Archive for the ‘Payday Loans’ Category

CAUGHT FOR STEALING PAYDAY LOANS

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January 5th, 2012

Woman who headed Dwelling House scandal gets 12 1/2 years

This 44 year old woman, Elexa Manos-Becton, has spent her adult life stealing and getting token punishments. Today, finally, the woman who found an accounting glitch and terminally undermined Dwelling House Savings & Loan was sentenced to 12 1/2 years in prison for bank fraud and money laundering, and ordered to do what she can to pay back the $2.47 million she and friends siphoned from the venerable Hill District institution.

What she discovered

The Coraopolis woman accidentally discovered that if she took out payday loans and instructed the lenders to take repayment from a Dwelling House account that did not have sufficient funds, she was never charged for the withdrawal. So she settled down and repeated the exercise about 200 times. She also shared the discovery with at least two friends who she met in jail, plus her son, all of whom have pleaded guilty.

Apologies

"I’d like to publicly apologize to the Lavelles, the Hill District family that owned Dwelling House, the employees and the customers," Ms. Manos-Becton said. "It was not my intention to put the bank out of business. "

Sentence

Her attorney, Assistant Federal Public Defender Jay J. Finkelstein, said she should get a 92-month sentence in light of her psychiatric disorders, drug and alcohol problems, troubled childhood and occasional attempts to cooperate with prosecutors. Assistant U.S. Attorney Paul Hull, though, pointed out that Ms. Manos-Becton has 29 convictions in her past, including 20 for thefts and others for drug, gun and prostitution crimes. During the years when she was bleeding Dwelling House, she spent the money on drugs and "exorbitant living," he said. U.S. District Judge Alan N. Bloch said her life was "an endless pattern of criminal behavior.

Culmination of a lifetime

"The defendant has received only slaps on the wrist," Judge Bloch said, so she "kept rolling the dice. This crime seems to be the culmination of a lifetime spent stealing." Ms. Manos-Becton’s bond was revoked and she was immediately taken into custody by U.S. marshals. Her son, Dimitri Manos, and friend Veronica Smith are scheduled to be sentenced Thursday, closing out the prosecutions of the four people indicted in Dwelling House’s demise.

Tags: Crime, Payday Loans, Theft
Posted in Business, Economy, Loans, Payday Loans | No Comments »

Welcome Home From the War, Men

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December 19th, 2011

One war may be over but the battle may be just beginning for returning vets

War is hell, but coming home from the battlefield may be worse. American forces who survived their tours of duty in Iraq, Afghanistan and elsewhere are returning home to a faltering economy, poor job prospects, questionable education and job-training opportunities. The unemployment rate for veterans aged 20 to 24 has averaged 30 percent this year, more than double that of others the same age, though the rate for older veterans closely matches that of civilians.

Tough transition

Part of the problem is that the transition from day to day life in Iraq or Afghanistan to Main Steet USA is simply so jarring that returning military personnel are in a state of virtual shell shock, unable to easily switch from worrying about roadside bombs to keeping track of the Starbucks flavor of the month, the latest Twitter jargon or shopping app. Aggravating the situation, says a group called Ohio Combat Veterans, is that so few Americans today have served in the military. "Ninety-nine percent of Americans have not served in the military. That means veterans make up less than 1 percent of the population," the group says on its Web site. "Yet 25% of the nation’s homeless are veterans."

Navigating the bureaucracy

Many veterans, however, have trouble navigating the bureaucracy and red tape that accompany government programs, partly because of the after-effects of their combat service. In Iraq and Afghanistan, notes Hutchison, more than 40,000 troops have been physically wounded. The estimates are that over 300,000 will suffer from PTSD or Traumatic Brain Injury, severely complicating the return to civilian life.

Financial pitfalls

Ohio Combat Veterans

"It’s shell shock for a lot of them, going from such a structured lifestyle to a lifestyle that’s got so many variables,” said group founder Daniel Hutchison, 29, in a New York Times story today. “They’re dealing with all the emotional things they went through, and they feel like they’re alone.” Hutchison was so affected by the difficulties and roadblocks he and his returning comrades faced that he uses his combat disability check to cover the start-up costs of his group, which tries to ease the transition and find jobs for returning War on Terror veterans.

Jobs programs for veterans

Besides volunteer groups like Hutchison’s, there are any number of official government and industry-sponsored jobs programs for veterans, including:

U.S. Labor Department administers the Jobs for Veterans Act;
Veterans Affairs Department has numerous training and placement services;
State employment service offices in every state.

All states provide special programs for veterans.

Payday loan providers

Besides facing the challenge of finding or returning to a job, veterans face numerous financial risks and are often targeted by unscrupulous businesses, including payday loan providers and shady car dealers. Supposedly reputable businesses have also taken advantage of veterans, sometimes through ignorance of the legal protections afforded to veterans, other times simply because they can get away with it.

Tags: Finding jobs, Job seekers, Returning veterans, Veterans
Posted in Economy, Employment, Finance, Payday Loans, Personal / Internet, Retirement | No Comments »

Staying Within Budget Is Better Than Taking Loans

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November 14th, 2011

Here are some cost-cutting ideas

America and the rest of the world are having a rough time financially and it doesn’t seem as though things will improve any time soon. This economic crisis affects most of us every day as we tighten our belts and keep our wallets in check. But like a dieter craving sweets, temptation is always skulking around, begging us to spend. However, there are simple things you can do when the cravings start to bite.

Wait

The best thing you can do to stay on budget is tell yourself to wait. We see something on television, online or in a store and think we just have to have it. Tell yourself, “Wait.” How many times have we given in to that urge, only to see the item gather dust or wind up in the next garage sale? Chances are it is a whim brought on by budget fatigue, and the burning desire will go away. If the feeling persists, then maybe it is something worth saving for.

Thinking ahead

Realistic frugality begins with a realistic plan. If a budget is too restrictive, it adds stress to your life. That type of gnawing pressure may lead to abandoning the budget altogether. Make your plan realistic, but not a last resort starvation diet. Thinking long term can help. Instead of seeing savings and frugality as a chore, think big picture. You and your family will be happier if you don’t have to strain to pay off last month’s splurge.

Don’t forego fun

While a budget must begin with month-to-month obligations and essentials such as mortgage, groceries, car insurance and utilities, it should also include an item for “fun”. If you enjoy sports, make sure to include some greens fees or club dues. If concerts or theater are your thing, figure in a ticket every couple of months. Another way to achieve this is to keep a “fun fund,” which is reserved only for a specific goal. Instead of giving in to every impulse, focus on the really satisfying ones and put a little away toward it out of every paycheck. Maybe there is a trip you want to take, or one luxury item that you truly want. With a little patience and persistence, it can be yours.

Cutting corners

For the day-to-day items, there are many things you can do to cut corners. Here are just a few suggestions to get the ball rolling.

Most beauty schools and community colleges offer cut-rate haircuts and beauty services, as students need opportunities to practice their craft. While that may sound risky, rest assured most places only let advanced students touch the paying customers.
Second-hand and thrift stores are a wonderful resource for items we use every day.
Flea markets, garage sales and Craigslist are good, too. Somebody once said one man’s trash is another man’s treasure. Go explore. You never know what you might find for a song.
Fuel expenses are one of the worst drains on our resources these days. Try public transportation, carpooling and consolidating trips. Remember, the less time you are behind the wheel, the less you are spending.

Tags: Household budget, Personal budget, saving money
Posted in Business, Cash Advance, Cash Advance Loans, Economy, Employment, Finance, Money, Payday Loans, Personal / Internet | No Comments »

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