Debt consolidation companies

debt consolidation companies, debt consolidators, debt free management services

In this article you will find information about debt consolidation companies, debt consolidators, debt free management services

Debt consolidation companies

Inaccordance with the Act on the Budg et, local governments and financial institu tions had to supply data for the debt items outstanding as at 31 December 2012 and af fected by consolidation until 11 January 2013 via the Treasury’s electronic system. 278 local governments supplied data for a total of 2015 agreements in the amount of HUF 1033 bil lion in debts (calculated at the exchange rate valid as at 31 December 2012), which formed the basis of partial debt consolidation. Broken down by currency:
  • HUF 334.5 billion in HUFdenominated debts as at 31 December related to 1527 agreements,

  • CHF 1.8 billion in CHFdenominated debts (HUF 422.1 billion) related to 370 agreements,

  • EUR 949.4 million in EURdenominated debts (HUF 276.5 billion) related to 118 agreements.
The debt items that were included in the consolidation stemmed from overdraft facili ties, wage loans, shortterm loan agreements, longterm loans (HUF 476.9 billion), bond issuance (HUF 472.8 billion) and bills of ex change. A total of HUF 477.1 billion in debt was assumed of the debt indicated (on the ba sis of assumption levels defined by the Act on the Budget).

Debt consolidators

The data supplied by the local governments indicated HUF 9.1 billion in loans taken out for the operation and development of inpa tient institutions and certain specialised social and child protection institutions, which were assumed in full.

The local governments had to pay HUF 6.8 billion in security to the central budget for the debt items affected by consolidation (on the basis of the assumption levels defined by law). As the conclusion of the first stage of consoli dation – in compliance with applicable regu lations –, the affected local governments and the state concluded an agreement by 28 Feb ruary 2013 on the assumption levels, which was followed by a trilateral agreement made by 28 June between the Government Debt Management Agency, the financial institu tions and the town concerned.

Debt free management services

During the consultations between the par ties, 90 per cent, a total of 250 affected local governments said they would need higher as sumption values for the following reasons:
  • local business tax revenues have signifi cantly decreased since the data were sup plied,

  • the given local government does not see any opportunity for expanding the range of taxes and generating more tax revenues,

  • comments on the 2013 budgetary condi tions (difficulties in planning the budget without operating deficit, schools have to be operated fully from own money with out budgetary funds, local government tasks continue to require additional funds provided by the local government, the compensation is low, and the leeway of local governments with local business tax revenues becomes restricted),

  • the business associations of local govern ments have significant debts; in many cases they undertook an absolute guaran tee which is – naturally – not part of the consolidation,

  • a lumpsum repayment obligation within a relatively short term arises, which was extended only to 30 June 2013 by the fi nancial institution pursuant to the stabil ity act,

  • problems of a structural nature which rep resent extra burdens for local governments (high unemployment, number of socially handicapped individuals constantly ris ing),

  • in order to increase employment and local revenues, local governments plan to im plement economic development projects which require considerable own resources,

  • local governments were able to use only some part of the development credit lines by 31 December 2012, which were allo cated for large ongoing development pro jects.
The objections raised during consultations justify the need for improving the monitoring activity of the central administration and the audit work of the State Audit Office of Hun gary to ensure economic discipline and ration ality. This means that it is expedient to put au dit pressure on local governments, one the one hand, to avoid giving rise to lessthancareful asset management, and on the other hand, that town local governments, which have been relieved of a large number of obligations and public functions (see Szell Kalman Plan 2.0), play a more important role in local food supply, while the county local governments, which also have significantly less functions (compared to the previous period) take a big ger share in regional economic development.

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