Real Housewives’ star Sonja Morgan faces losing her home over bankruptcy

Despite starring in hit US TV show Real Housewives of New York, the reality star Sonja Morgan has revealed that she could lose her home after declaring bankruptcy and fighting a divorce settlement battle with her former husband.

Morgan first spoke of her financial woes during episodes of Season 4 of the popular Real Housewives series. Last month, viewers watched the 47-year-old confess to her friends and fellow housewives that she had filed for bankruptcy after racking up debt problems of $19 million.

According to a report in the New York Post, Morgan’s debt problems began in 2006 when she agreed to finance a film but then reneged on the deal as she had just been served with divorce papers. She was successfully sued by the production company and in September 2009, a Californian federal jury ordered Morgan to pay out $7.06 million in damages.

The mother of one is now facing further money troubles as she battles her former husband, the 80-year-old millionaire John Adams Morgan, over a divorce settlement of $3 million. Morgan has now revealed that she faces losing her $6 million home in New York as a result of her debt problems.

Morgan has told the New York Post that she is banned from visiting properties that she co-owns with her former husband, whilst he himself lives on a $19 million private island near Connecticut. She said:

“I’m sure the world thinks, ‘Sonja doesn’t have to worry, she’s got that husband there for her’, but I’m on my own.”

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Posted in: Bankruptcy,faces,Housewives,losing,Morgan,Sonja

Debt resolution company under threat of losing consumer credit licence

Thursday 24th March 2011 A debt resolution company could face closure after coming under fire from the OFT.First Step Finance Limited (FSF) is under threat of losing its credit license having been issued with a ‘Minded to Revoke’ notice by the OFT.A member of the Debt Resolution Forum (DRF), the notice was issued to the Stockport-based company on December 6 last year.The OFT took action in a separate review against a number of companies licensed to provide debt counselling and debt adjustment services in September 2010.This did not include FSF and primarily involved small businesses, mainly sole traders, and it is understood that 40 of these businesses have so far surrendered their licences. It is also understood that just under 40 companies may face serious action, including licence revocation or having conditions imposed on their business operations.   There are several trade associations that represent both debt solution providers and debt solution intermediaries, notably DEMSA, the DRF and the newly formed Association of Professional Debt Solution Intermediaries (APDSI). Alasdair Warwood, Secretary General of APDSI said; “We understand that the new OFT debt management guidance is substantially expanded and will be issued in April for consultation.“This will include more focus on misleading advertising, improving the quality of debt advice and the role of debt solution intermediaries and lead generators.“The role of APDSI is to help compliant debt solution intermediaries understand the prevailing best practices and regulatory environment in which they operate.“This includes ensuring that they are properly licensed and understand the rules of marketing to potentially vulnerable consumers. APDSI will be contributing to the consultation process on behalf of its members who want to genuinely assist indebted consumers who are facing increasing hardship in the current economy.” Vance Parsons, Director of EuroDebt Financial Services, suggests that the actions by the OFT to generally improve working practices and free the debt solution industry of rogue, non-compliant companies are welcomed.Unfortunately, in the past those companies who did not comply with the OFT’s Debt Management Guidance Notes tended to give the industry as a whole ‘bad press’. According to Mr Parsons, any action to have these companies closed down or seriously improve standards is good news.
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Debt resolution company under threat of losing consumer credit licence

A debt resolution company could face closure after coming under fire from the OFT.

First Step Finance Limited is under threat of losing its credit licence having been issued with a ‘Minded to Revoke’ notice by the OFT.

A member of the Debt Resolution Forum (DRF), the Stockport-based company was issued the notice on December 6 last year following an OFT compliance review of the debt management sector.

The OFT took action against a number of companies licensed to provide debt counselling and debt adjustment services in September 2010.

These were primarily small businesses, mainly sole traders, and it is understood that 40 of these businesses have so far surrendered their licences.

It is also understood that just under 40 companies may face serious action, including licence revocation or having conditions imposed on their business operations.  

There are several trade associations that represent both debt solution providers and debt solution intermediaries, notably DEMSA, the DRF and the newly formed Association of Professional Debt Solution Intermediaries (APDSI).

Alasdair Warwood, Secretary General of APDSI said; “We understand that the new OFT debt management guidance is substantially expanded and will be issued in April for consultation.

“This will include more focus on misleading advertising, improving the quality of debt advice and the role of debt solution intermediaries and lead generators.

“The role of APDSI is to help compliant debt solution intermediaries understand the prevailing best practices and regulatory environment in which they operate.

“This includes ensuring that they are properly licensed and understand the rules of marketing to potentially vulnerable consumers. APDSI will be contributing to the consultation process on behalf of its members who want to genuinely assist indebted consumers who are facing increasing hardship in the current economy.”

Vance Parsons, Director of EuroDebt Financial Services, suggests that the actions by the OFT to generally improve working practices and free the debt solution industry of rogue, non-compliant companies are welcomed.

Unfortunately, in the past those companies who did not comply with the OFT’s Debt Management Guidance Notes tended to give the industry as a whole ‘bad press’.

According to Mr Parsons, any action to have these companies closed down or seriously improve standards is good news.

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Posted in: Company,Consumer,Credit,licence,losing,resolution,threat,under

Rail passengers losing out to poor advice

Train passengers are missing out on the cheapest tickets and paying more for journeys than is necessary due to poor advice from rail staff.

An undercover investigation by the consumer group Which? found that 59% of station clerks and 43% of operators on the National Rail Enquiries helpline failed to advise passengers of the cheapest options available for their journey.

Which? researchers asked staff a total of 150 questions and got similar results to the last time they carried out the study in October 2007 and September 2009.

In one of the worst examples of overcharging, a researcher was quoted £400 for two round trips between Oxford and Cardiff when the cheapest option was £112 cheaper.

Staff were tested on whether they were giving customers the chance to make savings by travelling on off-peak services, taking a slower route or buying a season pass instead of multiple tickets throughout a week.

Which? also criticised the National Rail website for failing to identify the cheapest options.

A spokesperson for train operators said the research was based on “unrealistic scenarios”.

Which? chief executive Peter Vicary-Smith said: “Train operators seem blind to the fact their ticketing systems are too complicated. If people who do this for a living can’t find the cheapest fare, what hope do passengers have? We’d like to see much clearer signposting to help passengers find the best deals, whether they’re buying tickets online, over the phone or at a station.”

A separate poll carried out by Which? found around half of passengers were not confident they were being offered the cheapest fare available and only 54% were satisfied overall with train services. Only 31% of the 1,500 rail users questioned rated value for money as excellent or good and just a quarter rated ease of understanding ticket pricing as excellent or good.

The Department for Transport spokesman said: “Train operators are obliged to sell the most appropriate through fares for their journey but it’s clear more needs to be done to ensure their customers are offered the best deals available. That’s why we have asked the Association of Train Operating Companies to put forward proposals to make ticket retailing easier for passengers and more efficient for the taxpayer.”

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Posted in: Advice,losing,passengers