A great many more people are turning to debt management as an alternative to bankruptcy. The reason behind this is as the result of a new bankruptcy law that was enacted on October 17, 2005, this has meant a nasty shock for many consumers wanting to make a clean break in bankruptcy court.
It used to be that 70 per cent of people filing for bankruptcy were granted Chapter 7 status, which meant that any unsecured debts were wiped clean. As a result of the new rules this has now changed. If you earn more than the median for your state, or you can afford to repay a minimum of $100 per month toward your debts, you will be refused Chapter 7. Instead, you will be granted a Chapter 13, this means that you repay some of your debt over 3-5 years. That's not all. The court will calculate your allowable living expenses based on approved IRS schedules, not what it actually costs you. So you may not be able to afford the $100 a month, but the judge is likely to tell you that you can. Rather than wiping the slate clean, most people will be confronted with a severe 5-year plan, based on a budget set by the court, which will result in having to get used to a considerably lower standard of living. Compared to that, debt management seems to be a very interesting proposition.
OK, I realise that debt management has its critics. It took me a while to come to terms with it myself. But what everybody fails to realise is that the only alternative is bankruptcy more often than not!
Why don’t we look at the three main gripes regarding debt management and I will explain why the critics are wrong.
Debt management will adversely affect your credit rating.
This is real easy to squash! If you cannot afford to meet with your repayments your credit rating will be harmed anyway. Alternatively you could file for bankruptcy, do you really think that opting for this course of action will not affect your credit profile. Add to that the fact that you will probably be awarded a Chapter 13 bankruptcy you are more likely to continue struggling to survive because of the court imposed budget.
Why pay a debt management fee when there are free options?
Yes there are free options; however these free options have had their funding removed in the UK, which means that most of them will disappear before very long. Even if you are lucky enough to have the option of a free service it will mean that you will have to do most of the work writing to your creditors, and still deal with all the stress. By paying a fee to a specialist debt management company, they will deal with your creditors on your behalf, and the fee is actually funded from the reduced repayments that the debt management company negotiate for you.
Debt management is running away from your debts.
I agree going down the route of any debt management plan as opposed to repaying the debt you have taken on is not the ideal situation. However nor are the reasons that cause most people to choose this path. In an ideal world we would all be in safe secure jobs with enough income to live comfortably, unfortunately it is not an ideal world that we live in. More and more people are losing their jobs or have had their pay cut, and because of the credit crunch are unable to refinance through a debt consolidation loan. That sadly does not leave many options open!
Friday, 18 February 2011
Tuesday, 15 February 2011
Mesothelioma Sufferers Can Get Compensation by Using Specialist Lawyers
Mesothelioma is a disease often experienced by those in the building trade. The asbestos which used to be used in ceilings or for lagging pipes, gives off dust which is breathed into the lungs and which stays there forever to bring problems in later life. For those who have been correctly diagnosed with this disease, there may be help in the form of compensation, but they will need the help of a mesothelioma law firm who are well versed in this kind of litigation.
Asbestos used to be thought of as the best fire retardant material which should be used in buildings everywhere. However, as the decades have gone by, it was noted that anyone who lived in a building with this material in it, who worked in the factory producing it or those involved in construction work, were often struck down later in life with the same kind of varied symptoms.
Unfortunately for them, by the time that the disease is correctly diagnosed, it is often too late for them to get any kind of treatment. Indeed, the illness is terminal and the sufferer will have many problems to face in what remains of their lives.
Since the disease mimics many other kinds of disease, it is often hard for the medical fraternity to pinpoint exactly what is wrong with the patient. It can take twenty to fifty years to become apparent that something sinister is going on within the body and, by this time, the patient is often seen as someone who complains about everything. This is not very pleasant for the patient, of course, and they must surely feel that no one is listening at times.
The main places where this disease takes hold is around the heart, in the lungs and in the abdomen where it makes fluid gather. Of course, fluid in the lungs is never easy, but around the heart is even worse. This disease acts differently in men and women and it often gets worse if the overall health of the person is deteriorating too.
Those who seem always to be suffering from heart disease, pneumonia and flu like symptoms may just have this disease. But unless the doctor knows that they have worked with, or been around, asbestos at some time in their lives will surely be treating only the symptoms and not the disease itself. Therefore, if the symptoms persist, it is a must to contact a specialist in this field to ensure that a correct diagnosis is made.
Once the diagnosis is made there may be little that the doctor can do. As earlier stated, once the disease has taken hold, it is with that person for life. However, they may well be able to claim some compensation which, although will not cure the disease, may allow them to live out their lives more comfortably than they would have otherwise.
Nothing will compensate for good health, of course, but the thought that these companies who put their employees at risk will suffer financially must bring some comfort to those who have suffered over the years
Asbestos used to be thought of as the best fire retardant material which should be used in buildings everywhere. However, as the decades have gone by, it was noted that anyone who lived in a building with this material in it, who worked in the factory producing it or those involved in construction work, were often struck down later in life with the same kind of varied symptoms.
Unfortunately for them, by the time that the disease is correctly diagnosed, it is often too late for them to get any kind of treatment. Indeed, the illness is terminal and the sufferer will have many problems to face in what remains of their lives.
Since the disease mimics many other kinds of disease, it is often hard for the medical fraternity to pinpoint exactly what is wrong with the patient. It can take twenty to fifty years to become apparent that something sinister is going on within the body and, by this time, the patient is often seen as someone who complains about everything. This is not very pleasant for the patient, of course, and they must surely feel that no one is listening at times.
The main places where this disease takes hold is around the heart, in the lungs and in the abdomen where it makes fluid gather. Of course, fluid in the lungs is never easy, but around the heart is even worse. This disease acts differently in men and women and it often gets worse if the overall health of the person is deteriorating too.
Those who seem always to be suffering from heart disease, pneumonia and flu like symptoms may just have this disease. But unless the doctor knows that they have worked with, or been around, asbestos at some time in their lives will surely be treating only the symptoms and not the disease itself. Therefore, if the symptoms persist, it is a must to contact a specialist in this field to ensure that a correct diagnosis is made.
Once the diagnosis is made there may be little that the doctor can do. As earlier stated, once the disease has taken hold, it is with that person for life. However, they may well be able to claim some compensation which, although will not cure the disease, may allow them to live out their lives more comfortably than they would have otherwise.
Nothing will compensate for good health, of course, but the thought that these companies who put their employees at risk will suffer financially must bring some comfort to those who have suffered over the years
Wednesday, 2 February 2011
Defining Your Ecommerce Business Strategy
Launching an online store can be a foreboding exercise, no thanks in part to the deluge of technology questions you will need to answer along the way. However, before you jump into choosing the right ecommerce system for your online business, it pays to first take a close look at your needs and expectations from a business point of view.
Research your marketing needs
A common mistake is to assume that the revenue will start flowing the day you go live. The reality is quite different. Most online stores require considerable effort to promote. It’s crucial to gain an understanding of which online channels make the most sense as a promotional medium for your particular venture.
Will you focus on search marketing, social media channels, banner advertising on content sites, press releases or participating in forums? These and many other possibilities exist. Part of your initial investigation into the very feasibility of your business must be to understand how difficult it will be to buy your new business the exposure it needs to generate customers, usually through an investment of both time and money.
Determining the right way to measure and manage each activity you embark upon within these channels will typically require either outside expertise, or a significant learning exercise to understand the space. It is not unusual for a new site to take 3-6 months to ramp up visitor levels and in many cases it can take up to 2 years to reach profitability.
So, be sure to allow a proportion of your initial budget to launch and maintain your online marketing through this growth period. Once operational, the business will also require a monthly investment of time to maintain your visibility.
Identify the specific marketing mechanisms you need to use – such as discount coupons, gift certificates, shopping comparison sites, product review aggregators, social media channels (Facebook, Twitter) and search engines.
Review competitor sites
Take the time to search out competitor sites, in the same way your customers will. Make a note of how you found them, as this can be a strong indication of the sort of marketing that is working. Also look at how products are being depicted – including the number of photos, descriptive detail, specifications, reviews, ratings and comparisons. Consumer expectations are continually rising in terms of the amount of information and quality of presentation.
Examine what kind of assurances are made regarding product returns, warranty, support, service, shipping costs and satisfaction guarantees. Some market segments extend consumers extraordinary levels of protection from wrong choices. Be aware of the difference between what you are obligated to provide from a government regulatory point of view and what you need to add in order to be competitive.
Analyse freight costs
Analysis of abandoned shopping carts has shown that shipping costs are one of the major factors in lost sales. If unexpectedly high, buyers will abandon their orders without hesitation. Seeking out ways to simplify freight calculation, reduce freight costs and eliminate cost shock must be high on your list of priorities. If possible, let customers know the freight cost up front.
Compare payment gateways
Getting ready to accept online transactions can involve several steps. Check out the requirements of gateway providers in your market. Many gateway providers have raised the bar on the standards that must be met before they will activate your account. In some instances, they will want to review the finished website to check for appropriate security measures, privacy statements, return policies, business information and branding. It pays to know exactly what will be required before you get started, so you can factor this into the project time-frame and progress application details early on to allow for processing delays.
Check out risks and hidden costs
You should factor in consideration in budget projections to cover for product returns, shipping losses and transaction fraud based on current industry norms – which can be researched at the time you start the business.
Also thoroughly investigate the payment options you intend to offer, to fully understand the costs, fees and extraordinary charges in the event of processing issues. There are many payment services available, and costs can vary considerably. Be sure to shop around, and look at how costs may change as your payment volumes rise or fall.
Check product complexity
Deciding how your product catalog must be organised is a fundamental requirement of your new business. Some products are simple – just a price, description and photo. But others can add complexities such as variations in sizes, colours, specifications, options and personalisation. Many simpler ecommerce systems cannot easily handle such requirements.
Furthermore, your product catalog may require items to be in multiple categories, or perhaps even to have more than one way of being categorised. For example, you might initially present items by categories of uses, but then also let people browse by manufacturer and brand. Work through these needs ahead of time, and also consider the value of being able to offer a list of similar products to help with cross selling (offering complementary products at the time of product selection) and up selling (offering better products or additional items after the purchase decision has been made).
Finally - process of elimination
The planning you have just completed will provide you a clear list of needs that must be met by the systems you consider. Doing a little homework will often reveal that a budget end option you were looking at is actually too limited. Having to upgrade to a new system down the track can be costly both in terms of budget and lost business momentum. The key is to have a clear strategy guiding your choices so you can rationally eliminate ecommerce solutions that don’t meet your requirements.
Research your marketing needs
A common mistake is to assume that the revenue will start flowing the day you go live. The reality is quite different. Most online stores require considerable effort to promote. It’s crucial to gain an understanding of which online channels make the most sense as a promotional medium for your particular venture.
Will you focus on search marketing, social media channels, banner advertising on content sites, press releases or participating in forums? These and many other possibilities exist. Part of your initial investigation into the very feasibility of your business must be to understand how difficult it will be to buy your new business the exposure it needs to generate customers, usually through an investment of both time and money.
Determining the right way to measure and manage each activity you embark upon within these channels will typically require either outside expertise, or a significant learning exercise to understand the space. It is not unusual for a new site to take 3-6 months to ramp up visitor levels and in many cases it can take up to 2 years to reach profitability.
So, be sure to allow a proportion of your initial budget to launch and maintain your online marketing through this growth period. Once operational, the business will also require a monthly investment of time to maintain your visibility.
Identify the specific marketing mechanisms you need to use – such as discount coupons, gift certificates, shopping comparison sites, product review aggregators, social media channels (Facebook, Twitter) and search engines.
Review competitor sites
Take the time to search out competitor sites, in the same way your customers will. Make a note of how you found them, as this can be a strong indication of the sort of marketing that is working. Also look at how products are being depicted – including the number of photos, descriptive detail, specifications, reviews, ratings and comparisons. Consumer expectations are continually rising in terms of the amount of information and quality of presentation.
Examine what kind of assurances are made regarding product returns, warranty, support, service, shipping costs and satisfaction guarantees. Some market segments extend consumers extraordinary levels of protection from wrong choices. Be aware of the difference between what you are obligated to provide from a government regulatory point of view and what you need to add in order to be competitive.
Analyse freight costs
Analysis of abandoned shopping carts has shown that shipping costs are one of the major factors in lost sales. If unexpectedly high, buyers will abandon their orders without hesitation. Seeking out ways to simplify freight calculation, reduce freight costs and eliminate cost shock must be high on your list of priorities. If possible, let customers know the freight cost up front.
Compare payment gateways
Getting ready to accept online transactions can involve several steps. Check out the requirements of gateway providers in your market. Many gateway providers have raised the bar on the standards that must be met before they will activate your account. In some instances, they will want to review the finished website to check for appropriate security measures, privacy statements, return policies, business information and branding. It pays to know exactly what will be required before you get started, so you can factor this into the project time-frame and progress application details early on to allow for processing delays.
Check out risks and hidden costs
You should factor in consideration in budget projections to cover for product returns, shipping losses and transaction fraud based on current industry norms – which can be researched at the time you start the business.
Also thoroughly investigate the payment options you intend to offer, to fully understand the costs, fees and extraordinary charges in the event of processing issues. There are many payment services available, and costs can vary considerably. Be sure to shop around, and look at how costs may change as your payment volumes rise or fall.
Check product complexity
Deciding how your product catalog must be organised is a fundamental requirement of your new business. Some products are simple – just a price, description and photo. But others can add complexities such as variations in sizes, colours, specifications, options and personalisation. Many simpler ecommerce systems cannot easily handle such requirements.
Furthermore, your product catalog may require items to be in multiple categories, or perhaps even to have more than one way of being categorised. For example, you might initially present items by categories of uses, but then also let people browse by manufacturer and brand. Work through these needs ahead of time, and also consider the value of being able to offer a list of similar products to help with cross selling (offering complementary products at the time of product selection) and up selling (offering better products or additional items after the purchase decision has been made).
Finally - process of elimination
The planning you have just completed will provide you a clear list of needs that must be met by the systems you consider. Doing a little homework will often reveal that a budget end option you were looking at is actually too limited. Having to upgrade to a new system down the track can be costly both in terms of budget and lost business momentum. The key is to have a clear strategy guiding your choices so you can rationally eliminate ecommerce solutions that don’t meet your requirements.
Subscribe to:
Comments (Atom)