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forur cornersFour Corners Emigration is in Administration.

Website is still live ! 

www.pomsinoz.com

 

I just read your threads about this Four Corners Emigration situation. It is indeed a very big concern. I can confirm I just had a phone call from a worried client named Neil who has paid all his fees to Four Corners and is near the end of the process of getting his Visa. Just had his request for medicals and police checks. He told me that he received a letter on Wednesday advising that Four Corners have gone into administration and then a letter today that Migration Bureau have taken over his file. He telephoned Migration Bureau to get some help and was apparently asked to pay some money to have somebody review his file.

As he has paid all his fees already he was obviously reluctant to pay any more money which is understandable. He wanted to know if from this point he could complete the process on his own. My answer was ‘yes’ in his case. In reality this gentleman counts himself lucky. He should be fine and have his visa shortly. But still needs to contact DIAC and submit the relevant forms to put himself on record and update his correspondence address to make sure he receives all future correspondence from DIAC.

If there is anybody out there that been affected and want to have a talk to someone I am happy to help if you wish to call me on 0207 427 5975.

Sammy Naghi
Australian Solicitor L.S. No: 42619
Registered Migration Agent No: 0641061
Direct Tel: +44 (0) 20 7427 5975
Taylor Hampton Solicitors LLP
www.emigrate-to-australia.co.uk  

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lending moneyTHE Rudd Government will give the $21 billion margin lending industry three weeks to digest a proposed overhaul of the regulatory and legislative regime.
The Minister for Corporate Law Nick Sherry will today release a draft copy of the legislation with a view to introducing it into parliament next month.

The legislation includes new national laws to regulate margin lending under a standard national regime, reports The Australian.

Margin lending is not currently regulated in Australia and is considered to have been one of the main destroyers of investor wealth as the stockmarket collapsed last year.

It cost some investors their homes as their margin lending accounts blew up, triggering margin calls many couldn’t afford to pay.

Mr Sherry said yesterday taking out equity on a family home was a key area of interest to the Government.

“One area where we have had a high level of concern has been where people have been advised to take equity out of their family home and then to use this debt to leverage into buying shares through a margin loan.

“This double-debt trap, with a home as security, is of serious concern,” he said.

“Under our new responsible margin lending laws the lender will be required to assess a person’s true loan-to-value ratio

“This means the lender can no longer assume the money brought to the table is not itself debt, a major new improvement” that would reduce the risk of people losing their homes.

Properly geared margin lending, backed by full disclosure, had a place, but the Rudd Government would not tolerate ordinary Australians being misled into grossly inappropriate margin loans that could cost a family everything they owned, including their home, he said.

Under the new laws, lenders will be regulated by the Australian Securities and Investments Commission and be required to hold an Australian Financial Services Licence, be members of low-cost external dispute bodies, clearly disclose fees and commissions before lending, and lend under a tailored margin-lending-specific set of responsible lending obligations.

Between June last year and December 30, the number of margin calls received by 205,000 Australians with margin loans increased 458 per cent, as the share market dropped 40 per cent.

http://www.news.com.au/perthnow/money/story/0,26926,25441887-5015860,00.html

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