Docklands Solicitor
Latest legal news from Docklands Solicitors, Kaslers Solicitors LLP.
Thursday, 30 October 2008
Shareholders - compulsory arbitration?
Companies might like to consider amending Articles of Association to require that all shareholder disputes to go to compulsory arbitration. This might avoid costly and embarrassing litigation.
Labels: shareholders arbitration
Monday, 27 October 2008
Difficult credit record?
If you have had a CCJ entered against you but you do not have a “runnable” defence, pay the judgment as soon as possible to avoid getting it listed as an unpaid judgement
Talk to Experian and Equifax to see if you can get the CCJ removed from your credit record
Even where you have a CCJ on your credit record , this does not necessarily mean that you cannot get finance - it all depends on the amount, how long ago and the circumstances generally
A mortgage broker friend of mine (I can put you in touch) tells me that these are the guidelines issued by one financial institution recently be aware that they are changing all the time
No doubt, there are other lenders out there who will lend in more difficult circumstances, but at a price
CCJs
The Lender may ignore Credit reference agency data in the following circumstances
Where there is a maximum of 1 satisfied CCJ/default for up to £250 in the last 3 years and / or
3 outstanding defaults of less than £50 each in the last 3 years
Any CCJ/Default regardless of the amount that was satisfied more than 3years ago will be ignored.
Arrears 1 month in the last 12 months and/or 3 months in the last 3 years. The Lender requires evidence that the default has been satisfied.
Bankruptcy
Cases where there is evidence that any applicant has been made bankrupt or has been the subject of an IVA are outside of the lenders Standard Policy, however in certain circumstance they will assess them on their individual merits subject to the below
Discharge must have been more than 4 years ago
Discharge must have been earned through repayment
Evidence of discharge must be provided
Any previous or current mortgage or loan must have been serviced satisfactorily
No element of criminal bankruptcy
An agreement in principle must be obtained prior to the applicant being submitted. Further information may be requested
Arrears greater than 1 month in the last 12 months and/or 3 months arrears in the last 3 years are not acceptable.
Repossessions
Where a mortgage property has previously been repossessed the case will be declined.
The Lender will judge customers with previous or existing adverse credit in a flexible manner and every case will be judged on its individual merits, along with the customer's ability to keep up repayments on the mortgage, taking into account his/her existing liabilities.
The Lender will consider cases of financial difficulty and mortgage arrears sympathetically.
The Lender follows the general principles of the Council of Mortgage Lenders' Statement of Practice on Handling Arrears and Possessions, including:
With your co-operation, developing a plan with you for dealing with your financial difficulties and clearing the arrears, consistent with both your interests and the Lender.
Possession of your property will be sought only as a last resort when attempts to reach alternative arrangements with you have been unsuccessful.
Labels: credit finance ccj bankruptcy
Thursday, 23 October 2008
Employment Law and the Credit Crunch
In more and more cases in the Employment Tribunal, there is an element of discrimination alleged, be it sex, race, religion, age, disability etc.
The burden of proof is on the employer to show why he made the decision to sack that particular individual.
Often, there is no documentation and find it hard to prove the thought processes in thus making it very difficult for the employer to succeed.
Call Michael Breeze on 07900 195 195 if you, an employer, are having to make changes or if you, an employee, feel that you have been unfairly treated.
Labels: employment credit unfair dismissal
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