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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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York State Bar Association
The New York State Bar Association (NYSBA) is a voluntary bar association for the state of New York. The mission of the association is to cultivate the science of jurisprudence; promote reform in the law; facilitate the administration of justice; and elevate the standards of integrity, honor, professional skill, and courtesy in the legal profession. History NYSBA was founded on November 21, 1876, in Albany, New York, and then incorporated on May 2, 1877, by an act of the state legislature. Its first president was David B. Hill. Elliott Fitch Shepard helped found the association and, in 1884, was its fifth president. Among the reforms to the legislation signed into law that had created the association was the removal of the restrictions on the admission of women to the practice of law. In 1896, NYSBA proposed the first global means for settling disputes among nations, what is now called the Permanent Court of Arbitration at The Hague. Its protocol for legal ethics ensued fr ... [...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, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian language, Italian , literally meaning . 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. However, the existence of such a ritual is doubted. 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 "debt slavery" until the creditor recouped losses through their Manual labour, physical labour. Many city-states in ancient Greece lim ... [...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: # 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 are very ... [...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 snow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Counseling
Credit counseling (known in the United Kingdom as debt counseling) is a process used to help individual debtors overcome their debt through financial education, budgeting, debt management plans (DMPs) – known in the United Kingdom as the individual voluntary arrangement (IVA) – and a variety of other tools with the goal of reducing and ultimately eliminating debt. Credit counseling is often provided by credit counseling agencies (CCAs). These agencies work with consumers to help them understand their financial situations and explore the best ways to repay their debts. Regulations on credit counseling and credit counseling agencies vary by country and sometimes within regions of the countries themselves. In the United States, individuals filing bankruptcy are required to receive credit counseling. Overview In the United States, the modern practice known as ‘‘credit counseling’’ was initiated by creditor banks and credit card companies during the mid-1960s to addres ... [...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. Debt consolidation is sometimes offered by loan sharks, charging clients exorbitant interest rates. Further regulation has been discussed as a result. 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 monthl ... [...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 at Wyattville Road, Loughlinstown, County Dublin, D18 KP65, Ireland. Governance The foundation is overseen by a Management Board, executive director, and deputy director. The Executive Board meets once a year to set budgets and policy, and to decide on one-year and four-year work programmes. The current director, Ivailo Kalfin, was appointed in June 2021. The deputy director is Maria Jepsen. The foundation budget (21,8M euros in 2021) comes from the general European Commission The European Commission (EC) is the primary Executive (government), e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latvia
Latvia, officially the Republic of Latvia, is a country in the Baltic region of Northern Europe. It is one of the three Baltic states, along with Estonia to the north and Lithuania to the south. It borders Russia to the east and Belarus to the southeast, and shares a Maritime boundary, maritime border with Sweden to the west. Latvia covers an area of , with a population of 1.9million. The country has a Temperate climate, temperate seasonal climate. Its capital and List of cities and towns in Latvia, largest city is Riga. Latvians, who are the titular nation and comprise 65.5% of the country's population, belong to the ethnolinguistic group of the Balts and speak Latvian language, Latvian. Russians in Latvia, Russians are the most prominent minority in the country, at almost a quarter of the population; 37.7% of the population speak Russian language, Russian as their native tongue. After centuries of State of the Teutonic Order, Teutonic, Swedish Livonia, Swedish, Inflanty Voi ... [...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 organization, 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 unio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ireland
Ireland (, ; ; Ulster Scots dialect, Ulster-Scots: ) is an island in the North Atlantic Ocean, in Northwestern Europe. Geopolitically, the island is divided between the Republic of Ireland (officially Names of the Irish state, named Irelanda sovereign state covering five-sixths of the island) and Northern Ireland (part of the United Kingdomcovering the remaining sixth). 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 in the world. As of 2022, the Irish population analysis, population of the entire island is just over 7 million, with 5.1 million in the Republic of Ireland and 1.9 million in Northern Ireland, ranking it the List of European islands by population, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Swedish Confederation Of Professional Employees
The Swedish Confederation of Professional Employees (, TCO, literary ''White-collar workers' Central Organisation'') is a national trade union centre, the umbrella organisation for 12 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 1.2 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 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 private sector white collar unio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
