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Smart Help With Payday Loans

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Loan - Investors King
  • Smart Help With Payday Loans

When most people are thinking about how to get out of payday loans, they often assume that the solution is paying off the loan with another. However, it isn’t. Unfortunately, this is an all too familiar problem.

It is common knowledge that it can be quite scary to be in payday loan debt. If you have a looming repayment date and cannot afford to repay, there’s some light at the end of the tunnel. All you have to do is follow the 5 steps below to help in dealing with payday loans that you are unable to pay.

  1. Stop Panicking

Payday loans are often marketed as a way to fund a ‘one-off’ expense that’s unexpected, such as a car MOT. However, the reality is that about 40 percent of people use payday loans to pay for essential items such as gas and food or rather getting to work and putting food on the table.

25 percent of people use payday loans to repay other forms of credit. If payday loan debt is something you are struggling with, stop panicking since you are not alone. It is possible to become debt free without the need to take any additional loans.

  1. Step the Borrowing Cycle

One common trap that people tend to fall into is not actually being unable to afford it in the first place, but rather feeling that there’s no way out besides taking out another loan followed by another, and so on.

You must stop this cycle. Taking out loans constantly one after the other might seem like a fix to your problems, but it isn’t. Drawing a line undertaking multiple payday loans will help you stop sliding deeper into debt.

  1. Cancel Your CPA Payday Loan Payment

Payday loans are non-priority debts, which means that they should only be paid from the money that remains after you have paid priorities such as living costs, food, household bills, mortgage, and rent. If by paying back your payday loans means that you will run short of money to pay for priority expenses, you need to stop the money being taken.

When you were applying for the loans, you provided your card details to set up the Continuous Payment Authority (CPA). It is how the vast majority of payday loan companies take repayments. However, it is a direct link to your bank and the payday lender is free to take the money whenever they feel like it. If you don’t have sufficient funds to cover the full repayment they often try several times.

If you don’t have enough money in your account, the bank will slap you with some charges. So, if you are unable to afford it, it is better to cancel your CPA. It is easy to do:

– If it is the date the payment is due, call your bank and request for the cancellation of the payday loan payment.

– If it is between 1 and 5 days away, email a letter to your bank.

– If it is more than 5 days away, send a letter to your bank by post.

To keep the payday loan company in the loop, it is advisable to send a copy of the template letter to them too. However, do this only after the bank cancels the CPA.

  1. Repay Only What You Are Able to Afford

One of the main issues that people have over the operations of payday lenders is the collection process. The reality is that nobody can make you repay more than you are able to afford. You can tell how much that is and even prove that to the payday lender using tools such as the Debt Remedy tool.

What is Debt Remedy?

It is an approach to giving free debt advice online to anybody in need of it. It is both a debt solution and money management tool that works out the available options depending on your budget. It is easy to use, quick, and you never even have to provide your name.

How Do You Use the Tool?

You simply enter your income and outgoings. The tool will then budget payments such as bills and rent to ensure that the most important companies and people get paid. It then provides you with a personal action plan that will help you deal with your debts including any further step you should take.

Can I Talk to Somebody?

Yes. If this is what you prefer, you and call and speak to one of the debt advisors.

  1. Living a Life Without Payday Loans

You have stopped the borrowing cycle and regained control. With professional debt advice and budgeting assistance through the Debt Remedy tool it is possible to manage your outgoings within your income, without having to take additional credit.

Its possible to clear your arrears, budget for priorities, budget for future payments, and receive one of a range of debt solutions to help in the management of your debt over the longer-term, but only if you have the right partner.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

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Facebook Meta

The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

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Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

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flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

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Allen Onyema, Employee Indicted in U.S. For Allegedly Obstructing Justice in Bank Fraud, Money Laundering Cases Slammed Against Them

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Allen Onyema Air Peace

Allen Onyema, the Chairman and Chief Executive Officer of Air Peace, a Nigerian airline, has been charged in a superseding indictment with obstruction of justice for submitting false documents to the United States Government in an effort to end an investigation of him in earlier charges of bank fraud and money laundering.

The United States government also charged alongside Onyema, his employee, Ejiroghene Eghagha, the airline’s Chief of Administration and Finance, for participating in the obstruction scheme, as well as in the earlier bank fraud counts.

In a statement issued by the U.S Government, the country’s Attorney Ryan K. Buchanan said the founder of the airline, accused of using his airline company as a cover to commit fraud on the United States’ banking system, has, along with Eghagha, who is a co-defendant in the fraud cases, allegedly committed additional crimes of fraud in a failed attempt to derail the government’s investigation of his conduct.

Robert J. Murphy, Special Agent in Charge of the Drug Enforcement Administration (DEA), Atlanta Division also revealed that through the diligence of US federal investigative partners, the alleged obstruction scheme of Onyema and Eghagha was revealed, making it possible for the defendants to be held accountable for their aggravated conduct of attempting to impede a federal investigation.

For Assistant Special Agent in Charge Lisa Fontanette, Internal Revenue Service – Criminal Investigation Atlanta Field Office, “These cases represent the continued commitment of the Drug Enforcement Administration to identify and hold accountable those who engaged in fraud and money laundering.”

“Allegedly, Onyema and his accomplices fraudulently used the U.S. banking system in an effort to hide the source of their ill-gotten money.

“Today’s superseding indictment is indicative of the dedication IRS-CI special agents and our law enforcement partners have, as part of the Organized Crime Drug Enforcement Task Forces, to neutralize threats to the United States from criminal organizations.”

“The charges announced today demonstrate the criticality of diligence and truth in criminal justice proceedings,” said Steven N. Schrank, Acting Special Agent in Charge, Homeland Security Investigations Atlanta that covers Georgia and Alabama. “HSI and our partners are committed to pursuing those who seek to exploit our nation’s financial system and any efforts to cover up illegal activity,” she added.

The statement obtained by Investors King explained how Onyema allegedly committed the bank fraud and laundered money running into millions of dollars. The statement reads “Onyema, a Nigerian citizen and businessman, is the CEO and Chairman of Air Peace, a Nigerian airline founded in 2013. Between 2010 and 2018, Onyema travelled frequently to Atlanta, where he opened several personal and business bank accounts. More than $44.9 million was allegedly transferred into his Atlanta-based accounts from foreign sources.

Beginning in approximately May 2016, Onyema, together with Eghagha, allegedly used a series of export letters of credit to cause banks to transfer more than $20 million into Atlanta-based bank accounts controlled by Onyema.

The letters of credit were purportedly to fund the purchase of five separate Boeing 737 passenger planes by Air Peace and were supported by documents such as purchase agreements, bills of sale, and appraisals.

The documents purported to show that Air Peace was purchasing the aircraft from Springfield Aviation Company LLC, a business registered in Georgia.

However, the supporting documents were allegedly fake – Springfield Aviation Company LLC was owned by Onyema and managed on his behalf by a person with no connection to the aviation business, and Springfield Aviation never owned the aircraft.

The company that allegedly drafted the appraisals did not exist. Eghagha allegedly participated in this scheme as well, directing the Springfield Aviation manager to sign and send false documents to banks and even using the manager’s identity to further the fraud.

After Onyema received the money in the United States, he allegedly laundered over $16 million of the proceeds of the fraud by transferring it to other accounts.

In May 2019, upon discovering that he was under investigation in the Northern District of Georgia for bank fraud, Onyema and Eghagha allegedly directed the Springfield Aviation manager to sign a key business contract, but also specifically told her to not date the document.

In October 2019, Onyema allegedly caused his attorneys to present that same contract, now falsely dated as being signed on May 5, 2016 (prior to the bank fraud that began in 2016), to the government in an effort to stop the investigation and unfreeze his bank accounts.

Allen Ifechukwu Athan Onyema, 61, of Lagos, Nigeria, and Ejiroghene Eghagha, 42, of Lagos, Nigeria, were indicted on November 19, 2019, on one count of conspiracy to commit bank fraud, three counts of bank fraud, one count of conspiracy to commit credit application fraud, and three counts of credit application fraud.

Additionally, Onyema was charged with 27 counts of money laundering, and Eghagha was charged with one count of aggravated identity theft. On October 8, 2024, they were both charged in a superseding indictment alleging an additional count of obstruction of justice and one count of conspiracy to obstruct justice. The case is criminal action number 1:19-CR-464.”

However, the statement noted that an Organized Crime Drug Enforcement Task Forces (OCDETF) including the Drug Enforcement Administration, Internal Revenue Service Criminal Investigation, U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, Federal Aviation Administration, Department of Commerce, and Department of Treasury are investigating the case.

It informed members of the public that the indictments of Onyema and his co-accused person only contain charges, adding that the duo Nigerians are presumed innocent of the charges and it will be the government’s burden to prove their guilt beyond a reasonable doubt at trial.

The statement further disclosed that Assistant U.S. Attorneys Garrett L. Bradford and Christopher J. Huber are prosecuting the case.

“This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF,” it concluded.

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