| Ex-pastor accused of bilking member
HOLLY HILL -- About two years ago, Robert N. Riddle came to Ridgewood Avenue Community Church, a tiny congregation seeking stability and growth.
Parishioners were impressed by Riddle's charisma and energy. They even lent him $300,000 for a twin-engine plane.
Now, Riddle is in a Georgia jail, accused of bilking an elderly parishioner out of $80,000. The church's finances are a mess, and its bank accounts are frozen as an investigation widens into spending under Riddle.
The new pastor of the roughly 20-member church off Ridgewood Avenue doesn't even know how he will pay the bills.
His high hope for Easter Sunday service: raising enough to make ends meet.
"Right now, between past and current bills, we need $10,000,'' said the Rev.
How to beat the law of diminishing returns
Skills fade with time. You know you're not going to become a major league ballplayer at 30, or start a career as a math genius at 40. But chances are you weren't going to do those things anyway, so it's no big deal. However, almost all of us have financial lives. It is worth noting, then, that new academic research shows that the average person's financial decision-making skills peak at age 53, and then gradually decline. .
125 per cent mortgage welcomed by consumer website
A leading consumer website has welcomed Alliance & Leicester's decision to launch a 125 per cent mortgage, saying that it will help first-time buyers get on the property ladder.Recently, Alliance & Leicester said that it would offer people a 125 per cent PlusMortgage, which combines a mortgage with an unsecured personal loan.While Citizens Advice Bureau and the National Debtline have criticised the lender for offering people a deal that means that are reduced to negative equity from the start, moneysupermarket.com has welcomed the move."I believe A&L is acting with full responsibility in bringing this product to market," said Louise Cuming, the head of mortgages at the price comparison website."It's not surprising to see another lender join the 100 per cent plus market when first-time buyers continue to find it increasingly tough to get a foot on the housing ladder."Ms Cuming explained that the deal was not encouraging people to take on more debt that was appropriate, as it will "be sold via brokers and therefore borrowers can only access [the mortgage deal] after a stringent advice process."She added: "A&L is only targeting people with the propensity to take on this large amount of debt – and, in fact, lenders have historically seen lower percentage arrears in the 100 per cent plus market versus the 95 per cent sector."A recent report from Nationwide suggested that first-time buyers now have to spend £120 a month more to pay for their mortgage than they did a year ago.
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