Finance Archives - Useful Tips

Personal loan based on income

There have been some serious issues in American society and its financial health is under question. There is too much debt around but equally there are valid reasons why people want to take out personal loans. The question is their availability. Interest rates are fairly low for those who apply successfully. The financial sector has changed in recent years and for many that change is for the better because the basis of being successful is increasingly affordability rather than history.

Everyone carries their credit score with them, good or bad. It is like a badge that will tell those who are interested something about you. It is something that lenders refer to when you apply for money but so do many potential employers are part of their decision process on a job application. In many cases it has become a badge that people do not want to wear. The reason for that often has its roots in the recession. When the Collateralized Debt Obligation (CDO) crisis struck there was widespread misery. Unemployment doubled to over 10% and many received foreclosure notices before then losing their homes because they could not pay their mortgages. Every time they failed to pay a bill on time that failure was entered into their credit history resulting in a reduction of their credit score.

A Different Environment Prevailed

While few were entirely innocent because they had taken on credit and were unable to meet their obligations prior to the recession there was a very positive feeling about the economy and its growth. There was no reason not to have a mortgage that stretched them because property prices were rising quickly so their assets were going to grow. When the crash came and many who had thought they were in secure employment became unemployed the trouble started; and it continued until real estate prices fell. The surplus of property on the market with few buyers around ensured they were not going to start to rise particularly quickly. [Read more…]

3 Simple Steps to Ensure the Workplace Is Safe for Your Employees

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A healthy work environment means a healthy business. Here are the factors worth keeping in mind to ensure this is achieved.

In an unsafe environment, work can be hazardous to your health, or even lethal. Well over half a million people (611,000) across the UK were injured while on the job from 2014 to 2015, according to official figures, and 142 people unfortunately lost their lives.

While shocking, these numbers are around half of what they were just two decades ago. That’s thanks to new rules and regulations concerning workplace safety, and vastly improved working conditions. Employers are legally obliged to provide suitable places of work for the people in them. Let’s take a look at three essential steps to take to ensure your business is compliant with these laws.

1. Your Duty of Care

As an employer, the law says you have a “duty of care” towards those who work on your commercial premises. After all, the very last thing you want is for your valued employees to become injured. Not only will they be unable to work, but they may have grounds to make personal injury claims against the company, too.

At a fundamental level, ensuring the workplace is in an optimal condition and staff won’t be reaching for the nearest No Win No Fee solicitor because of an injury means maintaining the structural integrity of the building itself. All it takes is a loose brick or piece of ceiling plaster to cause harm to staff. Regular maintenance, including of the interior workspaces themselves, is therefore essential.

That also applies to the many types of equipment and machinery that businesses use — everything from photocopiers to forklifts. An electric shock or worse could be devastating to employees, and lead to any number of expensive personal injury claims. So with the premises and what’s inside it, the keyword for health and safety is: maintenance. Holding on to something that’s old in the hopes of getting a few more years out of it, or pushing back on maintenance schedules to cut costs, can often backfire and be exceptionally dangerous.

2. Illuminating Workplace Safety

In order to avoid workplace injury and personal injury claims from staff, it’s important — and also required under law — to provide proper lighting in all areas where people are working. What’s “proper” lighting, then? Not just any old light bulb, but lighting that’s as natural as possible and not so harsh that it causes glare and headaches. The lighting must also be provided in all areas where people move about, or may potentially do so, such as in emergency stairwells. Outside the building must also be adequately lit up for employees and pedestrians passing by.

You won’t be troubled by your employees hunting for a personal injury solicitor to handle a work-related injury if you look after their hygiene needs and general welfare during the hours they’re toiling away for you. Toilet facilities must be kept clean at all times, and have hot and cold running water along with such necessaries as hand-soap and towels.

Staff must also have suitable areas where they can rest and eat, and any catering facilities must adhere to government regulations. Additionally, you may wish to consider pregnant or nursing employees, and provide separate facilities for them.

3. Create a Great Place to Work

Making the place where your staff generate the business that keeps you in business as comfortable as possible will go a long way towards making them happiness and productivity. Attention needs to be paid to such things as temperature inside offices and other places of work — heating as well as cooling — and an adequate supply of ventilation.

Plus, if any of your employees work outdoors in any capacity, you’ll also need to provide adequate cover from high and low temperatures, as well as rain and severe weather.

With all of this, you’ll be well within the health and safety regulations and steer clear of personal injury claims. Even something as seemingly innocuous as an uneven floor or computer cables sticking out is all it takes for someone to fall over and become badly injured.

It all adds up to a win for you, and your valued workers.

Fraud Awareness – Phishing scams on the rise

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Phishing scams are on the rise and this is why companies like Wonga have put strategies in place to deal with their image being used as the mask of an online scam. These scams are not only targeted at individuals, but some scammers will also target companies. The way phishing scams work is that the scammer will send an email or SMS asking the recipient to send personal details or will let them know about some financial offer, such as loans. In these cases, they will often ask for bank account details or for the recipient to send a deposit in order to get access to the loan.

The importance of awareness

It is important to be aware of phishing scams so that you don’t end up duped. There are many reasons why these scammers exist. In some cases, it is to get money by asking for deposits, admin fees etc. In other cases, it is to retrieve personal information. The scammer may empty the bank account or go in and read emails. They may even use the information for identity theft, so it is imperative to be aware of these types of scams.

Raising awareness

Many businesses are raising awareness of phishing scams and it is important for individuals to have the same kind of awareness. There are some key ways to understand if your email or SMS is potentially part of a phishing scam:

Strange email address – even if the email has the logo of the company they are ‘apparently’ sending from, such as Wonga, PayPal etc., the email will probably not reflect that. It may look strange or have the wrong spelling.
Salutation – scammers will quite often not actually know your name, so the email is likely to just be directed to ‘Mr’ ‘Mrs’ etc. If it was from a legitimate company, they would have your name on file.
The sender – many businesses, such as banks and other financial organisations won’t actually send emails, as they need to be very strict with confidentiality, so if you get one through from them, it is probably a scam.
Nature of email – if the email says anything like ‘urgent notice’ or ‘please respond urgently’, it is probably also a scam.

This is what a typical phishing scam looks like and it will probably be all too familiar for most people.

Fig.1 above, a phishing email that used Wonga South Africa as the disguise to target South Africans. Note: No data leak or vulnerability occurred on Wonga’s website, data leak source is currently unknown.

Scammers will go to all sorts of lengths to get your information, so the best way to deal with emails like this is to call the company directly and check whether or not they sent it.

What to do about a phishing scam?

If you think you may have been the victim of a phishing scam, you should contact the company directly and send them a copy of your email or SMS. You should never respond to the scammer, as this response could be enough for them to get some additional information from you. You never know how these people may work. It is better to be safe than sorry, so just ignore it.

Financial Online Safety

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In our digital world today, keeping ourselves safe online is of the utmost importance, for there are so many places in which a breach can be discovered. Although we can never truly remove the chance of our identity and finances being stolen or used, we can take measures to ensure that risk is at a minimum.

Recognised Brands

It is always vital that you seek out brands and companies you’re familiar with, or at least who someone else knows well. This isn’t to say that every unknown website is a danger, but that a renowned brand, like Betway, will undoubtedly have higher security measures in place to ensure customers are protected. Should a friend or family member come to you and say that they have found this casino site or such like, make sure that it is with a name you can easily find online – read reviews, look through forums, anything to ensure it is safe. The same is also important for any type of website, not just those dedicated to gambling, which in turn leads us to another way to keep safe.

Payment Methods

Sites that pose the most risks are normally those that involve financial transactions of some kind, normally that of payment for goods. With this there are then no end of options you can decide upon before committing to your final purchase. What this means is that, with so many options available, some are understandably safer than others, which is why it is important to figure out which are better for your needs. Out of all those listed, credit cards and e-wallets, such as Paypal, are your better bet for online safety. This is because cards have extra protection in place from banks, and e-wallets enable you to store your valuable information in one place, instead of inputting them everywhere.

Unique Passwords

This is probably the most obvious of the tips to financially security, but it is a significant one nonetheless. Having a simple password may be simple to remember, but it is also easier for others to guess, whereas a long password combined with letters, numbers and symbols makes your accounts more secure. Should it prove too difficult to remember the codes, don’t worry as software is around that can store all your different passwords all in one place.

Your money is among some of the most valuable items you have to your name, and thus taking extra precaution to ensure its safety is an important ritual to get into the habit of.

So You Want to Build a Business – Here’s How To Get Started

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If you ask most people what their ultimate dream is, they’re usually going to give you two different answers: they want to own their own home, and they want to run a business. Usually people start a business so that they have the money to buy their own home and then some. You can definitely increase your quality of life with a business, but a business can also become one of the hardest things that you’ve ever done in your life.

There’s a right way and a wrong way to start a business. The wrong way would be to just dive in without having any idea of what you actually want to do. Far too often people are in a financial crunch and they think that running a business would be better money as well as more freedom. You have to understand that once you quit your job, you’re the boss and that means that everything is essentially your responsibility. You get to scoop up a hundred percent of the praise, but you also get stuck with one hundred percent of the blame too. That’s a point that a lot of would-be business owners skip over.

Before you do anything else, you should make sure that you actually start a business plan. This might not be a formal business plan, but any planning that you can do before the big leap is definitely a good thing. Figure out what products and/or services you can offer to the audience of your choice. You might even need to look around at your competition to see what they’re offering and how you can get into the same field s them. Reaching out and building a network professionally is a good way to see what will be involved as you make the switch to entrepreneurial life.

Getting a great mentor can help you sidestep a lot of issues in your company, because you won’t have to go in blind so to speak. Your mentor should be someone that is already running a business, or retired after running a business. Someone that’s coming up alongside you can be good to bounce ideas off of, but they shouldn’t be your main teacher — in fact, they might be making the same mistakes as you!

The best thing that you can do for yourself is to give yourself enough time and enough savings to enter the business world on your terms rather than having to make moves out of desperation — that’s the best way to get started!

Don’t Let Software Costs Eat Up Profits – Switch To Good Software Asset Management Instead!

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Are you thinking about profits and your business? If you are, don’t worry — you’re definitely not alone in this at all. There are a lot of business owners that are thinking about their profits and wondering if they could be higher. Well, one area that often brings profits down is expenses, naturally. If you are spending too much on certain aspects of your overhead, then you’re going to be losing profits …sometimes, without even realizing it!

Isn’t there a better way to save money and therefore raise profits at the same time? Of course there is. If you’re in a business where you are depending on computer technology in order to get things done, then you’re definitely going to need to implement software asset management.

This is a proven method of saving money, because you will not just be out purchasing software blindly. You will need a plan in place to curb costs, but that’s not like it has to be difficult to implement.

The best way to get your plan done with is to get targeted software asset management services that will make most of these issues as effortless and streamlined as possible. Organization of the process is going to be absolutely critical when you know that you need to make changes. Otherwise, you’re going to find yourself not being able to do anything with any type of speed. This will lead to a lot of breakdowns in communication down the road.

Most business owners that have deployed software asset management solutions have actually discovered that going down this path reduces their software expenses dramatically. Software usage reports let the IT personnel immediately figure out what applications that are actually redundant and therefore targets for removal. Why pay for software licenses that are not going to lead to higher company productivity as a whole?

Software asset management is still going to take time and dedication, as at least until you get used to the format and workflow requirements.

Making these changes in your company is also going to take some time, but that doesn’t mean that you shouldn’t be taking the time to actually implement the changes. Over time, your software asset management plan will truly pay for itself, but you have to remain patient! Good luck out there!

Debt Management Consolidation

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How do you rate yourself as a money manager? Are you able to allot funds for all your outgoing expenses efficiently, or do you often have problems working on your monthly budget? In an economy which relies mostly on a credit system, it is quite easy to fall into a debt trap wherein you are acquiring more debts than what you can actually pay. When this happens, most people fail to pay at least the minimum amount on their credit card bills. The account may go into collections status, they might receive harassing phone calls from creditors, and some may even just give up then allow their accounts to go delinquent.

When you are dealing with mounting debt, do not lose hhttp://www.companydebt.com/hmrc-tax-problems/hmrc-threatening-letters/ope because there are several alternatives that you can opt for, short of filing for bankruptcy. You should always consider bankruptcy only as a very last resort. Exhaust all your other options first because bankruptcy will stay for up to ten years on your credit record, greatly diminishing your purchasing power.

Benefits of Debt Management Consolidation

One of the alternatives that you can look at in order to pay off most of your debts is debt management consolidation. There are different ways to consolidate debts, but one way is by combining several small loans and debts from different creditors into one bigger loan with one debt consolidator. This system is used far more than it ought to be, as borrowing money is not usually a great idea when you are in debt. The other way to consolidate your debts is through a debt management plan, which tends to be more effective for more people.

The following section will give you an idea about how debt management consolidation works. First, here is a quick list of the benefits that you will get to enjoy through debt management consolidation:

No matter how many credit card accounts, store cards, loans or overdrafts on your checking account that you owe, you can combine all these into one easier to pay monthly payment.
With the help of a debt consolidation company, you do not have to negotiate for the consolidation of loans and lowering of monthly payments as well as interest rates; a financial expert from the company will do it for you.
You can reduce what you pay in interest on the several credit card accounts that you have.
Since the debt management consolidation company will be able to assess your overall financial picture, it can easily be determined when your debts will be fully paid.

[Read more…]

What To Ask Yourself Before Applying For A Payday Loan

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We can plan our finances for the month as much as possible, but sometimes unexpected expenses can appear out of nowhere. Especially if these expenses come up near the end of the month or just before payday. Many people are able to borrow cash from family members or friends, but what if you don’t have that option? Over the past few years, payday loans have become an increasingly popular choice for people all over the UK. But, what things need to be considered before taking out one of these loans from fast short term loans lenders?

How Much Do I Really Need To Borrow?

If you are considering taking out a payday loan, then it’s important to make sure that you’re only applying for the minimum amount that you need. As these loans are quick and easy to apply for, it can be tempting to apply for more than you need. However, doing this can mean you get into hot water when your repayment date comes along.

Will I Be Able To Pay It Back?

One of the most important things to check before you apply for a loan, is that you will be able to afford the repayments. On payday loans online lenders, all of the repayment costs are laid out in a simply chart, which tells you exactly how much you will have to pay back. There are no hidden costs or fees to use their service as they believe in being completely transparent.

Will I Qualify?

To start your loan application, you must meet these criteria:

Over the age of 18
Employed and earning at least £500 a month
Be a UK Resident
Have a bank account with a debit card

Have I Considered All Of My Options?

Before you go ahead and apply for that loan, you should make sure that you are making the right decision for your circumstances. You should only take out a loan for emergency financial situations and only on a temporary basis. If you suffer from a long term debt problem, then it would be recommended that you seek the help of debt management professional. If you have looked at the repayment costs and think that a payday loan is the right option for you, then why not start your loan application now?

3 Quick Points on the Income Drawdown Plan

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Getting the most out of your money as retirement nears is a topic that’s getting much more attention than it used to. This makes sense, as the recovery from the global recession isn’t nearly as strong as experts had hoped for or even predicted. A sluggish economy naturally makes people fear that they’re going to have to work longer and longer, putting off retirement until they feel they’re too sick to do anything else.

But what if you had more options than at first glance? An income drawdown plan could be a great option, and it’s not something that’s discussed as often.

If you plan on paying into your pension for a longer period of time for the tax relief benefits, then an income drawdown is perfect. Your money stays invested, and you take the pension from the income that the investment fund generates for you. Since investments go up and down as time passes, it’s not without risk. You could lose a lot more than what you put into it, which is a risk that you need to think carefully about.

Still, the growth potential is huge with an income drawdown plan. With everyone talking about rising costs, this is something that you need to think about.

There’s another question at stake here too: what happens after your death? What can you really count on other than having to leave your precious loved ones behind? With an income drawdown plan, there’s a chance that you can pass that money onto your loved ones after your death.

Don’t think that you’re giving up the annuity portion completely. If you decide that you want to get an annuity down the road, then you can buy that separately. Your income drawdown plan truly is that flexible.

Make sure that you sit down with a qualified advisor. They have plenty of time to leisurely go over your options. A no-rush environment is critical when you’re trying to figure out your future.

If you have an existing pension, you may be able to transfer it into an income drawdown plan. In addition, the regulations are always changing. Having an adviser that can help you keep up with the changes is very important.

What is Transaction Reporting?

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Transaction reporting is the detailing of each major currency exchange, withdrawal, transfer or payment made by, to or through a financial institution.

Why financial reporting is necessary

Increasing regulation and legislation surrounding every financial interaction means that the British government and European Union have a pressing need to monitor financial firms with greater stringency to ensure that all of their financial practices are undertaken in line with regulations.

Under EU law, financial reporting is compulsory to ensure governing bodies and governments can monitor financial transactions for money laundering, tax evasion and other criminal offences that might be practiced within financial firms. Of course, financial firms themselves also take a strong interest in the details of their financial transaction reports. The details of such reports provide those in charge of a firm with a clear insight into its dealings, incomes, expenditures and monetary operations. Fail to provide a financial transaction report or neglect to follow its regulations and you risk committing a criminal offence that could lead to a fine, imprisonment – or both.

Who compiles transaction reports?

All MiFID eligible securities need to be reported to a Approved Reporting Mechanism (ARM), such as UnaVista, who will in turn report this to the relevant country’s competent authority. Data should be validated against the latest sources, so that errors on under – or over-reporting are spotted.

Who do firms send transaction reports to?

Transaction reports were previously sent to the Financial Services Authority (FSA). However, this responsibility has now moved following the division of the FSA into two separate regulatory authorities: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Banks, credit unions, insurers, major investment firms and building societies should therefore now send their transaction reports to the PRA.

The Transaction Monitoring Unit (TMU) is responsible for the collection of transaction reports in the UK, and it is their task to monitor firms’ compliance with transaction reporting regulations. They are also tasked with the surveillance of UK markets.

Sources:

http://www.fca.org.uk/firms/systems-reporting/transaction-reporting,
http://www.lseg.com/markets-products-and-services/post-trade-services/matching-and-reconciliation/articles/should-you-be-transaction-reporting-fca