Business

Sooner Partners and Old Dominion Associates Lead Those With Credit Card Debt To Make Financial Mistakes

Published

4 years ago

January 26, 2021

Sooner Partners and Old Dominion Associates personal finance and debt consolidation offers are bait and switch. Sooner Partners and Old Dominion Associates has begun flooding the market with debt consolidation and credit card relief offers in the mail. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The low offers of 3.05% APR are very difficult to qualify for.

The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Many debt consolidation review sites have been following Sooner Partners & Old Dominion Associates – as well as other companies that are marketing these low interest rates offers.

To prevent these perils and end up in a weak financial predicament, refrain from indulging in any of the following financial missteps.

1. Paying Automatic Bills

If you can setup automatic bill payments, it saves you from late payment surcharge. However, at times, you don’t have any idea about how much money you have in your account. As a result, you face overdraft charges or penalties in response to returned payments.

Experts believe that setting up an automatic payment schedule is a bad idea. By relying on such a schedule, you often fail to check if you have any money left in your account to pay the bills.

Rather than configuring automatic payments, one of the wiser strategies is to set up alerts through which you can pay these bills on time.

2. Failing to Create an Emergency Fund

Unforeseen expenses are always around the corner. You may lose your job in a sudden turn of events or your car might break down unexpectedly during a trip. Without an emergency fund, you have nowhere to go. It offers you much-needed assistance when the going gets tough.

If you and your partner both work jobs, try to save enough money in your account so that you can so that you can survive for three months without a job. Save for six months if you are the sole earner in your home. Even if you find it hard to save, try to accumulate enough money to pay for groceries or repairs.

3. Struggling with Budgeting

Failing to make a budget is one of those financial strategies that can lead you into a financial crisis. Budgeting allows you to pay off debt or reduce it to a significant extent. In this way, you can save money for emergency. Other than keeping you safe in times of need, budgeting provides you with an effective roadmap that allows you to address your financial objectives. By setting a spending target and sticking to it, you can budget better.

4. Deciding Against a Retirement Strategy

Surviving without funds in old age can be harder than you imagine. Young people often decide against retirement savings because they believe that it is too “far away.” However, what they don’t realize is that this extended period can generate them excellent compound interest on their retirement plans.

Some people incorrectly assume that they will not need a lot of money in their retirement. This is an incorrect assessment because the cost of living always rises with time. Moreover, retirement is a phase during which people will want to pursue their passion and hobbies like traveling. Hence, they are going to need money. To save up for your retirement, you can either go for a 401(k) plan or open an individual account.

5. Not Getting Insurance

What will you do if an untimely disaster damages your personal possessions like car or residential property?

Insurance is something where you need to strike a balance and ensure that you are neither investing too much nor spending too little. Ideally, you should cover your primary assets, especially your health. In this way, you can stop a natural disaster form taking the form of a personal financial disaster. Apart from health, get insurance for your vehicle and property where the coverage is enough to pay for catastrophic care in the event of illness or accident.

6. Using Home Equity as an ATM

Many people believe that this practice is among the smartest financial strategy, but it is not! A HELOC (home equity line of credit) allows user to purchase anything at low interest rates. When you miss out on a credit card payment, it merely affects your credit history and rating. Doing the same with HELOC can put your ownership of the house at risk.

7. Overlooking Your Credit Report

Even if you ignore your credit report, a lot of other parties will like to have a look at it. Traditionally, these reports were merely used as part of the eligibility criteria for new debt consolidation loans and credit card relief. Today, they are used in non-credit scenarios like bank accounts, insurance policies, bank accounts, and job applications. As a rule of thumb, check the following information in your credit report:

· Does it have your correct information like name, address, limits, and balances?

· Is there any account that does not belong to you? This can be a sign of identity theft.

· How are you running up balances?

· Have negatives like bankruptcies, collections, charge-offs, and late payments been removed?

8. Paying Late

Even if you do not struggle from any money issues, but end up paying late bills, your credit score can plummet. As a result, your creditors can increase your rates or end your credit line whereas the ones in the future may charge higher rates or reject you. Moreover, late payments can make you pay for additional charges. Since, this is one of those financial mistakes that is easy to get rid of, start paying on time from this moment on.

9. Co-signing Loans

Co-signing a loan can land you in mess. Often, the other person ignores it, which means the burden falls on your shoulders. With late or missed payments, your credit score can take a hit and as soon as it drops down, creditors are certainly going to be ruthless. They will increase interest rates and cut credit lines.

In the best-case scenario, if your co-signer is punctual with all the payments, the card limit or loan balance is still going to be the part of your existing obligations whenever you go for a new loan.

10. Spending More Than You Can Afford

Spending more than you earn is common, yet it is one of the worst financial mistakes. You can avoid this situation by paying with cash or a debit card – one that does not offers overdraft protection with your account.

By making sure that you don’t commit to any of the financial mistakes mentioned above, you will become a lot more efficient with your savings and manage your debts better.

Business

Jellyfish Pictures Suspension Reveals Outsourcing Opportunity, Says BruntWork

Published

5 hours ago

March 16, 2025

Matthew Wiles

Jellyfish Pictures, a well-known UK visual effects studio, has temporarily shut down due to financial struggles. The company, recognized for its work on major films and streaming projects, is searching for buyers or investors while halting all ongoing work. This situation has raised concerns across the visual effects industry, which is already dealing with economic pressures, labor disputes, and production changes. BruntWork, one of the top outsourcing companies, sees this as an opportunity for companies to reassess how they operate and how outsourcing can help VFX studios lower costs and stay financially stable.

A Leading Studio Brought to a Standstill

Jellyfish Pictures started as a small operation in 2001 and became a respected name in visual effects. With multiple offices in London and a portfolio of high-profile projects, the studio built a strong reputation. However, rising costs and growing competition from lower-cost studios made it harder to stay profitable. Financial pressure mounted, forcing the company to suspend operations.

Clients relying on Jellyfish Pictures are now left searching for alternative vendors to complete their projects. The suspension has also put hundreds of employees in a difficult position, leaving them uncertain about their future. Company leaders have stated they are looking into all possible options, including selling the business or bringing in outside investors.

Why VFX Studios Are Struggling

Visual effects companies have long worked with tight profit margins. The financial setbacks caused by the COVID-19 pandemic made things even tougher. Many VFX studios kept projects moving remotely but struggled with delayed payments and cancellations. In 2023, the global VFX industry was valued at $11.3 billion, but continued production delays and tighter budgets are making it difficult for companies to grow.

The writers’ and actors’ strikes in 2023 added more complications. With productions on hold, many VFX studios found themselves with fewer projects in the pipeline. A recent industry survey found that 72% of VFX companies faced financial struggles due to the combined effects of the pandemic and the strikes. Mid-sized studios with high fixed costs, like Jellyfish Pictures, have been hit the hardest.

Winston Ong, CEO of BruntWork, believes this situation exposes weaknesses in traditional business models. “Studios operating in expensive cities like London face overwhelming costs that outsourcing could help reduce,” he says.

The Role of Outsourcing in Keeping VFX Studios Afloat

Some experts believe outsourcing can help visual effects companies manage financial risk. According to Ong, studios that rely entirely on in-house teams in high-cost cities struggle to keep expenses under control, while those that blend in-house work with outsourcing can operate more efficiently.

The shift to remote work during the pandemic showed that collaboration across different locations is possible. Data from outsourcing firms suggests that studios using a mix of in-house creative direction and outsourced production can lower expenses by 40-60% without sacrificing quality. Some companies have already moved in this direction, allowing them to stay competitive without driving up costs.

Beyond production outsourcing, some VFX studios are also exploring ways to streamline marketing efforts. Hiring a digital marketing virtual assistant allows companies to manage campaigns, social media, and client outreach more efficiently. This helps studios maintain a strong industry presence without the overhead costs of full-time marketing teams.

Still, outsourcing comes with potential risks. Some industry veterans warn that relying too much on external teams can lead to quality issues and production delays. Studios must find the right balance between saving money and maintaining the level of quality audiences expect from high-end visual effects.

What Comes Next for Visual Effects?

Jellyfish Pictures’ troubles have sparked discussions about how VFX studios can stay in business. More flexible production models, outsourcing, and smarter budgeting could become the standard technique. Advances in technology continue to make remote collaboration smoother, allowing studios to complete projects without keeping all operations in expensive locations.

“This reflects a larger problem across the industry,” says Ong. Studios that adjust their operations and use outsourcing effectively may be better prepared for economic swings. Companies that maintain strong creative leadership while using global production teams seem to have an advantage.

For many, this also extends to marketing. Some of the most successful VFX firms are those that recognize the benefits of outsourcing digital marketing to specialists who can handle branding, social media, and client engagement without the high costs of in-house teams. This allows studios to maintain visibility and credibility even in uncertain market conditions.

Larger firms may continue to acquire struggling studios, but smaller businesses that improve their financial strategies could stay independent. The challenge is finding a way to keep artistic vision intact while managing expenses.

Moving Toward Stability

Jellyfish Pictures’ shutdown is a warning for the visual effects industry. High operating costs and unpredictable changes in production schedules show why studios need flexible business strategies. Some will turn to outsourcing, while others may merge with larger firms or adopt hybrid models to stay competitive.

For mid-sized studios, financial stability must be a priority without sacrificing creativity. The next few years could bring more studio buyouts, with bigger companies taking over smaller ones. However, independent studios that adjust how they work could still succeed by reducing costs without lowering the quality of their output.

“Adaptability is what matters. Studios that adjust their structures and use global talent wisely will be the ones that remain strong in this industry, ” Ong concludes.