About Flexible Mortgage Guide

Although there are a lot of mortgages that claim to be flexible, there are some things that define a truly flexible mortgage. There are four main characteristics you should look for when determining if a mortgage is flexible. These are:

· Being allowed to overpay

· Being allowed to underpay

· Being able to take payment holidays

· Interest is calculated daily

One of the best features of flexible mortgages is the ability to overpay. With traditional fixed repayment mortgages, there is no easy way for you to pay more than your fixed repayment each month. If you have a flexible mortgage, then you will have the ability to pay as much as you can each month. This means that during the good months you can speed up the process of paying your mortgage back. If you regularly overpay then you can save yourself thousands of pounds in interest payments.

Underpayments are another useful feature of flexible mortgages, but they should be used sparingly. If you are unable to make the repayment in a given month, then you can just pay as much as you can, effectively underpaying on your mortgage. Although this is good as it stops you from defaulting, there are penalties involved. The more you underpay, the longer the mortgage will last or the higher your repayments afterwards will be.

Payment holidays are similar to underpayments, but they let you completely halt payment for a period of time. Although this might sound appealing, there are usually restrictions. Lenders will not let you take a payment holiday unless you have overpaid in the past, and after your holiday you will have to overpay again to get the repayments back on schedule. However, payment holidays are useful for people who are self employed or who want to take a break from work for personal reasons.

Another benefit of flexible mortgages is the ability to borrow back money from your mortgage. If you have overpaid in the past but are now in need of extra cash to fund home improvements or some other purchase, then you can borrow the money back that you have overpaid. Although you will be changing your mortgage terms again, getting a loan at the rate of your mortgage is the lowest personal loan rate you can possibly get.

Information of Liquidation of Banks

The law regulating banking operations in Cameroon is however more extensive than the law under which it companies are formed and managed. Banks are regulated by a combination of legal regulations and principles derived from regional treaties particularly that of the commission bancaire des etats de l’Afrique central (COBAC). Indeed , it is a commission formed under the COBAC organization that approves the liquidation of a bank.

Liquidation is the winding up of the affaires of a bank for the reason of paying off its creditors in order of their preference and distributing what is left to the shareholders. Article 1 of Ordinance No 3 of 17/4/90 states that the rules of liquidation of banks are different from those of the ordinary laws. The principal distinguishing element between the rules for liquidation of a bank and that of ordinary companies is the fact that the liquidation of a bank cannot be ordered by a court, this is because Article 1 of law No 3 of 27/4/90 specifically prescribes that liquidations must be voluntary

In practice a bank goes into liquidation when its members by a resolution agree that the bank be wound up. The resolution winding up the bank also appoints a liquidator for the bank. Our banking law in Cameroonian terminology uses liquidation synonymously with the winding up and have varied a far reaching consequences.

The most important of these is the insulation of the bank under liquidation from all legal actions by creditors and third parties. By Article 3 of ordinance No 90/005 of19/9/90 all suits and actions pending against a bank in liquidation cease to exist against the bank on the appointment of a liquidator and lie instead against the liquidator.
It may be recalled that the banks are destroyed by corrupt officials who give out unsecured loans to friends , family members and political associates.

The relevant laws on liquidation appear to be directed at forestalling actions by creditors to recover from the banks in liquidation. Thus ,Article 59 of Law No 08/335 of 12/05/80 puts a limitation of 4 months from date of liquidation from bringing claims to recover capital investments in a bank. Similarly, Article 3 of the Law of 19//09/90 provides for the delay of law suits against banks in liquidation in very wide forms. This law does not say when such actions may be recommenced; hence it is considered unjust.

About Quick Cash

The simplest and the easiest way to obtain quick cash is the Automated Teller Machine – ATM. However, the biggest limitation of an ATM is that it will dispense only that much cash as is present in the checking or savings account. This is only an option in an emergency if the person has the cash they need on hand.

Some business firms need to move money fast. Several financial institutes have services to enable such firms and companies to transfer money. These money transfer services are very convenient. Single or multiple money transfers can be done around the world through a computer. Funds can be sent in just a few minutes. Cash can be received at the other end in the form of the recipient’s local currency. At times, these transfers are faster than bank wires. The pre-transaction fee is fixed and costs much lesser than sending a check across through courier.

Quick cash can also be obtained through a stored value card. This is a prepaid card that is used like a bank account. Funds can be deposited or withdrawn from the card. Transactions can be carried out only up to the amount equal to the value stored in the card. Cardholders can keep a record of all the transactions. Security and convenience are the major advantages of this card. These cards can be used globally.

Must Know about Financial Blunders to Avoid

Credit Restoration companies:

These companies will promise to correct your credit for a fee. You think they can do things for you that are only known to the insiders of the industry. Not true. They are no more privy to credit secrets than you. Simply put, there are reputable sources and scammers.

Scammers will promise you a new identity and claims of perfect credit within 6 months. They claim to be able to remove bankruptcies, charge offs, collection accounts and more. The truth of it is, they can do nothing more than you could do given you had the right tools which is nothing more than the law and education. On the other hand reputable sources can be used as a credit tool. Reputable companies will not tote miracles.

By researching laws, arguing over inaccurate credit reports and negotiating with creditors, you can improve your credit legally and ethically. Reputable credit repair agencies are rare in deed. You will not find droves of really reputable credit restoration companies because the reputable ones don’t operate solely as credit restoration. Usually they consist of financial planners, mortgage brokers and credit officers who, over the course of years in the field, have mastered how to effectively improve credit.

It’s not that they have special access to any miracle cure, they are simply in the business and know how the industry operates and can help you achieve maximum results is rebuilding your credit. Credit rebuilding takes time. You will not wake up tomorrow with perfect credit. It will take months of disputations, negotiations and proper use of new and established credit to see real changes that are positive.

Credit Restoration software:

You see the ads and think it must be some special top-secret credit repair software that will magically wipe away all of your bad credit. The companies tote that it’s “Amazing”, “Never before seen” and you are “so lucky to have found it”. Wrong! credit restoration software is nothing more than an electronic book of tips and tricks. Some offer legal solutions while others offer to teach you how to obtain false identities or new credit files. The Internet is a breading ground for these scams, taking millions of consumers for huge amounts of money every day.

What you will find once you purchase the software is usually nothing more than a few pages explaining how to apply for new credit or so-called “Build your credit fast” scams all to coerce you into spending more. There are some really good resources but many are books written by attorneys or credit specialists who know what you need to do in realistic terms to properly increase your credit score and build good credit.

Divorce Decrees:

If you are unfortunate enough to suffer through a terrible divorce then don’t make it worse by thinking the spouse is liable to pay certain debts. Many people think a divorce decree overrules a written contract. It does not. A divorce decree is simply what the judge has found fair for both parties to pay. It does not cover default. If you default on your debts thinking you can get out of them because the judge awarded the other party liable, you are wrong. Should those debts go delinquent, all parties who signed them or lived in a joint property state will be liable for debts incurred during the marriage.

Cosigning loans:

How many times have you cosigned a loan for one of your children? Probably at least once, as many parents have. This is O.K. if you implicitly trust your child and have the money to pay it in case they can’t, but if you know little about your responsibilities as a cosigner then think before you sign. First off, your credit will be affected if the payments are late.

The credit history is reported on the cosigners credit reports and can be calculated into your debt ratio when you apply for a loan later. You could be denied if your debt ratio is high because of co signed loans that you really are not paying. It doesn’t matter if you pay it or not, the liability is there for payment so it is included in your debt ratio. Your kids or brother may have the best intentions for paying the loan back but just know what you are putting at risk by signing that loan document. Your Credit!

Advanced fee loans:

These can be very sneaky to reveal as scams because many appear to operate as lending institutions. Advance fee loans are pure and simple: Fees paid before the loan. That means the scam artist or so called broker will charge you in advance to find you loans. They soon disappear with your money. Always check these so called advanced fee loan brokers out through your local consumer agency before you pay a penny.

Payday loans:

Payday loans are another trap. Simply put: If you do not have the money now, what makes you think you can pay back an advanced loan with fees in a week or two out of your paycheck? This is a bad cycle to get into and the industry makes millions off of desperate consumers.

Credit Card Insurance:

This is one of the biggest wastes of money. The fact is only a small handful of people will use this “Insurance” but the fees you pay out for it can really add up. They promise to pay your credit card payments should you become disabled or unemployed. That may be fine if you think that is a real threat in your life but on the average, the industry cranks in millions and most consumers never use the insurance.

In addition they reap the fees and if you are disabled or unemployed the insurance simply pays off their investment–Your Debt! So who is the real winner here? The insurance company ad the creditors. The other bad part of this offer is that they add it onto your credit card bill usually monthly or quarterly. That can add up because you are already paying interest on your debt, now you will be adding interest to your credit card insurance. Doesn’t sound like such a great deal anymore does it?

E-Invoicing

By mapping out your ‘as is’ process you will come to understand:

  • Why invoices fail
  • How e-invoicing can remedy problems in your process flow
  • How many invoices would be ‘in scope’ should you proceed with e-invoicing
  • What your ‘as-is’ cost is, and how much it will go down by moving to electronic
  • How many days it’s currently taking to process an invoice, and how e-invoicing would reduce the time
  • How, by reducing the number of days, your capturing of negotiated discounts might be favorably effected

Step One is likely to take you 3 to 6 months, but by the end of it you’ll be clearer and more realistic when you make your business case.

Importantly, knowing your cost-per-transaction is essential for negotiating effectively with the provider you end up signing.

Step Two: Know the vision of the company:

Process change makes sense to stakeholders when it is contextualized against the overarching ambitions of the company.

This means it’s worth taking the time to understand where the company wants to be in 6, 12 or 24 months’ time, and you can extrapolate that intention back to how e-invoicing might accelerate or bolster the realization of that goal. Take the time to lift yourself from the ‘day to day’ and understand where the company is headed. (Ask lots of questions, and really listen to the answers.) Then you can:

  1. Understand and communicate the wider purpose of e-invoicing and position e-invoicing as a key enabler for realizing goals
  2. Use the language of the senior management to present e-invoicing back to them
  3. Move e-invoicing up the priority list

This endeavor requires planning, and an investment of time outside your day job, but it will pay off down the road, when your CFO and CPO and CTO (Chief Treasury Officer) see e-invoicing as their single point of failure.

Step Three: Get procurement on board early

This is easier for an organization where Finance and Procurement are already aligned, already share reporting lines and objectives, and operate as one team.

But in organizations where this ‘joined-upness’ doesn’t exist, it’s common for Finance to own the project, because they get the more immediate gains, and involve Procurement almost as an afterthought. This can kill the project on the spot.

This is largely because e-invoicing is a supplier-focused program, and even though Finance, or rather Accounts Payable, pays suppliers, they are actually owned by Procurement. This means suppliers will listen to Procurement regarding the e-invoicing project first, and finance second. So if procurement are not brought in, or are at all dismissive of e-invoicing, your suppliers will feel this mood, and drag their heels in signing up.

This is perhaps the key to getting e-invoicing right, and so easily overlooked as a small detail. It’s not. It will make – or catastrophically break – your project.

When working with Procurement, consider the following:

  • Drivers – why are we doing e-invoicing?
  • Scope – all suppliers, invoice types, AP transaction types, countries?
  • Solution scope – just e-invoicing or an end to end solution?
  • Message – mandatory or optional?
  • Quality of the database – will the comms ‘land on the right desk’?
  • Signatory – how senior will the signatories be? The CPO and the CFO? (Ideally, yes.)
  • Targets – are Finance and Procurement KPI’d on the same targets?
  • The non-compliant – who will respond to the suppliers that resist?
  • Who will own the project? Perhaps Finance and Procurement together?

Investing time in seeking out a partnership from Procurement early on is fundamental to a successful project.

Step Four: Give the project a name

You will likely find that the nameless projects stay in project status for a long time, and rarely move to operational or ‘go live’. This is not a coincidence.

By giving your e-invoicing project both a pre- and post- contract name, you:

  1. Give it an identity which helps people ‘get it’
  2. Create interest and curiosity (‘what is this Globe project everyone’s talking about?’)
  3. Avoid confusion because you’re all talking about the same thing
  4. Heighten engagement and inspire greater emotional attachment, especially, I find, if you stay away from the obvious like Globe, Probe, e-Procurement Project – all decent names, but how about something more fun, like names of characters from movies or fiction? Or having a competition (with a really good prize) to come up with the most creative name?

Step Five: Know what you’re shopping for

What do you want? Is it a best-of-breed e-invoicing solution? Is it e-invoicing with dynamic discounting? Is it e-invoicing with workflow and routing, or an e-procurement functionality for your upstream procurement process? Do you need it to be VAT compliant and language sensitive because you are rolling out across multiple countries? And do you need to use their onboarding capabilities? (This is always advisable.)

Knowing what you want, and then capturing these requirements in a document is key.

You will have:

  • Commercial and business requirements
  • Process requirements
  • Scope requirements (impacting the legal treatment and the languages supported)
  • IT requirements (but these are probably weighted lightly, as all e-invoicing solutions I know of are system agnostic)
  • Resource or/and timing requirements

Then make sure that the companies you invite to respond to the RFP all offer similar-ish services, so you are not comparing one solution type against another completely different solution type in order to make a decision.

Step Six: Determine the cost of delayed-implementation

Quantifying the cost of doing nothing – ‘continuing as per’, and having this as a daily, weekly, monthly and annual figure, will help drive a deadline.

It’s advisable to build this figure with the main stakeholders, so they all agree on it, and understand that, allowing the project to slip by a month is actually costing the company X.

Having the daily figure will help drive the pace of the project.

Step Seven: Follow the best practices of the provider

The provider you end up selecting will have likely rolled out 20 – 100 e-invoicing programs (if it is one of the bigger providers like Tungsten, Ariba, Taulia or Tradeshift). This means you will be benefiting from their experience, which is now structured, and documented.

Some providers swear by their best-practices so much that they attach a guarantee to their invoice conversion.