| Asset Protection Associates offer the Independent Answer to IVA ...
As Britain's debt crisis deepens to a new record, more people than ever before are facing serious financial difficulties and bankruptcy. Whilst for many the arrangement of an
Individual Voluntary Arrangement (IVA) may be the answer, there is now mounting concern regarding the unscrupulous tactics used by many firms offering to set up IVA's. Last
month The Office of Fair Trading censured 17 IVA firms for misleading advertising. Many others have bee n criticised for persuading borrowers into an IVA when a more suitable and less expensive solution should have been found.
One company however - Asset Protection Association Ltd (APA) - has adopted a totally different approach. Instead of being tied to one particular insolvency practitioner APA is completely independent.
Fincorp owner paid himself $10m
THE owner and former executive chairman of the failed property investment and development group, Fincorp, took more than $10 million in salary, fees, dividends and interest-free loans from the company even as it teetered on collapse. Eric Krecichwost paid himself a salary of $1 million in 2005, his last year as an employee of the Fincorp Group, but also charged the company another $2.2 million for management services that were provided by other companies controlled by him. At the same time, Mr Krecichwost and another of his companies were given just over $6.7 million in interest-free loans, of which $4.7 million went to "related parties" of the ex-chairman, thought to be him personally. According to information contained in Fincorp's 2005 annual accounts, the most recent available, the crippled group also paid a dividend of $1.2 million.
Be Wise By Consolidating Your Credit Card Debt And Saving Money!
It is essential once you decide to consolidate your debt to evaluate if you are going to be saving money while at it. This is a critical issue because, though you may end up paying lower monthly installments, the consolidation loan may turn up to be more onerous than your current outstanding debt. Thus, unless you cant handle your payments in another way, you should consider other alternatives. So, unless your only option is to lower your monthly payments by extending the repayment program and coping with a higher or similar interest rate, you should try to get the best deal on your consolidation loan with the lowest interest rate available and only extend the repayment program if you need low monthly payments. If you can afford higher payments, you should do so because that way you would be saving money while at the same time shortening the time needed to be debt-free.
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