Debt Makeover: Dana Durham What We Will Cover
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Department of Administrative Services Offset Programs
ISSUE REVIEW Fiscal Services Division January 5, 2017 Department of Administrative Services Income Offset Program ISSUE This Issue Review examines the Income Offset Program administered by the Department of Administrative Services (DAS). Money owed to the state and local governments is offset or withheld from individuals and vendors to recover delinquent payments. AFFECTED AGENCIES Departments of Administrative Services, Revenue, Human Services, and Inspections and Appeals, the Judicial Branch, Iowa Workforce Development, the Regents Institutions, community colleges, and local governments CODE AUTHORITY Iowa Code sections 8A.504, 99D.28, 99F.19, and 99G.38 Iowa Administrative Code 11.40 BACKGROUND The Income Offset Program began in the 1970s under the Department of Revenue (DOR).1 During that time, state income tax refunds were withheld by the Department for liabilities owed to the Department and other state agencies. In 1989, the Program expanded to include payments issued to vendors.2 In 2003, the Finance portion of the Department of Revenue and Finance became the State Accounting Enterprise (SAE) of the DAS and the new home of the Income Offset Program. Iowa Code section 8A.504 permits the DAS-SAE to recover delinquent payments owed to state and political subdivisions by withholding payments that would otherwise be paid to individuals and vendors.3 The DAS-SAE applies the money toward the debt an individual or vendor owes 4 to the state of Iowa or local governments. For example, if an individual or vendor qualifies for a 1 The Department of Revenue became the Department of Revenue and Finance in 1986 as a result of government reorganization and returned back to the Department of Revenue when the Department of Administrative Services (DAS) was created in 2003. -
Consumer Credit Counseling
CENTRAL VIRGINIA LEGAL AID SOCIETY, INC. 1000 Preston Ave, Suite B 101 W Broad, Ste 101 2006 Wakefield Street Charlottesville, VA 22903 Richmond, VA 23241 Petersburg, VA 23805 434-296-8851 (Voice) 804-648-1012 (Voice) 804-862-1100 (Voice) 434-296-5731 (Fax) 804-649-8794 (Fax) 804-861-4311 (Fax) Consumer Credit Counseling You may have bills and debts you can’t pay. You are not alone. Many agencies try to help people get out of debt. These are called “credit counseling agencies” or “debt counseling agencies.” You should be very careful about consumer credit counseling. Many agencies do more harm than good. What services does a credit counseling agency offer? Credit counseling usually offers three services. • Budget counseling to help you pay your debts on your own. • A debt management plan, or debt repayment plan, run by the agency. • Referral to other agencies, such as social, financial and legal services. What is a debt management plan? In this plan, the agency arranges lower payments with your creditors. Usually these are your credit cards. Your payments are lower because your creditors agree on lower interest rates. When all the creditors who are in your plan agree, you make one monthly payment to the agency. The agency uses that money to make your lower payments to your creditors. When should I think about a debt management plan? You should think about a plan if two things are true. (1) You can’t pay all your bills and debts, and can’t keep current on all your accounts. (2) You have income or property you could lose to a creditor. -
How to Handle Bad Debts There Often Comes a Time When Businesses
How to Handle Bad Debts There often comes a time when businesses must account for nonpaying customers. This typically means deleting them from the company’s books and from regular accounts receivable records by writing off the outstanding receivable as a bad debt. Because bad debt write offs impact a firm’s cash flow and profit margins, credit professionals must use a combination of allowances and write-off guidelines, which must conform with Internal Revenue Service regulations, to handle this process. A firm’s general credit policy should include this information. Some companies establish allowance for bad debt accounts, contra asset accounts, to recognize that write offs are inevitable and to provide management with estimates of potential write offs. In 1986, the IRS repealed the use of the allowance method for tax purposes, taking the position that specific accounts are to be charged off only after they have been identified as uncollectible. Accountants, however, continue to prefer the allowance method, also known as the income statement method, since this method allows for matching bad debt expenses more closely with the time periods in which they were created. General accepted accounting principles rules require the allowance method to be used for external reporting. Allowances for Bad Debts Allowances for bad debts or uncollectible accounts accrue for bad-debt write offs in the accounting period that revenues are recorded, thereby matching revenues and expenses. They are contra-assets, reducing current assets (accounts receivable) accordingly on the company’s balance sheet. There, offsets give a more accurate picture of the outstanding receivables and provide a clearer picture of the firm’s performance. -
Tips on Choosing a Reputable Credit Counseling Agency
NATIONAL CONSUMER LAW Consumer CENTER INC 77 Summer Street, 10th Fl Boston, MA 02110 for Older 617 542-8010 www.nclc.org Facts Americans Tips on Choosing A Reputable Credit Counseling Agency There have been a lot of problems with credit counseling agencies in recent years. For example, the vast majority of credit counseling agencies are non-profit organizations, yet many behave like for-profit businesses. These non-profits in disguise spend huge amounts of money on advertising and aggressively try to sell “debt relief” products to consumers. You should be careful if you think you want to go to a credit counseling agency for help with credit card debt. Credit counseling can be very useful in some cases. Unfortunately, not all credit counseling agencies are acting in your best interests. Below are a few tips to help you decide whether credit counseling is right for you and to help you find a reputable agency. Do You Need a Credit Counseling Agency? 1. Are You In Financial Trouble? Some warning signs of financial trouble are clearer than others. For example, if you are consistently late in paying bills or are already behind in paying some debts, you probably know that you need help. Other warning signs of financial trouble are not so obvious. If your total debt payments, excluding your mortgage and car, are between one-quarter and one-half of your after-tax income, you could benefit from credit counseling or other forms of financial assistance. You should consider seeking assistance even if you are current on all bills. -
Corporate Debt Management Strategy
CORPORATE DEBT MANAGEMENT STRATEGY 1. Purpose of Strategy Stoke on Trent City Council is required to collect monies from both residents and businesses for the provision of a variety of goods and services. The council recognises that prompt income collection is vital for ensuring the authority has the resources it needs to deliver its services. The council therefore has a responsibility to ensure that appropriate mechanisms are applied to enable the collection of debt that is legally due. The council aims to achieve a high and prompt income collection rate. It endeavours to keep outstanding debt at the lowest possible level by instigating a payment culture which minimises bad debts and prevents the accumulation of debt over a period of time. 2. Scope of Strategy This Strategy covers all debts owed to the council including: Council Tax National Non Domestic Rates (NNDR, also known as Business Rates) Council House Rent Sundry Debt (general day to day business income including housing benefits overpayments and former tenant arrears). Whilst different recovery mechanisms may be used for different debt types all debt is recovered using the objectives below. 3. Objectives of Strategy The objectives of the Strategy are to: Maximise income and collection performance for the council Be firm but fair in applying this Strategy and take the earliest possible decisive and appropriate action Be courteous, helpful, open and honest at all times in all our dealings with customers Accommodate any special needs that our customers may have Work with -
Medicare Human Services (DHHS) Centers for Medicare and Provider Reimbursement Manual - Medicaid Services (CMS) Part 1, Chapter 3
Department of Health and Medicare Human Services (DHHS) Centers for Medicare and Provider Reimbursement Manual - Medicaid Services (CMS) Part 1, Chapter 3 Transmittal 435 Date: MARCH 2008 HEADER SECTION NUMBERS PAGES TO INSERT PAGES TO DELETE TOC 3-1 (1 p.) 3-1 – 3-2 (2 pp.) 0306 - 0310 3-5 - 3-6 (2 pp.) 3-5 – 3-6 (2 pp.) 0334 - 0334.2 (Cont.) 3-11 – 3-14 (4 pp.) 3-11 – 3-14 (4 pp.) NEW/REVISED MATERIAL--EFFECTIVE DATE: This transmittal updates Chapter 3, Bad Debts, Charity, and Courtesy Allowances to reflect updated references from HCFA to CMS, correction of typos, and replace Fiscal Intermediary with Contractor. Also, the Table of Contents has been revised to reflect deleted page numbers. EFFECTIVE DATE: N/A DISCLAIMER: The revision date and transmittal number apply to the red italicized material only. Any other material was previously published and remains unchanged. CMS-Pub. 15-1-3 CHAPTER III BAD DEBTS, CHARITY, AND COURTESY ALLOWANCES Section General Principle .................................................................................................................................300 Definitions..............................................................................................................................302 Bad Debts.........................................................................................................................302.l Allowable Bad Debts .......................................................................................................302.2 Charity Allowances..........................................................................................................302.3 -
Can't Pay Or Won't Pay? a Review of Creditor and Debtor Approaches to Non- Payment of Bills
CAN'T PAY OR WON'T PAY? A review of creditor and debtor approaches to the non-payment of bills Nicola Dominy and Elaine Kempson Personal Finance Research Centre, University of Bristol March 2003 No. 4/03 Can’t pay or won’t pay? A review of creditor and debtor approaches to the non-payment of bills Nicola Dominy and Elaine Kempson Prepared for the Lord Chancellor's Department February 2003 The Research Unit, Department for Constitutional Affairs, was formed in April 1996. Its aim is to develop and focus the use of research so that it informs the various stages of policy-making and the implementation and evaluation of policy. Crown Copyright 2003. Extracts from this document may be reproduced for non- commercial purposes on condition that the source is acknowledged. First Published 2003 ISBN 1 84099 050 3 Contents Page Executive Summary v 1. Introduction 1 Research Aims and Methods 1 Structure of the Report 4 2. A map of can’t pay won’t pay 5 Reasons for arrears 5 Distinguishing can’t pays from won’t pays 8 Payment withholders 10 Working the system 15 Ducking responsibility 19 Disorganised 22 Mapping can’t pay won’t pay 24 3. Arrears management and debt recovery 26 Industry Codes of Practice and Guidance 27 Overview of company approaches to arrears management and debt recovery 32 Holistic approach 35 Hard business approach 39 One-size-fits-all approach 42 Changes in creditor approaches to arrears management and debt recovery 44 Creditors’ use and views of the courts 45 Debt collection agencies 52 Creditor’s abilities to distinguish can’t from won’t pay 53 4. -
Budget Debt Management
1 We’ll begin by talking about budgeting. First, we’ll talk about all of the reasons why making and maintaining a budget is a good idea. Second, we’ll discuss what components go into creating a budget Once that’s done, we’ll focus on actually establishing a budget Then, we’ll talk briefly about the importance of building savings. 2 Then we’ll move on to Debt Management. First, we’ll start by discussing why debt management is so important. From there, we’ll break down the difference between good and bad debt Third, we’ll then analyze different kind of debt to determine whether it’s good or bad. Once we know that, we can then prioritize any debt you might be holding We’ll then talk a bit about your credit. We’ll cover why it’s so important to monitor your credit… …and finally, what factors affect your all‐important credit score. 3 making a budget and sticking to it will help provide you with freedom from debt…and uncertainty. 4 Budgets don’t HAVE to be restrictive. YOU set them, and YOU control them, so you can make sure to factor in the “fun” items that are important to you, like taking a vacation, going out to dinner, or buying a new gadget you’ve been dreaming about. 5 A spending plan isn’t just a good idea…sometimes it can actually improve lives! Research shows that people who create a budget: 1. Are able to prepare for the future more than non‐budgeters, who tend to focus on and worry more about short‐term finances. -
State of Alaska State Bond Committee Debt Management Policies
March 8, 2013 Update State of Alaska State Bond Committee Debt Management Policies Page 1 of 21 State of Alaska – Debt Management Policies TABLE OF CONTENTS • Executive Summary Page 3 • Introduction Page 5 • Discussion of Credit Ratings and Applicable Ratios Page 5 • Current Debt Position Page 10 • Affordable Level of Additional GO Debt Page 12 • School Debt Reimbursement Program Page 14 • Level and Impact of Moral Obligations Page 15 • Consideration of Debt Structuring Elements Page 16 • Evaluation of Refunding Opportunities Page 19 Appendix A – Alaska Public Debt Report Tables Appendix B – State’s Post Issuance Policy Appendix C - “U.S. State Government Tax-Supported Rating Criteria” Appendix D - Risk Management Policy Appendix E - “U.S. State Debt Service Ratios” Appendix F - “2012 State Debt Medians Report” Page 2 of 21 State of Alaska – Debt Management Policies Executive Summary The national credit rating agencies have placed State of Alaska among the highest echelon of states in the United States. In January 2013, the State was awarded a “AAA” rating from Fitch Ratings, Inc., the agency’s highest rating. Fitch joined Standard and Poor’s (whom upgraded the State to AAA in December 2011) and Moody’s Investors Service (whom upgraded the State to Aaa in November 2010) as recognizing the strength of the State’s current strong fiscal position. The ability of the State to maintain this elite position is a function of many factors including: financial management, moderate debt levels and strong and responsible leadership. A carefully considered debt management plan can be a useful tool to policy leaders and government professionals to determine appropriate levels of debt while meeting the need of funding the State’s capital program The State of Alaska is unique in both its strengths and challenges. -
Allowance for Doubtful Accounts Receivable and Loans Receivable
FIN 08-30 Reclamation Manual Directives and Standards Subject: Allowance for Doubtful Accounts Receivable and Loans Receivable Purpose: Establishes the Bureau of Reclamation’s procedures and responsibilities for estimating potentially uncollectible accounts receivable and uncollectible loans receivable. The benefit of this Directive and Standard (D&S) is to provide proper accounting of uncollectable accounts and loan receivables Reclamation-wide. Authority: Federal Accounting Standards Advisory Board (FASAB) Statement of Federal Financial Accounting Standards (SFFAS) No. 1, Accounting for Selected Assets and Liabilities; FASAB SFFAS No. 2, Accounting for Direct Loans and Loan Guarantees; FASAB SFFAS No. 18, Amendments to Accounting Standards For Direct Loans and Loan Guarantees in Statement of Federal Financial Accounting Standards No. 2; FASAB SFFAS No. 19, Technical Amendments to Accounting Standards For Direct Loans and Loan Guarantees in Statement of Federal Financial Accounting Standards No. 2; Department of the Interior, Departmental Accounting Manual (Section 8-30) Approving Official: Director, Mission Support Organization Contact: Business Analysis Division, Compliance and Audit Team (84-27410) 1. Introduction. In order to provide complete and accurate financial information, Reclamation must analyze delinquent debts and provide a current estimate of the uncollectible accounts receivable and uncollectible loans receivable on the financial statements. It is a normal part of doing business that not all receivables are actually collected, therefore, Reclamation establishes an allowance for doubtful accounts to reduce the gross amount of receivables to the estimated net realizable value. 2. Applicability. This D&S applies to all Reclamation employees who are responsible for the calculating, recording, and reporting of an allowance for uncollectible accounts receivable or allowance for uncollectible loans receivable. -
Debt Relief Services & the Telemarketing Sales Rule
DEBT RELIEF SERVICES & THE TELEMARKETING SALES RULE: A Guide for Business Federal Trade Commission | ftc.gov Many Americans struggle to pay their credit card bills. Some turn to businesses offering “debt relief services” – for-profit companies that say they can renegotiate what consumers owe or get their interest rates reduced. The Federal Trade Commission (FTC), the nation’s consumer protection agency, has amended the Telemarketing Sales Rule (TSR) to add specific provisions to curb deceptive and abusive practices associated with debt relief services. One key change is that many more businesses will now be subject to the TSR. Debt relief companies that use telemarketing to contact poten- tial customers or hire someone to call people on their behalf have always been covered by the TSR. The new Rule expands the scope to cover not only outbound calls – calls you place to potential customers – but in-bound calls as well – calls they place to you in response to advertisements and other solicita- tions. If your business is involved in debt relief services, here are three key principles of the new Rule: ● It’s illegal to charge upfront fees. You can’t collect any fees from a customer before you have settled or other- wise resolved the consumer’s debts. If you renegotiate a customer’s debts one after the other, you can collect a fee for each debt you’ve renegotiated, but you can’t front-load payments. You can require customers to set aside money in a dedicated account for your fees and for payments to creditors and debt collectors, but the new Rule places restrictions on those accounts to make sure customers are protected. -
Sovereign Default and Crisis Resolution
Sovereign Default and Crisis Resolution Inaugural-Dissertation zur Erlangung des akademischen Grades eines Doktors der Wirtschaftswissenschaft (Dr. rer. pol.) Eingereicht am Fachbereich Wirtschaftswissenschaft der Freien Universität Berlin von: Diplom-Volkswirt Christoph Trebesch Geburtsort: Uccle (Brüssel), Belgien Juni 2011 Datum der Disputation: 07.01.2011 Erstgutachter: Prof. Dr. Helge Berger Lehrstuhl Geldtheorie und Geldpolitik Freie Universität Berlin Zweitgutachter: Prof. Dr. Henrik Enderlein Professor of Political Economy Hertie School of Governance ii Für meine Eltern iii Table of Contents 1. Introduction ................................................................................................................ 1 2. Sovereign Debt Disputes .......................................................................................... 11 2.1. Introduction .............................................................................................. 12 2.2. Analyzing Debt Crises: Previous Approaches ......................................... 14 2.3. The Index of Government Coerciveness .................................................. 15 2.4. Coding and Resulting Datasets ................................................................ 22 2.5. Results and Stylised Facts ........................................................................ 26 2.6. Explaining Government Coerciveness ..................................................... 30 2.7. Conclusion ..............................................................................................