8 May, 2017
Are you neck-deep in debt with no option in sight to repay? Do you fear that your property and other valuables may get repossessed by your creditors? It is time for you to consider IVA (Individual Voluntary Arrangement). This debt management scheme will help you repay your debt in monthly payable installments by taking into account the amount of debt and your income. The payments made under IVA will be fairly distributed among the creditors and once the last payment is made the remaining debt would be written off.
Here, we would discuss some of the advantages and disadvantages of this arrangement with the help of findlaw.com. Understanding the details of this debt solution would help you make an informed decision about repaying your debt. Before you take the plunge, it would be a good idea to consider the pros and cons of this solution.
First, Let Us Check Out The Advantages
The bankruptcy law has provisions which allow the trustee in bankruptcy to force the sale of the assets of the debtor so as to pay off the debt partly or wholly. If enforced, this can leave you and your family with no roof over your head which can be emotionally traumatic for all of you. IVA will prevent the creditors from taking possession of your home or other assets. By choosing IVA, you can propose an arrangement where the home is specifically excluded from the terms of the agreement. The creditors would also be bound by agreement to respect those terms.
Opting for an IVA gives you the flexibility of making fixed monthly payments that are affordable to you. The amount for this payment is decided by taking into consideration your total debt, your income and the specific circumstances of your case. These payments can be completed over a period of five to six years. If you are in a position to offer a lump sum payment to settle your debt, you can do that, or you may want to consider a combination of lump sum payment followed by monthly installments.
After the final payment is made, the remaining debt would be written off. Your creditors cannot harass you in any way after that. The icing on the cake is that the interest on your debt gets frozen from the date the creditors meeting is convened to approve the IVA.
Disadvantages Of This Debt Solution
Your credit rating would take a beating during the IVA period and usually for a year afterwards. If you fail to make IVA payments, your creditors may assign backdated interest on your debts. They also have the legal right to move the petition for bankruptcy if you don’t make the monthly payment on time. Some debts like court-imposed penalties are not eligible to be included in the IVA. If you manage to get some extra money while you are making IVA payments, this windfall would be taken into you IVA account as well. You may also be expected to downgrade or even sell some of your high-value assets like a luxury car.
Consider these points carefully before you take a final call on whether you wish to go for an IVA or explore other options to repay your debt.Read More
13 January, 2017
The main idea behind going for a vacation is for relaxation, but many people develop work-related stress during the vacation time. Though some people take a break from the office, they always think about their work and make work-related phone calls and emails. Some others avoid vacations since they have plenty of work to do.
CLC offers plenty of cheap and attractive holiday offers to different locations. Don’t miss the opportunity to explore the various countries at an affordable price. The latest article by lifebuzz.com guides the best holiday destinations that excite you.
If vacations make more stress than relieving stress, then the additional stress can affect other parts of your life like impatience with friends and family, problems with coworkers, heath issues, etc. you can follow the tips explained below to enjoy a peaceful vacation from work.
You must follow proper communication in the workplace. It is good to document everything you usually do at work so that your coworkers find it easy to do the work in your absence. Before you leave office, you must also help the colleague who is going to do your work in your absence.
If you are in a managerial position, a vacation is the time to delegate your job. Rather than responding your official emails in 30 minutes, let your subordinates take this chance to acquire new skills and grow in the company.
After returning to work from vacation, you must have a proper schedule for the first few days of work. You can plan to meet your boss or spend some time with the colleague who did your job.
The travel experts suggest that you don’t want to check your mail or connect to people at work when you are on vacation.
Some can stay away from work, and some others know how to limit their interference in work during vacation. Based on the work culture, you can follow any method that suits you.Read More
4 October, 2016
Before the actual demand for your small business credit you must get credit from the lenders and maintain good credit score and this helps in easily establish business credit when you need credit for your business.
Credit management and credit counseling are an important service offered by many professionals. The credit management professionals are in great demand since every individual needs counseling in any point of their life time. You can visit the website https://nacm.org/ to know about the study programs in credit and financial management or became the member of NACM and avail all the membership benefits.
Building business credit is a significant step for the newly launched small business and it supports the small business in the following ways. When you keep separate credit report for your business apart from your personal credit report, you can enjoy business credits easily and exhibit separation between business and owners.
Maintaining separate credit report for your business and personal use, you can reduce the negative effects on one on another. For instance, if you have invested by mistakenly in property or any other thing that affects only your personal credit score when you have a separate credit report and it never harms your small business credit and you can get any business credit without the difficulty of bad personal credit.
Find below the important points to establish your business credit.
You should get Federal Tax Identification number or Employee Identification Number (EIN) which is a social security number for your company. EIN is necessary for opening a bank account for your business and also for federal tax filings. The large business organizations require EIN from their suppliers to make payment for the services offered by them.
The second point is you need to open your business bank account. Once you got your business account, you make all your business transactions using your business bank account and not from your personal bank account.
You must have a separate phone line for your business. Whatever may be whether you use a cell phone, land line or VoIP, you should ensure to maintain a separate phone in the name of your legal business. You should list that number in the phone directory and also in your online website.
You need to open a business credit report with at least 3-4 major credit bureau agencies. Then get a business credit card separately for your business and don’t use it for your personal purpose. It is good to select a business credit card from a company that reports your credit details to the credit bureaus.
You need to work with minimum five suppliers to make the credit for your company and check them whether they will report your payment history to the business credit bureaus. Once you received your credit card, you use it for your maximum transactions such as paying your monthly bills etc. You must remember that you do not make any late payments on your business credit card like your personal credit card since late payments will negatively impact the business credit.Read More