Loan payment – Leading DIR http://leadingdir.com/ Sat, 27 Nov 2021 11:23:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://leadingdir.com/wp-content/uploads/2021/10/icon-8-120x120.png Loan payment – Leading DIR http://leadingdir.com/ 32 32 How to make a loan payment online https://leadingdir.com/how-to-make-a-loan-payment-online/ https://leadingdir.com/how-to-make-a-loan-payment-online/#respond Mon, 08 Nov 2021 18:58:05 +0000 https://leadingdir.com/how-to-make-a-loan-payment-online/ Open a browser and navigate to https://www.fmbankva.com/ If you are an F&M Bank customer with an online banking username and password, enter this information at the top right to connection. If you need to sign up for online and mobile banking, choose Register for online banking directly under the login portal. Enter your username and […]]]>

Open a browser and navigate to https://www.fmbankva.com/

If you are an F&M Bank customer with an online banking username and password, enter this information at the top right to connection.

If you need to sign up for online and mobile banking, choose Register for online banking directly under the login portal.

Enter your username and password to log into online banking.

Please note that for security reasons, two-factor authentication is required. A temporary password will be provided by SMS, phone call or by the Authy application if it has already been installed.

Click on the tile with your loan account information

Click on the tile Pay from another bank

Enter your payment amount and click Keep going.

On this screen, click the down arrow next to Pay from account to choose from a beneficiary that has already been configured. Click on To continue and confirm your payment on the next screen. You will receive a confirmation email indicating that the payment has been made.

To configure a new beneficiary, click on the gray box to Add a payment option shown above.

On this screen, confirm your personal informations is correct and enter the information of your payment options. Click on add payment.

Now that your new beneficiary has been added, you will be taken to the previous screen.

Click the down arrow next to Pay from account to select your beneficiary, click on Carry on and confirm your payment on the next screen. You will receive a confirmation email indicating that the payment has been made.

Thank you for making your loan payment online with F&M Bank!


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3 things to do before the imminent restart of student loan repayments https://leadingdir.com/3-things-to-do-before-the-imminent-restart-of-student-loan-repayments/ Tue, 26 Oct 2021 07:00:00 +0000 https://leadingdir.com/3-things-to-do-before-the-imminent-restart-of-student-loan-repayments/ THROUGH Sydney lake26 October 2021, 13:47 Boston College COVID-19 – delayed start for the class of 2020, as seen in October 2021. Pat Greenhouse — The Boston Globe / Getty Images It has been 19 months since the initial freeze was placed on federal student loan payments through the CARES Act. And January 31, 2022, […]]]>

THROUGH Sydney lake26 October 2021, 13:47

Boston College COVID-19 – delayed start for the class of 2020, as seen in October 2021.

Pat Greenhouse — The Boston Globe / Getty Images

It has been 19 months since the initial freeze was placed on federal student loan payments through the CARES Act. And January 31, 2022, will mark the last day of freedom for student loan borrowers to choose whether or not to make their payments; in February, student loan repayments will once again be part of their monthly budgets.

Borrowers wondered if there was a possibility of a further extension of the freeze, but student loan experts said Fortune it is “highly improbable”. President Joe Biden and White House officials have also said January 2022 will mark the end of student loan forbearance.

One thing is certain: February 1 is less than 100 days away. With that in mind, federal student loan borrowers need to prime for the impending restart of payments, especially if this is their first payment in nearly two years.

Some federal student loan borrowers have refused to make payments in the hope that debt cancellation might materialize. However, student loan experts warn against this hope and instead encourage borrowers to take a close look at their financial situation and make any necessary adjustments before the forbearance ends.

“Continue to keep the pulse of ongoing discussions,” Kaitlin Walsh-Epstein, senior vice president of marketing at Laurel route, a loan refinancing platform, says Fortune. “Make sure you don’t put your financial future on the back burner until something happens. “

With only three months left before payments will restart, here are three steps you can take now.

Federal student loan officers should contact you regarding restarting your loan payments. For example, I received several voicemail messages from my federal student loan officer, Nelnet, reminding me that payments will be due again on February 1, 2022. Make sure you don’t ignore these calls or letters.

“The most important piece of advice I share with all borrowers, regardless of how long they have to repay their loans, is to read” Stacey MacPhetres, Senior Director of Education Funding at EdAssist Solutions, recount Fortune. “Read all the letters and emails you receive about your loans so you can make informed, informed decisions about your payments. “

However, some student loan managers do not yet seem quite ready for the restart of this huge volume of transactions. In July 2021, Democratic Senators Elizabeth Warren and Ed Markey sent a letter to Biden with the results of a questionnaire sent to the federal student loans services which indicated that companies need more time “to ensure that borrowers are supported when they come back to pay their student loans.”

It’s also important to know that a few student loan managers have terminated their contracts with the federal government, including the Pennsylvania Higher Education Assistance Agency (PHEAA), also known as FedLoan, and Navient, who sold their business. to Maximus. Affected borrowers will now have a new loan service. Borrowers should make sure they have the same agent on duty as before the CARES Act, which suspended payments on federal student loans.

“Borrowers who were in repayment before the CARES Act must identify their loan officer,” says MacPhetres. “They may be able to restart with the service agent they had before the CARES forbearance if loans are in transition, which should be identified on the service agent’s site.”

Understanding your repayment plan

Most borrowers have a mix of federal and private student loans, so understanding your breakdown is critical. The January 31, 2022 deadline also marks the end of the 0% interest rate federal student loan borrowers got during the pandemic.

All borrowers, regardless of the type of loan they hold, can look for refinancing options to lower their interest rate or find other options for the life of their loan. Federal and private loans have their pros and cons, Walsh-Epstein reminds borrowers. For example, federal student loans allow borrowers to consider income-tested repayment options and unemployment protections.

“Do your homework” she said. “Understand what’s available to you and what the benefits are for both. Don’t just settle it and forget it. It is important for you to continually review this and understand what your scalable options are. “

Take the time to budget

Now is also the time to create a budget to “make sure those monthly payments match your ability to pay off that debt each month,” suggests Walsh-Epstein.

“A student loan is absolutely a budget item,” she adds. “You have to understand how much money comes in each month and how much money comes out. “

Over the next three months, MacPhetres says, borrowers should get into the habit of tracking their spending and developing a plan that “takes into account all necessary expenses and eliminates unnecessary spending to free up cash that can be redirected to. the repayment of their student loans. “

To avoid payment defaults, it is important to know when your payment is due each month.

“It’s also essential to make your payments on time, and if you can’t, you need to communicate this to your server as soon as possible,” says MacPhetres..

See how the schools you are considering have performed Fortune’s ranking of the best full-time executives, and online MBA programs.


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Auto loan payment calculator – NerdWallet https://leadingdir.com/auto-loan-payment-calculator-nerdwallet/ https://leadingdir.com/auto-loan-payment-calculator-nerdwallet/#respond Fri, 24 Sep 2021 07:00:00 +0000 https://leadingdir.com/auto-loan-payment-calculator-nerdwallet/ Our auto loan calculator helps you estimate your monthly auto loan payment. You can select average interest rates per credit score or fill out a rate yourself. You can enter the car price, down payment amount, and loan term to see how the variations will affect the following loan details: For example, you might think […]]]>

Our auto loan calculator helps you estimate your monthly auto loan payment. You can select average interest rates per credit score or fill out a rate yourself. You can enter the car price, down payment amount, and loan term to see how the variations will affect the following loan details:

For example, you might think you can afford a loan of $ 20,000 for a new car.

A 48 month loan for the most creditworthy borrowers would be 3% or less. At this rate, you would pay around $ 440 per month and $ 1,250 in interest over the life of the loan. A subprime rate could be 11%, making payments around $ 515 – and you would be paying over $ 4,500 in interest.

Many people reduce their payments by extending the term of the loan. If you change the term to 60 months, the payments on that $ 20,000 loan at 11% drop from $ 515 to $ 435. However, you would pay almost $ 6,100 in interest, or an additional $ 1,600, to do so.

Here is a guide to the information you will need to enter into the auto loan payment calculator.

Car price: In this field, enter the price you expect to pay for the car. To estimate new car prices, you can start with the vehicle sticker price (also known as MSRP). Subtract savings from dealer negotiations or manufacturer discounts. Then add the cost of options and the “destination fees” charged on new cars.

For used cars, estimating the selling price is a bit trickier. You can start with the seller’s asking price, but you may be able to negotiate it lower. To get an idea of ​​a fair price, use online pricing guides or check local online classifieds for comparable cars.

Interest rate: There are several ways to determine the interest rate to enter. At the top of the calculator, you can select your credit score from the drop-down menu to view . You can also for prices. If you are pre-qualified or pre-approved for a loan, simply enter the rate that is offered to you.

Trade-in and deposit: Enter the total amount of money you are investing in the new car, plus the trade-in value of your existing vehicle, if applicable. You can use online sites for quotes and pricing help. When using a price guide, be sure to check the trade-in value and not the retail price (the price at which the dealership sells the car). You can also get cash purchase offers from your local CarMax or online from services such as Vroom or Carvana, as a reference.

Number of months : Enter the loan term (how long you have to repay the loan). Auto loans are granted in 12 month increments, with common terms being 24, 36, 48 and 60 months. The longer your term, the more interest you will pay overall.

In addition to looking at the result of the monthly car payment, be sure to consider the total amount you will be spending on the car loan. If you use the calculator to compare loans, a lower payment can be attractive, but it can also lead to much higher interest and overall cost.

Be aware that you may have costs in addition to the calculator’s total amount paid result, as it does not reflect state and local taxes, dealer documentation fees (which can vary widely), and registration fees. You can search online or call the dealership and ask for estimates of these costs in your area.

The Auto Loan Calculator is a tool that does more than just show you a monthly auto loan payment. Use it to compare offers from lenders and try out different interest rates and loan terms. The knowledge you gain can help you negotiate with lenders and dealers, and ultimately choose the best auto loan for your financial situation.


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Will the federal student loan payment break be extended? https://leadingdir.com/will-the-federal-student-loan-payment-break-be-extended/ https://leadingdir.com/will-the-federal-student-loan-payment-break-be-extended/#respond Tue, 21 Sep 2021 07:00:00 +0000 https://leadingdir.com/will-the-federal-student-loan-payment-break-be-extended/ The current suspension of student loan repayments is set to expire on January 31, 2022, following a series of extensions, meaning millions of federal student loan borrowers will be forced to pay monthly payments with interest for the first time. times since March 2020 As Progressive Democrats pressured the Biden administration to extend the hiatus […]]]>

The current suspension of student loan repayments is set to expire on January 31, 2022, following a series of extensions, meaning millions of federal student loan borrowers will be forced to pay monthly payments with interest for the first time. times since March 2020 As Progressive Democrats pressured the Biden administration to extend the hiatus further, the administration said it would be the final extension.

Overview of bank rates

The student loan payment break now ends on January 31, 2022. Borrowers should prepare to resume their scheduled payments on February 1 or consider other repayment options.

This is the last extension of the payment break

While the freeze on student loan repayments has been extended several times since March 2020, a US Department of Education press release made it clear that this will be the final expansion. This latest extension of the payment break is intended to help both borrowers and utilities while reducing the risk of default.

“As our country’s economy continues to recover from a deep hole, this latest extension will give students and borrowers the time they need to plan for the restart and ensure a smooth return to repayment,” said the Secretary of Education Miguel Cardona. “The ministry’s priority is to support students and borrowers during this transition and to ensure that they have the resources they need to access affordable, high-quality higher education. “

Democratic senators had pleaded for an extension, citing officials’ concerns

In late June, Democratic Senators Elizabeth Warren and Edward J. Markey sent a letter to all major federal student loan officers asking them to raise concerns about helping millions of borrowers transition to their homes. regular payments on October 1.

They then compiled these responses in a letter and sent them to Biden, urging him to extend the break on payments and interest until at least March 31, 2022. The letter says that most of the responses “indicate overwhelmingly that it takes longer to ensure borrowers are taken care of when they come back into payment on their student loans.”

Warren and Markey identified four major pain points:

  1. The payment break has allowed borrowers to make significant progress on their debt without the burden of interest.
  2. Most borrowers had little or no contact with their service agent during the forbearance period, meaning the transition to repayment could come as a surprise.
  3. Service officers need more time to assemble enough staff to support borrowers in the transition.
  4. PHEAA’s recent announcement that it will not extend its service contract means millions of borrowers will have to switch to new services just weeks after payments resume.

While the hiatus was not extended until March 31, as the letter requested, the extension to January is expected to alleviate some of these pain points. With a definitive end date in place, providers can better communicate with borrowers about the transition to payments.

What to expect student loan borrowers

Federal student loan borrowers should prepare to start making regular payments again in February. You will receive a billing statement from your loan manager at least 21 days before your first payment is due, and you may receive additional information about the end of the forbearance period before that. You can use the last few months of the payment break to make interest-free payments, focus on private student loan payments, or pay off high-interest debt, such as credit card debt.

However, if you’re worried about making payments again in February, you have a choice. Consider signing up for an income-based repayment plan or public service loan forgiveness if you’re looking for a lower monthly payment, or request a federal forbearance if you don’t have the resources to start the payments. You may also want to consider refinancing with a private lender if you can get a lower interest rate and don’t worry about losing federal benefits.

Learn more:


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Resumption of student loan payments in February will hit ‘psychological hurdle’ as many borrowers believed their debt would be canceled, Biden official says https://leadingdir.com/resumption-of-student-loan-payments-in-february-will-hit-psychological-hurdle-as-many-borrowers-believed-their-debt-would-be-canceled-biden-official-says/ https://leadingdir.com/resumption-of-student-loan-payments-in-february-will-hit-psychological-hurdle-as-many-borrowers-believed-their-debt-would-be-canceled-biden-official-says/#respond Mon, 20 Sep 2021 07:00:00 +0000 https://leadingdir.com/resumption-of-student-loan-payments-in-february-will-hit-psychological-hurdle-as-many-borrowers-believed-their-debt-would-be-canceled-biden-official-says/ Richard Cordray. Alex Wong / Getty Images Federal Director of Student Aid Cordray mentioned the challenges of restarting student loan payments. He spoke of the “psychological barrier” for borrowers who thought their debt could be canceled. The final extension of the payment break is expected to be lifted in February, but many borrowers are not […]]]>

Richard Cordray. Alex Wong / Getty Images

  • Federal Director of Student Aid Cordray mentioned the challenges of restarting student loan payments.

  • He spoke of the “psychological barrier” for borrowers who thought their debt could be canceled.

  • The final extension of the payment break is expected to be lifted in February, but many borrowers are not ready.

  • See more stories on the Insider business page.

In February, student loan borrowers are expected to start repaying their debt on a regular basis – and they’re not ready.

The freezing of student loan payments during the pandemic has been expanded three times to give borrowers additional financial relief. But the most recent extension to February is final, and a senior education ministry official warned resuming payments would be especially difficult for borrowers who have been tricked into believing their debt will be canceled.

Richard Cordray, director of the federal student aid office at the education ministry, spoke with the education finance board last week about the challenges the ministry was facing in higher education. He said, in Remarks obtained by Politico, that the transition of tens of millions of student loan borrowers into repayment would be a significant challenge, and that the multiple extensions to the payment hiatus have caused “enormous confusion over what even the immediate future can do. contain”.

“At the same time, borrowers have heard a constant drumbeat about the possibility of a loan forgiveness, wholesale or piecemeal,” Cordray said. “The old adage is that ‘wish is the father of thought’, and we can expect that many, many borrowers will not be eager to return to repayment when they have been made to believe, or even hopefully, that was never going to overcome this psychological hurdle with millions of Americans can be a lot harder job than we think. “

The payment break was first extended under President Donald Trump’s CARES Act last March, and President Joe Biden extended it twice since taking office, along with a campaign pledge according to which he would write off $ 10,000 in student debt per person. He has since canceled about $ 9.5 billion in student debt – Less than 1% of the $ 1.7 trillion student debt crisis – for targeted groups of borrowers, with no word on the progress of large-scale debt cancellation.

Cordray pointed out that borrowers have “grown used” to not paying off student debt for nearly two years, and that many still weren’t ready to revert to monthly payments with the pandemic still in effect.

“The stakes are extremely high as we move on to change everything again – for borrowers who may dislike what they hear from us, may disbelieve what they hear from us, and may not be ready. to face what they are our news, ”Cordray said.

The FSA plans to launch a communications campaign, Cordray said, to help facilitate loan repayments for borrowers, including email and social media outreach and updated sections on the student aid website.

But even with the FSA’s acknowledgment of repayment problems, many borrowers know they won’t be able to pay off their debt in February. Initiated already spoken with Gwen Carney, a 61-year-old single grandmother who is raising three grandchildren, who said she “really isn’t expecting February at all.”

“Restarting payments makes me very anxious because I somehow have to find that extra $ 200,” Carney told Insider. “I just don’t have it.”

Alexandria Mavin, another student loan borrower, Recount Insider that the pandemic payment break allowed her to pay her postpartum medical bills, and she saw student debt cancellation as the only way out of the “never-ending cycle” of repayments.

Massachusetts Senator Elizabeth Warren and Senate Majority Leader Chuck Schumer are lead the push for Biden to write off $ 50,000 in student debt per person, remaining adamant he can do so immediately through executive action.

“The president has the power to write off $ 50,000 in student loan debt right now,” Warren said previously. Recount Initiated. “Senator Schumer and I are going to keep pushing for this, but Biden does not need any permission from Congress. He has to take the pen and do it himself.”

Do you have a story to share about student debt or student debt cancellation? Email Ayelet Sheffey at asheffey@insider.com.

Read the original article on Business intern


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Pag-IBIG extends the terms of payment of the cash loan to 3 years https://leadingdir.com/pag-ibig-extends-the-terms-of-payment-of-the-cash-loan-to-3-years/ https://leadingdir.com/pag-ibig-extends-the-terms-of-payment-of-the-cash-loan-to-3-years/#respond Sat, 18 Sep 2021 07:00:00 +0000 https://leadingdir.com/pag-ibig-extends-the-terms-of-payment-of-the-cash-loan-to-3-years/ PHOTO FILE MANILA, Philippines – The state-owned real estate development pool or Pag-IBIG has eased its cash lending by extending its payment term to three years, senior officials said last week. In a statement Thursday, Pag-IBIG said it continues to improve its programs to meet the needs of its members. “This year, we are extending […]]]>

PHOTO FILE

MANILA, Philippines – The state-owned real estate development pool or Pag-IBIG has eased its cash lending by extending its payment term to three years, senior officials said last week.

In a statement Thursday, Pag-IBIG said it continues to improve its programs to meet the needs of its members.

“This year, we are extending the term of our cash loans from two to three years to give borrowers more time to repay their loans, and more importantly, to reduce their monthly payments,” said Secretary Eduardo del Rosario, President of the Department of Human Settlements and Urban Development (DHSUD) and the Board of Directors of the Pag-IBIG Fund composed of 11 members.

The Pag-IBIG Fund’s cash loans are in the form of a multipurpose loan (MPL) and a disaster loan (CL) for disaster areas. Also known as Short Term Loans (STLs), MPL and CL provide affordable and easily accessible sources of funds for its members.

According to the agency, qualified members can borrow up to 80 percent of their total Pag-IBIG regular savings, which consists of their monthly savings, matching contributions from their employer and dividends earned annually.

The proceeds can then be used to pay for school fees, medical bills, minor home improvements, as capital for small businesses, or as an emergency disaster fund.

“Pag-IBIG cash loans are paid over 24 months. And now our members have the option to extend the term to 36 months. By choosing a longer payout period, members can benefit from significantly lower monthly payouts, ”Pag-IBIG Fund CEO Acmad Rizaldy Moti said.

He noted that they have reduced the monthly payments by almost a third with the lengthening of the payment period. With an average cash loan of 20,000 pesos, members pay 1,016.52 pesos per month for a multipurpose loan and 897.23 pesos per month for a disaster loan with a two-year payment term. .

However, with the new three-year payment term option, the amount of each monthly payment will be reduced to just P 734.57 per month for a versatile loan and P 615.72 per month for a disaster loan.

Pag-IBIG said that with payments spread over a longer period, monthly payments have been reduced by 28% for a multipurpose loan and 31% for a disaster loan.

“We recognize that these are difficult times and we are doing all we can to help our members as the health emergency continues. From January to July alone, we released 25.42 billion pesos in cash loans to help over 1.1 million members, ”Moti said.

“We are ready to help more members in the months to come, now that the extended payment deadline has made our cash loans even more affordable. We have also made the loan application process safer and more convenient by accepting loan applications online through the virtual Pag-IBIG, ”he added.

RELATED STORIES

Pag-IBIG collects over $ 25 billion in savings in 2021

The Pag-IBIG Fund marks milestones despite the pandemic

/ MUF

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SLC makes the first payment of the student maintenance loan https://leadingdir.com/slc-makes-the-first-payment-of-the-student-maintenance-loan/ https://leadingdir.com/slc-makes-the-first-payment-of-the-student-maintenance-loan/#respond Tue, 14 Sep 2021 14:19:08 +0000 https://leadingdir.com/slc-makes-the-first-payment-of-the-student-maintenance-loan/ SLC exists to enable students to invest in their future through higher and further education by providing them with access to reliable, transparent, flexible and accessible student finance services. This week we are starting to disburse maintenance loans to new and former students across the UK and in the coming weeks we will be supporting […]]]>

SLC exists to enable students to invest in their future through higher and further education by providing them with access to reliable, transparent, flexible and accessible student finance services. This week we are starting to disburse maintenance loans to new and former students across the UK and in the coming weeks we will be supporting around 1.5 million students with access to funding.

Today we have made payments to approximately 170,000 new and old students and will continue to do so over the next several weeks, with the most significant payment date scheduled for September 20, when the majority of students start the new term.

Students who applied before the registration deadline will receive their first payment at the start of the term. However, we can only release funding once we have received confirmation of enrollment at the university or college a student has enrolled in (or enrolled in). It can take three to five days for payments to reach students’ bank accounts once they enroll, so it’s a good idea that they have money available to cover upfront fees.

If a student has applied late (after the deadlines), their application may not be fully processed until the start of the term. However, we are working hard to ensure that all eligible applicants have some cash by providing the minimum maintenance loan amount first, followed by a top-up payment if they are eligible for more funding. important. Students can learn more about how to get their first student funding payment if they applied late online.

The start of a new academic year can be a busy and exciting time for students, when there is often a lot to organize. It’s also our busiest time of year, and it can be difficult to reach us on the phone. We’ve tried to make it as easy as possible for students to track their payment without having to contact us. They can check their payment status easily and at any time through their online account – our short film explains what each of the payment statuses means.

Short film

We’ll also send a text message right before payment to let students know it’s on its way, so it’s important that they make sure their mobile number is up to date in their online account. It’s also a good time to verify that we have the correct bank details and the national insurance number, so they can be sure their money is going to the right place.

To provide our student clients with better payment assistance, we’ve published information and resources in our online guide. And if they missed our recent Facebook Live payment event, they can watch the recording of our customer advisers answering payment questions.

I hope these resources are useful, and to all students who are starting or returning to university or college this fall, I would like to send my best wishes for the year ahead.


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Evergrande bonds in China rebound as loan payment extensions ease default concerns, Real Estate News, ET RealEstate https://leadingdir.com/evergrande-bonds-in-china-rebound-as-loan-payment-extensions-ease-default-concerns-real-estate-news-et-realestate/ https://leadingdir.com/evergrande-bonds-in-china-rebound-as-loan-payment-extensions-ease-default-concerns-real-estate-news-et-realestate/#respond Thu, 09 Sep 2021 07:00:00 +0000 https://leadingdir.com/evergrande-bonds-in-china-rebound-as-loan-payment-extensions-ease-default-concerns-real-estate-news-et-realestate/ Photo file HONG KONG | SHANGHAI: Bonds from heavily indebted developer China Evergrande Group staged a late rally on Thursday following news that some creditors had agreed to extend the loan payment. A source told Reuters that Evergrande had asked for an extension of at least three months to the interest payment on a trust […]]]>
Photo file

HONG KONG | SHANGHAI: Bonds from heavily indebted developer China Evergrande Group staged a late rally on Thursday following news that some creditors had agreed to extend the loan payment.

A source told Reuters that Evergrande had asked for an extension of at least three months to the interest payment on a trust loan to CITIC Trust, one of its main fiat creditors, which was due in late August, citing cash limited.

CITIC agreed to the extension, the source directly familiar with the matter said. The source added that similar deferred interest payments have been observed in the trust industry.

CITIC sent a small team to Shenzhen, where Evergrande is based, last week, but it is not optimistic that Evergrande’s liquidity will improve anytime soon, the source added, citing difficulties in finding buyers for its assets and the country’s strict mortgage policies.

News of the extensions came after a report on Wednesday said Evergrande would suspend interest payments owed on loans to two banks later this month, as well as payments for its wealth management products. The report sparked a sharp drop in the company’s bonds and onshore stocks on Thursday.

Evergrande declined to comment.

Regulators have warned that Evergrande’s 1.97 trillion yuan ($ 304.7 billion) liabilities could trigger greater risks to China’s financial system if it is not stabilized.

The company, China’s second-largest real estate developer, said last September that its commitments involved more than 128 banks and more than 121 non-bank institutions.

Onshore bonds, stocks are getting longer

The Shenzhen Stock Exchange temporarily halted trading in two Evergrande listed bonds on Thursday after their prices fell more than 20%. After trading resumed, Evergrande’s January 2023 6.98% bond fell more than 30%, triggering a second trade freeze.

They are now trading at around a third of their face value.

Evergrande’s dollar bonds due June 2025 fell about half a cent to 24.709, but then rose more than two cents as reports of deadline extensions came in.

“This could end up being good news because it could draw a line in the sand,” said Siddharth Dahiya, head of emerging market corporate debt at Abrdn, formerly Standard Life Aberdeen plc.

“But we don’t know, there is very little clarity … The first reaction (from the markets) is however positive.”

Its Hong Kong-listed stock fell more than 10% to HK $ 3.32, its lowest since July 8, 2015, before cutting losses to end down 4.3%. Evergrande shares have fallen more than 76% this year.

Financial news provider REDD reported on Wednesday, citing sources with bank information, that Evergrande had told two banks it would suspend interest payments owed on loans to banks on September 21, pending further news. instructions on an expansion plan.

Evergrande has also delayed payments to several trust companies other than CITIC, REDD said, and it could suspend all payments on its wealth management products from Wednesday.

In recent days, rating agencies including Fitch, Moody’s and China Chengxin International (CCXI) downgraded a series of ratings, the latest of which rendered its yuan bonds unusable as collateral for pension funding.

On Wednesday, Fitch Ratings downgraded the ratings of Evergrande and two of its subsidiaries to “CC”, adding that a default seems likely, due to lack of liquidity, declining contract sales, pressure to cope with late payments to suppliers and subcontractors and limited progress on asset disposals. .

Fitch estimated the company would face bond interest payments of $ 129 million in September alone and $ 850 million by the end of the year. Refinitiv data shows that nearly $ 7.4 billion in onshore and offshore bonds will mature next year.

With approximately $ 20 billion in offshore bonds outstanding, Evergrande is one of the largest issuers of emerging market companies in the world.

At the end of last month, Evergrande warned of liquidity and default risks, and said it would adjust project development schedules, “vigorously” promote sales, renew or extend loans, cede loans. holdings and assets as well as introduce new investors to the group and its units to improve cash flow and reduce debt.


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Chinese Evergrande Bonds Bounce As Loan Extensions Ease Default Concerns https://leadingdir.com/chinese-evergrande-bonds-bounce-as-loan-extensions-ease-default-concerns/ https://leadingdir.com/chinese-evergrande-bonds-bounce-as-loan-extensions-ease-default-concerns/#respond Thu, 09 Sep 2021 07:00:00 +0000 https://leadingdir.com/chinese-evergrande-bonds-bounce-as-loan-extensions-ease-default-concerns/ An exterior view of the China Evergrande Center in Hong Kong, China on March 26, 2018. REUTERS / Bobby Yip / File Photo HONGKONG / SHANGHAI, Sept. 9 (Reuters) – Bonds from heavily indebted developer China Evergrande Group (3333.HK) staged a late rally on Thursday after it was announced that some creditors had agreed to […]]]>

An exterior view of the China Evergrande Center in Hong Kong, China on March 26, 2018. REUTERS / Bobby Yip / File Photo

HONGKONG / SHANGHAI, Sept. 9 (Reuters) – Bonds from heavily indebted developer China Evergrande Group (3333.HK) staged a late rally on Thursday after it was announced that some creditors had agreed to extend the loan payment.

A source told Reuters that Evergrande had asked for an extension of at least three months to the interest payment on a trust loan to CITIC Trust, one of its main fiat creditors, which was due in late August, citing cash limited.

CITIC agreed to the extension, the source directly aware of the matter said. The source added that similar deferred interest payments have been observed in the trust industry.

CITIC sent a small team to Shenzhen, where Evergrande is based, last week, but it is not optimistic that Evergrande’s liquidity will improve anytime soon, the source added, citing difficulties in finding buyers for its assets and the country’s strict mortgage policies.

News of the extensions came after a report on Wednesday said Evergrande would suspend interest payments owed on loans to two banks later this month, as well as payments for its wealth management products. The report sparked a sharp drop in the company’s bonds and onshore stocks on Thursday.

Evergrande declined to comment.

Regulators have warned that Evergrande’s 1.97 trillion yuan ($ 304.7 billion) of liabilities could trigger greater risks to China’s financial system if not stabilized.

The company, China’s second-largest real estate developer, said last September that its commitments involved more than 128 banks and more than 121 non-bank institutions. Read more

ONSHORE BONDS, ACTIONS EXTEND SLIDE

The Shenzhen Stock Exchange temporarily halted trading in two Evergrande listed bonds on Thursday after their prices fell more than 20%. After trading resumed, Evergrande’s January 2023 6.98% bond fell more than 30%, triggering a second trade freeze.

They are now trading at around a third of their face value.

Evergrande’s dollar bonds due June 2025 fell about half a cent to 24.709, but then rose more than two cents as reports of deadline extensions.

“This could end up being good news because it could draw a line in the sand,” said Siddharth Dahiya, head of emerging market corporate debt at Abrdn, formerly Standard Life Aberdeen plc.

“But we don’t know, there is very little clarity … The first reaction (from the markets) is however positive.”

Its Hong Kong-listed stock fell more than 10% to HK $ 3.32, its lowest since July 8, 2015, before cutting losses to end down 4.3%. Evergrande shares have fallen more than 76% this year.

Financial news provider REDD reported on Wednesday, citing sources with bank information, that Evergrande had told two banks it would suspend interest payments owed on loans to banks on September 21, pending further news. instructions on an expansion plan.

Evergrande has also delayed payments to several trust companies other than CITIC, REDD said, and it could suspend all payments on its wealth management products from Wednesday.

In recent days, rating agencies including Fitch, Moody’s and China Chengxin International (CCXI) downgraded a series of ratings, the latest of which rendered its yuan bonds unusable as collateral for pension funding.

On Wednesday, Fitch Ratings downgraded the ratings of Evergrande and two of its subsidiaries to “CC”, adding that a default seems likely, due to lack of liquidity, lower contract sales, pressure to cope with late payments to suppliers and subcontractors and limited progress on asset disposals. . Read more

Fitch estimated the company would face bond interest payments of $ 129 million in September alone and $ 850 million before the end of the year. Refinitiv data shows that nearly $ 7.4 billion in onshore and offshore bonds will mature next year.

With approximately $ 20 billion in offshore bonds outstanding, Evergrande is one of the largest issuers of emerging market companies in the world.

Late last month, Evergrande warned of liquidity and default risks, and said it would adjust project development schedules, “vigorously” promote sales, renew or extend loans, cede loans. holdings and assets as well as introduce new investors to the group and its units to improve cash flow and reduce debt.

($ 1 = 6.4605 Chinese yuan)

Reporting by Cheng Leng in Beijing, Andrew Galbraith in Shanghai and Clare Jim in Hong Kong; Additional reporting by Marc Jones in London; Editing by Shri Navaratnam, Michael Perry and Kim Coghill

Our standards: Thomson Reuters Trust Principles.


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Chinese Evergrande Bonds Bounce As Loan Extensions Ease Default Fears | Invest News https://leadingdir.com/chinese-evergrande-bonds-bounce-as-loan-extensions-ease-default-fears-invest-news/ Wed, 08 Sep 2021 07:00:00 +0000 https://leadingdir.com/chinese-evergrande-bonds-bounce-as-loan-extensions-ease-default-fears-invest-news/ By Clare Jim and Andrew Galbraith HONGKONG / SHANGHAI (Reuters) – Bonds from heavily indebted developer China Evergrande Group staged a late rally on Thursday on news that some creditors had agreed to extend the loan payment. A source told Reuters that Evergrande had asked for an extension of at least three months to the […]]]>

By Clare Jim and Andrew Galbraith

HONGKONG / SHANGHAI (Reuters) – Bonds from heavily indebted developer China Evergrande Group staged a late rally on Thursday on news that some creditors had agreed to extend the loan payment.

A source told Reuters that Evergrande had asked for an extension of at least three months to the interest payment on a trust loan to CITIC Trust, one of its main fiat creditors, which was due in late August, citing cash limited.

CITIC agreed to the extension, the source directly aware of the matter said. The source added that similar deferred interest payments have been observed in the trust industry.

CITIC sent a small team to Shenzhen, where Evergrande is based, last week, but it is not optimistic that Evergrande’s liquidity will improve anytime soon, the source added, citing difficulties in finding buyers for its assets and the country’s strict mortgage policies.

News of the extensions came after a report on Wednesday said Evergrande would suspend interest payments owed on loans to two banks later this month, as well as payments for its wealth management products. The report sparked a sharp drop in the company’s bonds and onshore stocks on Thursday.

Evergrande declined to comment.

Regulators have warned that Evergrande’s liabilities of 1.97 trillion yuan ($ 304.7 billion) could trigger greater risks to China’s financial system if it is not stabilized.

The company, China’s second-largest real estate developer, said last September that its commitments involved more than 128 banks and more than 121 non-bank institutions.

ONSHORE BONDS, ACTIONS EXTEND SLIDE

The Shenzhen Stock Exchange temporarily halted trading in two Evergrande listed bonds on Thursday after their prices fell more than 20%. After trading resumed, Evergrande’s January 2023 6.98% bond fell more than 30%, triggering a second trade freeze.

They are now trading at around a third of their face value.

Evergrande’s dollar bonds due June 2025 fell about half a cent to 24.709, but then rose more than two cents as reports of deadline extensions.

“This could end up being positive news because it could draw a line in the sand,” said Siddharth Dahiya, head of emerging market corporate debt at Abrdn, formerly Standard Life Aberdeen plc.

“But we don’t know, there is very little clarity … The first reaction (from the markets) is however positive.”

Its Hong Kong-listed stock fell more than 10% to HK $ 3.32, its lowest level since July 8, 2015, before cutting losses to end down 4.3%. Evergrande shares have fallen more than 76% this year.

Financial news provider REDD reported on Wednesday, citing sources with bank information, that Evergrande had told two banks it would suspend interest payments owed on loans to banks on September 21, pending further news. instructions on an expansion plan.

Evergrande has also delayed payments to several trust companies other than CITIC, REDD said, and it could suspend all payments on its wealth management products from Wednesday.

In recent days, rating agencies including Fitch, Moody’s and China Chengxin International (CCXI) downgraded a series of ratings, the latest of which rendered its yuan bonds unusable as collateral for pension funding.

On Wednesday, Fitch Ratings downgraded the ratings of Evergrande and two of its subsidiaries to “CC”, adding that a default appears likely, due to the cash shortage, declining contract sales, pressure to cope with late payments to suppliers and subcontractors and limited progress on asset disposals.

Fitch estimated the company would face bond interest payments of $ 129 million in September alone and $ 850 million by the end of the year. Refinitiv data shows that nearly $ 7.4 billion in onshore and offshore bonds will mature next year.

With approximately $ 20 billion in offshore bonds outstanding, Evergrande is one of the largest issuers of emerging market companies in the world.

Late last month, Evergrande warned of liquidity and default risks, and said it would adjust project development schedules, “vigorously” promote sales, renew or extend loans, cede loans. holdings and assets as well as introduce new investors to the group and its units to improve cash flow and reduce debt.

($ 1 = 6.4605 Chinese yuan)

(Reporting by Cheng Leng in Beijing, Andrew Galbraith in Shanghai and Clare Jim in Hong Kong; Additional reporting by Marc Jones in London; Editing by Shri Navaratnam, Michael Perry and Kim Coghill)

Copyright 2021 Thomson Reuters.


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