New York City’s arvest community is having a hard time coming to terms with the reality that it owes more than $400,000 in personal loans.
Arvest has been the focus of intense scrutiny since it was first exposed by the New York Post in 2013.
Now, more than three years later, the community is struggling to come to terms even with the fact that the community may have to declare bankruptcy, according to several members of the community.
“We have to have the bankruptcy and be prepared for it,” said the woman who spoke with New York magazine.
“That’s why we have to make sure that we have the money we need.”
Arvest owes a total of $2.5 million, according the community, which includes nearly 300 members who all say they are struggling to pay the debt off.
The debt is primarily owed to Arvest Financial, which is the largest lender in the community and is the main provider of personal loans to the community by far.
The Arvest community owes $1.9 million, and owes another $1 million to a third lender.
The community says it has paid off all of the loans it owes, and is now looking for additional loans to help pay off the debt.
The loans are owed to arvest residents from all walks of life, and are mostly from families, friends, neighbors and even some businesses.
Some people have borrowed to pay for their children’s college educations, and many families have also borrowed to help their elderly parents.
Arveys community leaders and members of its governing board are aware of the financial problems in the arvest and are trying to find solutions.
“When you have an issue like arvest, you’re going to find a way to resolve it,” community president Michael J. Pascarella said in a phone interview with New Jersey 101.5.
“It’s a huge problem for everybody in the city.”
Arvey, located in the heart of New York’s financial district, is located in Harlem, one of the wealthiest neighborhoods in the world.
Its population of over 8,000 includes more than a million people.
Its financial situation is also dire, with a projected deficit of $50 million, Pascarelli said.
Arves leaders and community members have come together to try to find the money to pay off all the arves debt.
“You have to be very, very diligent in your spending to pay it off, because you need all the money you can get, and the arveys has to be there,” Pascaria said.
“I’ve been very diligent and we’ve been in touch with all the different banks and credit unions.
We have not found any other banks that are willing to lend.”
Arves officials say that they will need more loans to pay its debts.
They are also looking for more money from Arvest residents to help them pay the arvens debts.
“The community is trying to work on getting that money.
We’ve got to work really hard to get that money,” Piscarelli explained.
“Some people are trying really hard, but we’re not the only ones who are struggling.”
The community’s financial problems were first uncovered by the Post.
In October 2013, the New Yorker’s story detailed the financial hardships faced by the community after the community announced that it would be closing its bank account.
In the months that followed, community members were notified by the Financial Services Authority of Arvest’s failure to pay back the loan.
The Community Board of Arves and the Community Development Corporation, which manages Arvest, both responded to the story.
Arving has been unable to pay arvest the $1,000 loan due to a financial emergency, Community Board President Michael J., Pascarias said in the statement.
“Community is in a very difficult financial situation,” Pascalarias continued.
“This is not the first time Arvests financial situation has been under scrutiny.
We are in the process of negotiating with all relevant banks and lenders.
Arvens leaders will be meeting with all interested parties to continue working through this crisis.”
The Arveya Community Development Corp. and the Arvest Community Development Agency declined to comment for this story.
Sources: New York Times, New York Daily News, New Jersey.org, New Yorker, New Republic, Wall Street Journal, New Yorkers Union, Wall St. Journal, Newsday, Newser