Nocomo: Blog Nocomo: Blog https://www.nocomo.org/blog/ Copyright by Nocomo en Nocomo Sun, 16 Dec 2018 22:06:48 -0500 Credit Counseling: The Advantages and Pitfalls

Credit counseling services receive a lot of mixed reviews. There are many reputable services, but there are also credit-counseling companies with horrible reputations. Credit counseling is now required before filing for bankruptcy.

If you’d like help with your debt, be aware of the advantages and disadvantages of using a credit counseling company.

Positive Features of Credit Counseling

  1. They tend to have more clout with creditors. Some creditors are more willing to negotiate pay-offs and payment plans with credit counselors. You might get a better deal and more breathing room with a credit counseling service.
  2. It’s possible to consolidate your payments. Many firms will consolidate your payments into one payment each month. You’ll be making a payment to the counseling company. Understand that the credit counseling firm must then make all the individual payments for you.
  3. It can be easier to get new credit. As part of your credit counseling, it’s common for new credit to be secured for you. They’ll go out and work to have your credit applications approved.
  4. An end to the harassment. When you’re put on a repayment plan, the debt collectors will leave you alone. Remember that you can do this yourself by simply making a request in writing.

A reputable and honest credit counseling service can be helpful. There are many potential advantages to utilizing the expert assistance they can provide. But there are also several possible negative consequences.

Pitfalls of Credit Counseling

  1. They might not actually pay your bills. There are many complaints every year of credit counseling companies taking your money and then failing to make the agreed-upon payments to your creditors.
  2. They often over-promise. Just like any other company vying for your dollars, sometimes the marketing is a little too good to be true. After the counseling company takes their cut, you might not be any better off.
  3. It can possibly make your credit worse. There is one tactic commonly employed that can have a negative impact on your credit score. The credit counselor may advise you to stop paying on your debt and instead put the payments into an account.
  • Once a large enough lump sum has been accumulated, the counselor would then approach your creditors with offers to pay off the debt at a reduced amount.
  • During this process your credit will suffer due to the non-payment.

  • The account used to store the money is under the control of the counseling firm. Do you trust them?

The potential pitfalls are serious. It’s very important to do the necessary legwork to locate a reputable credit counseling service.

Many consumers believe that a service with non-profit status must be reputable. Understand that being non-profit is primarily about not showing a profit at the end of the year. Paying bonuses and higher salaries can accomplish this feat.

Ideally, you’ll be able to find a counseling service in your state that you can visit in person. Checking with your state Attorney General is an effective way to see if any complaints or legal action have taken place. Doing an online search is also likely to turn up any negative reviews or complaints.

Inquire about the services offered and the fees. Ask how the employees are paid. Are they compensated more for signing you up for certain services? Get everything in writing. Verbal promises are likely to be conveniently forgotten.

Credit counseling can be beneficial or counterproductive to your goals of reducing and eliminating your debt. Find a reputable credit-counseling firm by doing the necessary research. Be sure your financial situation will move in a positive direction.

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Uncategorized https://www.nocomo.org/blog/credit-counseling-the-advantages-and-pitfalls/ https://www.nocomo.org/blog/credit-counseling-the-advantages-and-pitfalls/ Editor Sat, 15 Dec 2018 03:49:52 -0500
Rent or Own? In This Economy, Which Housing Option is Best for My Family?

There are both advantages and disadvantages to owning a home when you consider the economy. The best way to determine whether you should rent or buy is to consider the pros and cons of both positions, then see how they relate to your current home situation.

Although it may seem preferable to buy a home because of the security that it offers, there are costs associated with home ownership that may not be ideal for you at this time. You must consider all aspects of both renting and buying before you arrive at a decision, and know that these pros and cons may change over time as well.

Here are some considerations to make when deciding to buy or rent:

1. Owning a home isn't always a good investment. Avoid buying a home as an investment vehicle to turn a quick profit. While some real estate investors make a lot of money, many do not, particularly in a down economy. It's generally better to buy a home if you want to stay in it for a while.

Buy a home as part of your family's plans for settling into a place of your own.

2. Homeownership requires a down payment. A substantial down payment is typically required for most borrowers looking to secure a mortgage loan. If squirreling this much money away is difficult, you may be better off keeping an emergency fund or investing the money, rather than buying a home.

3. Mortgages include interest payments. Although mortgage interest is deductible in some situations, this is not always the case. If your interest payments, along with your other deductions, aren't higher than the standard deduction on your tax return, there's no tax benefit to paying mortgage interest.

4. Homeowners are responsible for repairs. As a homeowner, you must make repairs yourself or turn to a professional serviceman. There's no landlord to contact for repairs. You'll also be responsible for the day-to-day upkeep and maintenance costs as well.

5. Homeowners have additional insurance requirements. While you're making payments on your mortgage, you must pay for homeowner's insurance. Even if you've already paid for your home, you should still obtain this valuable insurance to protect your most important asset.

Renter's insurance is less expensive than homeowner's insurance.

6. Renting doesn't earn equity. By paying rent monthly, you're not building up any worth in the property, but the owner of the property is. Renting has no investment value at all, unless you're saving money by renting that you can invest in other investment vehicles like IRAs and mutual funds.

7. Homeownership does offer benefits. Home ownership provides your family with a sense of community, pride, and family security. You can design, decorate, and improve upon your home however you like without worrying about landlords, lease agreements and the potential for lease termination.

8. Renters can save money. As a renter, you don't have to pay homeowner's association fees, property taxes, homeowner's insurance fees, and maintenance charges. Renters can save significant money in comparison to buying, which can be put toward other investments and purposes like keeping an emergency fund.

There are definitely benefits and drawbacks to both of these positions, renting or buying. It's important to weigh all of these pros and cons before making a decision. Your best housing solution depends on your individual family and financial situation.

Choosing wisely based on your own needs will enable you to live more comfortably, secure in the knowledge that you're doing what's best for you and your family.

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Uncategorized https://www.nocomo.org/blog/rent-or-own-in-this-economy-which-housing-option-is-best-for-my-family/ https://www.nocomo.org/blog/rent-or-own-in-this-economy-which-housing-option-is-best-for-my-family/ Editor Sat, 15 Dec 2018 02:01:01 -0500
Learn to Plan For Unexpected Expenses

It’s just a matter of time before it happens. The transmission blows on your car right around the time your daughter needs braces and your washing machine decides to call it quits. All of these are unexpected expenses and something we need to deal with throughout life.

Being prepared as much as you can is your best bet when live throws you a financial curve ball.

Do your best to anticipate upcoming expenses. If you’re driving an older car, or your dishwasher has seen its better days, start saving up to replace the item. You may also want to start keeping an eye out for good deals on the replacement.

An even better strategy is to have an emergency savings fund. Set up a savings account and add to it monthly. Use it only for completely unexpected expenses. Make sure you know what’s in the account. And once you have to take money out of it replace it as quickly as possible.

This brings us to a good point. Here’s how to recover quickly after that purchase. Go over your budget (you have one of those, right?) and look if you can temporarily cut back on some things. Stop ordering Pizza every Friday night and make your own at home. Skip a night out on the town and watch a couple of movies on Netflix instead of going to the theatre.

Use the money you’re not spending for the next few months to refill your emergency fund. For an extra boost, work a few hours of overtime, do a few freelance projects or temporarily pick up a part time job to get back on track fast.

But what do you do when the expense comes up before you had a chance to set up the emergency fund? Take a deep breath and assess the situation. Can you make do without the item for a little while? Just long enough to scrape together the funds to repair or replace it. If it’s the dishwasher, that’s easy. You can wash dishes by hand for a little while. If it’s the fridge or the car you rely on to get you to work each day, that’s a different story.

If you need the item that broke, evaluate if it would be less expensive to repair than replace. Even if it isn’t the perfect solution, it may get you to work until you can safe up for a different car. Shuffle your money around and if there is no other option charge it to the credit card and get to work. Your one and only goal right now is to pay off that expense. If you stick every penny of discretional income in, it won’t take you long.

One your bills and credit cards are paid off, do what you can to get that emergency fund set up. Because you know something else will break down the road.

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Uncategorized https://www.nocomo.org/blog/learn-to-plan-for-unexpected-expenses/ https://www.nocomo.org/blog/learn-to-plan-for-unexpected-expenses/ Editor Mon, 19 Nov 2018 11:17:43 -0500
It's Time to Keep Your Grocery Spending Under Control Aside from your mortgage, your biggest monthly expense is likely groceries. And unlike your mortgage, your car payment and most of the rest of your bills you actually have some control over how much you spend at the grocery store.

Make A Grocery Budget

Start by tracking how much you’re spending on groceries for a few weeks. From there, come up with a weekly or monthly budget. Allot that money for groceries and whatever you do don’t go over.

Next, try cutting back your budget by $20 per month. Keep going and see how low you can go. The remaining tips will help you do that without feeling like you’re depriving yourself.

Keep A Price Book

Who doesn’t love a bargain or a good deal? They are all over the store, but do you know if what they advertise as a good deal is actually saving you money?

Keep a little notebook in your purse or keep a text document on your phone with the regular prices of the items you buy most often. Not only can you see if that “deal” really is a deal, you can also determine what kitchen staple is cheapest where and adjust your shopping accordingly. Your price book will also come in handy when you browse through weekly grocery flyers. You can decide if a loss leader deal is worth driving to the store long before you ever set a foot out the door.

Come Up With A Few Frugal Dishes

You don’t have to make drastic changes and eat nothing but rice and beans all week. Instead think of a few inexpensive dishes your family enjoys. They may be rice and beans. Or how about a big pot of soup or chili. Often meatless dishes will be your best frugal bet, or use meat in small portions on frugal dish days.

Enjoying frugal meals even just a handful of days during the month combined with using up any and all leftovers will make a big difference in your grocery budget.

Cut Out The Extras

Make a list before you head to the store and stick to it. All those little extras like the fancy bread from the bakery or the candy you grabbed at checkout start to add up. Get in the habit of skipping those extras unless there’s a good reason to buy them. Stick to your list and you’ll cut your grocery bill by quite a bit each week. It’s amazing how all those little extras add up.  

Give these tips a try and see if you don’t start to see big savings on a weekly basis. What you do with all the extra money each month is up to you. Save up for a fun summer vacation, pay off those credit cards or start building your financial safety net.

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Uncategorized https://www.nocomo.org/blog/its-time-to-keep-your-grocery-spending-under-control/ https://www.nocomo.org/blog/its-time-to-keep-your-grocery-spending-under-control/ Editor Sun, 11 Nov 2018 11:13:12 -0500
Litigation Funding: What You Need to Know

Pursuing a lawsuit can put a strain on your finances. But litigation funding can provide a feasible financial lifeline to support your case and living expenses. 

If your personal funds are running out, and your case still hasn’t made it to court, consider litigation funding. It bridges the gap from your accident date to the settlement date. Litigation funding can provide you with cash advances for the duration of your case. 

Lawsuit financing is not a loan. The funding company buys a piece of the future settlement proceeds of your lawsuit, contingent upon the future outcome of the case. Essentially, you receive cash today in exchange for a specific amount of any settlement or judgment received from the litigation. Most often, lawsuit funding is used to cover medical and immediate living expenses.

Litigation funding is available for all types of cases, including personal injury, medical malpractice, employment discrimination and wrongful death cases. 

Understanding Lawsuit Financing

Technically, llitigation funding is a practice in which individuals who are plaintiffs in lawsuits receive money from a lawsuit loan company who takes a lien on the proceeds of the suit in return for cash now. Funding is provided on a non-recourse basis. This means any money you receive is yours to keep even if the results of the case have a negative outcome. 

Companies generally will provide litigation funding to individuals who have a strong case. For them, the cash advance is an investment. If you win, they receive a portion of the monetary award granted to you by the court. If you lose, they get nothing. 

In essence, litigation funding poses no risk on your part. You never have to repay the funding company if your case is unsuccessful in court. But if your case wins, you’ll probably end up with significantly more money than you would have if you settled early. That’s even after you present the funding company with its portion of the settlement. 

The Need for Litigation Funding

Litigation is an expensive process. For most people with personal injury claims, a lawyer is hired on a contingent fee basis, meaning there is no attorney fee unless the case is successful. Then, any attorney fee that’s required is a percentage of the money recovered. The law firm advances money for the cost of litigation until the case is resolved. (For ethical reasons, lawyers cannot lend money to their clients.)

However, for individuals paying legal fees “out of pocket”, the need for litigation funding can be critical. Here’s why: People who have been severely injured in accidents due to the negligence of others can be financially devastated during the process. Many are put out of work for weeks or months, leaving them with no income to provide for their dependents while they recover. Unfortunately, these victims often lack the proper income or credit history to qualify for a traditional loan. Even if they could, conventional loans require monthly payments which can be a further burden to their situation. 

Litigation funding is a viable option for cash-poor plaintiffs. It can help them meet their living expenses, pay for medical care and cover other personal costs. This can keep plaintiffs from having to sell their valuables or borrow money from family and friends to keep their lives on track.

Lawsuit financing enables individuals to pursue justice without having to put their life on hold by sacrificing other necessary financial responsibilities. Instead of worrying about finances, they can focus on recovering from their injuries while they await a trial verdict or settlement.

Working with a Funding Firm

There are a growing number of companies offering litigation financing. Pursuing funding from these sources is fairly straightforward. You simply contact the provider for a free consultation. The company will follow up with your attorney, evaluate your case material and let you know

 
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Uncategorized https://www.nocomo.org/blog/litigation-funding-what-you-need-to-know/ https://www.nocomo.org/blog/litigation-funding-what-you-need-to-know/ Editor Sun, 28 Oct 2018 23:31:04 -0400
How to Build A Financial Safe Net Do you have a financial safety net? It’s something worth thinking about and setting up. What will happen to you and your loved ones if you lose your job for a few months? What if you get into an accident that may prevent you from earning a living? Or what if some unexpected expenses come up. Do you have anything in place to make sure the bills continue to get paid and your family is taken care of?

If not, now is the time to get started. But where do you actually start? Having three to six months’ worth of living expenses tucked away in an interests-bearing account is a good beginning. Figure out what your family needs to comfortably live on if all income stops. Then start saving as much money as you can until you have built up this safety net.

Put the money you usually spend on going out to eat, going to the movies, buying the newest TV and Tech gadget and the likes into your savings account until you’ve saved enough to have a comfortable cushion. Take make this step go even faster, add any bonuses, tax refunds etc. as well.

Don’t just stop there. Make it a goal to add to your safety cushion as you can and come back and revise your numbers from time to time. Your living expenses may go up or down over time and you can adjust how much you need to set aside in quickly accessible money accordingly.

Life and disability insurance are another important part of your financial safety net, as is your retirement money. Do you have a plan in place to continue to cover your living expenses (or those of your family) when you can no longer work? Call up your insurance agent and go over your current coverage. Make sure the insurance you’re paying for will pay out what you need and if not, make adjustments.

Once you have those two parts of your safety net firmly in place, consider investing any additional savings into higher interest bearing accounts. While you may not be able to access any money invested here right away, it will come in handy when you’re dealing with a long term financial emergency or are ready to retire. The plus side is that there are plenty of investment vehicles out there that will get you a much better return than your plain savings account at the bank. Talk to your financial adviser and come up with a plan that’s right for you, your family and whatever the future may hold.

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Uncategorized https://www.nocomo.org/blog/how-to-build-a-financial-safe-net/ https://www.nocomo.org/blog/how-to-build-a-financial-safe-net/ Editor Fri, 17 Aug 2018 11:15:00 -0400
5 Benefits of Financial Technology

Financial technology (also referred to as FinTech) is the use of innovative technology to deliver a wide range of financial products and services. It is intended to facilitate the multi-channel, convenient and fast payment experience for the consumer. This type of technology is effective in many different business segments, such as mobile payments, investment management, money transfer, fund-raising and lending.

The rapid growth of financial technology has been very beneficial for consumers worldwide, such as the ability to serve customers that were not previously attended to, a reduction in costs, and an increase in competition.

Let's take a look at a few of the benefits related to financial technology:

Better payment systems - this type of technology can make a business more accurate and efficient at issuing invoices and collecting payment. Also, the more professional service will help to improve customer relations which can increase the likelihood of them returning as a repeat buyer.

Rate of approval - many small business ventures are starting to use the alternative lenders like those involved in financial technology because it has the potential to increase accessibility and speed up the rate of approval for finance. In many situations the application process and time to receive the capital can be completed within a period of 24 hours.

Greater convenience - the companies involved in financial technology make full use of mobile connectivity. This can significantly increase the number of people who can access this type of service and also increase the efficiency and convenience of transactions. With consumers given the option to use smartphones and tablets to manage their finances, it is possible for a business to streamline its service and provide a better all-round customer experience.

Efficient advice - many of the latest systems rely on robo-advice to give people guidance on their finances. This can be a very quick and low-cost option to get useful information on investments, as well as to limit a person's exposure to risk. However, this type of service won't be able to give the most in-depth advice that would come from a professional adviser.

Advanced security - Using the latest security methods is necessary to ensure more people are confident in using this type of financial service. The need to harness the latest mobile technologies has resulted in a major investment in security to ensure customer data is kept safe. A few of the latest security options used by those in this sector include biometric data, tokenization and encryption.

Learn more by visiting this new financial technology website.

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Uncategorized https://www.nocomo.org/blog/5-benefits-of-financial-technology/ https://www.nocomo.org/blog/5-benefits-of-financial-technology/ Editor Mon, 06 Aug 2018 10:54:42 -0400
Why You Need To Keep A Household Budget We work hard to earn a living. We should make sure we spend the money we bring home wisely. That’s where a household budget comes in. It’s a good tool to see at a glance what we have coming in, what’s going out (and what that money is paying for) and if there’s anything left at the end of the month to put into savings.

Before we dive into exactly what a budget can do for us, let’s consider for a minute what will happen if we’re not tracking income and expenses. We may end up spending more than we’re making in a given month (or two, or three). Over time that can put us into some pretty hot water financially. We may also spend a lot more than we’d like to believe on things like eating out, going to the movies or new clothes.

Having a budget gives us more control over where we want to really spend our hard earned cash. Maybe that’s dinner and a movie, but maybe it isn’t. Wouldn’t it be nice to have an actual choice?

It Tracks Where Your Money Is Going

A budget simply tracks your money. You record where the money comes from each month (your income) and then write out everything you spend it on, starting with your regular monthly bills like mortgage or rent, car payments, utility bills etc. What’s left after all the bills are paid is your discretional income.

Helps You Identify Things You Waste Money On

Having it all in front of you in black and white helps you identify things you’re wasting your money on.

It makes you reconsider if you really want to spend well over $200 a month on Cable TV or $150 on your large cell phone plan. Or how about that yearly magazine subscription to something you no longer read? Go through your expenses and reevaluate if this is REALLY how you want to spend your pay check.

Allows You To Be Proactive About Savings

Saving money without a budget is hard. We go in with the best of intentions at the beginning of the month, but somehow there isn’t anything left at the end of the month.

A budget gives you a chance to be a bit more proactive. Set aside some money for savings at the beginning of the month, even if it’s just $20. Put it in the budget as a regular expense, just like you do with your other urgent bills. If you need to, open a separate savings account so you’re not tempted to spend it.

Ensures You’re Not Spending More Than You’re Making

Most importantly, your budget will keep you on track and help you make sure you’re not spending more than you’re making. And I don’t have to tell you that that’s pretty important for your financial wellbeing.

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Uncategorized https://www.nocomo.org/blog/why-you-need-to-keep-a-household-budget/ https://www.nocomo.org/blog/why-you-need-to-keep-a-household-budget/ Editor Mon, 09 Jul 2018 11:00:54 -0400
How to Control Your Spending Habits

When it comes to personal finance, money managing, budgeting are probably the most difficult things. Control your own money is not an easy task and many people find it's very difficult to be good at it. I'd like to share some of my personal experiences on this topic. Hopefully this will help other people as well!

Wisely managing my spending requires the same self-control I have in other aspects of my life.

I anticipate days when making ends meet may be harder than usual. It is these days that give me the drive to maintain control of my spending habits and I make it a point to save for rainy days.

How I spend is a reflection of my character. I am honest with myself, so I am honest about what I can afford. I live a worry-free life, so I ensure that my spending habits keep me from having to worry about putting meals on my table.

I commit to spending wisely and thoughtfully.

Sometimes, impulse purchasing is a real challenge as I feel the urge to give in to my desire to spend. But I take a moment to look at the bigger picture.

I consider what the outcome could be if I make the purchase and refrain from buying the item if there is any possible sign of hardship to come from doing so.

Today, I vow to work hard to control my spending habits. I know that financial situations sometimes arise which alter my plans, but I commit to handling them as best as I can.

Self-Reflection Questions:

  1. How do I feel when a loved one asks me to purchase something for their pleasure that I know I cannot afford?
  2. Do I spend the time to teach my kids how to save?
  3. How do I recover after allowing myself to make an impulse purchase?
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Uncategorized https://www.nocomo.org/blog/how-to-control-your-spending-habits/ https://www.nocomo.org/blog/how-to-control-your-spending-habits/ Editor Tue, 12 Jun 2018 10:57:09 -0400
Three Ideas for Spring Cleaning Your Finances Your taxes have just been filed and now it's time for spring cleaning - clearing out the dirt and clutter in your homes and work space to allow for a chore-free summer. Why not also use this opportunity to "clean" up your finances? With a little annual clean-up and our three ideas, you can keep your current financial situation well-organized, streamlined and up-to-date.

Clear the document clutter

We are all human and sometimes accumulate piles of important documents and statements. Now is the time to look through your financial documents and consider which to keep and which to discard. Keep recurring documents, such as investment and bank statements, property and casualty insurance renewals or social security and retirement statements, for one year. You need only keep household bills and credit card statements until you have a record that the bill was paid (unless you need these statements as evidence for tax filing or proof of purchase). Shred all outdated and unnecessary statements.

Try organizing your saved documents into a folder with the newest date on top. This way, if you go looking for a specific document, you won't shuffle through a year's worth of back up. Maybe, you prefer storing everything digitally. If so, consider naming folders starting with the year, followed by the two-digit month and ending with the name of the institution or document. This keeps the files sorted in an easy, chronological order. Remember, all electronic files should be backed up regularly, whether stored locally or in the cloud. These days, there are plenty of that will sync your devices and securely back up your storage.

When you pare down and keep only what is necessary - for tax purposes and tracking financial records - you'll have less clutter and a better understanding of what is in your possession.

Consolidate retirement accounts

How many retirement accounts have you accumulated? Throughout your career, you may have switched employers and acquired multiple retirement accounts. You're not alone: Many people have aging 401(k)s, IRAs and other retirement accounts of convenience. Talk about financial clutter! Now is a great time to consolidate these. IRAs, SEP IRAs and SIMPLE IRAs can all be consolidated into a single IRA. (Roth IRAs can only combine with other Roth IRAs.) Old 401(k)s can also be rolled into your IRA. When distributing an old 401(k) into your IRA, be sure to review the investment options and expenses in the 401(k) as compared to what is available in your IRA. Combining multiple accounts, may save you fees and most certainly will save you paperwork. Most importantly, you and your advisor can more easily and strategically invest your retirement account for today and the future. When it comes time to take withdrawals, calculations and taxes will be much easier as well.

Update your critical information

Finally, as you begin to clear the financial clutter, you may have various accounts and people who have changed since the last time you organized. That's why this is a great time to record all your critical information in one central location. We like to call this your critical records organizer. If you already have your information in one organizer, maybe your information is outdated or professionals have changed. Use this spring cleaning time to review the information and make updates. If you have never organized your important information, you should include all your current account numbers, access information and professional contacts. You might like to keep this information in hard copy or choose a mobile app (such as 1Password) or cloud-based document service (such as Dropbox). Creating a central location of this information is not only useful for you each year, it might become critical for your family. You might have account information and professionals in your life that you interact with, but the rest of your family may not know how to contact. Once you update and organize your critical information, remember to let the important people in your family know where they can find this information for the future.

Spring cleaning your finances doesn't have to be an exhausting process. By keeping important account statements in one place, tossing recurring documents, and shredding unnecessary or outdated personal paperwork, you can clear the document clutter in your life. Consolidating multiple accounts that have lingered over time, will bring you fresh confidence and control over your nest egg, and updating your information in a central location keeps you protected for the future.

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Uncategorized https://www.nocomo.org/blog/three-ideas-for-spring-cleaning-your-finances/ https://www.nocomo.org/blog/three-ideas-for-spring-cleaning-your-finances/ Editor Fri, 04 May 2018 10:52:38 -0400
Guiding New Graduates to Financial Success New college graduates are on the loose and out building their new work wardrobes for their first job. Are you a proud parent and grandparent? In addition to celebrating with them over parties and gifts, now is the time to give them the gift of financial independence too. As they start their first jobs, you might ask yourself, "Is my child prepared for the financial responsibility that comes with a full-time job and living on their own?" Right from the start, you want them to develop savings priorities and healthy spending habits. Here are some tips to help you point them in the right direction:

Explain the importance of saving

As young adults start receiving a paycheck, they may find it tempting to spend their funds a lot more on "wants" rather than "needs." You can help by reminding them of the difference between the two and sharing the importance of saving. Whether it's saving for unexpected expenses and emergencies or to eventually buy a car or home, encourage your young adult to put a set amount aside from every paycheck. You may also tell them to check with their employer and see if they can direct the savings portion of their paycheck directly into a savings account with only the remainder going to their checking account for spending.

Emphasize retirement contributions

New graduates hardly think about retirement. They've just entered the workforce - why would they need to think about an event that will impact them 40+ years from now? With rent, bills and other responsibilities, your young adult may choose not to contribute to their retirement right out of school. We all know that this is a mistake! This is your chance to emphasize how a long retirement time horizon can benefit them financially. Educate them about compounding growth in savings and encourage them to speak to their employer about any professional guidance offered. Emphasize to them that they have one of the greatest assets working for them at this age: time.

Teach them to follow a budget

Budgeting allows young adults to create a spending plan with their money. It's a great way for them to track their expenses and see if they have enough to spend on the things they really enjoy. Budgeting can keep your young adult focused on their money goals and avoid any unnecessary financial hassle. If they become overwhelmed, share how you learned to live within your paycheck and show them that there are apps and online tools today that they can use - here are just a few examples.

Show them how to pay bills on time

As an independent adult, your child will need to take on lots of responsibility quickly. Perhaps this includes regularly paying a variety of bills (rent, cell phone, etc.). Keeping track of when bills are due can become cumbersome for those just starting out. Show your child that it's crucial to stay on top of bills and pay them on time. Late payments and fees - and any outstanding interest on balances - will deplete their disposable income, leaving them less money to spend on entertainment and fun. Many apps and computer programs exist to help set reminders and automatic payments. Help your young adult look at the options and share any systems you use to manage monthly payments.

Help them build credit

Many college grads have not yet had a chance to establish a credit history. Educate them about how a credit score can impact their future. A good credit score can influence their ability to get car loans and mortgages approved. Their credit score can also impact the interest rates on these loans: A good credit score may lead to lower interest rates. Some employers use a credit check in their hiring process. Some insurance companies also use credit scores as part of their underwriting process as a person's credit can be a predictor of insurance claims. To help your young adult build their credit score, encourage them to pay bills on time, avoid acquiring too much debt on any open credit cards, limit the number of credit cards used, and keep their oldest credit card open.

Now that your graduate is officially launched, use some of your time together to pass on good financial habits. Whether it's dedicating a portion of every paycheck to savings or using an app to track spending, these tips may help your young adult to stay on top of their finances and develop good money habits that can last a lifetime.

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Common Surety Bonds You Ought To Know

A surety bond can be defined as contract between three parties guaranteeing that a job will be completed in accordance to the contract terms. The three are the project owner who is the obligee, contractor who is the principal and the surety who ensures the task at hand is completed as per the agreement terms. Surety bonds are more financial related and even though they are very common in the construction industry, they come in different types touching on different areas of agreement. Below are some of the most common that can make a difference for businesses.

1. Contract - They are the ones contractor need especially when bidding on large projects. They go to show that the organization has the capacity and financial ability necessary to manage and complete the projects at hand. It is not always that the bonds are required for contractors but they may be required to present them when bidding on government projects, big projects or when requested by customers to do so. Bonded contractors have better chances of nailing large projects. They include bid bond, performance bind and payment bond which together cover the entire project as appropriate.

2. Business - They differ from place to place and ensure businesses are responsible in fulfilling duties promised or offered to clients and also to the government through payment of bills and taxes. Different business categories need the bonds to show that their operations are trustworthy and financially responsible.

3. Court - In the legal industry, surety bonds also come into place. The most common are those that individuals with court cases require to ensure defendants show up in court or to ensure payment as directed. In some other legal instances, legal clients may need bonds to perform different functions line becoming estate executors. The most common are appeal bonds, estate bonds, injunction binds and guardian bonds.

4. Permit and license - They basically go to show that business owners and workers will abide by local regulations set for the field they are involved in. For instance plumbers need to abide by plumbing codes and regulations within their localities and a license bond works as assurance that they will perform their duties as expected.

5. Commercial - These include different kinds of bonds that are not under construction and court surety bonds. The most common include business service bonds, lease deposit bonds and commercial contract bonds among others.

They do come with lots of benefits depending on the field they are designed for. Bonded companies often gain a good reputation and are more likely to be trusted with projects compared to companies that are not bonded. If you are a contractor you must of course choose a surety bond provider that you can trust so the terms you abide by are easy for you to keep up with. The above are the most common but there are so many other types of surety bonds coming up with every passing day.

surety bond brings in a sense of trust and responsibility and you can find a bond that best suits the areas you are interested in. Find a bond that works for you today.

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Uncategorized https://www.nocomo.org/blog/common-surety-bonds-you-ought-to-know/ https://www.nocomo.org/blog/common-surety-bonds-you-ought-to-know/ Editor Tue, 20 Feb 2018 10:51:42 -0500
Online Payment Systems for Landlords - What Are the Advantages?

As a landlord, you most certainly are preoccupied to have your property rented at all times, in the best conditions, and receive your due rent for it. When you are a lessor, it is also essential to make sure that your tenants stick around. You can face major losses when your property remains vacant for a long period of time. Taking the aforementioned factors into consideration, the method of payment you require your tenants to follow is a deciding factor by which you can attract and retain them. Now that the whole wide world is gradually enjoying technological progress, the real estate niche should follow suit. If you are a property owner, it is about time to become technically savvy as well. A positive step towards this direction is to allow your tenants to pay their rentals online, in person, or by means of mail.

Through the years, residential property owners have been receiving rental payments in person, or through the mail. Since the Internet has transformed the entire way we communicate, many things have changed deeply. One of these changes is the fact that online transactions have become popular. Several property owners are now accepting the highly technological management tools. Some of these are, for example,property management software, as well as online rental payments. In doing so, they enjoy a succession of benefits offered by these tools.

As a proprietor, you will see a considerable impact in terms of operational efficiency, as well as bottom-line profits. When you accept rent payments online, monitoring is no longer necessary, and even if you live far from the state where your rental property is located, this payment method will be very advantageous for you. In addition, you will be able to keep record of your tenant's payment history by means of your website, which provides you with an online rental payment management system. You don't have to go through several mails, checks, as well as documents. This lets you save a lot of time. With a few clicks, you can retrieve the information you need in an organized manner. For instance, when you have to check those who have not paid their rent for a specific month, all you need to do is login to your account and access the information in a couple of clicks.

For companies that manage properties, online payment systems come as an advantage. When they implement an online payment system, this would reduce their administrative costs. They would have to cut down on personnel, since there is no need to process paper checks, create journal entries, fill out deposit slips or assist people who go to the bank to deposit them. These tiresome tasks will become fully automated, reduce fraud risks and lead to efficient management. Also, this lets you plan strategies for the future, while the company improves in forecasting the cash flow.

Aside from the benefits given by an online rent payment system to landlords, property management companies and apartment complex owners, it also offers considerable advantages to tenants. For them, this payment method is extremely convenient, since they can pay their rent online from wherever they are. This lets them pay on time to avoid the charges associated with late payments, if ever they forget to send the check payment on the deadline, as the amount is deducted from their bank account.

Looking for a dependable rent payment service? Come and visit our website today, and learn how you can start to collect rent payment online.

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Uncategorized https://www.nocomo.org/blog/online-payment-systems-for-landlords-what-are-the-advantages/ https://www.nocomo.org/blog/online-payment-systems-for-landlords-what-are-the-advantages/ Editor Sat, 20 Jan 2018 05:11:03 -0500
Why Are Millennials Abandoning Big Banks and Turning to Credit Unions?

Millennials (those who are between the ages of 18 to 34 in 2015) are ditching their big banks and becoming members of credit unions. They want the convenience and technology that the big banks can offer but they also want to make sure their banks are paying attention to their needs, by offering customer-friendly service and simple, straightforward solutions that they are demanding.

Millennials know exactly what they want from their bank and everyone is chasing this potential new member. So, understanding their perceptions and needs will help credit unions compete for this sought-after audience.

Below is a closer review of some of the reasons why millennials are scrapping their banks and joining community institutions:

    • They are seen as more customer-friendly and can answers questions directly regarding financial security. They are very helpful when it comes to imparting information regarding car and home buying by offering members education services and solutions that are easy to consume and utilize.
    • Qualifying for a loan will be easier, because their requirements are not as rigorous. While banks tend to turn away millennials with a low credit scores, they roll up their sleeves and make it happen.
    • These younger members crave more high-touch and want to make sure someone is paying attention to their needs. They want to know there is a real person on the other side of the phone and get their questions answered quickly. They want it when they want it and how they want it.
    • Mobile banking is a necessity. Millennials manage their lives on the go so it is important that credit unions deliver a smooth and instinctive mobile experience.
    • Millennials are intuitive consumers and they quickly find deals and share opportunities including rates on car loans, credit builder loans and student loans. Maintaining the lowest and best terms will give the them a greater appeal over a traditional bank.
    • Credit Unions are superior in focusing and competing on financial health. Millennials view them as a trusted resource for financial advice and a partner that specializes in member service.
Millennials are also saying bye bye to their banks because of ATM-related reasons. There is either not enough of them, inconveniently located or high fees associated with using them.

There is a natural alliance between the values of Gen Y and the mission of credit unions. These modern consumers do not follow the financial path of their parents. They want to encounter a high-touch, high-tech brand experience by discovering the human side of banking provided by credit unions. By focusing on this age group credit unions are learning and adapting to ensure they are on the cutting edge of the banking technology.

If you are not a member of allU.S. Credit Union, we would like to get to know you. Visit our new branch in Salinas or check out our website (https://alluscu.com) to get a glimpse of who we are and what we offer. Whatever your financial goals, we can help you construct the right mix of financial services to get you where you want to go.

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Uncategorized https://www.nocomo.org/blog/why-are-millennials-abandoning-big-banks-and-turning-to-credit-unions/ https://www.nocomo.org/blog/why-are-millennials-abandoning-big-banks-and-turning-to-credit-unions/ Editor Wed, 20 Dec 2017 05:08:33 -0500
The Financial Business Model: 5 Keys to Long-Term Success

Why do so many businesses fail to make profits and achieve their financial goals? The answer is simple because many business owners simply ignore one or more of the 5 keys to financial success. Many businesses are making sales but are not profitable. Learn how to fortify your business model and set your company up for success. Developing a financial business model provides a clear picture of your company's financial history as well as your company's financial future. Working from a financial business model will help to prepare your company to make better decisions for the company in the future. And analyzing your finances on a regular basis will provide you with the financial success you are seeking to achieve. Get ready to gain more flexibility and financial freedom in your company with the keys to success.

Key #1) Don't Go It Alone 
Mismanagement of finances is not reserved for start-up companies but for all businesses. Many business owners are able to produce and sell their products and services but are not able to manage their finances. If you are not able to determine where you have been you will not know where you are going. Accountants and bookkeepers are able to assist your company with establishing a financial foundation and making predictions surrounding your financial future.

Key #2) Review Historical Data 
By developing a financial history of your company's finances provides you with valuable lessons for the present that will guide you into a more profitable future. Reviewing financial history helps you to know what to do and what not to do in your business. Compiling historical financial data can help your bookkeeper or accountant to assess the reasons for your success or failure.

Key #3) Project Sales and Costs 
Once you have completed the second key it will set you on the trajectory to be able to project the sales and costs. Projecting sales and costs without historical data can be challenging but not impossible. Projections for your company are not a process that begins at the start-up phase, it is an on-going process to help determine areas of growth and change. Costs are always easier to project than sales. However, sales should not be your main focus but rather on the company being profitable!

Key #4) Develop Financial Statements 
Financial statements are the framework for the accounting cycle. In other words, the income statement, the balance sheet, and the statement of cash flows provide a picture of how well your company is doing financially. Financial statements structure all financial data in a manner that is easy to understand and should be prepared with accuracy. These statements assist you with assessing financial performance and determining key business decisions.

Key #5) Assess and Implementation of Changes 
This is the final piece in the financial business model. Once all of the first four keys have been established you will be able to assess your company's financial position and implement changes where it is necessary to ensure financial growth and success. Tying it all together the financial statements will reflect your company's historic information and decisions can be made about the future from that data.

The financial business model provides clear information to assist you in making sound financial decisions that can promote long-term success. Applying these five keys to your business will set your company on the path to achieving your goals and turning profits!

JC Andrews has over 17 years experience in bookkeeping. She specializes in bookkeeping for small businesses and start-up's and published a free report for small business owners. You can learn more about her services and get your copy of the free report at The Ledger Virtual Bookkeeping Company, http://www.theledgervbco.com.

 

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Uncategorized https://www.nocomo.org/blog/the-financial-business-model-5-keys-to-long-term-success/ https://www.nocomo.org/blog/the-financial-business-model-5-keys-to-long-term-success/ Editor Mon, 27 Nov 2017 05:07:55 -0500
What Services Of The Best Banks To Look For Before You Open A Business Account

As of now, there are numerous services company owners need to opt for in order to make their business better and their ventures easier. With these solutions, business owners can also increase their profits. These third-party services can also provide you with wonderful benefits which can help your company achieve your goals. So, in order to accomplish financial tasks companies need, it is ideal to partner with the best banks and open a business account.

Surely, there are numerous banks that offer reliable services for their clients. However, you can distinguish which bank is best if you want to open a business account by knowing the benefits it can provide. Below are some of the features you need to look for.

Help you improve your businesses' financial status

One of the benefits of opening a business account in reliable banks is you can easily improve your business' financial status. This is essential to entice companies to partner or to work with you. Unfortunately, not having sufficient finances can affect your chances. By opening a business account, banks can help you attain the documentation and finances you need which can help improve your reputation.

Banks that make use of difference financing services

The next benefit of opening business accounts is you can make use of difference financing services. Surely, business owners may encounter numerous problems most especially financial issues. Therefore, business owners need to find ways to ensure that their finances will not be affected. By working with banks, company owners can properly choose a financial service which can match their company needs.

Allow you to keep your business consistent

Another feature of opening a business account is you can keep your business consistent. For instance, paying bills and receiving payments are some of the most common tasks business owners need to do in order to have consistent business flow. Sadly, these tasks can sometimes be stressful since you need to make sure that your personal and business accounts are separated to help you audit your expenses efficiently.

Offer effective supply chain solutions

Lastly, opening a business account can also help you obtain supply chain solutions. Supply chain solutions are important since these are specially designed to help you optimize your working capital, reduce your expenses, and have better visibility and control over receivables. With this, you can enhance business performance.

With all these amazing features, business owners can make their business better and more efficient. Click here for more.

HSBC is a company that offers effective banking services. The company also offers other solutions to ensure that your business is able to deal with any financial problems easily. To know more, go to this site.

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Investment Banking - 2 Main Types to Know About Investment banks help private as well as public companies and organizations to gathers funds in both debt and equity capital markets. These banks were originally founded in order to raise capital and provide guidance on corporate financial strategies, such as acquisitions and mergers. Investment banks assume many different roles such as handing safety issues, providing institutional and public investors with brokerage services, providing corporate clients with financial advice, offering guidance on acquisition deals and mergers and more. These days, you can also find banks to have ventured into bridge financing, foreign currency exchange and private banking. Know about the two main types of investment banking companies India.

Basic bank for invest

This kind of bank tends to issue bonds and stocks to customers for a predetermined sum. Then the bank invests this sum which has been used by the client for buying bonds and stocks. Such types of investments vary across different banks. In the nations where this type of investment is permitted, investment banks come with networks of lending and financial organizations that they can derive profit from. Other banks also make investments in construction and property development. Customers with bonds and stocks would tend get payments from the amount of profit that is made on the sum that they have invested for a particular time period.

Both the investment bank and the client derive profits from the sum initially invested by the client. As these types of banks are completely familiar with the trade methods, they are often consulted about corporate investment activities like acquisitions and mergers by both big and small corporations and business houses.

Merchant bank for investing

This is the other kind of investment bank. Such kinds of banks participate in trade financing and provide business ventures with capita in the form of shares and not loans. These banks have their businesses based on how secure shares are. Such types of institutions only fund those business ventures which have only started in the world of business. Generally, startup merchant companies do not get any financing. Merchant banks can be regarded only as investment banks which are ready to invest some amount of the capital of the organization. The money is put in the form of an equity investment. The company acts like research and advisory firms in India into the transaction and offers advice. In case you want trade financing, you will like to get in touch with a merchant bank rather than an investment bank.

The primary function of these banks consists of offering financial services and advice to individuals as well as corporate houses. Such kinds of banks function like a type of intermediary between the consumers of the securities and the issuers of the capital. Various companies issue these kinds of securities in order to gather funds in the stock markets. Merchant banks offer better monetary solutions and options to the customers, and can assist customers to gather money via low-cost resources. These banks are able to revive the economic health of sick firms.

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Uncategorized https://www.nocomo.org/blog/investment-banking-2-main-types-to-know-about/ https://www.nocomo.org/blog/investment-banking-2-main-types-to-know-about/ Editor Mon, 11 Sep 2017 05:06:47 -0400
Tips On How To Spend Your Windfall Income As individuals, especially workers we sometimes get windfall incomes in forms of bonuses, profit shares, etc. However, a lot of the time the temptation is to spend the money on acquiring a new car, new clothes, shoes, new phones, among other things. While acquiring these things in themselves is not a bad idea, it is wiser to use windfall incomes for things that will have long term positive impart on our lives especially because we do not have a full grabs of what tomorrow will bring.

For workers just starting off or in mid level careers, it is really important not to squander windfall incomes on non-essentials.

Many years ago during the mid 2000s, when the banking and telecommunication really became big industries, many banks and telecommunication companies paid bonuses and profit shares to their staff on a yearly basis. Most new staff and mid level staff squandered their money on buying cars, renting new apartments in high brow areas and changing their wardrobes almost every 3 months. Nite clubs were packed every Friday night with each person almost trying to out do the other in terms money spent.

Today, the story is different. The global economy is almost comatose. Banks are no longer giving huge bonuses, neither are telecommunication companies doing any better. The oil industry is in shambles. Every industry is operating lean.

Windfall incomes will not come all the time as the economic realities have now shown us. So if you are fortunate to get a bonus or profit share that amounts to something reasonable, here are a few tips on how to spend wisely:

1) Invest in real estate: As much as this sounds like really over flogged, it is a wise counsel. A businessman once said, "the only Estate that is Real is Real Estate". Real estate is big business. There is a huge demand for rental apartments especially mini flats and 2 bedroom flats. There are several real estate companies offering instalments payment options for those interested in buying land. You can invest your windfall income in buying a half plot or full plot of land. I will advice you buy from a real estate company rather than directly from the community especially if you do not have funds for immediate development.

The simple reason is that the real estate company usually would have sorted out community settlement issues with the land owners and so you can be rest assured that you land is at least secure from land grabbers. Also, by buying from a real estate company, you will benefit from quick capital appreciation of your investment and rapid development of the locations since there will be several people also buying and developing their property in that location. Another advantage of investing in real estate is that after developing the property, you can put it up for rent if you do not wish to reside in that location and use the rental income to pay for your rent in your desired location.

2) Invest in a part-time business: If you already have a business that you can run part- time alongside your full-time job, you should invest your windfall income in that business. You can buy the needed equipments or register for a training programme that will increase your expertise in that business area. If you do not already have business idea, you may want to consider doing some research to see what part-time business to invest in.

3) Invest in education: You can invest your windfall income in further education that will boost your profile and give you a better chance at a higher paying role in your industry or another industry entirely. You an also invest in the education of your loved ones like your spouse, children or siblings (if you have this responsibility thrust on you)

4) Invest in Marriage: Yes! you read me right.

This is for those who believe in marriage. If you have a partner and your really desire to spend the rest of your life with the person, then invest your windfall income towards settling down. You can start making down payments for some critical items on your list. Marriage is an investment in your lifetime happiness.

5) Invest in Charitable Activities: Don't spend all your windfall income on yourself. Life is about sharing and putting smiles on the faces of others. You can give a portion of your windfall income to a charitable organisation. Depending on your religious leaning, Christians are advised to give a tithe of this to their local churches. However, if you are not a religious person, do well to give to a cause that will help humanity.

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Construction Bonds Establishing Secure Connections

This construction bond is the title given to a kind of surety bond that has been made to come into use by investors in projects related to construction. This step has mostly been taken to provide a certain kind of protection against a very severe kind of event taking place that can cause a certain kind of hindrance or failure in the completion of the project, the reason behind it being the insolvency of the builders or the inefficiency of the job to meet ends with the specifications of the contract.

Usually you will notice the existence of three kinds of parties in a construction bond, namely they are the party that has a hand behind the building of the project, the eventual owners and then finally you have the surety company that has got the back of the bond.

As for the types, this kind of bond contains three types; let us have a look at the list:

• THE BID BONDS

In situations where as the expected honor and respect for the bid by the principal which in this case might be the contractor is not met, this bid bond comes into the picture where it provides protection to the owner of the project. The obligee held under the existence of this bond in this case is the owner and he absolutely has the rights to sue the surety and the principal if he wills to in order to establish the enforcement of the bond. In case the principal refuses to extend any kind of honor to the concerned bid, then he takes the responsibility of being liable for any kind of additional costs that might surface.

• THE PERFORMANCE BONDS

This performance bond is used to provide a kind of assurance or rather guarantee by the contractor or the principal. This guarantee talks about the completion of the contract in full accordance with its respective terms. IF under any circumstances, the principal is seen to be facing defaults, the owner holds the right of calling upon the surety to ensure that the contract meets its completion. In that case, the surety will have no other choice but to hand over the contract to a new designated contractor.

• THE PAYMENT BONDS

This is the kind you head to when you need all your payments to be guaranteed, the payments that have been lying under the due tag to subcontractors and some other from the mentioned principal. The subcontractors and the suppliers are the ones who qualify as the beneficiaries for the payment bond. This bond proves to be of a tremendous benefit to the owner especially, the reason being that it comes as a substitute to the mechanic's liens as a non-payment remedy.

To know more about ConstructionBond, please check our website.

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Uncategorized https://www.nocomo.org/blog/construction-bonds-establishing-secure-connections/ https://www.nocomo.org/blog/construction-bonds-establishing-secure-connections/ Editor Wed, 26 Jul 2017 04:59:46 -0400
Choosing the Ideal Insolvency Practitioner

Selecting an IP for your company is a decision that should be taken with a lot of care because it is very important. You may need an IP so as to close the company or to get help so as to turn around the company and start getting profits once more.

The choice you make of the practitioner determines just how well you can achieve the outcomes that the company desires. It affects the experience you get at an overall level and the process used to reach a desirable outcome.

What they do

There are many roles a practitioner can carry out and they involve working with companies that are insolvent. They may also take part in the structuring and overseeing the company's closure as to get an outcome that is the best for the company and the creditors. They are also involved in the company restructuring and the negotiation of agreements with the company creditors so as to get profits again.

The IP work closely with companies that are insolvent so as to get an outcome that is the best in the circumstances that prevail at that particular moment.

Finding the ideal IP

Before you select the IP, it is important to find a qualified and certified one. There are different resources that are available in the public domain that can allow you go about this easily. Most governments offer the information on a page so as to make it easy for individuals and companies to find a qualified practitioner based on county, city, town and name.

Things that should be considered

Licensing

The IP needs licensing so as to practice within the law. There are different regulatory bodies that are trusted with the task to license the IPs. Each country and locality has got its own bodies and you should make sure that the company that you settle for is recognized in the area you reside in. Licensing is an important factor because it is only with licensing that the practitioner is allowed to undertake functions within the set laws. The IP may be required to act as a liquidator, a supervisor or an administrator.

Experience

It is essential to hold a conversation or initial meeting with the IP you have wanted to appoint. During the meeting, the IP should give clarifications regarding the company situation and the possible course of action that could help the company.

During the interview, find out more about the experience that they have and whether or not similar situations were handled in the past and what the outcome was. This will tell you a lot and will allow you to name a sound decision.

Trust

Regardless of the course of action that you choose to take, it is always a difficult time. You should engage an IP that you can trust because you may have to work with them for an unspecified period of time. IP has fiduciary duties like conducting themselves with integrity band competence. You should be very comfortable with them.

Huddersfield insolvency Practitioners offers the best help in the most stressful and difficult situations. If you require any kind of advice or help, you should seek the services of an IP who will help you deal with the issues at hand.

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Uncategorized https://www.nocomo.org/blog/choosing-the-ideal-insolvency-practitioner/ https://www.nocomo.org/blog/choosing-the-ideal-insolvency-practitioner/ Editor Mon, 05 Jun 2017 04:59:05 -0400