If you have just got the renewal quote for your House Insurance and are not happy with the quote then there is a way to reduce the cost.
It is advisable to review the amount you are insured for at least every two years. The amount that you insure your house for is referred to as the Reinstatement Value or the Rebuilding Cost. Basically this the amount of money it would cost to rebuild your house in the unfortunate event that it burned to the ground.
If you have not checked the rebuilding cost of your house recently then chances are you will be way over insured. The reason for this is that it is now allot cheaper to rebuild a house than it was a few years ago.
Your house insurer will never tell you that you are over insured as they want to maximise profits. The higher your rebuilding cost the higher the profits are for the insurer.
A great guide to the amount you need to be insured for can be found by clicking on the following link
http://www.scs.ie/2010-SCS-House-Rebuilding-Insurance-Guide.pdf
This link is a PDF guide which you can download from The Society of Chartered Surveyors website. You need to know the approx Sq. Ft size of your house and the guide then shows you how to work out the up to date rebuild cost.
Armed with your new lower rebuild cost you can get your insurer to quote you a new lower premium.
Tuesday, August 31, 2010
Friday, August 6, 2010
Debt Legislation
Ireland is in urgent need of new personal debt legislation. There has been allot of talk from Politicians and organisations like MABS calling for help for our over indebted population. However little or nothing has been done to help families struggling with debt.
The time for action is now. We really cannot afford to wait any longer. Families across the country are struggling with loan and credit card repayments. Organisations like MABS, by their own admission, cannot cope with the numbers seeking their help.
In the UK there has been proper legislation put in place years ago and they really are light years ahead of Ireland. Anyone in the UK who is struggling with debt can avail of an IVA. This is basically an agreement that is negotiated with your creditors. A full assessment is done of a persons income and expenditure. After all necessary living expenses are accounted for an affordable monthly payment is agreed. This payment is then formalised legally by an IVA and the person can be clear of debt in 3 to 5 years.
Its not rocket science and works very well in the UK. In Ireland we normally copy quality legislation like this but to date nothing has been done. The Irish legislators really need to put under pressure to introduce something similar to IVA's here.
Without IVA's, those in debt are really at the mercy of their creditors. if you are unable to make your repayments on a loan or credit card you can find yourself in court. First to have a judgement for the debt registered against you and then to have an installment order against you. if you fail to make repayments under an installment order you can then face jail. This is a crazy system and how nothing has been done yet about this archaic system beggars belief.
Hopefully those in power will have some compassion soon and give people in debt a helping hand?? I really hope they do sooner rather than later.
The time for action is now. We really cannot afford to wait any longer. Families across the country are struggling with loan and credit card repayments. Organisations like MABS, by their own admission, cannot cope with the numbers seeking their help.
In the UK there has been proper legislation put in place years ago and they really are light years ahead of Ireland. Anyone in the UK who is struggling with debt can avail of an IVA. This is basically an agreement that is negotiated with your creditors. A full assessment is done of a persons income and expenditure. After all necessary living expenses are accounted for an affordable monthly payment is agreed. This payment is then formalised legally by an IVA and the person can be clear of debt in 3 to 5 years.
Its not rocket science and works very well in the UK. In Ireland we normally copy quality legislation like this but to date nothing has been done. The Irish legislators really need to put under pressure to introduce something similar to IVA's here.
Without IVA's, those in debt are really at the mercy of their creditors. if you are unable to make your repayments on a loan or credit card you can find yourself in court. First to have a judgement for the debt registered against you and then to have an installment order against you. if you fail to make repayments under an installment order you can then face jail. This is a crazy system and how nothing has been done yet about this archaic system beggars belief.
Hopefully those in power will have some compassion soon and give people in debt a helping hand?? I really hope they do sooner rather than later.
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