ForgiveCo’s Post

𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐏𝐫𝐞𝐦𝐢𝐞𝐫 𝐁𝐚𝐧𝐤 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬 𝐰𝐢𝐭𝐡 𝐅𝐨𝐫𝐠𝐢𝐯𝐞𝐂𝐨 𝐭𝐨 𝐇𝐞𝐥𝐩 𝐑𝐞𝐥𝐢𝐞𝐯𝐞 $𝟏 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐃𝐞𝐛𝐭 𝐟𝐨𝐫 𝐕𝐞𝐭𝐞𝐫𝐚𝐧𝐬 Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier”) announced it has helped to relieve $1 million in medical debt for more than 300 veterans, through a partnership with ForgiveCo, a public benefit corporation that purchases large debt portfolios at a fraction of the original cost. Pacific Premier Bank's partnership with ForgiveCo represents a one-time initiative to eliminate the debt of 322 veterans who, on average, hold $3,105 in medical debt. Through ForgiveCo’s vast industry knowledge, the organization purchases large debt portfolios for pennies on the dollar, creating up to a 50x impact. The service is completely free to the debt relief recipient. In addition to debt relief, ForgiveCo ensures derogatory marks are removed from the beneficiary’s credit report. Founded in 1983 and headquartered in Irvine, California, Pacific Premier Bank has been dedicated to serving and uplifting its communities from the very beginning. “Pacific Premier is excited to partner with ForgiveCo to support men and women who have served our country,” says Sherri Vaughan Scott of Pacific Premier Bank. “Through ForgiveCo’s debt forgiveness program, we are able to help veterans pay off substantial portions of medical debt to help improve their financial health.” "ForgiveCo is honored to work alongside Pacific Premier Bank to deliver meaningful relief to veterans who have sacrificed so much for our country," said Craig Antico, CEO of ForgiveCo. "By eliminating $1 million in medical debt, we’re not just alleviating a financial burden—we’re restoring peace of mind and opening new doors of opportunity for these heroes and their families." In addition to Pacific Premier’s grant, the Bank will provide veteran beneficiaries complimentary financial well-being resources and counseling through its partnership with GreenPath Financial Wellness.

“88% of single parent households are headed up by women” “64% of people coming to StepChange for debt advice are women” I had the privilege of speaking with Vanessa Northam (StepChange Debt Charity) and Isobel Crosse (TDX Group) on the podcast this week. Two advocates for Women In Debt across the UK. It became clear to me during our conversations that the financial hurdles women face are not just hurdles, they’re barriers. I believe that one of the truest tests of our character is standing up for something we believe in. And, every challenge lies an opportunity to change. We discussed: - “Not The Women's Networking Group” - Impact on Women facing debt challenges  - Key activities and initiatives  - Financial inclusion StepChange produce loads of insights and reports about debt advice, specifically their recent one “Unravelling Women's Debt Report” - Please feel free to reach out to Vanessa or Isobel. They would love to help! --------------------- Ps. Digital journeys are so important today, especially in debt collection. People usually deal with their debts when the call centres are closed, so it’s key for these industries to think about the whole collection and recovery process, making sure it’s easy and accessible at all times. Episode coming soon! 🎧

People will go $200,000 into debt for a house 😐 People will go $100,000 into debt for college 😐 People will go $50,000 into debt for a car 😐 People will go $10,000 into debt for appliances 😐 People will go $5,000 into debt for furniture 😐 People will go $2,500 into debt for TV People will go $1,000 in debt for a phone 😐 People will go tens of thousands of dollars into debt for things that won't make them a penny 👌 But they wouldn't go $25, $50, $100, $200, $500 into debt to start a business that can give them the opportunity to buy everything above in cash and not have to go into debt at all ☕ If you're trying to force people to make money stop it, they don't need to be convinced to go into debt for things that won't make them any money, then they shouldn't need to be convinced to go into debt for things that will make them money 💰 Some people want to be broke living paycheck-to-paycheck, let them be 👍 You can't help everybody 🏃

Want to save money while tackling debt? This advice can help with that. #personalfinances #moneywise

Want to save money while tackling debt? This advice can help with that. #personalfinances #moneywise

During our journey to become debt free, I listened to the Dave Ramsey show each day in my office. I heard stories of people struggling and being crushed by their financial situation. I also heard stories of people paying off astronomical amounts of debt, sometimes hundreds of thousands of dollars. I saw myself in those stories and was inspired to change the course of our life. Cecily and I followed the plan. We established a budget. We worked side jobs and spent less than we earned, directing anything left over to our debt. We sold my Jeep (I loved that Jeep) and bought the White Egg (four door Saturn…I hated that Saturn). We sat down each month and budgeted our money together, which kept us accountable and on track to our goals. Two and a half years later, we completed our goal to become debt free after paying off $85k in loans. What I learned through this journey is a simple framework for success: Inspiration: I needed to hear the stories on the Dave Ramsey show of other people battling with their finances. It gave me hope that I could do it too. A plan: We followed a simple plan to spend less than we earned, do a budget every month, and direct everything else to debt. Accountability: Our monthly meeting kept us in check. These three things brought us to the debt free finish line. Most of my coaching clients show up to me filled with inspiration or a desire to change. It’s the second and third parts (a plan and accountability) that they often lack. My work then is in helping them build a plan. Our regular meetings and my honest questions provide accountability. Hopes and dreams incrementally become realities. Our debt free journey changed the course of our life. I wouldn’t wish debt or struggle onto anyone simply for personal growth but it definitely was transformative for us. And transformation is something that I do wish for others.

Debt isn't the villain here. Mismanaging it is. Many fear debt, associating it with financial irresponsibility. Yet, no major company has become a household name without leveraging debt effectively. Understanding the distinction between good and bad debt is crucial for business growth. Bad debt occurs when funds are borrowed to acquire liabilities that neither generate income nor appreciate in value—like purchasing depreciating assets. Conversely, good debt is strategic, used to acquire assets that either generate income, maintain their value, or appreciate. This could involve taking on debt to acquire a competitor, invest in inventory, or purchase real estate. Good debt is indispensable for business expansion and, I’d argue, one of the only sustainable ways to scale. Expanding a business requires substantial capital for hiring staff, opening new locations, renovations, and marketing. Solely relying on internal cash flows can lead to liquidity issues or cap your growth potential. Instead, borrowing under favorable terms allows for accelerated expansion while preserving liquidity. Strategic debt isn’t just borrowing; it’s an investment in your business’s future growth. Remember, when played right, debt isn’t just a tool; it’s your secret weapon.

"I only make $54,000 a year. How will I ever pay this debt?" No worries! We have a strategy that could help you manage better. Here’s how: Meet Melissa. She earns $54,000 a year and has $15,000 in debt. She was feeling overwhelmed, but with a clear plan, she found her way to financial stability. Monthly Take-Home Pay: $3,375 after taxes and deductions. Expenses Breakdown: Housing: $1,013 Utilities: $338 Food: $338 Transportation: $338 Insurance: $169 Debt Repayment: $506 Savings: $506 Personal Spending: $338 Miscellaneous: $169 Total Monthly Expenses: $3,375 The Plan: Debt Repayment: Melissa allocates $506 each month to pay down her $15,000 debt. With consistent payments, she will pay off her debt in approximately 30 months, assuming no interest. Savings: By saving $506 monthly, Melissa builds an emergency fund for unexpected expenses, ensuring financial security. Responsible Spending: Melissa meets all her essential needs while still enjoying some personal spending. The Result: Melissa’s debt will be paid off in about 30 months, and her needs are met responsibly. She feels more in control and less stressed about her finances. For more information on how to be more financially responsible, contact ABEP today! They can provide personalized guidance and support to help you achieve your financial goals.

Debt. “Like air, it’s all around us, but we never think about it unless something goes wrong with the supply”. I had been at Fair4All Finance for a year when I read this line. And it remains the best summary of the inequality of accessing affordable credit for people in financially vulnerable circumstances. Margaret Atwood’s Payback: Debt and the shadow side of Wealth was released in 2008 in the wake of the financial crash. This is a very cerebral book at times with plenty of literary criticism, looking at how debt (both financial and moral) plays a central role in the Bible and Western literature. Neither a borrower or a lender be, Shakespeare told us. Scrooge showed us the moral consequences of profiteering from the poor, although was given a chance to amend his ways. An early version of the Lord’s Prayer included “Forgive us our debts as we forgive our debtors”, and plenty of other links to debt and sin. Atwood’s research is thorough, and shows how the the theme of debt (mostly moral debt, to coin the phrase "someone has paid their debt to society" after going to prison) is woven through classic stories, religions and culture from ancient times to today across a global landscape. What I like about this book is Atwood’s personal stories of debt and financial matters, and her usual satire and wit. From her father offering his fountain pen at a pawnshop in order to fund the hospital bills for her birth, to her mother’s budgeting envelopes; “Rent, Groceries, Other Necessities, Recreation”. Her stories from her own childhood set the financial scene of both rural Canada and the post-war depression. I’ve chosen this book for both an #IWD2024 recommendation and for #DebtAwarenessWeek. “How old, or inevitable, is this human pattern of debt”? Atwood asks. Surely a book worth re-releasing with a new foreword to cover the last 15-20 years, and what it would take to provide fairer access and more routes out of our growing reliance on debt  

Hello Champion Network, I hope this finds you when your spirits soar high! As your trusted advisor, I find my duty calls to thrust an urgent topic into the limelight - the Elephant of Debt Elimination! 🐘 Let's be honest, the thought of debt is something that often tromps around the corners of our minds, creating shadows of uncertainty. But fear not, it’s time for an elephant-sized face-off!✊ So, why are we talking about this now? 1. 🎯 Relevance: Due to the economic changes brought by the pandemic, managing debt has become pivotal for individuals and businesses. 2. 🚀 Growth: With debt eliminated, we liberate financial power to chase our dreams, with the wind in our sails. Three key steps to embark on your debt elimination journey are: 1. 🧩 Understand your Debt: Recognize that not all debts are created equal. Distinctive features like interest rates, duration, and penalties differentiate one from another. Grasp this to prioritize the repayment plan. 2. 💰 Budgeting: The kingpin in this process. Drill down to devising a thorough expense distribution keeping in mind the goal of debt repayment. 3.Indexing your steps: Extend this debt elimination mindset to all aspects of finance. Eliminating the smallest debt gives you a success which must be celebrated and employed as a stepping stone.🥳 As for resounding effects of such a change: • Freedom: Escaping the clutches of debt permits an individual to live free, without recurring financial burdens.💼 • Increase in savings: Future you will thank present you for the alleviated responsibility and increased savings. A tip of the hat in advance! 🎩 • Sprouting opportunities: With cleared debts, opportunity costs decrease, translating into more potential investments and advancements.🌱 Remember, the pace of depleting an elephant-sized debt may seem slow, but every bitten-off chunk brings us closer to the sweet fruit of Financial Freedom. A single stone can't build an edifice, but a single step can start a journey. My champions, remember, you are not alone in this colossal mission, reach out, seek guidance and let's embark on this journey together. To financial freedom and beyond, 🚀 Tom Bedle.