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Goodwill letters are most effective when the late payment was an isolated incident caused by unforeseen circumstances, such as a financial hardship or medical emergency.
This can include an apology, a compensation payment for hardship or injustice and compensation for financial loss. Although the Ombudsman does not possess the power to compel a public authority to adhere to its findings, in practice, the public authority will comply.
Follow these steps to help soften the impact of an unexpected hit to your finances.
Financial distress is a term in corporate finance used to indicate a condition when promises to creditors of a company are broken or honored with difficulty. If financial distress cannot be relieved, it can lead to bankruptcy. Financial distress is usually associated with some costs to the company; these are known as costs of financial distress.
The Enquirer is working on an article about long COVID and financial hardship. Please contact us if you're willing to talk about your experiences
There are schemes wherein the government provides financial relief to tax evaders. Under such schemes, the government decides to waive off all or part of the financial penalties which become due as a result of tax evasion. In some cases, the government only allows taxpayers to pay back the full sum in easy instalments over a longer time frame.
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