Secrets of Bonding 96: Bullies, Banks and Bonding Companies

Growing up I was a tall kid, one of the tallest in my class. I was taught “not to fight,” so sometimes I became a target for (shorter) tough kids who wanted to push around the big guy.

Now that we’re all grown up, I’m glad to say that’s all behind us… or is it?

Let’s look at the case of construction companies. If you are a contractor, you may feel bullied sometimes, by VENDORS who purport to serve you. One of them could be your banker.

Banking Relations for Construction Companies

Working capital is an important financial resource for contractors, especially when starting up a new project. They may have to work for forty five days or more, paying out of pocket for labor and materials before they receive their first money under the contract. Bank credit can be a perfect solution for this.

The new contract is an asset for the company, and the bank can rely on this when lending money. But what happens when the contractor brings the bank a bonded project? They will refuse to lend against that job! Their position is that the rights of the surety conflict with their own.

Bonding Relations for Construction Companies

More bullies: Now let’s look at the surety side. When applying for bonding support, the underwriters ALWAYS ask about banking relations:

  • “Do you have a working capital line?”
  • “How much of it is currently available?”
  • “How is it secured?”
  • “If you do not have a bank line we want you to apply for one. It can help you get through a problem and prevent a bond claim.”
  • “The bank line can help you finance the start of additional projects without depleting your cash position.”
  • “If you are approved by the bank, it helps assure us that you also deserve bonding credit.”

Feel bullied? You should!

The reality is that construction companies may need both bank and surety support. In order to pursue public work (municipal, state, and federal contracts), surety bonds are mandatory.

The bonding company wants you to have a bank, but the bank doesn’t want to support bonded projects. You can’t win!

How to Clean Up Your Bad Credit – Credit Saving Tips and Strategies

Unsecured loans for bad credit are primarily designed to provide financial relief to individuals with a bad credit rating who may have been turned down by high street banks and other lending institutions. These sources of finance offer hope for people in this type of situation as funds may be granted without the borrower being subjected to a thorough credit check.

It is possible to obtain bad credit unsecured loans by fulfilling a few basic requirements in order to as certain that the borrower is eligible. The applicant must be at least 18 years of age and a resident of the United Kingdom. He should be in receipt of regular income and have a bank account with a direct deposit facility. The debtor’s proof of income assists lenders in determining how much will be loaned to the applicant.

Bad credit loans generally have higher interest rates than other standard financial products. This is due to the fact that there is a higher risk of non-payment on the part of the borrower. Another factor that exacerbates the element of risk is the fact that these types of credit are unsecured. This means that the lender does not have any form of security so he cannot automatically seize the borrower’s goods in the event of non-payment.Because of the risks the amounts lent are also lower than with secure finance. If you are considering bad credit loans as a solution to your financial needs, it is a good idea to take the above factors into account and assess what is available to you. As lending institutions are now conveniently accessible online, it makes it easier to find those that offer the best deals and the lowest Annual Percentage Rate. This enables you to compare quotes to find the best product to suit your circumstances.

In addition to this, you may find that some lending institutions will offer you bad credit loans with no fees. This will work further to your advantage as it means that you won’t have to pay any additional charges such as upfront fees, service charges and processing fees. So the only sums you will repay are the amount borrowed plus interest. Repayments for these types of products are usually made monthly for a period of up to seven years. The interest rate and the monthly payment can be fixed for the entire period until the whole amount borrowed is repaid in full. This makes it easier for you to budget as you know exactly how much you will need to set aside each month.

It is important to note that if you are unable to make the repayments on time then you should contact the lender to see if you can come to some arrangement. If you repeatedly fail to meet the payments the lender has the right to take action against you, which could involve a collection agency or legal enforcement. As this could cause further damage to your credit rating it is important to reach an agreement with your lender as early as possible.

Back on Track Loans specialises in finance which is specifically aimed at people with a poor credit history. We deal with many reputable lenders and offer more than 250 lending options including unsecured loans. This means that our friendly team can help you to find a low cost product to suit your circumstances.

Dollars and Sense: How Bankruptcy Lawyers Will Help You Out of Your Sticky Financial Situation

The word “bankruptcy” tends to strike fear into our hearts, especially if we’re going through financial trouble. But most people can’t see themselves ever filing for bankruptcy. The process seems like it’s made for failing businesses, government bodies, and other organizations. But personal bankruptcy laws exist to protect citizens who find themselves struggling with severe debt. If your finances drop into the red zone, taking the following steps will get you back on your feet:

Assess the Damage

Look closely at your financial portrait. If you owe large sums to multiple creditors, if collectors are calling your house, or if you find yourself paying for essentials with a credit card, you should start to consider remedying your situation. Begin by tallying up your financial assets – bank account balances, retirement funds, stocks and bonds, real estate, vehicles, and anything else of value. Once you have a grand total, compare it to the amount you owe. If your assets are worth less than your total debts, you should seriously consider filing for bankruptcy.

How Do I File?

You may voluntarily file for bankruptcy as soon as you determine it’s necessary. Alternatively, you may be compelled by your creditors to file. However your legal process originates, don’t try to navigate it by yourself. Get in touch with bankruptcy lawyers who will look closely at your circumstances and advise you on how to proceed. There are two different claims you can file, so an attorney will help you determine the legal route that best serves your interests.

Filing a Chapter 7 Claim

A Chapter 7 claim is fairly straightforward. If approved, this claim liquidates your assets and uses them to pay off a large chunk of your debt right away. In other words, it turns most of what you own into cash, and then distributes this cash among your creditors. It sounds scary, because you lose most of your holdings. But it’s not the end of the world – many people bounce back and rebuild their assets without all that debt holding them back. Especially with trusted bankruptcy lawyers on your side, this process can lead to a much-needed fresh start.

Filing a Chapter 13 Claim

Since they involve seizing most of the filer’s holdings, Chapter 7 claims aren’t great for people who own businesses, property, and other major assets. When you have large properties that you don’t want to lose, a Chapter 13 claim is the better choice. It allows people with consistent, predictable annual incomes to pay off debts over a three- to five-year grace period. Once a judge approves a Chapter 13 claim, creditors must stop contacting the debtor. The debtor then continues to work, paying off his or her debts as best they can during the grace period. No property or other assets are liquidated in this process.

Bankruptcy lawyers will tell you: filing isn’t so scary, and can drastically improve your situation. If you’re letting unpaid bills stack up and trying to ignore them, know that you can pursue legal options to relieve the stresses of debt and protect what you own.

One Man’s Treasures

We’ve always heard the saying that one man’s treasure is another man’s junk or one man’s junk is another man’s treasure. And if you’ll look at all the garage sales and estate sales, you’ll see just how true it is.

I remember my one and only experience putting some of my junk in my garage and having a garage sale. I was shocked by the number of people who bought the items that I was throwing out. I hadn’t even advertised it; I just put a sign on my front lawn saying that I was having a garage sale on a certain date and a lot of people just showed up to buy things.

As difficult as this was for me to believe, and I’m still shaking my head at the memory, I used to do a lot of things out of sheer boredom, namely paint huge paintings by number and then I’d buy lovely frames and hang these abominations of art in my living room. And they sold. I had even done a paint by number on black velvet that sold. That one wasn’t so bad but you couldn’t possibly describe it as art. And I wondered how the spouses of the customers who bought these things viewed these “treasures.”

Even in the best of times, I’m not a shopper. The worst punishment you can give me is to take me shopping and have me pick out merchandise that I like. It’s absolute torture. For the first half of my life, those nearest and dearest to me bought my clothes and brought them home to me to try on because they knew I wouldn’t go into stores of my own accord. And that’s why I was absolutely amazed at the number of people who showed up that day to pick through my junk.

Even now, all these decades later, I still shudder at the memory of all those people who stood out in the blazing sun waiting for me to open my garage door to let them in. Maybe if this were an estate sale I wouldn’t have been so surprised but it was from an ordinary house and I hadn’t even advertised it. I hadn’t even put up posters on telephone poles, as was the custom in those days. I had just put up a little sign on my front lawn giving the date and the time.

If anyone can explain the phenomenon of why perfect strangers would get such a delight in picking over someone else’s junk, and actually buying it, I wish they would explain it to me. For now, I just shake my head in wonder, just glad that I got rid of those atrocious paint by number paintings.

Combining the Love of Travel With a Home Based Travel Business

Merging the love of travel with owning your own travel business is perfectly doable!

Travel is an 8 trillion dollar industry and is expected to continue to grow in the next decade. It is a product that is always in constant demand. That means the world is your market!

Owning your own home based travel business will allow you to accomplish both goals. 1) Pursue your love of travel and 2) fulfill your dream of becoming an entrepreneur.

One of the great things about being a part of the travel industry is it allows you to become a student of the world. You learn about so many different cultures and political systems; see awesome and unique majestic scenery, landscapes and animal kingdoms. Not to mention, all the many ways in which to have fun!

You’ll be surprised just how easy it is to achieve your objective. One sure way is to become a certified travel agent. Certified travel agents sell travel that’s their business. They are an independent contractor. They also get to travel themselves at a significantly lower rate than the consumer. In fact, they are encouraged to do so. The more they experience the product they are selling, the more knowledgeable they will become. Remember, travel is a product and in business you have to know your product.

One thing to keep in mind though, travel is large. It’s impossible to be completely knowledgeable about all things travel. Therefore, it would be best if you focus on just a few targeted niche areas such as: cruising, wedding destinations, family vacations, etc. You should essentially become an expert in your perspective niche field. It could make you one of the most sought after agents in the business.

No experience is needed to become a certified travel agent. However, extensive training is required. In addition, hard work and persistent effort is a must. There are numerous resources in which to obtain training. You can enroll in a online home study course or attend college. However, the quickest and most direct way is to become an intern at an already established travel agency. Travel agencies are always looking for new recruits. A host agency will help you become certified and there is no license required..

If you are a highly motivated individual and are looking for a business opportunity that will allow you to become financially independent, then the travel business is an ideal choice.