More than 9 million people in the United Kingdom have problems with overwhelming debt. Some of them are hard workers who fell upon difficult situations such as family crises, loss of employment, wage decreases and the like. Many products and services are available to help UK debtors escape the clutches of debt. An IVA or individual voluntary arrangement is an example of such a service. An IVA is an option for UK residents that qualify for it. An interested person would have to apply for IVA acceptance to participate in the program.
How Does an IVA Work?
An IVA is a contractual arrangement between a debtor and his or her creditors. The consumer agrees to pay the creditors back a certain amount of money for a certain length of time. Approximately 75 percent of the creditors have to agree on the terms of the IVA before it can become a legally binding document. IVA companies can help a debtor to take the initial steps in developing a proposal. First, the debtor will need to know whether he or she qualifies for the program at all. The program has certain guidelines that the person must consider before apply for an IVA Calculator online.
Who Qualifies for an IVA?
First, a debtor should have at least £15,000 in debt before attempting to apply for an IVA. However, the process has become lenient lately, and some debtors are entering IVA programs with £10,000 worth of debt. Secondly, the debtor must have enough money to repay the creditors. If the person does not have enough money to repay the creditors a substantial amount, then the person would most likely qualify for a bankruptcy. An IVA is only a good solution when the person has the means to take care of the debts.
Calculating one's disposable income will help that person to determine whether he or she would qualify for an IVA. The person could ask for IVA advice from a professional company, or the person could use a helpful calculator like the one that ivaonline.co.uk offers. The disposable income figure is the amount of money that the person has after he or she pays the monthly bills. The way that a person would calculate the figure is by subtracting total monthly expenses from total monthly income. The individual should have at least £200 a month of disposable income to contribute to the creditors. Otherwise, the creditors will not accept the proposal.
Asset ownership can disqualify a person from IVA approval. The courts may see that the person has a high-value asset and decide that he or she could simply sell the asset to pay the creditors. Examples of such assets are vehicles, houses, stocks and the like. One should still request IVA advice no matter what his or her situation is.
How to Decide
A wealth of IVA companies is available to help a consumer decide whether an IVA is the right process of debt recovery to choose. Ivaonline.co.uk is an example of one website that offers IVA advice. Victors can apply for IVA help by completing a brief online form that requests some personal information and a small amount of income information. An IVA specialist will return contact very quickly so that the consumer can start the qualification process. Persons who do qualify for IVA help can possibly receive up to 70 percent off on their debt bills. Creditors may be willing to write off a large portion of the debt just to collect some of it.
Most people in the UK dream of owning and living in their own homes. However, buying one is a bit tricky because most people rely on mortgages to make this dream come true. At the same time, the cost of acquiring a home loan depends on the prevailing mortgage interest rates UK. Here is some more information about factors that determine rates and how they have changed over the years:
Factors affecting mortgage rates
• Bank of England monetary policies
The Bank of England's monetary policies play a big role in determining home loan rates. This is because the BOE sets base rates used by financial institutions across the country to calculate their own interest on mortgages. With this in mind, you can generally expect the interest on mortgages to rise when the BOE increases its base rate and vice versa. Take note the BOE raises/lowers its rates to keep inflation in check-- usually to keep inflation low.
• Source of a financial institution's funds
Another factor that financial institutions consider when setting mortgage interest rates is their source of funds. According to the Building Societies Association (BSA), the majority of building societies in the UK get as much as 70% of their funds from savers and the rest from the money markets. The problem with this arrangement is Britons are saving less than they did several years ago. As a result, financial institutions have to turn to money markets where interest rates are relatively high. In turn, they pass this cost to mortgage borrowers.
• Credit worthiness of a borrower
In general, a mortgage calculator scotland borrower whose credit history is less than stellar cannot expect to get the best mortgage rates UK. The opposite is true for a borrower with an unblemished credit history.
Mortgage rates also depend on a lender's terms. For this reason, rates vary from lender to lender. In general, building societies and traditional banks offer competitive rates to win as many new clients as possible.
• Economic outlook
When the economic outlook is bullish, lenders can access funds easily and at lower interest rates. In turn, they offer competitive rates to mortgage borrowers. On the other hand, lenders tend to face difficulties raising funds when the economic outlook is bearish.
Mortgage rate changes over the years
Although many people believe mortgage rates are high, they have been falling steadily over the years according to data published by the Bank of England. Research carried out by the financial information firm Moneyfacts found that rates are at the lowest levels since 1989. In fact, borrowers had to contend with rates as high as 12.83% in 1989. Currently, some lenders offer three-year fixed rates as low as 2.29%. Initial rates are even lower ranging from 1.44% to 2.99% depending on lender, type of mortgage, and repayment period. Nevertheless, potential homebuyers are clamouring for a BOE interest rate cut. This is unlikely to happen any time soon because analysts do not expect the BOE to undertake a base rate cut this year. In spite of this, 60% of people polled by research firm YouGov say they do not expect big changes in their finances in the near future. This is regardless of interest rates rising or remaining at the same level.
In conclusion, mortgage rates United Kingdom have been falling over the years making it easy for many people to purchase properties. Nevertheless, rates vary from one lender to the next depending on factors such as the BOE monetary policies, economic outlook, credit worthiness of borrower, and source of a financial institution's funds.
Most businesses, whether big or small, have that one person or several people who are invaluable to the business, and whose input is significant to the well-being of the businesses. To a business, the loss of such an important person can have adverse effects on the entire business, to an extent of its closure. Key man insurance is a type of insurance cover that businesses purchase for their key invaluable employees. The insurance provider pays expenses and losses that a business incurs due to the temporary or permanent absence of the insured. Some insurance covers may be arranged in such a way that the payments are made to the insured.
How key person cover works
The loss of invaluable staffs can bring a business to a screeching halt. To mitigate losses and expenses, as well as ensure business continuity, in the event of temporary or permanent absence of key men, businesses buy insurance covers that ensure the key input and security of a business are guaranteed. In the event of temporary incapacitation of the insured key man, or death of such a person, the insurance provider gives the business money to cover temporary replacement of the invaluable people and or recruit permanent replacement of the key person. The payout may also be used to pay debts, securities/ collateral and possible lost earnings/ opportunities arising from the absence of the key person from the business. The amount the insurance provider pays out depends on a number of factors including the policy bought by the business, premium contributions, and the nature of the incident that caused the absence of the insured person from the business.
Key man insurance quotes
Seeing that most businesses have recognized the role that key persons play in their businesses' success and continuity, and the benefits of insuring such personnel, most businesses seek to get key man insurance that benefits them without costing them too much money. There are many insurance providers offering this cover to desiring clients in the United Kingdom. Some of these insurance providers advertise their services on television, prints, radio, social networks and other platforms. Businesses should get as many key person insurance quotes from as many insurance providers as possible. Comparison of several quotes helps potential insurance buyers compare insurers' terms and pay out, among other factors, before buying one policy over others.
Key man insurance online
Thanks to the Internet, many of these insurance providers can be found on the World Wide Web. Some companies not only have their information scattered over several UK and world wide websites, but they also run their own websites from where they can issue key person insurance online. The advantages of online quotes are that clients can get the quotes instantly by contacting the companies on the provided platforms. Conducting online search for key man insurance providers saves potential buyers time and expenses. Besides, some websites save potential key person cover seekers the trouble of perusing single insurance provider' information by providing a list of the top listed companies, or comparing quotes from various insurance providers.
Businesses can secure their welfare in anticipated absence of their key people by insuring the people whose contribution is invaluable to the business. Pay outs for such covers can help a business cater for the temporary replacement costs of the key people and or pay other expenses and debts that arise from the absence of the key people. All businesses should get and assess various key man insurance quotes from various companies to ensure they get the best deal. Some of the quotes can even be gotten online; from the websites of the insurance providers.