Lender charge – John Hesch http://johnhesch.com/ Wed, 22 Jun 2022 02:35:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://johnhesch.com/wp-content/uploads/2021/07/icon-150x150.png Lender charge – John Hesch http://johnhesch.com/ 32 32 Consumers charge Eko DisCo to improve service delivery https://johnhesch.com/consumers-charge-eko-disco-to-improve-service-delivery/ Wed, 22 Jun 2022 00:55:38 +0000 https://johnhesch.com/consumers-charge-eko-disco-to-improve-service-delivery/ Electricity consumers in Itire, Lawanson, Idi-Araba and Mushin, Lagos have commissioned Eko Electricity Distribution Company to improve its service delivery. A statement said locals made the DisCo request at a recent engagement forum in Lagos. However, the statement quoted company spokesperson Godwin Idemudia as saying that EKEDC management is committed to building a closer relationship […]]]>

Electricity consumers in Itire, Lawanson, Idi-Araba and Mushin, Lagos have commissioned Eko Electricity Distribution Company to improve its service delivery.

A statement said locals made the DisCo request at a recent engagement forum in Lagos.

However, the statement quoted company spokesperson Godwin Idemudia as saying that EKEDC management is committed to building a closer relationship with customers.

“The purpose of the Town Halls is part of our ongoing engagement with our customers to let us know how we can best serve them by listening to their challenges. Management is keen to build a closer relationship with customers in our network, hence the engagement forums. This is the third engagement forum since this administration.”

Meanwhile, EKEDC Managing Director and CEO Dr. Tinuade Sanda assured customers that the company would do better to meet their expectations.

Sanda, who was represented at the event by Chief Financial Officer, Mr. Joseph Esenwa, said, “It is evident that the electricity industry is going through many challenges that even exceed the capacity of DisCos, which cause setbacks. to the electricity supply. . As the face of the electricity industry for consumers, it is essential for us to actively engage our customers on platforms like this to identify their issues and provide solutions.

Also speaking, Mushin’s Customer Advisory Forum Chairman Afeez Lawal called on DisCo to provide more prepaid meters, which he said was the solution to the threat of estimated billing to customers.

In his story, Mr. Lawal Musa, representing the Idi-Araba community, tasked Eko DisCo with replacing deteriorated poles and wires that were preventing adequate power supply and causing safety hazards.

While dealing with complaints, Sanda explained to customers that inadequate gas supply, low power generation, system collapse and vandalism had contributed to the drop in power supply, and that they would not are not specific to EKEDC.

She did, however, assure that the company is currently working with other industry players to ensure that these challenges are kept to a bare minimum.

“We are upgrading our distribution infrastructure across our network with a loan from the Central Bank of Nigeria. Network improvement projects may not be progressing as quickly as you expected, but I can assure you that we will visit your areas.

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Seeing Beyond l Construction Academy shows the courage of leaders | Columnists https://johnhesch.com/seeing-beyond-l-construction-academy-shows-the-courage-of-leaders-columnists/ Sun, 19 Jun 2022 04:15:00 +0000 https://johnhesch.com/seeing-beyond-l-construction-academy-shows-the-courage-of-leaders-columnists/ The Citrus County School Board announced this week that Governor Ron DeSantis had vetoed funding for the proposed building academy. A setback? Sure. A failure ? Not even close. Superintendent Sam Himmel made it clear that plans for the Academy were still underway with faculty hiring, curriculum planning, and initial research for setup and supply […]]]>

The Citrus County School Board announced this week that Governor Ron DeSantis had vetoed funding for the proposed building academy.

A setback? Sure. A failure ? Not even close.

Superintendent Sam Himmel made it clear that plans for the Academy were still underway with faculty hiring, curriculum planning, and initial research for setup and supply costs.

Get more of the Citrus County Chronicle

With 138 student applicants already, it is undeniably an excellent idea.

Moving forward with the Construction Academy despite funding setbacks gives more insight into the strength of the Citrus County school system than its test scores or its technological inclusion. This step-by-district leadership is extremely important because it is proof in the pudding that education leaders in Citrus County actually see their students.

The world changes. The idea that a college degree is the key to success is a standard that quickly dies on the vine. Ask the millions of millennials running around with master’s degrees, crippling student debt, and underpaid jobs. Academic leaders and mentors told students that college was not only the exclusive way to achieve stability, but that if a student did not go to college, they were guaranteed to live a life of economic labor and tension.

An entire generation was convinced that the only way to guarantee a stable future was to obtain a higher degree. These degrees will pay off, they said.

It turned out to be a wholesale fabrication. I doubt it was with malicious intent. But the push for everyone to go to college has helped create a crippling situation for many people. Students who were good at things outside of academia had to go to technical schools and learn trades. Instead, these schools and career paths were considered “inferior” choices.

They therefore incurred student debt and pursued undergraduate studies in fields far removed from their real interests. Many did not complete and pursued studies in technical fields after dropping out, while maintaining their student debt.

This massive surge of students into undergraduate programs created a new level of hype for students who were more suited to the traditional academic enterprise. Because so many people pursued bachelor’s degrees, the way to stand out in a particular field was to have a master’s degree. And so more and more students took on more and more debt with the false narrative that just by getting a higher degree, you were guaranteed to be paid back in spades.

This narrative has collapsed. And it hurt a lot of people.

What Citrus County Schools are doing is changing the narrative. And it’s brilliant.

For years, the best-kept secret in local education has been Withlacoochee Technical College. The Citrus County School Board has used its relationship with the WTC for decades, helping to match students with career fields that are right for them. Let’s be honest, we’re never going to stop needing plumbers, HVAC technicians, electricians, and computer prodigies.

The creation of the Construction Academy is just an extension of what the district has already done to give our students every opportunity to explore and pursue the career of their choice.

But it is more than providing an opportunity. It changes the scenario. It puts all career choices on an equal footing. They all matter. Going to college is no better than going to trade school. Going to college is not the definition of success.

For some people, college is exactly what their next step should be. Some fields require it. Teachers need college-level training. We want our doctors to go to medical school and our lawyers to go to law school. But jobs in technical and commercial fields, such as those for which students will be prepared at the Academy of Construction, are equally necessary. And college is not the right training ground.

The decision of Citrus County schools to pursue what is best for its students despite declining funding and the challenge of dismissal from the state government shows us the courage of those tasked with preparing the future generation for what comes next.

This is an important step and it is the right one.

Cortney Stewart is a graduate of Lecanto High with degrees in political science, international affairs, and cross-cultural studies who has lived and worked around the world.

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UAE: Loan money to a friend? Pay attention to this rule https://johnhesch.com/uae-loan-money-to-a-friend-pay-attention-to-this-rule/ Fri, 17 Jun 2022 14:01:31 +0000 https://johnhesch.com/uae-loan-money-to-a-friend-pay-attention-to-this-rule/ Dubai: Want to borrow money from a friend when you’re in trouble? Or are you planning to lend money that you may have saved? Whatever situation you find yourself in, it is important to note that charging interest on money lent between two people is illegal under the UAE Penal Code. Federal Law No. 31 […]]]>

Dubai: Want to borrow money from a friend when you’re in trouble? Or are you planning to lend money that you may have saved? Whatever situation you find yourself in, it is important to note that charging interest on money lent between two people is illegal under the UAE Penal Code.

Federal Law No. 31 of 2021 on the Promulgation of the Crimes and Punishments Act – or the Criminal Law of the United Arab Emirates – provides for both financial penalties and imprisonment when a “natural person” lends money with interest.

What is a natural person?

Person having the legal personality of a natural person, as opposed to a legal person, representative, etc.
Source: Lexico.com, an online dictionary produced by Dictionary.com and Oxford University Press

Who can charge interest?

In the UAE, only licensed institutions are allowed to offer interest-bearing loans, according to Navandeep Matta, a Dubai-based legal consultant.

“In the United Arab Emirates, the Central Bank is the competent authority for licensed banks and other financial institutions to lend money with interest. This is governed by Federal Decree Law No. 14 of 2018 concerning the Central Bank and organization of financial institutions and activities,” he said.

In the United Arab Emirates, the Central Bank is the governing authority for licensed banks and other financial institutions to lend money with interest … Any lending of money with interest between two natural persons is considered a crime in United Arab Emirates and is an offense punishable by imprisonment and fine under Sections 458 and 459 of the Criminal Law of the United Arab Emirates

– Navandeep Matta, legal consultant based in Dubai

What is the law prohibiting individuals from lending money at interest?

Articles 458 and 459 of the UAE Penal Code determine the penalties for the loan of money between two persons for interest.

Article 458 of Federal Law No. 31 of 2021

Is liable to imprisonment for a period of at least one year and a fine of at least 50,000 Dh.
By implicit interest, we mean any commission or advantage of any kind whatsoever, demanded by the creditor, if it is proven that the said commission or advantage is not in return for a real and lawful advantage or service. provided by the creditor.
The original debt and the implicit interest can be proven.
If the criminal uses the need, weakness or inclination of the debtor to commit the offense referred to in this article, this fact will be considered an aggravating circumstance.

Article 459 of Federal Law No. 31 of 2021

Any natural person who habitually engages in the practice of lending at interest is liable to a temporary prison sentence for a period not exceeding five years and a fine of at least 100,000 DH.

“Any loan of money with interest between two natural persons is considered a crime in the UAE and is an offense punishable by imprisonment and a fine under Articles 458 and 459 of the UAE Criminal Law” , Matta said.

“For example, if individual A lends Dh100 to individual B at the rate of five cents per annum and individual A accepts Dh105 from B, then the individual has committed an offence,” a he added.

Matta also explained that the interest can also take different forms, including any lucrative consideration, commission or advantage of any kind, according to the law.

Interest-free loans allowed

“Yes, the money can be borrowed from an acquaintance, but the borrowing must comply with the Sharia of ‘Qard-el-Hassan’, which means an interest-free loan. The borrower is legally bound to repay only the principal amount without any other interest payments. Parties are advised to enter into a written agreement before entering into such a transaction in order to benefit from legal remedies at a later stage if necessary,” Matta said.

For a list of do’s and don’ts to keep in mind when lending or borrowing money from an acquaintance, read our guide here.

What happens if I have to pay interest?

If you find yourself in a situation where an acquaintance demands interest on top of the money you borrowed, you can report the problem to the police.

“Knowledge cannot legally demand any interest from you. By taking an interest, the acquaintance will commit an offense punishable by fines of up to 100,000 Dh and imprisonment for a term not exceeding five years. Knowledge shall have no legal remedy or legal basis of action against you for non-payment of interest. If the acquaintance pushes you to pay the interest by force or harasses you for it, you can file a complaint with the police,” Ayush Hans, a legal analyst and Connect Legal, a legal assistance service, told Gulf News. line.

Regardless of a verbal or written agreement with the acquaintances, you are not legally obligated to pay interest. You will only be required to pay the principal amount to knowledge through the agreement.

– Ayush Hans, legal analyst and Connect Legal, an online legal assistance service

The law would apply even if you agreed to pay interest at the time of the loan, according to Hans.

“Regardless of a verbal or written agreement with the acquaintances, you are not legally obligated to pay interest. You will only be required to pay the principal amount to knowledge only through the agreement,” he added.

Hans reiterated that in the UAE, in order to lend money and charge interest, you must be licensed by the UAE Central Bank.

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Vincent Kompany faces daunting task in charge of rebuilding Burnley on a tight budget https://johnhesch.com/vincent-kompany-faces-daunting-task-in-charge-of-rebuilding-burnley-on-a-tight-budget/ Wed, 15 Jun 2022 07:19:19 +0000 https://johnhesch.com/vincent-kompany-faces-daunting-task-in-charge-of-rebuilding-burnley-on-a-tight-budget/ It’s a 50-second journey through nearly 130 years, through the Harrys and Brians, the Jimmys and the Johns, bowler hats, flat caps and mustaches. It culminates in Vincent Kompany, the continuation of the past and the break with it. Burnley’s video introducing their new manager is artfully done and underlines the sense of change at […]]]>

It’s a 50-second journey through nearly 130 years, through the Harrys and Brians, the Jimmys and the Johns, bowler hats, flat caps and mustaches. It culminates in Vincent Kompany, the continuation of the past and the break with it.

Burnley’s video introducing their new manager is artfully done and underlines the sense of change at Turf Moor. A series of largely unglamorous Brits dating back to the 19th century, then their first foreign manager. Like his predecessors, Sean Dyche and goalkeeper Mike Jackson, Kompany was a central defender. And there the similarities end.

Kompany’s personality is such that his appointment smells like a bang. Cosmopolitan, polyglot, faithful to the stylish and attacking sides, he feels everything that Burnley was not, the antidote to Dycheball.

“Vincent is a recognized leader,” said President Alan Pace. And so he is: as one of the Premier League’s best captains and, with my apologies to Tony Book, Manchester City’s greatest ever.

As a manager, his record is inconclusive. Three seasons with Anderlecht ended in eighth, fourth and third. If this indicates an upward trajectory, his first campaign, cut short as it was by Covid – when he was still playing and when sideline duties were shared – brought Anderlecht’s lowest result since World War II. world. He inherited a club mired in unease but, as they have been Belgian champions a record 34 times, that CV barely stands out.

Burnley may have named Kompany the man as much as Kompany the manager. He took a job near the family of his Mancunian wife and in the area where their three children were born. Kompany’s charisma means he will sound convincing when explaining his reasons for moving to Turf Moor. One, perhaps, is the immense self-confidence that was normally an asset on the pitch, although some of his red cards and injuries came because he was too committed, too convinced of his own abilities.

But it’s tempting to wonder if that blinded him to the underlying issues at Burnley. The most important is financial, and whatever assurances he has had, the outside world awaits an explanation.

A debt of £65million had to be repaid after relegation. It has the potential to gobble up the parachute payments that might otherwise have provided the promotion platform. And if the loan – a consequence of the leveraged buyout of ALK Capital – has been renegotiated in recent weeks, Pace has not yet given details.

In the meantime, Burnley lack players and money. Their shortlist helped illustrate the magnitude of the reconstruction work required.

Out-of-contract James Tarkowski will go voluntarily, but it seems odd that his longtime sidekick Ben Mee hasn’t been offered a deal sooner. Burnley have been built around their partnership with the centre-back. Not anymore. Aging substitutes Erik Pieters, Aaron Lennon, Dale Stephens and Phil Bardsley are also absent.

Burnley are in talks with Jack Cork and Matej Vydra at the end of the contract, but it leaves the possibility that they will also leave on free transfers.

Meanwhile, January signing Wout Weghorst has said he is considering leaving and a loan would not even allow the Clarets to recoup their £12million. Maxwel Cornet has a £17.5m release clause depriving Burnley of the chance of a big profit. Nick Pope’s talents should be seen in the Premier League. Dwight McNeil could spark interest.

Burnley’s Maxwel Cornet gestures (Martin Rickett/PA)

(PA wire)

He leaves a very small core guaranteed to be at Turf Moor; Among them, Ashley Westwood, their best central midfielder in recent years, is facing a long period of inactivity with a dislocated ankle. Ashley Barnes, meanwhile, has had a contract extension triggered after scoring a solitary goal in her last 29 games.

So, with a limited budget, Burnley might need 10 new signings. Kompany’s contacts at City could facilitate loan deals, as they did at Anderlecht, but with at least seven and possibly 10 players in their thirties remaining, he needs to find younger players.

As they got the fewest points per game in all four divisions in 2021, there is a need to instill a winning mentality and habit, even factoring in a brief comeback this year.

Their general level of play was poor: seniority was a factor but there was also an air that an era was ending. Perhaps the 4-4-2 formula that brought Dyche two promotions will need to be torn apart and a more progressive plan implemented, but Burnley seemed the stylistic opposites of the Kompany-led City sides.

The fact that the Clarets have often appeared to be the technically poorer and less talented team when they have been knocked out of cups by Football League sides in recent years is a bad omen. Forwards who weren’t used to scoring may suddenly have to score 15 or 20 goals in a season.

It would be a daunting task even for a manager who was not a relative rookie and a club on a solid financial footing. A lesser man than Kompany might have considered Burnley too big a reputational risk; perhaps a lesser figure wouldn’t have had such appeal to them, though.

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‘No one is above the law’: On the accusation of Congress dictatorship, Smriti Irani’s 8-point questionnaire to Rahul Gandhi https://johnhesch.com/no-one-is-above-the-law-on-the-accusation-of-congress-dictatorship-smriti-iranis-8-point-questionnaire-to-rahul-gandhi/ Mon, 13 Jun 2022 08:42:22 +0000 https://johnhesch.com/no-one-is-above-the-law-on-the-accusation-of-congress-dictatorship-smriti-iranis-8-point-questionnaire-to-rahul-gandhi/ Hitting Congress during its protest march against the Law Enforcement Directorate over the agency’s summons asking Rahul Gandhi to appear before it in the National Herald case for questioning, the BJP said Monday that Congress leaders and workers took to the streets across the country. capital “not to protect democracy” but to “protect more than […]]]>

Hitting Congress during its protest march against the Law Enforcement Directorate over the agency’s summons asking Rahul Gandhi to appear before it in the National Herald case for questioning, the BJP said Monday that Congress leaders and workers took to the streets across the country. capital “not to protect democracy” but to “protect more than Rs 2,000 million in Gandhi family assets”.

Addressing a press conference, BJP leader and Union Minister Smriti Irani said the congressional show of force was aimed at putting pressure on the investigative agency, and asserted that no one was above the law, “not even Rahul Gandhi”.

“At the resounding call of the Gandhi family, Congress party leaders and workers took to the streets of the nation’s capital to pressure investigative agencies. A gentleman, who is out on bail, is seeking to pressure an investigative agency that is seeking to unravel the corruption of the Gandhi family,” Irani said.

“Never before has a political family made such a blatant attempt to hold investigative agencies to ransom. Never before has a political family been so keen to protect their ill-gotten gains as the Gandhi family,” she said. added.

Irani posed a series of questions to the former congress chief, questioning her family’s relationship with Dotex Merchandise, which she described as a hawala operator whose transactions have been flagged by the Financial Intelligence Unit.

Here are Smriti Irani’s questions to Rahul Gandhi in the National Herald case:

In the 1930s, Associate Journal Limited was formed with 5,000 freedom fighters as shareholders. Now a business that was supposed to be run by freedom fighters has been usurped by the Gandhi family. It is anticipated that AJL’s intention was to publish a journal. However, in 2008, the company appears to have declared that it would no longer publish newspapers, but would enter the real estate business.

It is common knowledge that the Congress party waived a loan of Rs 90 crore. The question I humbly pose to those who may have given money to the Congress Party so that the democratic values ​​of our country could be strengthened – Did you know that the Congress Party, instead of using this money for public gain and public service, used it to benefit the Gandhi family?

The fact that the Gandhi family had to invite people over to protect their real estate interest and profit says a lot about their political character.

There are a few questions to ask Rahul Gandhi:

Is it true that M/s Young Indian was incorporated with the intention of carrying out charitable activities in 2010?

Is it also true that in 2016, the same company which is owned by the Gandhi family, said that in its six years of existence it did not carry out any charitable activity?

The question I hope to find an answer to is, what is Rahul Gandhi’s relationship or the Gandhi family’s relationship with Dotex Merchandise Pvt Ltd?

Mr Gandhi, is it true that Dotex Merchandise Pvt Ltd is one of the many companies of a Kolkata based Hawala entry operator where instead of cash checks are given?

Mr. Gandhi, is it true that Dotex Merchandise transactions have been flagged as suspicious by the Financial Intelligence Unit?

Is it also true Mr Gandhi that today you called your karyakartas and leaders to the nation’s capital not to save democracy but to save your property worth Rs 2,000 crore ? That you will attempt to hold the nation’s capital hostage so that your usurped assets and ill-gotten gains are protected?

It is not a desire to protect democracy. This intended reader is to protect Rs 2,000 crore from the Gandhi family.

What is the National Herald case?

The investigation relates to alleged financial irregularities in the Young Indian party, owner of the National Herald newspaper. National Herald is published by Associated Journals Limited (AJL) and owned by Young Indian Pvt Limited.

The questioning of top Congress and Gandhis leaders is part of the ED investigation to understand the stock holding pattern, financial dealings and the role of the promoters of Young Indian and AJL.

The ED recently registered a new case under the criminal provisions of the PMLA after a Magistrates Court heard of an investigation by the Department of Income Tax against Young Indian Pvt Ltd based on a private criminal complaint filed by BJP MP Subramanian Swamy in 2013.

The Congress party had described the action of the ED as a “vendetta”. He called the accusations “false and baseless” and added that the summoning of the Gandhis was part of the BJP’s “vendetta policy”.

Sonia Gandhi and Rahul Gandhi are among the promoters and shareholders of Young Indian.

Swamy in his complaint had accused Sonia Gandhi, Rahul Gandhi and others of conspiring to cheat and embezzle funds with Young Indian Pvt Ltd paying only Rs 50 lakh for the right to recover Rs 90.25 crore that Associate Journals Ltd owed Congress.

The Delhi High Court had in February last year issued notice to the Gandhis for their response to Swamy’s plea seeking to produce evidence in the case in the Magistrate’s Court.

The Gandhis had secured separate sureties from the court in 2015 after providing personal bonds of Rs 50,000 and bail. They, however, argued in the Delhi High Court that Swamy’s plea was “ill-conceived and premature”.

The other defendants in the case filed by Swamy are close associates of Gandhi Suman Dubey and technocrat Sam Pitroda. They have previously denied any wrongdoing.

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Increase in second charge loan requests revealed https://johnhesch.com/increase-in-second-charge-loan-requests-revealed/ Sun, 12 Jun 2022 09:39:16 +0000 https://johnhesch.com/increase-in-second-charge-loan-requests-revealed/ Second mortgage specialist SoMo revealed that in April the number of inquiries about such loans from advisers increased by 63%, following its information campaign. SoMo has set out to ensure that mortgage advisers are aware of how second-charge loans can help many of their clients, and its survey figures for April suggest this strategy is […]]]>

Second mortgage specialist SoMo revealed that in April the number of inquiries about such loans from advisers increased by 63%, following its information campaign.

SoMo has set out to ensure that mortgage advisers are aware of how second-charge loans can help many of their clients, and its survey figures for April suggest this strategy is paying off. Second mortgages now account for more than half of all lending activity at the company, with these loans being sought by both homeowners and small businesses.

SoMo chief executive Louis Alexander told the Mortgage Introducer that business and home owners are now feeling the pinch of the rising cost of living, making second charge loans more vital than ever. He then went on to say:

“We’re seeing brokers, intermediaries and clients turn to SoMo because we’re able to offer a specialist, solutions-based approach to second-load lending, a 70% LTV over OMV and rates from 0.6% pcm.”

The campaign the company launched to raise awareness of sub-loans included sending helium-filled promotional balloons to mortgage advisers, photos of which they then shared on social media sites such as Twitter and Instagram.

SoMo is a commercial lender that has sought to focus on the second-charge market since its launch. Training in different specialized areas of the market can be invaluable for advisors even after earning their CeMAP qualification, as the mortgage market is constantly changing.

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HMRC’s assessment of ‘zero impact’ loan charges discredited by MPs tweeting https://johnhesch.com/hmrcs-assessment-of-zero-impact-loan-charges-discredited-by-mps-tweeting/ Wed, 08 Jun 2022 07:14:55 +0000 https://johnhesch.com/hmrcs-assessment-of-zero-impact-loan-charges-discredited-by-mps-tweeting/ Tweets by MPs revealing the harrowing first-hand accounts of loan-charging contractors have left the credibility of HMRC’s disguised pay ‘impact assessment’ in tatters. Published in 2017, the HMRC assessment said the DR “package” containing the charge “is not expected to have a significant impact on the formation, stability or breakdown of the family”. But three […]]]>

Tweets by MPs revealing the harrowing first-hand accounts of loan-charging contractors have left the credibility of HMRC’s disguised pay ‘impact assessment’ in tatters.

Published in 2017, the HMRC assessment said the DR “package” containing the charge “is not expected to have a significant impact on the formation, stability or breakdown of the family”.

But three successive tweets yesterday from MPs on the APPG on loan fees and taxpayer fairness reveal the exact opposite – an abundance of breakdowns, instability and family implosion.

“I wish I hadn’t woken up, HMRC destroyed my family”

After calling the contractors affected by the loan charges to send them evidence of the impact of HMRC policy on them, the all-party parliamentary group quoted one directly:

“I’m on medication for depression. I constantly worry about loan fees. I go to bed and wish I didn’t wake up.

“I will end up going bankrupt and selling my house. HMRC seems determined to follow a course of action that will destroy me. It has already destroyed my family.

“Stress Conditions Related to R&D”

MPs then cited a second contractor, who faced even greater liability due to loan fees – over £312,000.

“The personal impact continues to be immense, eclipsing everything else.”

The ‘appeal for evidence’ form completed by the contractor and captured by MPs in the tweet adds: ‘I was completely without medical conditions [before the loan charge].

“But now I suffer from hypertension and high blood pressure only due to the stress of DR issues. My general attitude towards life took a nosedive and yes, I sometimes contemplated suicide.

‘Bankruptcy’

Quoting a third contractor, MPs tweeted: “This has caused [me] mental health issues, depression and anxiety.

“This charge is totally unfair when we [were] assured that the payment system was legal only to find that the law had changed. I had suicidal thoughts, because bankruptcy is possible”.

On his feedback form, the entrepreneur added that in addition to his suffering “physical and mental well-being”, the loan fees were “putting a strain on my marriage and my relationship with my family”.

“You really should consider our proposal”

Sarah Gabbai, tax attorney at McDermott, Will & Emery, reflected on the entrepreneurs’ testimonials: “No tax system should be allowed to destroy people’s lives like this. Already.”

The lead author of a proposal to reach a “just resolution” for those targeted by the loan charges, Gabbai messaged Treasury Minister Lucy Frazer directly on Twitter.

“You really should consider our proposal,” Gabbai wrote. “[Or] please consider passing legislation to cancel the tax debts of those caught in… the DR scheme[s]”.

‘Disastrous consequences’

But the minister did not respond. “It is deeply disappointing that you have … ignored the proposed resolution put forward by professionals in the tax industry,” the Loan Charge Action Group (LCAG) tells Ms Frazer in a new letter.

The activist-turned-support group adds: “[These professionals] can also see dire consequences if this unjust policy is not changed.

“This was a direct approach to you personally from a group of experienced professionals – including other QCs, but you did not respond, instead asking [HMRC CEO] Jim Harra to answer.

“The letter was very clearly addressed to you and we urge you to show leadership by agreeing to engage with these professionals and assume responsibility for the loan fees yourself.”

“Please Stop Ignoring This”

In their letter to Ms Frazer, LCAG’s Steve Packham and Andrew Earnshaw ask the minister to meet with them to discuss how “bankruptcies, breakdowns and…more suicides” can be avoided.

Consequences completely at odds with HMRC’s 2017 policy impact assessment, such ‘bankruptcies, breakdowns and… more suicides’ are currently ‘inevitable’ without action, say the two campaigners.

Julia Kermode, boss of IWORK, agrees that Ms Frazer can “help prevent this already disastrous policy from getting worse”, and told her as much in a tweet.

“Please stop ignoring this,” Kermode told the minister in a message.

“Please read [these first-hand accounts by contractors showing]…the very real and utterly devastating impact of borrowing costs.

“I exist to repay these debts”

Ms. Frazer was also contacted by the APPG on Loan Fees and Taxpayer Fairness, who invited her to attend a two-hour “open” question and answer session on loan fees. They wanted the session to be held in May.

“I exist to pay off these debts,” the APPG tweeted, directly quoting another contractor caught by the prosecution. “I cry every day and have panic attacks. My life and the lives of those who depend on me have changed forever.

Mr Packham and Mr Earnshaw of LCAG told Ms Frazer: “As responsible minister [it falls to you]to properly re-examine the whole loan fee scandal and seek a solution that avoids the grave consequences of doing nothing.

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CB Financial Services, Inc. records write-off of loans https://johnhesch.com/cb-financial-services-inc-records-write-off-of-loans/ Mon, 06 Jun 2022 20:15:00 +0000 https://johnhesch.com/cb-financial-services-inc-records-write-off-of-loans/ WASHINGTON, Pa.–(BUSINESS WIRE)–CB Financial Services, Inc. (the “Company”) (NASDAQ:CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc., a wholly owned insurance subsidiary of Bank, today announced that it has recorded a charge of $2.7 million (pre-tax) in connection with a commercial and industrial loan. The charge relates to a revolving line […]]]>

WASHINGTON, Pa.–(BUSINESS WIRE)–CB Financial Services, Inc. (the “Company”) (NASDAQ:CBFV), the holding company of Community Bank (the “Bank”) and Exchange Underwriters, Inc., a wholly owned insurance subsidiary of Bank, today announced that it has recorded a charge of $2.7 million (pre-tax) in connection with a commercial and industrial loan.

The charge relates to a revolving line of credit of $3.5 million, with an outstanding balance of $2.66 million as of June 1, 2022, which is the only credit relationship that the corporate borrower, a general contractor, maintains with the Bank. The Borrower has notified the Bank of its intention to cease trading within the next year. There is no specific loan loss reserve in respect of the loan. The line of credit is partially guaranteed by the goodwill of the borrower. The Bank is pursuing legal remedies aimed at improving the likelihood of collection, although, based on the Bank’s current assessment of the credit relationship, it is believed that the prospects for collection in the foreseeable future are limited.

About CB Financial Services, Inc.

CB Financial Services, Inc. is the banking holding company of Community Bank, a Pennsylvania chartered commercial bank. Community Bank operates its branch network in southwestern Pennsylvania and West Virginia. Community Bank offers a wide range of lending and deposit services to individuals and businesses and provides commercial and personal insurance brokerage services through Exchange Underwriters, Inc., its wholly owned subsidiary.

For more information about CB Financial Services, Inc. and Community Bank, visit our website at www.communitybank.tv.

Forward-looking statements

Statements in this press release that are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and such forward-looking statements are subject to significant risks and uncertainties. The Company intends that these forward-looking statements be covered by the safe harbor provisions contained in the Act. The Company’s ability to predict the actual results or effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the business and future prospects of the Company and its subsidiaries include, but are not limited to, general and local economic conditions, the magnitude and duration of economic contraction resulting the COVID-19 pandemic and its effects on the Company’s activities and those of its customers, changes in market interest rates, deposit flows, demand for loans, real estate values ​​and competition, competitive products and pricing, our customers’ ability to make scheduled loan repayments, loan default rates and trends, our ability to manage business risks, our ability to control costs and expenses, inflation, market and currency fluctuations, changes in federal and state laws and regulations applicable to our business, the actions of our competitors, and other factors that may be disclosed in the Company’s periodic reports filed with the Securities and Exchange Commission. These risks and uncertainties should be considered when evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company undertakes no obligation to update forward-looking statements, except as required by applicable law or regulation.

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Abu Dhabi team ready for big load in F1H20 world title bid in French Grand Prix powerboat race https://johnhesch.com/abu-dhabi-team-ready-for-big-load-in-f1h20-world-title-bid-in-french-grand-prix-powerboat-race/ Sat, 04 Jun 2022 19:40:53 +0000 https://johnhesch.com/abu-dhabi-team-ready-for-big-load-in-f1h20-world-title-bid-in-french-grand-prix-powerboat-race/ Iga Swiatek beats Coco Gauff for 2nd French Open title and tops Serena’s streak PARIS: Iga Swiatek is so efficient, so smooth, with racket in hand, seemingly never flustered and, for months now, never beaten.The only time she looked the least bit shaken on Saturday at Court Philippe Chatrier was after her 6-1, 6-3 win […]]]>

Iga Swiatek beats Coco Gauff for 2nd French Open title and tops Serena’s streak

PARIS: Iga Swiatek is so efficient, so smooth, with racket in hand, seemingly never flustered and, for months now, never beaten.
The only time she looked the least bit shaken on Saturday at Court Philippe Chatrier was after her 6-1, 6-3 win over Coco Gauff ended in the final, pushing No. No. 1, at 35 games and his Roland-Garros title counts down to two.
That’s when the tears flowed, first during the Polish national anthem – Swiatek is the only player from that country to win a Grand Slam singles title – and, again, during of the award ceremony.
“I just said to Coco, ‘Don’t cry,'” said Swiatek, who won the 2020 French Open while still a teenager and ranked outside the top 50, “and what what am I doing right now?”
She paused a few times during her victory speech, at one point warning, “Oh, my God. It seems to me that I still need experience. But Swiatek has also gathered his thoughts enough to offer support and wishes of hope to Ukraine, which Russia invaded in February.
“Stay strong, because the world is still here,” Swiatek told the Ukrainians, whose blue and yellow flag is represented by a ribbon of those colors she wore on her white cap during matches.
Gauff, an American appearing in her first grand final at 18, and just weeks away from celebrating her high school graduation with photos in a hat and dress near the Eiffel Tower, has never had much luck – as most opponents against Swiatek lately.

Iga Swiatek (R) and Coco Gauff pose with their trophy. (Anne-Christine Poujoulat / AFP)

Swiatek’s unbeaten run dates back to February and ties Venus Williams’ 2000 run as the longest this century.
“The last two months have been really amazing and you totally deserve it,” 18th-seeded Gauff, now 0-3 against Swiatek, told his 21-year-old opponent, then added with a chuckle: “ I hope we can play each other in more finals, and maybe I can win you one of these days.
After winning her last six tournaments, going 42-3 this season, Swiatek has emerged as a dominant figure in tennis, with 23-time Grand Slam champion Serena Williams out of contention for nearly a year and three-time major champion Ash Barty announcing in March she would retire at 25 and forfeit the No. 1 ranking.
It lifted Swiatek to the top of the WTA, and she showed she was a deserving resident there.
“Two years ago, winning this title was incredible. Honestly, I wouldn’t expect it, ever,” Swiatek said. “But this time, I feel like I worked hard and did everything to get here, even though it was pretty tough. The pressure was great. »
On the hottest day of the tournament, with a temperature of 82 degrees Fahrenheit (28 Celsius), a few flashes of white in the blue sky at the start turned into thick and ominous gray clouds in the second set, accompanied by a bolt from the blue.
Gauff didn’t get off to the best of starts, perhaps reflecting the early nervousness that would be understandable from any player making his debut on this stage.

Iga Swiatek with her trophy. (AP Photo/Thibault Camus)

The player on the other side of the net is certainly no stranger to how things went for 1 hour and 8 minutes of the final.
Swiatek broke serve early on, with plenty of help from Gauff, who put a forehand into the net, double faulted – earning sighs of “Awwwww” from the crowd – threw a forehand into the net and pushed another long forehand.
When Gauff’s work-in-progress forehand betrayed her again, it was 3-0 after just 15 minutes. Soon it was 4-0 in favor of Swiatek.
Not in all cases, of course, but often the spectators at Roland Garros tend to support an underdog or the trailing player – both applying to Gauff. So there was an overabundance of cries of “Come on, Coco!” One person shouted, “Coco, you can do it! There were repeated cries of his two-syllable name ready to chant.
When Gauff came up on the board holding at 4-1, the cheers and roars were fitting for capturing a set, not just a match.
“You supported me, even when I was down,” Gauff told fans afterwards.
When things seemed to get out of hand, Gauff slapped his thigh or covered his eyes, shook his head or looked up at his parents in the stands.
What she never did was hesitate or concede anything.
Gauff started the second set by breaking Swiatek for the only time, then holding to come back 2-0 up. Could this turn into a much tighter contest? Could Gauff push Swiatek to a third set?
No. Swiatek quickly recalibrated and reasserted herself, falling back for 2-all as Gauff’s error propensity returned. In the end, Gauff had more unforced errors, 23-16, and also fewer winners: 14 for her, 18 for Swiatek.
Gauff hadn’t dropped a set in the tournament and was averaging almost six breaks per game on Saturday, but she only got one break point this afternoon. Swiatek got 10, converting half.
Swiatek doesn’t just win, but wins easily, already amassing 16 sets taken 6-0 in 2022 – and that’s only early June.
She does this with a mix of a topspin-laden heavy forehand – a la someone she greatly admires, 13-time French Open champion Rafael Nadal, who will face Casper Ruud in the men’s final on Sunday – and an all-court game, filled with variety and an appreciation for setting up moves in advance during a point. Kind of like a chess player, which she is.
Swiatek has other attributes as well, like solid footwork which allows him to play defense if needed.
Another key part of Swiatek’s presence and booming aura is his composure on the pitch. She traveled on tour with a sports psychologist, who was in Swiatek’s dressing room on Saturday, and is working on various elements of her professional and personal life.
This includes the emphasis on maintaining focus and setting priorities, such as the determination that she is still too new to this whole business of trying to win Grand Slam titles that she has decided it better not attend the Champions League football final in Paris last weekend, something Nadal did.
Maybe a few years from now, Swiatek figured a night out might be a welcome distraction. For now, Swiatek said, she felt she had to focus her full attention on tennis.
Why spoil the success?

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CHARGE ENTERPRISES, INC. : Entering into a Material Definitive Agreement, Creating a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Registrant Arrangement, Financial Statements and Exhibits (Form 8-K) https://johnhesch.com/charge-enterprises-inc-entering-into-a-material-definitive-agreement-creating-a-direct-financial-obligation-or-obligation-under-an-off-balance-sheet-registrant-arrangement-financial-statements/ Thu, 02 Jun 2022 20:03:06 +0000 https://johnhesch.com/charge-enterprises-inc-entering-into-a-material-definitive-agreement-creating-a-direct-financial-obligation-or-obligation-under-an-off-balance-sheet-registrant-arrangement-financial-statements/ Section 1.01 Entering into a Material Definitive Agreement. On May 26, 2022, BW Electrical Services LLCa New Jersey limited liability company (sometimes referred to herein as “BW Electrical”), an indirect wholly-owned subsidiary of Charge Companies, Inc. (sometimes referred to herein as “Charge”, “we”, “us”, “our” or similar terms) have entered into an amendment to the […]]]>

Section 1.01 Entering into a Material Definitive Agreement.

On May 26, 2022, BW Electrical Services LLCa New Jersey limited liability company (sometimes referred to herein as “BW Electrical”), an indirect wholly-owned subsidiary of Charge Companies, Inc. (sometimes referred to herein as “Charge”, “we”, “us”, “our” or similar terms) have entered into an amendment to the Promissory Note and Loan Agreement (the “Amending Agreement”) with Provident bank.

The Amending Agreement amends the Amended and Restated Commercial Loan Agreement dated June 19, 2007and the accompanying documents referenced therein, each as amended, by and between Provident bankas the beneficiary of Team Capital Bank (the “Lender”) and BW Electrical, pursuant to which the Lender entered into an agreement $3,000,000 line of credit (the “Line of Credit”) available to BW Electrical. The line of credit is secured by a first lien on all assets of BW Electrical and by corporate guarantees of Load and Load Infrastructure Holdings, Inc., a wholly owned subsidiary of Charge. Interest is payable monthly and accrues at an annual rate equal to the the wall street journal
prime rate (4.00% at May 31, 2022). The maturity date of the line of credit is August 1, 2023. The line of credit includes customary representations and warranties, covenants and events of default for similar types of revolving lines of credit.

From May 31, 2022BW Electrical had no outstanding balance on this line of credit.

The above description is qualified in its entirety by the Commercial Loan Agreement, the Promissory Note, the Commercial Guarantee Agreement, each as amended, the Amending Agreement and the Unconditional Guarantees, which are included in the Exhibits 10.1 through 10.6, inclusive, and are incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Section 1.01 of this Current Report on Form 8-K is incorporated herein by reference in response to this Section 2.03.




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Item 9.01 Financial statements and supporting documents.




(d) Exhibits.



Exhibit No.   Description
  10.1          Business Loan Agreement dated June 19, 2007 by and between B W
              Electrical Services LLC and Provident Bank, as amended by that
              Change in Terms Agreement dated August 20, 2015, that Change in
              Terms Agreement dated May 24, 2017, and that Change in Terms
              Agreement dated June 11, 2019.
  10.2          Promissory Note by B W Electrical Services LLC to Provident Bank,
              dated September 15, 2006.
  10.3          Commercial Security Agreement by and between B W Electrical
              Services LLC to Provident Bank, dated September 15, 2006.
  10.4          Modification of Promissory Note and Loan Agreement by and between
              B W Electrical Services LLC and Provident Bank dated May 26, 2022.
  10.5          Unconditional Guaranty of Charge Enterprises, Inc. for the benefit
              of Provident Bank dated May 26, 2022.
  10.6          Unconditional Guaranty of Charge Infrastructure Holdings, Inc. for
              the benefit of Provident Bank dated May 26, 2022.
104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document).





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