If your business is running along quite nicely under it’s own steam, you may wonder what a mentor would add to your situation.

As an entrepreneur, you often just don’t have the experience and skill sets to handle everything that gets chucked at you during the hectic life of running the average business; so why not take advantage of every offer of help there is?

A fresh pairs of eyes that sees without the restrictions of emotional ties will identify issues and opportunities not always realised when working so close to the business.

The point is that a good mentor has already probably dealt with all the issues you are currently facing, and many times, which means you don’t necessarily need to go through the often expensive learning curve on your own; after all they will have already developed and run successful businesses themselves, often many times over.

The relationship developed with a good mentor will give you access to a springboard for bouncing off your ideas as well as gaining suggestions and fresh inspiration for you and your business that can move you forward with more confidence.

This is especially worthwhile in a start-up situation where perhaps you are transferring from employment to self-employment and you need to assess where the most energy will be put to best use; such as setting targets and deadlines.

When a new company is starting out or an emerging business is forging new paths, a mentor can prove invaluable with their influence and access to networks and contacts particularly in certain business environments and industries where they may have established many years credibility.

The list of potential benefits a mentor could bring to your business is endless. All kinds of value can be brought to a business depending often upon the individual requirements of the entrepreneur; however, you can be certain of one thing, a strong relationship with a mentor could really help your business thrive.

Richard Pachucki is a Consultant, Interim Manager and Slayer of Business & Marketing Dragons at McCormack & Company. 33-years specialising in companies in the up to £5M t/o bracket; typically, they are businesses that are looking to grow or expand aggressively and needing marketing, sales and business strategies. To get Richard working for you call 0845 057 3267 or visit www.richardpachucki.co.uk.

For any business to enjoy any success it needs to have a business plan. This isn’t merely a requirement to make it easier for lenders and investors to understand your bigger picture when you’re starting out. Although any business owner who’s attempted to get funding without one will tell you it’s virtually impossible to be taken seriously if you don’t have one – and a strong one too.

So apart from making the correct impact on any lenders to enable loans or credit to fund your business, you need really a business plan to ensure your goals are available to everyone involved so that you all understand what your short and long-term targets are and exactly how they will be achieved. Remember, it’s supposed to be a work-in-progress too, a flexible framework for meeting any contingencies.

So given the overwhelming benefits of every business having one, it’s pretty difficult to comprehend just why every MD/Owner business doesn’t. It’s all about working out what you want and structuring your business to make those goals attainable or as close to attainable as possible. You don’t have to be a business marketing genius; here are some of the many areas your business plan can help you to:

• Devise your direction including your UPS (unique sales proposition)
• Bring structure to you ideas so they ‘fit’ with your business
• Help to keep your business ahead of the competition
• Identify your precise customer base by establishing their needs
• Develop your marketing strategies to keep and gain new customers
• Establish and manage budgets
• More accurately project potential growth
• Anticipate the changing needs of your business as it grows

As we all know changes can occur over weeks or years; so although your business plan will be comparatively reliable, it should change too enabling a smoother ride over tougher times.

Not having a business plan might seem alright at first, but you can now see why it’s essential. In order to start a business and have it grow and thrive properly, a business plan is of supreme importance to you.

If you really don’t have the time to write a business plan yourself, perhaps you can consider outsourcing it to a professional business plan writer who can provide crucial input to its development. Remember though, the process is just as valuable to you as the end result.

Richard Pachucki is a Consultant, Interim Manager and Slayer of Business & Marketing Dragons at McCormack & Company. 33-years specialising in companies in the up to £5M t/o bracket; typically, they are businesses that are looking to grow or expand aggressively and needing marketing, sales and business strategies. To get Richard working for you call 0845 057 3267 or visit www.richardpachucki.co.uk.

The Government is seeking to ban credit card practices such as increasing the APR on existing borrowings, assigning repayments to the cheapest debt first, and raising credit limits unexpectedly.

Aside from this new set of proposals, the Treasury Select Committee has issued a separate report to MP’s on how credit card providers determine the interest rate that customer are offered when applying – if they are accepted at all.

Most lenders use “rating for risk”, where the interest rate is determined by their credit rating, and is offered after an application has been accepted. It’s then up to the customer if they accept the rate on offer. The report claims that this restricts consumers’ ability to shop around for the best rate, because of fear that multiple searches on their credit file will harm their rating and make it difficult to get credit elsewhere.

Whilst it is true that lenders are able to see what other applications for credit you have made recently, the notion that search footprints is one of the major factors in determining whether your application is accepted is greatly exaggerated, as we reported earlier this year.

By using your credit rating to determine who gets your business, you not only stand a much better chance of them saying “yes” first time around, but also of getting the typical rate on offer. You can see which lenders are matched to you using a Free Credit Score Service, or for even greater accuracy, check your credit report online and you’ll also be able to check that all the information held about you is as it should be.

Consumers attempting to get credit card or loan balances written off by exploiting legal loopholes are facing the unwelcome choice of either repaying their debt or severely damaging their credit rating.

A test case in the High Court saw a judge rule on a £17,034 RBS loan. The judge ruled that although a lender may not take enforcement action when in breach of the Consumer Credit Act 1974, (in this case specifically because the bank chose not to supply a signed statement of account when it produced the consumer credit agreement, and was therefore in breach of section 77(1) of the Act), the obligations of the original contract are still valid, clearing the way for RBS to continue to pursue repayment.

If a lender is unable to take ‘enforcement action’, this means that they aren’t allowed to take the usual legal routes to recover the debt, such as obtaining judgment, sending in bailiffs, obtaining charging orders and so on. Instead, they will be within their rights to continue to press the consumer for repayment, including the use of debt collectors, to lodge the record of any default with credit reference agencies, to claim any credit balances held under rights of set-off, and to rely on any security they may hold such as mortgages or guarantees.

Around 100,000 claims for ‘unenforceable debt’ are believed to have been lodged with the courts to date. Over 3000 Claims Management Companies (CMC’s) have sprung up as a result. The majority of claims are based on the notion that original documents are not legally enforceable, especially in cases where the lender is unable to produce original copies.

As sometimes reported previously, most claims stand very little chance of success, and a number of CMC’s have actually been banned from operating due to misleading advertising and over-inflated charges. Perhaps this latest ruling will sound the death knoll for many of them.

Any default lodged with the UK’s three credit reference agencies will remain on file for a period of six years, making it very difficult to get credit in what is already a tough economic situation. A good credit rating is vital in securing credit, and also determines the rate you’ll be asked to pay.

Banks, lenders and claims management companies were in agreement agreed today when deciding that there shouldn’t be any High Court test cases about unenforceable credit agreements – and even voted for some claims to be decided by rapid trial.

Judge Derek Halbert, the designated civil judge for Cheshire, consulted with interested parties over the possibility of potential test cases being heard in the High Court to deal with specific issues.

The consultation followed a recent case in which Judge Halbert ruled in favour of a consumer and means that claims against unenforceable credit agreements will now proceed through county courts.

Leading financial claims management company Ratio Money was at the consultation and welcomes today’s agreement. Managing director, Matthew Porteus, explained:

“This is a great day for consumers. The decision means people can exercise their rights under the Consumer Credit Act and fight back against the sneaky tricks that the banks have employed for years.

“We always knew that, legally, there could not be any argument over clear cut cases of credit agreements that breach the Consumer Credit Act and so we could never see any reason for these cases to be held up by the courts.
“But thanks to the fast-tracking of some cases, we will very quickly gain clarity on the ‘greyer’ areas of the law.”

Ratio Money is the only claims management company to provide comprehensive manual audits of client credit agreements.
These audits scrutinise the credit agreements much closer than computer-generated reports and address all areas of mis-selling.

When the audit shows the agreement is unfair or unenforceable, The Claims Warehouse in partnership with Ratio Money work with a panel of specialist solicitors to fight for recompense.

Email us today to discuss having this service working for you.

Consumers overwhelmed with debts are unlikely to be able to write-off credit card debt due to unenforceability

James Charles for Times Online writes:

A judge has frozen more than 100,000 claims by indebted borrowers attempting to write-off credit and loan debt by using a loophole in the law which could make the contracts unenforceable.

In a hearing last Friday in Chester County Court, Judge Derek Halbert announced that all cases have been put on hold pending the outcome of “a few carefully selected” test cases in the Commercial Court in London.

The ruling means that over-indebted borrowers will have to carrying on repaying loans until a judgement is made.

In the meantime, consumers have been warned not to fall for adverts by claims handlers promising to wipe out credit card debt alleging that agreements put in place before April 2007 are potentially unenforceable.

Daniella Lipszyc, a solicitor at Ultimate Law, a law firm, said: “The ruling by His Honour Judge Halbert is a landmark decision that will have massive implications on cases involving the enforceability of credit agreements.

“After a number of early wins, many claims management companies have jumped on the band wagon, promising desperate consumers that they can write off credit card balances.

“In reality, cases have simply ground to a halt as banks and lenders up their game and become more clued up on the Consumer Credit Act and subsidiary legislation. It’s now extremely inappropriate and misleading for any company to promise to write off balances in light of this judicial move.”

Last week the Solicitors Regulation Authority (SRA) announced that it was investigating ten claims management firms for misleading customers over the prospect of writing off debts.

It also warned consumers to be wary of statements suggesting that 80 per cent of credit agreements and unenforceable.

Antony Townsend, chief executive of the SRA, said: “These ads appear to offer an easy way out of difficulty to people who have debts they are struggling to pay. But many credit agreements do meet the legal requirements and, therefore, can’t easily be challenged as unenforceable.”

As seen on Newsnight on Monday 14th January! Featuring Martin Lewis the Money Saving Expert from MoneySavingExpert.com – this is the music video to the bank charges anthem. “I fought the Lloyds” …

If you have been charged an administration fee by your mortgage provider for ending your mortgage then a cheque could be coming your way.

Mortgage Exit Administration Fees (MEAFs) also known as:

• Deed Release Fees
• Sealing Fees
• Final Administration Fees
• Discharge Fees
• Final Redemption Fees

These are the fees you paid to end your mortgage contract. This may happen when you switch at the end of a fixed interest rate period or when the mortgage is paid off.

These fees are supposed to deal with legitimate expenses your mortgage company incurred such as releasing the deeds etc; however it is unfortunately the case that these fees have become yet another money making business for lenders at your expense.

It’s reported that an average charge is £250. Lenders should either charge no fee, or the original fee in the contract if that can be justified. Even agreed fees should only deal with actual expenses incurred such as deed release fees, land registry charges, staff processing costs and a reasonable proportion of general overheads.

Specialist claim lawyers, who are experts in consumer justice, are easily able to challenge these fees on your behalf. It takes minutes to do and won’t end up in court.

If you want to discuss having this service working for you, email us.

Are you one of the many thousands of people who have taken out loans, credit cards or mortgages and sold an insurance policy along side it? Then there’s a possibility you have a MIS-SOLD PPI. If so you are probably owed £000′s in compensation; the average is reported to be around £3,000.

Actually it is not the loans that give rise to your possible claims for thousands but the PPI, (Payment protection Insurance, Income Protection, loan insurance), that was sold alongside it.

Payment Protection Insurance, or PPI, is insurance that will pay out a sum of money to help you continue paying your monthly payments on credit cards, store cards, catalogue payments, mortgages and your car loan if you are unable to work. This is normally as a result of sickness, accident or unemployment and due to no fault of your own.

If you have this insurance on any of your loans or mortgages then there is a good chance you have a claim for thousands. From these: Natwest, RBS, Northern Rock, HBOS, Lloyds TSB, HSBC, Halifax, Bradford & Bingley, Barclays, Alliance & Leicester, Abbey (or any other bank or building society).

TOP 10 GROUNDS FOR COMPENSATION

1. You were under 18 or over 65
2. You worked less than 16 hours a week
3. You were employed on a temporary or contract basis
4. You suffered from stress or backache
5. You had an existing illness
6. You were aware you may become unemployed
7. You were not told about the cost of the insurance (or not told you were buying it at all)
8. You were not asked about any other insurance you had
9. You were told the insurance was necessary for you to get the loan
10.You were not told that the same policy could potentially be bought cheaper elsewhere

If any of these apply to you, then you probably have a valid claim for a full refund. Email us today to discuss having this service working for you.

It’s important to realize that claiming won’t affect your credit rating and services should be FREE to find out.

A bridging loan is an interest-only short term loan secured on a 1^st or 2^nd charge basis on land or property. The easiest way to explain the most popular uses for a bridging loan is to list the following:

1.      To buy a new property before selling an existing property.

2.      To buy a property at auction. Completes far quicker than a mortgage.

3.      To buy a defective property; one that you wouldn’t normally be granted a mortgage on or requires a retention.

4.      For property refurbishment; buying a property, renovating and selling.

5.      Land acquisition whilst awaiting planning permission.

6.      Property development.

7.      Building a buy-to-let portfolio.

8.      Purchasing a property quickly for any reason.

9.      To enable a quick purchase from a desperate seller.

10. To release equity from your own property.

11. To raise money quickly for short-term cash flow as an alternative to your bank.

12. A rescue package if facing repossession.

13. Annulling a bankruptcy.

Bridging loans can be very flexible and are available for people for good or bad credit history and even self employed or limited companies without current accounts. Loans from £15,000 – £5million can be arranged on first or second charge basis.

Email us today to discuss Bridging Loans.