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Archive for September, 2010
League table of Bank Complaints Published by FSA
The state-owned Lloyds Banking Group has come out worst in a FSA report of customer complaints, as the banking regulator looks to force banks to take a more serious approach towards customer service.
The FSA has today, for the first time, published a list of banks facing the highest number of complaints from UK customers, of which 280,000 related to the Lloyds Banking Group in the first half of 2010.
Barclay’s Bank, with 259,266, received the second highest number of complaints whilst Spanish bank Santander was also singled out for criticism.
Santander, which took over Alliance and Leicester and the savings arm of Bradford & Bingley in 2008, received 244,978 but was criticised for only resolving 46% of those complaints within an eight week period. L
Balancing Work & Childcare – A High Wire Act
Pursuing a career while raising a family is as difficult as establishing bipartisanship in the U.S. Congress. With today’s tough economy, it is common for both parents to hold full-time jobs. The stress of managing school, daycare and after-school activities, once the worry of only single parents, has become the new normal in America.Although some companies take exception to an employee who must leave the workplace for child-related responsibilities, others try to compromise with working parents. In a Chicago Tribune article by Jenniffer Weigel, president of the Chicago-based Human Resources Management Association, Bernadette Patton states, “’In today’s environment, companies are trying to attract and retain the best talent.’”Many working mothers (apparently moms have the lioness’s share of childcare obligations) are turning to their laptops for online empowerment networking. Kelli Thompson, founder of 500-member-strong NapervilleMomsNetwork.com, states, “’I was having concerns about balancing my home life with work and I figured out the one thing that would make it easier was having connection and support with other moms going through the same thing.’”One mom realized that in order to make things run more smoothly she needed to make a career change. Even when employers g Read more…
Bankruptcy – How Long Will Bankruptcy Affect Me?
Bankruptcy – How Long Will Bankruptcy Affect Me?
The most common deterrent for someone filing bankruptcy is the negative effect it will have on their credit. Many of my clients assume that, since your credit report will list a bankruptcy for ten years, they’ll be unable to obtain any kind of credit at all.
It is true that your bankruptcy will be on your credit for ten years but be rest assured it is not as bad as you think. The older your bankruptcy becomes, especially after the first two (2) years since you have filed bankruptcy, the less important and damaging the bankruptcy will be to potential lenders.
However, you can take active steps to immediately repair your credit. The months and years that follow the filing and discharge of your bankruptcy are very important to re-establishing your credit. You have two options on improving your credit:
(1) Do nothing and hope your credit returns over a 3 to 4 year period; or
(2) Take active steps to improving your credit.
By taking active steps to improve your credit, and by being responsible with any new credit you receive, you will see significant increases in your credit score.
There are two important reasons to rebuild your credit score. First, a bankruptcy hammers your credit score which reduces your chances of availing credit in the future. Hence, unles
Councils Charging For Paying Bills By Credit Card
A consumer group has criticised a number of councils and local authorities for imposing surcharges for people who wish to pay tax bills or other costs by credit card.
‘Which?’ magazine, using Freedom of Information legislation, found that 55 councils in the UK are imposing additional fees for those who chose to pay by credit card, with 12 adding 2% or more to the cost of services.
Two councils were also found to be charging for debit card transactions, which attract a much lower fee for the retailer than a credit card transaction.
Bath and North East Somerset Council were named amongst the worst culprits, imposing a surcharge of 3% on council tax payments, planning applications and many other services, if a credit card is used.
Credit card companies impose a fee on retailers, known as merchants, for handling a credit card transaction and it is that fee that councils claim is the reason behind these charges. The
California State Bankruptcy Exemptions Set # 1
Real or personal Property you occupy including a mobile home, boat, stock cooperative, community apartment, planned development or condo to $75,000.00 if single and not disabled; $100,000.00 for families if no other member has a homestead; $150,000 if age 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double the amount and may file a homestead declaration.
New Federal Mortgage Rules Help Protect Buyers
Much of today’s financial woes, including home foreclosures and personal bankruptcies, came about due to unregulated and unfair mortgage practices, as well as enough greed to go around several times.However, the Federal Reserve has enacted new rules to help protect consumers against abusive mortgage practices, including clearer cost disclosures and a ban on payments to mortgage brokers for steering borrowers into mortgages with higher interest rates. The final ruling, which takes effect on April 1, 2011, will end the so-called yield-spread premium payments blamed for pushing millions of borrowers into unaffordable home loans. I Read more…
Mortgage Lending Drops in August
Total mortgage lending fell for the second month in a row in August, with analysts claiming that another fall in house prices could be around the corner.
The Council of Mortgage Lenders (CML) said that the number of homes sold in the UK also fell last month, by 5,000 to 85,000, whilst property groups have claimed that typical asking prices have fallen by an average of around £8,000 as a large number of returning sellers are met with a small number of potential buyers.
“We face the prospect of a difficult second half of the year,” said the CML’s chief economist Bob Pannell.
“However, the Bank of England is likely to keep interest rates at record lows for longer to support the economy. This will continue to alleviate payment pressures for many borrowers,” he added.
Last week, the Royal Institution of Chartered Surveyors (Rics) said the market continued to be affected by a combination of more sellers returning to the market but fewer would-be buyers, suggesting that prices were likely to fall in the coming months.
What is an irrevocable trust?
An irrevocable trust is a trust that cannot be terminated or whose terms cannot be changed without the permission of the beneficiaries. By transferring one’s assets into an irrevocable trust, the grantor essentially removes all of his or her ownership rights to that property. Irrevocable trusts are generally created to decrease the size of a person’s estate and minimize their estate tax liabilities. It is also removes that person’s tax liabilities for any income generated by those assets. It is advisable to consult an estate planning attorney if you plan to establish an irrevocable trust.
Bankruptcy Options
U.S. legislation directs all bankruptcy cases within the Bankruptcy Code utilizing aspects of bankruptcy regarding procedures maintained in line with Bankruptcy Rules; nonetheless, individual judicial districts often have their unique local requirements. It is actually very well worth observing there presently exists no less than ninety separate judicial districts, potentially several in some states, thus there can be various procedures specific towards the districts.
Chapter 7, utilized by both individuals and firms, is definitely an method that can help with immediate relief for the debtor, allowing for a stop to just about any approach in order to pursue debt payable to the lender, right after pertinent info, a means test plus a petition are actually recorded. Through the action of a legal court, filing fees and also normally expected costs might be ameliorated, in some instances over time, up to 180 days. However the structure of Chapter 7 is used to obtain help for a consumer, for his or her increasing bills, they need to note that it additionally supplies the lender a greater return of monies owed, by way of liquidation on the debtors estate assets, not really shielded by Chapter 7 exemptions.