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Debt Management Plan
Debt management plan (DMP) is an agreement between a debtor and a creditor that addresses the terms of an outstanding debt. This commonly refers to a personal finance process of individuals addressing high consumer debt. Debt management plans help reduce outstanding, unsecured debts over time to help the debtor regain control of finances. The process can secure a lower overall interest rate, longer repayment terms, or an overall reduction in the debt itself. Overview DMPs for consumers are often negotiated by a credit counseling agency on behalf of the debtor. Credit counseling agencies often address the debt by working with the debtor to set a budget based on their regular income and expenditures that will then include one regular bill payment that is allocated across the creditor(s). Agencies will negotiate on behalf of the debtor to lower payments and interest rates with creditors. Some of the agencies are non-profits that charge no or non-fee rates, while others can be for-pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debtor
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt. Except in certain bankruptcy situations, debtors can choose to pay debts in any priority they choose. But if one fails to pay a debt, they have broken a contract or agreement between them and a creditor. Generally, most oral and written agreements for the repayment of consumer debt - debts for personal, family or household purposes secured primarily by a person's residence - are enforceable. For the most part, debts that are business-related must be made in writi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. It focuses on the regulation of conduct by both retail and wholesale financial services firms.Archived here. Like its predecessor the Financial Services Authority, FSA, the FCA is structured as a company limited by guarantee. The FCA works alongside the Prudential Regulation Authority (United Kingdom), Prudential Regulation Authority and the Financial Policy Committee to set regulatory requirements f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt-snowball Method
The debt snowball method is a debt-reduction strategy, whereby one who owes on more than one account pays off the accounts starting with the smallest balances first, while paying the minimum payment on larger debts. Once the smallest debt is paid off, one proceeds to the next larger debt, and so forth, proceeding to the largest ones last. This method is sometimes contrasted with the debt stacking method, also called the debt avalanche method, where one pays off accounts on the highest interest rate first. The debt-snowball method is most often applied to repaying revolving credit such as credit cards. Under the method, extra cash is dedicated to paying debts with the smallest amount owed. Methodology The basic steps in the debt snowball method are as follows: # List all debts in ascending order from smallest balance to largest. This is the method's most distinctive feature, in that the order is determined by amount owed, not the rate of interest charged. However, if two debts ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debtors Anonymous
Debtors Anonymous (DA) is a twelve-step program for people who want to stop incurring unsecured debt. Collectively they attend more than 500 weekly meetings in fifteen countries, according to data released in 2011. Those who compulsively incur unsecured debt are said to be engaged in compulsive borrowing and are known as compulsive debtors. DA encourages careful record keeping and monitoring of finances—including purchases, income, and debt payments—to get a clear picture of spending habits. This information is used to develop healthier spending practices, supporting one in keeping a reasonable quality of life while still repaying debt. Similarly, DA recommends developing plans for the future to increase income. DA's program is intended to facilitate a progressive personality change in its members, ultimately transforming their world views and changing their behaviors. In the mid-1990s, sociologist Terrell A. Hayes conducted in-depth interviews with a convenience and snowba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Counseling
Credit counseling (known in the United Kingdom as Debt counseling) is commonly a process that is used to help individual debtors with debt settlement through education, budgeting and the use of a variety of tools with the goal to reduce and ultimately eliminate debt. Credit counseling is most often done by ''Credit counseling agencies'' that are empowered by contract to act on behalf of the debtor to negotiate with creditors to resolve debt that is beyond a debtor's ability to pay. Some of the agencies are non-profits that charge at no or non-fee rates, while others can be for-profit and include high fees. Regulations on credit counseling and Credit counseling agencies varies by country and sometimes within regions of the countries themselves. In the United States, individuals filing Chapter 13 bankruptcy are required to receive counseling. Overview In the United States, the National Foundation for Credit Counseling was established in 1951. The modern practice known as ‘‘credit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Consolidation
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt, but occasionally it can also refer to a country's fiscal approach to consolidate corporate debt or government debt. The process can secure a lower overall interest rate to the entire debt load and provide the convenience of servicing only one loan or debt. Overview Debt generally refers to money owed by one party, the debtor, to a second party, the creditor. It is generally subject to repayments of principal and interest. Interest is the fee charged by the creditor to the debtor, generally calculated as a percentage of the principal sum per year known as an interest rate and generally paid periodically at intervals, such as monthly. Debt can be secured with collateral or unsecured. Although there is variation from country to country and even in regions within country, consumer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Foundation For The Improvement Of Living And Working Conditions
The European Foundation for the Improvement of Living and Working Conditions (Eurofound) is an agency of the European Union which focuses on managing research, gathering information, and communicating its findings. It was set up in May 1975 by the European Council to help improve living and working conditions across Europe, and was one of the first bodies established to work on a specific subset of EU policy. It is headquartered in Loughlinstown, County Dublin, Ireland. Role and mission The European Foundation for the Improvement of Living and Working Conditions (Eurofound) describes its role on its own information page as follows: Organisation It maintains a number of specialized operations monitoring and measuring conditions in Europe, including: * thEuropean Observatory of Working Life (EurWORK)* thEuropean Monitoring Centre on Change (EMCC)* thEuropean Restructuring Monitor (ERM)* Regular surveys on European working conditions, quality of life, and company policies on w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latvia
Latvia ( or ; lv, Latvija ; ltg, Latveja; liv, Leţmō), officially the Republic of Latvia ( lv, Latvijas Republika, links=no, ltg, Latvejas Republika, links=no, liv, Leţmō Vabāmō, links=no), is a country in the Baltic region of Northern Europe. It is one of the Baltic states; and is bordered by Estonia to the north, Lithuania to the south, Russia to the east, Belarus to the southeast, and shares a maritime border with Sweden to the west. Latvia covers an area of , with a population of 1.9 million. The country has a temperate seasonal climate. Its capital and largest city is Riga. Latvians belong to the ethno-linguistic group of the Balts; and speak Latvian, one of the only two surviving Baltic languages. Russians are the most prominent minority in the country, at almost a quarter of the population. After centuries of Teutonic, Swedish, Polish-Lithuanian and Russian rule, which was mainly executed by the local Baltic German aristocracy, the independent R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irish Congress Of Trade Unions
The Irish Congress of Trade Unions (often abbreviated to just Congress or ICTU), formed in 1959 by the merger of the Irish Trades Union Congress (founded in 1894) and the Congress of Irish Unions (founded in 1945), is a national trade union centre, the umbrella organisation to which trade unions in both the Republic of Ireland and Northern Ireland affiliate. Influence There are currently 55 trade unions with membership of Congress, representing about 600,000 members in the Republic of Ireland. Trade union members represent 35.1% of the Republic's workforce. This is a significant decline since the 55.3% recorded in 1980 and the 38.5% reported in 2003. In the Republic, roughly 50% of union members are in the public sector. The ICTU represents trade unions in negotiations with employers and the government with regard to pay and working conditions Structure The supreme policy-making body of Congress is the Biennial Delegate Conference, to which affiliated unions send delegates. On a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ireland
Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Great Britain and Ireland), North Channel, the Irish Sea, and St George's Channel. Ireland is the List of islands of the British Isles, second-largest island of the British Isles, the List of European islands by area, third-largest in Europe, and the List of islands by area, twentieth-largest on Earth. Geopolitically, Ireland is divided between the Republic of Ireland (officially Names of the Irish state, named Ireland), which covers five-sixths of the island, and Northern Ireland, which is part of the United Kingdom. As of 2022, the Irish population analysis, population of the entire island is just over 7 million, with 5.1 million living in the Republic of Ireland and 1.9 million in Northern Ireland, ranking it the List of European islan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swedish Confederation Of Professional Employees
The Confederation of Professional Employees ( sv, Tjänstemännens Centralorganisation, TCO) is a national trade union centre, the umbrella organization, umbrella organisation for 13 trade unions in Sweden that organise professional and other qualified employees in both the private and the public sectors. The affiliated trade unions represent about 1.1 million employees. In 2018, the TCO affiliated unions made up 37% of all active trade union members in Sweden (up from 17% in 1950), making the confederation the second largest of Sweden's three major confederations. The largest TCO affiliate is Unionen with 551,000 active members in 2018. TCO is independent and not affiliated to any political party in Sweden. TCO is an affiliate of European Trade Union Confederation, the European Trade Union Confederation and Eurocadres. History TCO is the product of two confederations that merged in 1944. The older organisation was the Confederation of Employees ( or DACO) founded in 1931 by seven ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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