Individual Retirement Accounts

Established in 1850, American express happens to be one of the oldest and most honored financial service organizations in the world. Also referred to as Amex, the concern excels in credit card, charge card and travelers cheque businesses. Credit cards from American express are known for providing unparalleled customer service and immediate purchasing power. Preferred Rewards Green Card from American Express is an exceptional Amex credit card.

The Target Group

Though Preferred Rewards Green Card from American Express is recommendable for everyone, yet it is ideal for those who can afford to pay the full balance every month to successfully skirt accumulation of credit card debt. This is because an accumulated debt leads to a very high rate of interest, which is inconvenient for an individual to pay later.

Key Characteristics

With no pre-set spending limit, the Preferred Rewards Green Card from American Express comes fee-free for the first year. It is not just the annual fee of the basic card, but fees for up to five additional cards are waived in the first year of card membership. After the expiry of the first year, an annual fee of $95 is charged for the basic card and $30 for each additional card.

Additional Benefits

Preferred Rewards Green Card from American Express is recognized in numerous places all over the world. This card provides several additional benefits like fraud protection, extended warranty for purchases, purchase protection, medical and legal referral services, roadside assistance, emergency cash replacement, auto rental as well as lost luggage insurance, emergency card replacement and a travel accident insurance up to a maximum of $100000.

Cardholders also get various Internet a/c related services and have easy access to the global assist plus hotline that proffers several assistance even when the holders are more than 100 miles away from their home. At the year-end, all the cardholders receive a financial statement that carries all the minute details of the financial transactions.

The Reward Program

Merely signing in the card, inducts one into the reward program and the cardholder receives a warm welcome in the form of 5000 bonus membership rewards points (which can be redeemed right away). After this, one point accumulates for every dollar spent using the card and these points are redeemable towards fifty big names in entertainment and shopping, or for rewards from 21 airlines, over 50 cruise itineraries, hundreds of hotels worldwide, vacation packages and spa retreats.

This apart, the holder can transfer the points to eleven frequent flyer programs at the rate of one point equated to one frequent flyer mile or frequent guest credit. It is mention worthy that there is no limit to the amount of points that can be earned and the points never expire on a Preferred Rewards Green Card from American Express.

No Retirement Savings

Cut back on groceries and gas expense to save money

Groceries:

If our body did not require food, we would have more money. However, our body needs nutrition so we must learn how to save money. Groceries are very expensive these days and prices are going up every day. All these high-rising expenses are because of changes in our economy.

We can save money by making changes in how we buy and eat. It takes a few changes but we can learn how to save money by changing our grocery spending habits and taste buds.

You can save coupons to save money, check out the Internet to find free coupons. The coupons that come in newspapers and magazines are free so take advantage to save money. It only takes minutes to cut or print them.

You will find there are many coupons that offer you various saving options. Watch for different ways; some will offer you money back on certain products. These are called rebate coupons. You will find some coupons that say buy one get one free. When you buy, one you will be saving the full price on the next item.

Buy ahead when you use coupons and watch for sales. Save money by using your coupons and buying items in cases rather than one item at a time. Buying a case on sale can save you a bundle of money.

Change brand names to save. Most items you buy in a can are all made by the same company only have different labels. Watch for savings by reading labels and prices to save you in the future. Maybe one-week buy a case of something and the next week buy a case of something else that is on sale.

You will be saving money by using coupons and buying cases of items when on sale. Stocking up can also be good if you cant get to the store every time you need something. This will save money on car expense by buying ahead when on sale.

Car Expense:

Save gas money, wear, and tear on your vehicle at the same time by buying groceries ahead. With the way gasoline is today, we all need to save on gas expense.

Dont make a trip to town everyday to buy something you need for supper. When you buy groceries ahead, you will have extra items such as spaghetti sauce, mushrooms and extra vegetables for a side dish.

Save car expense by buying groceries ahead when they are on sale to save gasoline, tires, and food. Start learning how to save money today by buying sale items ahead.

What Do I Need To Save For Retirement

So you want to trade, eh? Or have you already started? What drew you to it? Was it the huge profit potential? Maybe it was the excitement. Or perhaps you love the challenge of solving a big, multi-dimensional puzzle.

Whatever the case, theres certainly a number of things that make trading the financial markets worthwhile. At the same time, however, there are some huge obstacles along the path to profits and success. This article discusses five ways to avoid trouble in the markets. They will help protect your capital and increase your chances of success. Ready? Lets jump right in!

    #1 Avoid Errors in Order Entry.

    The quickest way to lose money in the markets is to make mistakes when you place your orders. Fortunately, this is something very easy to fix. PAY ATTENTION! Its as simple as that. Every trade entry system you could use has some kind of order confirmation mechanism. Take the extra two seconds and check to make sure everything is correct. I can assure you this will save you money.

    #2 Use Only Risk Capital.

    New traders often get so caught up in the excitement and anticipation of trading that they let common sense go on holiday and trade with money they have no business putting at risk. Any money you put in to the markets must be risk capital, money you can afford to lose and not impact your basic financial situation. Its hard enough to be successful as a fledgling trader. You do not want the added pressure of having to make money and/or not being able to afford losing it.

    #3 Start With Enough Capital.

    It takes money to make money. Youve heard that often enough. Accounts that are too small can be a major hindrance to trading success. They suffer from transactions costs that are proportionally higher than is the case for larger accounts, which hinders returns. They also restrict the number of positions you can have at one time, which means you cannot always take good trades that come along and you may not be able to diversify as you should.

    #4 Trade Small.

    When in doubt, put less money at risk. There is no more swift way to lose huge chunks of money than to trade too big. Your trading size should be determined by your account size based on the risk being taken. If you are risking an amount of your account that potentially puts your long-term ability to keep trading in question, your position is too big. If this means you cannot trade certain instruments, find something else.

    #5 Avoid Trading Too Often.

    Trading can be fun, exciting, and profitable. It is also an intermittent reward system, like gambling. That means its easy to get hooked and in a dangerous cycle. The feeling you have after a winning trade will make you want to do it again. This can lead to sloppy trading. Some traders do not make any additional trades the same day as they close out a position. That helps get some time and space to ensure good decision-making based on their system, not their emotions. Do whatever you must to ensure you always trade in control.

New traders are prone to mistakes as they learn how to be successful. If you take the advice of this article, you should be able to prevent unnecessarily losing money because of things you could have avoided. Learn from the mistakes of others. It will make you more successful in the long run and make the path you take a bit smoother.

How Much Will I Spend In Retirement

Observers in the lending industry have estimated that there may be at least 50 million Americans who are not able to qualify for credit. These consumers are usually young, often members of the minority groups and unbankedand they are faced with the long-standing dilemma of credit: how can I build my credit record if no one will give me any credit at all?

One of the answers offered by credit card companies is a variety of prepaid credit cards, designed for use by specific segments in the market. The prepaid credit cards are meant for that significant portion of the population that cannot meet the qualification criteria for regular credit cards, or who qualified before but have since lost their credit due to repeated defaults and other reasons.

Advantages of Prepaid Credit Cards For those who do not have enough credit history or have had it blemished, prepaid credit cards are an effective way to build or slowly rebuild credit. That may not happen immediately, but it is something to work on over time. The banks that issue prepaid credit cards are also prepared to extend normal credit the moment you are able to show that you have become a worthy credit risk.

For the moment, you may have to make do with prepaid credit cards. You can use prepaid credit cards as you would any other regular credit card to purchase airline tickets, reserve hotel rooms, or order items online.

Prepaid Credit Card for Students

There is a special prepaid Visa credit card for students, which offers a lot of convenience not only for the students but also for their parents. These reloadable prepaid credit cards offer parents several options on how to reload. Parents can add money to reloadable prepaid credit cards by depositing money, by arranging an automatic transfer of funds from their account (a deposit account or their own credit card account), or by online transfer. Using the prepaid Visa credit card is no different from giving the regular allowance to their child, only they do so by electronic means and there is no more cash that changes hands.

The big advantage of the prepaid Visa credit card is that the student is limited to spend only as much money as there is in the card. The parent is thus able to control to some extent the spending behavior of their child. They can use the prepaid credit card anywhere that the credit card brand is accepted.

Prepaid Credit Cards as Gift Certificates

Some prepaid credit cards function like gift certificates. You buy the prepaid credit card for a certain amount, and your recipient can purchase items with it at any of the brick-and-mortar stores or online merchants, and also for mail order items, that accept the particular credit card brand. Your recipient can use the prepaid credit card only up to the amount of money that you loaded on it. This particular version of prepaid credit cards is non-reloadable.

Like any gift certificate, recipients of prepaid credit cards can buy whatever it is they want at any time they want. Unlike a gift certificate that, when it gets lost is lost forever to the recipient, prepaid credit cards may be replaced if it gets lost or is stolen.

Prepaid Credit Cards for Travel

There is a prepaid credit card designed for travel. These reloadable prepaid credit cards can be purchased in lieu of travelers checks or cash. In a way, it combines the best features of a credit card and a travelers check because of its convenience and security features. Should you lose the prepaid credit card while you are on travel, you can easily obtain an emergency replacement, both for the prepaid credit card and some cash.

Prepaid credit cards for travel are accepted all over the world, and also allow you to obtain currency from ATM machines. When you need to reload and you are already traveling you can arrange for the reload by phone or online. Apart from the fact that it is a prepaid credit card, you can use it exactly like a regular credit card. That also means you enjoy other benefits just like a regular card reimbursements for lost luggage of up to $1,000 per cardholder if your luggage is lost; zero liability if your prepaid credit card is used fraudulently after you lose it or have it stolen from you; purchase security up to $500 per claim for any items you buy with prepaid credit cards, which subsequently gets stolen or damaged for certain reasons.

Generally, you can purchase prepaid credit cards of all the major credit card brands at their participating retailers. You dont have to worry about not having acceptable credit because prepaid credit cards are made available without need of a credit report or a bank account. The only qualifications you need to have are that you have reached 18 years of age and that you must be able to present a valid identification issued by government.

Disadvantages of Prepaid Credit Cards

There are a few things about prepaid credit cards that may not be as convenient as the regular credit cards. For one thing, you load only so much money onto it. You will need to keep track of the balance on the prepaid credit card because not all of the merchant terminals where you use the card may be able to help you determine it. However, there are procedures that tell you how to determine your balance, and you will these detailed on the back of the prepaid credit card and in the instructions accompanying it.

The process of reloading your prepaid credit card may be a little inconvenient to some. If youre using cash, you would have to visit the participating outlet where you bought your reloadable prepaid credit cards. The more convenient way will be reloading online.

There are also the charges. Prepaid credit cards impose an application fee, the amount of which varies with the issuer, and there is also a service charge that you have to pay monthly. You also have to pay for transaction fees, charges when you transfer funds to top up the balance, when you replace your prepaid credit card, and many other fees. To be sure about the fees, you should read closely the fine print on the prepaid credit card account.

Prospects of Prepaid Credit Cards

Prepaid credit cards do not provide credit; it is your money that youre using. You are asked to pay other charges, so it is not for free. You are paying for the convenience and security of carrying plastic instead of large amounts of cash. People with bad credit will be able to act as if they had a regular credit card and enjoy the convenience of one.

Issuers of prepaid credit cards realize that it is a good way to monitor the credit behavior of the cardholder. A prepaid credit card would be a source of information that indicates to the credit bureaus and issuing lenders about how you as the individual cardholder use the card to pay your bills such as utilities. If these consumer data could be formatted in such a way as to provide the basis for a statistical model on probable future behavior in spending, then this could become the foundation for building a credit history.

You would benefit, because by using prepaid credit cards you are rebuilding your credit. The prepaid credit card issuers would benefit, too, because they would be making previously unproven customers bankable. More people could then qualify for regular credit, and that would mean tremendous incremental revenue for the lenders.

Retirement Account Calculator

Forex trading, also known under the names of Foreign exchange or FX market is the widest currency market in the world, with transactions summing more than one and a half million dollars every day. Regarding the “location” of the Forex trading market, it should be mentioned that it is an actual over-the-counter market, since trades are conducted between two counterparts.

Forex trading works quite fast and can be easily operated, plus, it implies no fees and no commissions, so traders are welcomed to operate as often as they want.There are the traders who are basically following the economical aspects and who pay a lot of attention to the economical trends of the moments. On the other hand, there are the technical traders, who operate regarding various mathematically-based charts and analysis that help them identify the surest ways to the desired profits.You can select your pair of currencies and your amount whether the market is moving up or moving down – and still make a profit. You can decide to buy Euro and sell dollar or buy dollar and sell Euro.

Additionally, it is not necessary that physically have the currency in hand that you choose to buy and sell. The quickest and by far easiest way to get started is to find a Forex market site, open an account, deposit your money, and then just start trading. Most reputable companies will provide you with training, support, and advice to help you get started.Trading online necessarily requires you to have the best computer. You need no install all the hardware. For example you will not need a DVD writer to trade online. But there are a few things that you must not compromise on. First have a wide screen monitor. This helps you to see the maximum amount of data at one point of time. Or you will need to minimize and maximize the windows. Next we come to the processor. A decent level processor should be good enough. Anything upwards of 2 GHz will work.

What you will need is speed and that will be provided by the RAM you have. Nothing less than 1 GB will do. Ideally it should be 2 GB or more. The hard disk should also have plenty of space. Go for at least 100 GB of HDD space. And try to keep the HDD as free as possible and dont run too many programs at a time, definitely not while trading. A video card will allow you to get the best live feeds.Now more people are involved in trading than ever before. And the reasons are quite apparent. One does not need to leave his house to do trading. There is no paperwork to be handled. One can trade at anytime of the day, whenever he is free and feels like. And one need not bother about what his broker is offering and how much commission he is charging.

How To Save For Retirement In Your 30S

One of the common reasons for business failures in todays business environment is lack of cash flow. The small businessperson must learn how to properly manage his or her business cash flow. For one, cash flow management allows you to balance your income and expenditures, and work towards having cash reserves to help you meet emergencies or unanticipated cash requirements. The other benefit from good cash flow management is that it helps your maintain a surplus cash fund for your necessary capital investments for the future.

It may seem contradictory, but the use of business credit cards to pay everyday purchases of your business may actually help conserve cash or regulate cash outflows. This is an underlying benefit banks and other financial institutions may have in mind when they offer business credit cards and other services that help manage business cash flow.

There are banks that will customize business credit cards to fit the pattern of your cash flows. This has been done widely for corporate business credit cards, and now business credit card issuers believe the same process can be followed for small businesses of appropriate size that need business credit cards. For instance, by issuing business credit cards to key employees, you stand to gain more effective control of your cash expenses. The business credit card issuer can help set up this arrangement, and also assign a billing cycle that fits in with the cycles of your cash flow.

You can eliminate missed payments and save on finance charges arising from late or missed payments if you arrange for a scheduled time to automatically make payment through your business credit card. This means you wont need to write a check and fret about mailing it on time to your suppliers.

In fact, by paying for the purchases you make with your business credit card, you stand to get discounts for prompt payment from the vendor and other benefits from the business credit card issuer too. By paying bills and purchases with business credit cards, you enhance your ability to manage cash and to extend your cash reserve until the due date comes to pay your business credit card balance.

When you or your employees travel within or outside of the country, you can pay your travel expenses through the business credit cards to accumulate rewards and bonus points. Your business credit cards will also save you from the hassles of exchanging your dollars for local currency because you can simply use your business credit card to pay for other travel-related expenses. This saves you from disbursing the corresponding amount from your petty cash.

Your business credit card issuer will send you monthly statements of charges made to the business credit card account. You can use these statements to track your expenses and keep accurate records. The most helpful part is that you can access your account by logging on to the business credit card issuers website to view the history of transactions on your account, which you can also download into your software. This will make analysis of your costs much easier to do and will save you time in your budgeting.

These illustrations serve to show that business credit cards can help you in many areas of your business in helping you follow up on sales opportunities and also in controlling cash expenses. You should find out from your financial institutions about the business credit card programs they have for small businesses.

Calculate Retirement Savings

A mortgage that is properly suited to an individuals needs when buying a home can save the individual thousands while a mortgage that has not been properly tailored to their needs can place the house and the individuals financial future in jeopardy. And because there are so many types of mortgages and mortgage products available, its essential to have a basic understanding of mortgages before choosing which one is the right one.

First one needs to understand the different options available to them. For people who have good credit, a fixed rate mortgage is usually the best option. These types of mortgages offer the same interest rate for the entire life of the loan so the monthly payments will always be the same. One may also choose an adjustable rate mortgage (ARM) after a one, five, or ten year term. These mortgages have a fixed rate for a certain period and they then move to a variable rate after the one, five, or ten years. This means that the monthly payments could be more or less, depending on what the interest rate currently is. Rates dont generally have dramatic increases or reductions so there are usually no large surprises. However, over the course of a thirty-year loan, the interest rate could be considerably more or less by the end of the mortgage.

Individuals who have no or bad credit will have a higher interest rate on their mortgage. They may also have to look into the sub-prime lending market where the loans will have much higher interest rates and many different structures. When looking at the different loan options available, its important to make sure there is no prepayment penalty, which have a fee associated with paying off more of the mortgage in advance. These loans should be avoided as the goal is to pay off the debt.

A mortgage consists of two major components: the down payment and the interest rate. For people who are very active in investing in different things such as the stock market, and real estate, its best to pay as little down payment as possible. If the individual has a good credit rating, its best to try to get a 100% mortgage. The interest on these mortgages is generally higher but the cost of borrowing will be less than the returns the individuals will receive on their investment.

For individuals that are not active investors, the mortgage can be a great investment tool. Paying off a mortgage with a 6.5% to 7.5% interest rate makes more sense than savings accounts that offer a 2.5% interest rate.

Everything in the mortgage process is negotiable. The goal is to lower the down payment and the interest rate. The higher the down payment is, the lower the interest rate will be and the sooner one will be able to pay off the mortgage. Using a mortgage broker can help one find the best mortgage for the specific situation.

Retirement Financial Planners

The loan market is quite a tough ride for those borrowers who are facing bad credits. That is because not all the lending companies offer loan to the borrowers with bad credits. Generally, the lenders who offer to give a bad credit mortgage refinance loan charge a very high rate of interest than the regular loans. The terms and conditions of these bad credit loans are also very rigid. It does not help at all to get a bad credit mortgage refinance loan but the borrowers do not have any other option left for the pressure of the situations.

Borrowers who own a property, which is worth a good deal, can secure a loan from the bank in case of bad credits. But people without anything to show as collateral or any asset can have a tough ride while applying for a bad credit loan.

Finding the Right Lender for Bad Credit Mortgage Refinance Loan

Finding a lender to secure a bad credit mortgage refinance loan is a tough job. Generally, the banks would not like to refinance a bad credit borrower and even if it does the interest rates will be sky high and the terms and conditions for the repayment of the loan will not at all support the borrower in any way. It might even make the scenario much worse than it was before.

The borrower has to look for a lending company who offers these kinds of loan. An online search may turn out successful. Bargaining on the interest rates may lower down the interest rates a little bit, but it would not help the borrower as much as a regular loan could do. The borrowers may apply for a bad credit mortgage refinance loan online filling out a loan application form but has every chance of getting rejected. The lenders will check on the credit history, which might turn out wrongly for a bad credit borrower. Finding the right lender helps the borrower to repay his mortgage loans or credit and also improve his financial status, which has gone down considerably due to bad credits.

Making Amendments to improve Credit History with Bad Credit Mortgage Refinance Loan

A bad credit can happen due to various factors like job loss, irregular payments, unwanted expenses, huge medical expenses and many others. But a borrower must do everything possible to raise his credit scores. If a borrower could secure a bad credit mortgage refinance loan he should repay all his debts and hence improving his credit records for future loan requirement. A borrower can even wait for sometimes and improve his credit scores and then apply for a regular loan. This will give him the privilege of acquiring a regular refinance with favorable interest rates and easy terms and conditions for repayments.

A Brief Overview

Bad credit is never desirable to anyone and to avoid such a situation one has to be particular about the repayment time. Paying in time helps to keep the credit records high and thus making the person more eligible for a refinance or a second loan easily.

Retirement Plans For Self Employed

DEFINITION OF A CHARGING ORDER

Charging orders are filed at the courts by a creditor in order to secure a money judgement ordering the debtor to repay what he owes.

Whenever a charging order is filed, it automatically acts as a safeguard for the debt. That is to say, it becomes a security for the debt, much as a mortgage acts as a security for the house or the land.

Before a charging order can be issued, a hearing must take place in court. There are several ways to prevent a charging order from coming into being.

In this report, you will find a description of country court procedures on charging orders, and the steps you can take when creditors file a petition to serve you with a charging order after suing you in High Court. This report will tell you what to do if you suspect a charging order has been filed against you and you are unsure of the next move you should make.

A CREDITOR CAN PETITION THE COURTS FOR A CHARGING ORDER WHEN?

There are two instances when a creditor can request the court to issue a charging order. One of these is when they already have a county court decision against the you, the debtor, where you are compelled by the court to pay the debt in what is known as a forthwith judgement. This means payment of the debt must be made in full straight away, or at a particular date set by the court.

Another case is when there is a previous judgement against you for payment of the debt in installments, and you have defaulted on one or more of them.

However, if you are currently paying your debt in installments as ordered by the court, and you have not missed a single one, the court cannot issue a charging order. This is based on the decision in the 1997 landmark case of Mercantile Credit Co Ltd versus Ellis involving debt payments and charging orders.

THE PROCEDURE FOR FILING A CHARGING ORDER APPLICATION

There are two stages in the filing of an application for a charging order:

FIRST STAGE: THE INTERIM CHARGING ORDER

Whenever a creditor applies for the issuance of a charging order against you, the court shall first establish that you partly own or have an interest in the property that is the subject of the charging order. After ascertaining this fact, the court shall release an interim charging order.

Please note that this is NOT the final charging order itself. The court can give this order, with a duplicate sent to you, even without a hearing. A date is then set for a full hearing after the interim order has been issued.

After approximately 21 days, the District Judge should be able to set the hearing to decide on the the issue of whether to make the interim charging order permanent or final. This hearing normally takes place within the private rooms of the District Judge.

Apart from this, the Land Registry will be furnished with a copy of the interim charging order against you. This will serve as a caution on your property preventing you from disposing of it prior to the hearing. The Land Registry will likewise inform you of this caution in writing.

SECOND STAGE: WHEN THE CHARGING ORDER BECOMES FINAL

At this point, a hearing is set before the District Judge, and the court is tasked to decide whether or not the interim charging order should be made final on the property in question. This is also known as the final charging order. Any objections you might have against the final charging order should be set in writing and sent to both the court and the creditor at least 7 days before the hearing.

The objection letter must be sent through registered mail and should state all of your reasons and present evidence of why a final charging order should not be issued against you and your property.

Sending a letter of objection to the creditor and the courts will allow your explanation to be taken into consideration during the hearing presided over by the District Judge. It is important that you attend the hearing, even if you have sent a written objection. It is even more important for you to be present if you have not submitted any written evidence at all.

The court has the discretion to withhold the charging order, which is why it is necessary for you to serve notice that you will be attending the hearing. If the hearing date is inconvenient for you, you must immediately inform the court so another date can be set. Absenting yourself from the hearing may have a negative impact on your case, as the court can rule in favor of the creditor by making the charging order final and irrevocable.

If the reason you cannot attend a hearing is because it has been filed in another court, you have every right to request that it be heard at a court within your area. There is a form required for this called the N244 application which, for a fee, allows you to fill out your reasons for the transfer, be it the travel time involved, the considerable distance, or the costs you are likely to incur for childcare.

HALTING A CHARGING ORDER IN ITS TRACKS

The court has the responsibility to decide whether or not to issue the charging order. Based on The Charging Orders Act of 1979, there are several considerations that the court has to look into before making its final decision. Among these conditions are:

  1. The debtors personal situation

    The court has to take into consideration that you may have other creditors whose rights may be prejudiced with the issuance of a charging order. This means the court will have to look into your personal circumstances – your other outstanding debts, your mortgage, any equity on your house, and if you have sole or joint ownership of your home ? before making its decision.

    Assuming you have quite a number of outstanding debts with several creditors, issuing a charging order in favour of one creditor will unduly prejudice the rights of the others. It may be a good idea to show evidence that you already have a payment schedule in place with your other creditors to forestall the charging order from being released.

    It would be an advantage on your part to present a summary of your debts, including the amount of each, and whether some of the creditors have held out on interest charges.

    In like manner, one of the requirements of the creditor in the filing of a charging order is to include a list of all the other creditors that he is aware you have.

    Although creditors may be furnished a copy of the interim order to give them a chance to protest its issuance during the hearing, the court is not obligated to supply them with one. This means that your other creditors are unlikely to be aware of the interim order hearing. If you feel that one or more of them may be unduly prejudiced by the charging order, you may include this argument in your written objections, as well.

    Loan security can also be used as an argument. Whether or not your creditor offered you a secured or an unsecured loan may have an impact on the rights of your other unsecured creditors if a charging order is issued.

    You can also request the court for an installment order to enable you to pay the debt in affordable monthly installments. This is one other way the court can order as settlement of the debt. If you are employed, you can petition the court to have the payments taken directly from your salary, as long as your employment is not put at risk.

    Examine the type of debt that you have and determine if it has been made under the Consumer Credit Act. This may be a factor you can use in filing an application for a Time Order, which can be more advantageous on your part compared to a charging order. The court may consider looking into this to amend your monthly payment schedule and stretch out the paying period.

    Part of your argument may also include appealing for an administration order instead of a charging order. This is only applicable if the sum of your debts to all your creditors comes to less than $5,000.00

    If bankruptcy is just around the corner, point out that your other creditors will be disadvantaged by a charging order which will secure debt payment for only one creditor.

    Your mortgage can also be used as a condition to parry the creditors application for a charging order. This is particularly true if you have negative equity, that is to say, your home is worth less than your mortgage and would not satisfy the your debt to the creditor even if it is sold off or placed on auction.

    On the other hand, if your debt is a paltry sum compared to the market value or equity of your home, you can use this argument to emphasize the unfairness of a charging order.

    Call attention to the difficult family situation that may arise if your home is sold off to pay your debt. The debt may singularly be in your name, but your home is owned jointly by you and your partner, which means that the issuance of a charging order would prejudice your familys rights, as well.

  2. Serious ailments or disability in the family

    If there is anyone in your immediate family who is need of special medical care, or who is terminally ill, point out to the court that disposing of your home to pay off your creditor will prejudice the rights of these disadvantaged family members.

    There may be a possibility that all the arguments you use will find no grounds and the court decides to issue a final charging order. You may still petition the court not to have your house sold off, as long as you satisfy the debt by paying monthly installments. Should the court not take into account this request at the hearing, secure an application called N245 which will allow you to pay your debt in installments.

SINGULAR DEBT, JOINTLY OWNED HOME

The situation in which you have a debt solely under your name while your home is owned jointly by you and another person, can also be used to your advantage. State this fact in your written argument and bring it forward during the hearing, as well. The co-owner of your home must also be furnished with a copy of the interim order to give them a chance to present their own objections during the hearing. Some of the considerations that may be looked into include:

  1. Determining who put down the deposit to purchase the home
  2. Identifying the person who pays the mortgage installments
  3. Presence of minor children you can petition the court to amend the conditions of the charging order to state that the home cannot be sold until the children have reached legal adult age.

To add ground to this argument, have your homes co-owner submit their own written objections to the court at least 7 days before date of the hearing.

In the end, if the court does decide to issue a charging order, then it can only be enforced against your share of the property.

WHERE THERE IS A PREVIOUS INSTALLMENT ORDER AND YOU ARE NOT IN DEFAULT

In a 1987 landmark case of Mercantile Credit Co Ltd vs. Ellis, it was decided that if a debtor pays his monthly installments on time and does not miss a single one, the court should not issue a charging order. Charging orders should only be made if the debtor has already been ordered by the court to pay in monthly installments or the whole amount in a forthwith judgement, but fails to do so. If you find yourself in the situation where you were already issued an installment order and are up-to-date in making payments, remember to bring up this landmark case during the hearing.

SEPARATION OR DIVORCE

When you are in the middle of divorce proceedings, which may include division of the home or property, it will be a good idea to consult your solicitor for legal advice. Depending on which stage you are at in the divorce proceedings, you may be able to halt the issuance of a charging order.

INTEREST

A creditor may actually include extra interest for the debt provided he files his claim for a charging order with the county court. However, interest cannot be added for the following conditions:

  1. The debt has been secured under the Consumer Credit Act. Debts of this type include ordinary credit agreements and bank overdrafts.
  2. Debt comes to a total of only $5,000, even if not covered by the Consumer Credit Act.

If the two conditions stated above are not present and the debt is over $5,000, the court may set the interest based on the standard rate.

Interest may also be charged only after the county courts final decision depending on the creditors arguments.

Savings Plans

In a couple of years the internet has revolutionized the manner the most of us do our banking. The majority of banks and building societies offer their internet services 24 hours per day, meaning that even those leading the most unconventional of lifestyles can access banking at their convenience. Wherever you live in the UK, loans, current accounts, and mortgages can all be bought and administered online that makes life so much easier for any person.

Ever since the advent of the internet, businesses have been looking for ways to use it in innovative, safe and secure ways eager that it will offer more opportunities to drive business and increase profits. That includes banks which have often been at the forefront of internet technology in the search for a cheaper and much more efficient way of undertaking business with their customers. Even though they are unlikely to risk outrage by completely eliminating their branch networks, many high street banks would prefer the majority of clientele to transact their business online. That is because it is by far the most profitable channel for the financial institutions.

And surely from a customers point of view there are many good reasons to do your banking online. Its enormously convenient plus you dont have to go cap in hand to the local bank manager if you want to arrange any form of borrowing, and risk the embarrassment of being turned down. Now all that is required is a click of the mouse, whether its to submit an application for a short-term extension to an overdraft, or to apply for one of the many longer-term personal loans, all are available on the internet plus it is a great way to open online savings accounts and have access to your account any time of the day.

Indeed, the internet is quickly becoming the number one place for applying for personal loans, and more people are frequently doing their banking online with payments association APACS reporting a 174% rise in numbers over the past year. Their figures show the greatest rise in usage coming from the over-55s with a 350% rise over last year. That ties in to a drop in reported online fraud as users become savvy to the most obvious phishing scams, and banks improve their education of users and tighten their own online security.

Online comparison sites have also become extremely popular with the internet community. They have made momentous in-roads into the financial markets and potential customers can go there to compare loans, credit cards or even mortgages all on one website, without the need to do any of the hard work themselves. With everything required to cover all banking needs online, it is easy to see why it has become so popular and will grow even bigger within the next couple of years.