Good Faith Payment
Good Faith Payment
What is a good faith payment? I used all my savings and retirement monies to make payments on my debt and to keep my company going. Now that I have no savings or retirement money, the bank is asking me to make a good faith payment. The bible defines that “faith is the substance of things hoped for and the evidence of things not yet seen.” The Bank is telling me to make a good faith payment, so that they will not report me to the credit card reporting agencies.
Hebrew 11:1 (New Century Version)
1 Faith means being sure of the things we hope for and knowing that something is real even if we do not see it.
For three years my company was in decline. I owned a service company. My company provided project management services and designed computer software for small companies that wanted custom software. Three or four years ago, companies started moving away from custom software to off the shelf products. I went to the banks to secure a small business loan to develop an off the shelf product. The banks told me that my credit score was excellent, but my company was young. They told me I could reapply in six months. My business continued to decline. My vendors’ receivables were being paid later and later. But, in good faith, I paid my creditors on time. First I used my savings, then my retirement savings and finally my family’s joint savings. I did this, all in good faith.
Finally, when all of my savings sources were used up, I asked the bank once again to help me to produce my product and again they declined. My past credit history meant nothing to them now.
I asked, “What is good faith?” The answer that I received was, “don’t you know what faith means?” I replied, “yes, but what does it mean to you?” Then I said, “Faith is substance of things hoped for and the evidence of things not yet seen.” His reply was, “I don’t want to get into that.” I made good faith payments until I had nothing left to pay.
For three other firms, Goldman Sachs, Morgan Stanley and JP Morgan Chase, 2008 bonus payments were substantially greater than the banks’ net income. Goldman earned $2.3 billion, paid out $4.8 billion in bonuses, and received $10 billion in TARP funding. Morgan Stanley earned $1.7 billion, paid $4.475 billion in bonuses, and received $10 billion in TARP funding. JP Morgan Chase earned $5.6 billion, paid $8.69 billion in bonuses, and received $25 billion in TARP funding. Combined, these three firms earned $9.6 billion, paid bonuses of nearly $18 billion, and received TARP taxpayer funds worth $45 bil1ion. Appendices A and B, attached hereto, provide further information on the 2008 earnings, bonus pools, and TARP funding for the nine original TARP recipients. We note that some of the nine recipients maintain that they did not request or desire TARP funding. (Andrew M. Cuomo, 2009)
If these systems had good faith, shouldn’t they be investing this bonus in businesses that would hire people? What is faith without works?
Andrew M. Cuomo, A. G. (2009). No Rhyme or Reason. Retrieved 08 12, 2009, from www.oag.state.ny.us: www.oag.state.ny.us/…/Bonus%20Report%20Final%207.30.09.pdf