into a single, centralized system. The new system will be used by all DOJ components that currently have debt collection and enforcement responsibilities. The Department's consolidation of its debt collection systems enables the Department to improve data int...
... for better accountability and timely reporting, and centralize administrative functions and payme...
Some funding comes from public and governmental contributions, but the majority of revenue is generated through program services such as debt management, bankruptcy management, the Credit When Credit is Due (CWCID) course, credit report review, and educational presentations.
In 2004, City of Gardena was unable to meet its obligations on $26 million in debt. The authors examined City of Gardena financial reporting as of June 30, 2004 and 2003 to determine if the publicly available financial reports adequately disclosed the situation. Information about the long-term debt was properly displayed in the financial statements and disclosed in notes. There was no mention of the situation in the MD&A either year. The auditors' did not include an explanatory paragraph highlighting the debt, nor did they issue a 'substantial doubt about the ability to continue to exist as a going concern' report. This paper examines existing accounting and auditing standards to determine their adequacy to protect the public interest.
The Vancouver Housing Authority is digging itself too far into debt and spreading itself too far afield, according to the results of a critical state audit released earlier this month. The audit, examining the period between April 2004 and March 2005, warns that the public housing agency turned in "low-ranking" financial performances when compared with other housing authorities. It has quickly rising debt, limited cash flow and a risky management strategy that accepts this situation as normal, the audit report says.
ver las páginas en versión mobile | web
ver las páginas en versión mobile | web
© Copyright 2012, vLex. All Rights Reserved.
Contents in vLex United States
Explore vLex
For Professionals
For Partners
Company
Other interesting searches:
workbenches | Hinton Poultry Ltd | hereafter referred as | Kreatel Communications AB | Unity Council | cessione credito tributario | Disposiciones reglamentarias | conseil municipal genève | cicr 4 marzo 2003 | catis
