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The Business Payment Support Service was set up to help businesses by providing them with a short term 'breathing space' to allow them time to reorganise and get themselves in a position where they can return to making the right tax payments.
In neighboring Illinois, governor Pat Quinn signed off on a law last month that prohibits the use of body attachments in debt suits.
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State laws and regulations may be applicable to If you do not pay your loan according to its terms, your lender may: charge you late fees, send your account to a collection agency, report your information to a consumer reporting agency which may negatively affect your credit score, offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest.
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In the Small Business Review Panel Outline, the Bureau described a proposal to require lenders to determine that a consumer will have the ability to repay a covered short-term loan without needing to reborrow for 60 days, consistent with the proposal in the same document to treat a loan taken within 60 days of having a prior covered short-term loan outstanding as part of the same sequence.
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