Debts and Debt Solutions

Debt Management Green Tree Chemical Technologies owed more than $3.5 million to the county agency that handles sewage and garbage when the Delaware-based company shuttered its chemical plant in Sayreville in November.

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Debt Relief Solution The debt is the largest ever owed to the Middlesex County Utilities Authority by a customer, said John Hoffman, counsel for the agency.

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Debt Management Services The utility won a court ruling in December that places a lien against Green Tree's property, but MCUA officials know the agency is just lining up behind others to which the company owes money, including Amerada Hess Corp., the Woodbridge-based oil giant, and Green Tree's employees, most of whom are still out of work.

debt solutions firm Newtomorrow.com, this compared with the average caller to its helpline who was aged 41 and owed £30, 334. The 66 and over age group had an average debt of £35, 789. Newtomorrow.com said this was a concern considering pensioners aged 66 and over had the second lowest average monthly income a £1, 385 and spent £1, 009 of that. The lowest average disposable income of £ old age group.

Bad Credit Debt Consolidation Green Tree closed the plant a week before Thanksgiving, laying off some 100 workers. The plant manufactured nitrocellulose, a chemical used in weapons that has been manufactured at the Sayreville facility since 1915 when it belonged to Hercules Inc. Hercules sold the plant to Green Tree in June 2000.

This includes money owed for the purchase of an automobile, for medical care, or for charge accounts. Who is a debt collector A debt collector is any person, other than the creditor, who regularly collects debts owed to others. Under a 1986 amendment to the Fair Debt Collection Practices Act, this includes attorneys who collect debts on a regular basis. How may a debt collector contact you A collector may contact you in person, by mail, telephone,

Credit Debt Solution When the plant closed, Green Tree also owed its bank, the CIT Group, nearly $7 million, according to a lawsuit filed by the Livingston-based bank in September.

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Consolidation Counseling The bank foreclosed on its loan and took over operation of the facility, but has not been able to sell it. Hercules, appointed Nov. 21 by a judge to oversee the plant's safe closing, has repeatedly denied it has any plans to buy it back.

Credit Card Debt While Green Tree no longer has any facilities operating, the company has not yet filed for bankruptcy.

Debt Free Solution Since Green Tree purchased the company, the MCUA has been accepting partial payments on the company's quarterly bills. Anthony Cicatiello, a spokesman for the agency, said partial payment was accepted because "it's such a unique industry so you try to work with these people."

Debt Negotiation Services "There are some months when they don't have the money and others when they get a large payment, they pay their bills," he said.

Debt Solution Company Hoffman said the debt has already affected the MCUA's customers because the utility had to raise the money in its operating budgets over the last three years.

Debt Elimination Services Cicatiello said the MCUA doesn't know yet how Green Tree's debt will affect the agency because the utility is hoping to recover the money.

Debt Reduction Meanwhile, employees, who have been out of work for almost four months, have yet to see any severance money due them under their union contract. Mark Carotenuto, president of the Local 271 of the International Chemical Workers Union Council, which represents the workers, said the two sides continue to negotiate, but "Green Tree is trying to reinterpret our contract so they would pay substantially less in severance."

Debt Solution Inc Carotenuto said the company owes about $300,000 in severance for all of the workers combined, but claims its interpretation of the contract limits severance to $100,000 for everyone.

Debt Settlement Services "We're still talking, but we aren't very encouraged," he said.

Debt Relief The two sides have an arbitration meeting set up for May, but Carotenuto said: "Even if we win, I'm not sure we'll ever collect our money. It just adds insult to injury."

Christian Debt Solution "Some people have moved on and found new jobs, but many chose to ride it out and see what happens," Carotenuto said. "We had layoffs in the past and they thought the plant might reopen again. But, nothing has."

Counseling Credit Debt By Sue Epstein
Star-Ledger - 3/14/2004

Topic: Toxics

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