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Child Support Collections Tops $320 Million
Supportkids� Child Support Collections Surpass $320 Million
Nation�s Leading Private Child Support Enforcement Company Tackles a
National Dilemma Affecting Millions of Children
March 02, 2007 - AUSTIN, Texas–(BUSINESS WIRE)–Supportkids, the nation�s
largest private child support enforcement company working directly with
families, announced today that the company has exceeded $320 million dollars
in child support collections. The number of families that the company has
helped continues to increase as well � more than 50,000 families have
received child support through Supportkids� services.
Why Are Private Sector Options Needed?
As of the end of fiscal year 2005, $106 billion in past-due child support
was owed nationally, and almost $12 billion in current child support went
uncollected. Private companies are an important option for those families
who have not had success collecting their child support through government
agencies. In fact, these are the families who turn to private companies for
help. The average Supportkids client has not received a child support
payment in over four years, and according to a General Accounting Office
(GAO) report, over 95% of the custodial parents who turn to private child
support enforcement companies have unsuccessfully tried to collect their
child support through the government system.
The Economics of Child Support
The picture is not likely to get any better for parents struggling to get
the child support owed their children. Government child support collection
efforts are funded through both state and federal programs. The Federal
Deficit Reduction Act signed into law in 2006 will reduce federal funding of
state child support agencies by $4.8 billion through 2015. On average, state
agencies collect four dollars in child support for every dollar they spend.
If the reduction in federal support is not made up at the state level,
collection rates by government agencies will likely suffer.
Keys to Success
Why are private child support agencies able to collect when the government
has been unsuccessful? According to the GAO report, private child support
agencies have much smaller caseloads compared to their government
counterparts. Supportkids employs a staff of 175, including specialists in
skip tracing and child support enforcement. Supportkids has collected child
support for families all across the country by using many of the same tools
used by government agencies to enforce child support orders, including wage
withholding, placing liens on property, and when necessary, pursuing legal
remedies through the use of a nationwide network of attorneys. However, the
individual case attention is the single biggest reason why private child
support agencies like Supportkids are successful on cases in which the
government sector has failed to collect.
About Supportkids
With clients all across the nation, Supportkids uses on-site investigators
and cooperation with state and federal agencies to fulfill its mission to
make a difference for families struggling with the issue of unpaid child
support. For more information, visit the company�s website at
www.supportkids.com or call 1-512-437-3902.
Contacts
for Supportkids
Elizabeth Christian & Associates Public Relations
Meg Meo, 512-494-2867
mmeo@echristianpr.com
Tips for Getting More From a Tax Refund
Springboard Offers Tips for Getting More From a Tax Refund
There’s a lot that can be done with a tax refund; the temptation to spend
the money unwisely is ever-present. Springboard Nonprofit Consumer Credit
Management offers tips on what to do to maximize returns on your refund.
Riverside, CA (PRWEV) March 3, 2007 — Springboard, a non-profit consumer
credit management organization, wants consumers to stop for a minute and
think before spending their tax refund.
There is a lot that can be done with a tax refund, the temptation to spend
the money unwisely is ever-present
“There is a lot that can be done with a tax refund, the temptation to spend
the money unwisely is ever-present” said Todd Emerson, CEO of Springboard,
“Instead of putting their money to good use, some consumers will
unfortunately put themselves into further debt by purchasing high ticket
items.”
Understanding how to better manage money is essential for consumers to
achieve long-term financial health. Springboard has compiled some easy tips
on how consumers can put their tax refunds to work. They are:
� Spread your wealth around. Consumers can get their income tax refund
faster with direct deposit. Take advantage of the new IRS Form 8888 and
“spend some and save some”. This form allows consumers to split their refund
and electronically deposit their money in up to three accounts (savings,
checking, and IRA are all eligible). You can deposit however much you like
into each account.
� Repay existing debt. Use this money to pay off high interest credit
cards, or to pay down car loans. The sooner these obligations are taken care
of, the less interest you will pay on the money you borrowed.
� Open or add to your savings account for a rainy day. Nothing in this
world is predictable, we all have unexpected spending that occurs each year,
due to emergencies. It is wise to have an “emergency fund” and a good rule
of thumb is to save enough to cover three to six months of living expenses.
This may seem like a lot, but consumers can start saving a little at a time
and build up their nest egg slowly. A healthy savings account prevents you
from having to borrow money when emergencies happen.
� Invest your money. If you do not have much debt, and have disposable
income, you should consider investing in an IRA, mutual funds, or stocks.
The money you invest can increase over the years, and you can potentially
end up creating a sizeable investment for your future.
Remember, gaining ground on your finances and reducing debt can be far more
satisfying than unplanned purchases that may cause additional debt burdens.
Springboard offers free confidential counseling and education to consumers
nationwide. For more information on their services, or to talk to a
certified consumer credit counselor, call 800-WISE PLAN (800-947-3752).
About Springboard Nonprofit Consumer Credit Management
Springboard is a nonprofit credit education and financial counseling
organization founded in 1974. The agency offers personal financial education
and assistance with money, credit and debt management through confidential
counseling. Springboard is accredited by the Council on Accreditation,
signifying high standards for agency governance, fiscal integrity, counselor
certification and service delivery policies. The agency provides
pre-bankruptcy counseling and debtor education as mandated by the Bankruptcy
reform law. Springboard is a HUD approved housing counseling agency and a
member of the National Foundation for Credit Counseling, a national
organization of nonprofit credit counseling agencies. The agency has several
locations in California and offers face-to-face and nationwide phone
counseling services. For more information on Springboard, call 1-800 WISE
PLAN (1-800-947-3752) ext. 750 or visit their web site at www.credit.org
$4M In Judgements Granted In Commercial Court
$4M In Judgements Granted In Commercial Court
Monday, February 5th 2007 - Justice B S Roy granted more than $4M in
judgements against three loan defaulters at a recent sitting at the
Commercial Court.
Court documents show that plaintiff Citizen’s Bank Guyana Inc, on January
24, won judgment in the sum of $2,029,419, together with interest on the sum
of $1,897,907 at the rate of 7% per annum from December 8, last year until
payment, against defendant Tyron Ferrier, of 2533, Block 8 Tuschen, East
Bank Essequibo. A mortgage deed and promissory note was laid over for
cancellation.
According to the Statement of the Claim, on June 21, 2005 the defendant
executed a promissory note in favour of the plaintiffs in the principal sum
of $1,990,000, “being an amount loaned by the Plaintiffs as bankers to the
Defendant.” Under the terms of the promissory note the defendant agreed to
repay the sum together with 7% interest in 240 monthly instalments of
$15,429 from July 21, 2005 until fully paid.
The defendant also executed a certain bond and deed of first mortgage to
secure the repayment of all sums advanced by the plaintiffs to the
defendants. Attorney-at-law Morsha Johnson appeared for the plaintiff. There
was no appearance of or for the defendant.
Plaintiff Burchell Baynes by consent, won judgement in the sum of $1,250,000
against defendant Fitzroy Baynes, of 22 Ann’s Grove, East Coast Demerara.
Justice Roy ordered that interest be paid at a rate of 6% per annum from
December 8, 2006 until January 24, 2007 and thereafter at 4% until fully
paid. A stay of execution for four months was also ordered.
According to the Statement of Claim, the defendant in an agreement signed on
June 16, 2005 agreed to repay the sum of $1,500,000 to the plaintiff, his
uncle, at monthly instalments of $30,000 from July 1, 2005 until fully paid.
The Claim also said if the defendant should fail to pay any instalments,
when same becomes due, then the whole amount outstanding shall immediately
become due. The defendant also placed his property, at the said location, as
security.
The defendant has defaulted more than seven instalments up to and including
November 2006 and despite several demands for payment of the sum of
$1,250,000 the defendant has failed and or neglected to pay same.
Attorney-at-law Rishi Kissoon appeared for the plaintiff. The defendant
appeared in person.
In the case of plaintiff Gafsons Industries Limited, of Plantation Houston,
East Bank Demerara, against defendant Dwight King, of 1274 South Ruimveldt
judgement was granted for Gafsons in the sum of $1,071,636 with interest on
the said sum.
According to the Statement of Claim, King owes the said sum, being an amount
payable to the plaintiff due, based on a promissory note. It was noted that
several demands were made for payment of the balance but to no avail.
