Month : August 2018

Business

What to do when clients don’t pay

when clientsdont pay

If you’ve been the victim of non-payment by another business, chances are you’re furious. Chasing up invoices is not the most productive use of your valuable time and, when clients simply don’t pay up, it can be a real problem. Astoundingly, recent estimates as blogged about by Wonga suggest that UK SMEs are owed more than £55bn in missed payments in 2014.

With clients increasingly failing to cough up (the situation has worsened by 52% since the summer of 2013), many businesses are turning to increasingly meticulous vetting software to scope out clients ahead of beginning a working relationship. This information makes it easier to reach an informed decision about whether or not a business will be able to pay for the goods or service you deliver. But what if it’s too late for that and you have not been paid?

Try a Mediation Service

Softly, softly catchy monkey. Mediation services are far less expensive and stressful than launching straight in with legal action. They’re often far faster too, utilising professional, unbiased mediators who help both sides reach a mutually satisfactory conclusion. If your non-paying client simply won’t respond to requests for mediation, however, you may need to take heavier measures.

Use a CCJ

County Court Judgements (CCJs) are legal judgements handed down by a county court. These judgements are also referred to as “taking someone to small claims court”. You will need to pay a court fee and if your claim is not successful you may not get your money back. The government website provides a helpful guide to the process which can result in the bailiffs getting sent around…

Issue a Statutory Demand

Once you have issued a statutory demand, the business or client in question will have 21 days to pay you in full (or to offer acceptable payment terms). Often this is enough to scare the company into coughing up. Especially since statutory demands can often lead to much more serious winding up petitions…

Move on to a Winding Up Petition

If a business fails to meet this deadline, they could risk facing a winding up petition (WUP). A WUP will require the company or individual to attend small claims court for a hearing. This hearing will be held in an open court and they will require legal representation.

This is the most serious step at your disposal so approach issuing a WUP with extreme care. You need to be absolutely positive that you are in the right, you must have unequivocal proof of the debt and you must have tried a number of other options before you take this serious step. These petitions are costly. They cost between £300 – £800 to issue, plus a £1,190 court deposit alongside the filing fee. This means they are not to be taken lightly so think carefully before progressing with this step and ensure you are receiving experienced legal advice.

Have you been affected by non-payment in the past? How have you handled the situation and which method have you found to be the most effective? Share your experiences and read others’ below.

Image source: http://commons.wikimedia.org/wiki/File:3D_Judges_Gavel.jpg
Insurance

Tips to Find the Best Car Insurance Quotes

If you want to save money on car insurance, then you can’t just choose any old provider that you see on television. Every car insurance provider is unique and there are many different factors that affect the price of your insurance. The price you pay depends on the area that you live, your driving history, the type of car that you own and any extra costs that the car insurance provider has. The truth is, getting the best car insurance quotes is about how hard you look for them. Searching online is a great way to compare the prices of competing companies. By doing your homework, you will walk away with a lower monthly price.

Locate a car insurance comparison company

A true car insurance comparison company should not charge you any money to use their services. Car insurance comparison companies are paid commission for referring customers to the actual car insurance provider. This is why car insurance providers give them access to their pricing information. Without doing so, these comparison companies would send customers to a different company.

Be sure to locate a car insurance comparison company that can give you up to date pricing information on multiple car insurance providers. This will help you save money on your bill every month because they will direct you to the lowest cost company in the area.

Don’t be afraid to provide detailed information

Often times, people are hesitant to enter in any kind of personal information on the Internet. If you take this approach when comparing car insurance quotes, then your search is not going to be successful. It’s very important that you supply car insurance comparison companies with the information that they need to locate a low cost provider. Typical information that is asked of you will include your driving history, accident history, the type of car that you own and the area that you live. These are important factors when it comes to determining your car insurance costs.

Know your environment and understand how pricing is determined

Car insurance companies use a lot of different factors to determine the costs of your insurance. If you live in a highly populated area, the chance that you will get in an accident is greater, so this will increase your insurance rates. Similarly, if you are a teenager, your insurance rates will increase as well because of your lack of experience behind the wheel. These are all things that you need to be aware of so that you can do what you can to reduce your insurance because some car insurance companies will allow you to do things to bring down these related costs. For instance, students can submit their grades or you can even relocate to a more densely populated area to save money.

Only pay for full coverage if it’s absolutely needed

Full coverage insures your vehicle in case you are the causer of the accident. It’s usually not necessary to pay for full coverage on a vehicle that is used, aged or has very little value. It’s important to consider whether or not your vehicle really needs full coverage and if it’s a necessary expense. Full coverage can more than double your insurance rates, so you can save a lot of money without it.

Passing on perks can lower your monthly payments

Often times, car insurance companies will try to package in special perks, provided that you pay a little bit more money every month. These perks can start to add up and they probably aren’t something that you use very often. If you can live without them, it’s a good idea to throw perks aside.

Author Bio: Larry Smith works for CarInsuranceQuote.net as an associate.  Their website is focus on providing information about car insurance. 

Business

Why Should You Get Quick Merchant Cash Advance for Your Business?

No matter how big or small your business is, you can sense the need of emergency fund at any point of time. However, business owners often find it very difficult to get a source from where they can avail the fund required for their business and most of time they become helpless.

A merchant fund advance can be the best option one should opt for in such a situation, as it allows a business owner to access cash in quick time and there are many options online of merchant cash advance that could really help with this. However, the most important thing about the merchant fund is that it is easy to obtain and there will be no need to submit the report of your financial health or credit history. In this article, you will have a closer insight into the concept of merchant fund and you will be able to know how it helps your business to grow.

Why You Should Prefer Merchant Fund

If you have found your business capital much lower than what you need to run your business operation quickly and do not want to follow strict terms and conditions of a traditional business loan, then you should prefer merchant fund that will allow you to access instant cash in a friendly way. Here are some notable advantages of merchant cash advance.

  • There is no need to submit a stellar credit history
  • It is cash-flow-friendly
  • You will not have to write checks, as the remittances are automatic
  • You can avoid fixed monthly payment in tough times and there will be no set maturity date in the process
  • It is easy and faster than availing a traditional loan

How Merchant Cash Advance Can Help Your Business

If you are trying to avail fund to set up a new business or developing your existing one, the option of incurring merchant fund will definitely help you in achieving your target. Here are the situations, where merchant fund can help you a lot.

Buying Equipments

You may need to buy or replace several types of equipment such as computers, telephones, machinery or vehicles to keep your business operational. However, if you do not have sufficient fund to purchase important equipment, you can apply for a merchant fund advance for instant cash flow with friendly terms and conditions.

Covering Payroll of Your Employees

It is not possible for your business to make a profit in every month of a year or you may find that your customers have not made credit payments cleared yet. However, whatever the condition is, you still have to pay your employees, otherwise, you may find them less productive.

In such a situation, you can opt for a plan from merchant fund that will help you in covering payroll for your employees.

Help to Promote Your Business Efficiently

In order to expand your business and your customer base, you will have to promote your business efficiently, which is an expensive process. However, by taking the advantage of business fund advance, you can cover all the costs of advertising conveniently.

Meeting Tax Obligations

If you are running a business, you will have to be well aware of the taxation process. No matter whether your business is making profit or loss, you will have to pay tax at the end of the year. However, if you have not prepared any plan for tax yet, then you should approach for merchant fund that can help you in meeting the tax obligations and avoiding penalties.

However, a merchant fund advance is not a type of traditional loan. In this process, the fund provider deducts a certain amount of cash from future debit and credit card sales of your business with discount.

Author Bio – Jonathan Rodrigo is a financial advisor, working for a reputed financial institution. Apart from this profession, the author independently writes blogs on capital management including merchant cash advance.

Home Ownership

7 Ways To Improve The Resale Value of a Home

It is every homeowner’s dream to increase the resale value of his home. This is very natural and holds even if you are not planning to sell your home. Even today, a home is usually a family’s biggest asset and it always helps to have it priced as high as possible on the real-estate market. If the worst financial situation demands, you should be able to sell your house for the best price, and for this it is important to improve the resale value of your home.

People are sometimes surprised how little things can drastically improve the resale value of a home. Thus you need to do lots of small things and these can add up really big. Exactly what needs to be done depends a lot on the neighborhood, but there are some general tips that you can follow –

  • Exteriors: This is the first thing that people notice when they look at your house. Make sure that the paint is good and appears elegant. Painting is a small investment but can pay off very big. Ensure that you are following the latest trends in home exteriors.
  • Windows: These can really define the look of your house and thus should be chosen carefully. Newer replacement windows come with tinting and energy efficiency built into them, so they also save you money in the long run. For more info, check out https://www.ezwindowsolutions.com/akron/.
  • Landscaping: Landscaping is very good for improving the home value as it appears inviting and elegant at the same time. Potential buyers will surely be lured by this additional feature. If you have the place, landscaping can be a relatively small investment of money and time to greatly add value to the home. Again, it is important to follow some latest landscaping trends to know what is in and what is out.
  • Lawns and Gardens: Lawns and gardens need to be maintained well. If not, they can break the entire look of the home as a whole. It is best to maintain the garden periodically. If you are interested in gardening, you can consider addition some value product to the garden, like practicing organic gardening and growing fruits and vegetables. This not only helps your stay at your home but greatly improves the resale value as well.
  • Renewable Energy: If you can, try adding a source of renewable energy to your home, like solar panels. This will take care of all your energy needs, and you might even be lucky to make money by selling electricity to the grid. In addition, it greatly helps improve the value of a home. Speak with a professional team like Alek HVAC to see what changes you can make to your home.”
  • Lighting: Good lighting is very important because it reflects the true beauty of the home from the inside. It helps to use diffuse and sharp lights with care at different places to ensure the right feel at different places of the home. Also, consider using energy efficient lighting like LEDs and CFLs as they are the trend of late, since they are environmentally friendly and help save on electricity bills as well.
  • Renewable Energy: If you can, try adding a source of renewable energy to your home, like solar panels. This will take care of all your energy needs, and you might even be lucky to make money by selling electricity to the grid. In addition, it greatly helps improve the value of a home.
  • Car Port: A car port is a cheap and efficient way to improve home resale value and should be considered by all homeowners.

After significant renovations and increases in home value, more home insurance quotes are needed to match the increase in value.

These are some of the ideas you can use to enhance the value of your home. You should feel free to make all the small changes that will make your home stand out from the rest of the neighborhood.

Investing

An Introduction to Forex Trading

Forex trading is an investment vehicle that primarily focuses on taking advantage of currency fluctuations in the world market. Because of the inherent volatilities of currencies, forex trading is often considered one of the riskier forms of investment. However, recent advances in technology particularly in the improved accessibility to information and news that influence currency fluctuations have opened up forex trading to ordinary day traders instead of being solely in the domain of large financial institutions like corporations and national and central banks.

In a nutshell, forex trading is conducted via a foreign exchange market. The rationale behind the forex market boils down to the need to exchange cash in the conduct of various transactions. For example, suppose are based in the UK and you operate a small home-based business that sells unique artifacts from China for decorative purposes; when you purchase items from China, you need to pay for the artifacts in Chinese Yuan because this is the accepted currency there. You now have to “exchange” your British Pound in order to have the Chinese Yuan you need to pay for your goods.

Translating this into the global stage creates the forex trading platform where investors buy and sell currencies depending on the volatility of the currencies involved. For individual investors, these exchange markets include the spot market and the futures market. A spot market is where investors buy and sell currencies depending on the current price.

Transactions in this market require that you purchase a certain amount of currency and pay with another currency. You earn if, over the course of the trading day, you can manage to sell your acquired currency at a much higher value because the price for that currency went up. Conversely, you lose money when you buy currency which then devalues and you sold it at a lower price.

Forex trading in the futures market is more volatile and risky than spot trading but also offers considerably bigger payouts. In futures trading, the investor tries to anticipate where the exchange rate for any currency pair goes up or down after a certain period of time. If he or she gets it correctly, the payout can be as much as 85% of the initial investment; if he or she gets it wrongly, then payout can be zero.

Of course, the whole nature of forex trading is so much more complicated than what these descriptions can offer. Success in forex trading requires experience, whether on the spot or future markets, to be able to learn how to read the trends and news that influence the market. If you are up for it, take the time to study and learn so you can successfully put your money in foreign exchange investments.