The case of Evans v Cherrytree Finance Ltd  concerned unfair contract terms in relation to a loan agreement. The defendant company in this case ran a business which involved lending money to non-status, high risk borrowers on commercial premises.The claimant and his wife owned a property. The property was used for their antiques business in which they were partners. In 1993, part of the property was converted into residential accommodation. From that point on the claimant and his family lived in the residential part of the property (“the Residential Accommodation”).The Residential Accommodation and the business premises had separate addresses. Unfortunately, in 1999, the claimant’s wife initiated divorce proceedings and the partnership was dissolved. During the course of the divorce, the claimant’s wife secured an order for the property to be sold.Understandably, the claimant was anxious to prevent the sale. The claimant was granted four weeks in order to raise £150,000, which would facilitate the transfer of his wife’s interest in the property to the claimant.In order to pay the settlement, the claimant made an application to the defendant for a loan of £105,000. The application form for the loan was headed with the words “Commercial Loan”. The claimant gave his address as the Residential Accommodation and gave the address of the business premises as the property against which the loan would be secured. The claimant also stated on the application form that the purpose of the loan was to:- Repay an existing mortgage; and- To pay his ex-wife the balance due under his divorce settlement.The claimant soon defaulted on the loan repayments. Accordingly, in due course the property was sold by the defendant. The defendant realised the amount due under the loan, which also included a penalty fee.The claimant subsequently brought proceedings against the defendant. He claimed that he was in effect not bound by the terms imposing the penalty because they were unfair. The issue that arose to be determined by the court was whether the claimant was a ‘consumer’ for the purposes of Unfair Terms in Consumer Contracts Regulations 1999 (“the Regulations”).The claimant was deemed a ‘consumer’ for the purposes of the Regulations with regards to the loan made to him by the defendant. The judge was of the opinion that the claimant had not been borrowing for the purposes of his business, but for a purpose existing outside of his trade, business or profession. That purpose being to buy out his wife in divorce proceedings.Furthermore, it was held that the loan was essentially for personal purposes to enable him to have a place to live as well as work. Accordingly, the judge found that the Regulations did apply to the contract. This meant that the condition which imposed the penalty on the claimant was unfair.The defendant appealed against the decision.The claimant argued that the main reasons he took out the loan had not been related to his business, but that it was needed in order for him to establish himself. The defendant submitted that the claimant’s purpose had never been revealed to the defendant. The defendant argued that it had not been told that the claimant and his wife had lived at the property or that the loan was needed to provide the claimant with a place to live.The appeal was dismissed.It was held that in the circumstances of the case, the judge had been perfectly entitled to conclude that the loan was for a purpose outside the claimant’s business or trade.When considered objectively, it was decided that although the loan enabled the claimant to continue his livelihood, it was not the sole purpose of the loan. The court was unaware of the matters that had been taken into account when reaching the divorce settlement.It was decided that the statement on the application that the other purpose of the loan was to pay off a mortgage was equivocal. Furthermore, the court was of the opinion that the defendant could have deduced from the information it had been provided by the claimant that the claimant had been living as well as working in the property.
The popular alternative money solution of direct payday loan companies is often conveyed as a negative financial option. When applicants are in a hurry for emergency funds, the payday industry is looked at as a positive alternative loan. Too many folks are credit challenged and have limited access to any kind of money help.Secured loans are always an option for those who have personal property to use collateral or a guarantor to secure the loan. For those who do not own a home, own their vehicle outright or have items of value they are willing to back a loan, the direct payday lending companies are a breath of fresh air. For someone struggling to make payments, the last thing they want to do is risk losing their property.Some financial companies would suggest using a home’s equity to correct financial troubles. A loan against the equity would free up cash or at the least consolidate outstanding debt. Too many households are overwhelmed by credit card debt, student loan debt or both. Your credit worthiness will determine the availability of this option, but you may want to dig deeper into your personal finances to figure out of this is the best option for you. You must consider your ability to make on-time payments so you don’t end up losing your home. Taking unsecured debt and making it secured may be sold to you as a good option, but you have to protect your home and vehicles for your family and job security. It would be in your best interest to talk things through before you opt in for a line of equity.For many hard working people, they don’t own – they rent or still make car payments. When trying to prevent late payments from occurring at all many turn to alternative money measures. They are convenient to say the least. The added expense is often willingly absorbed into the mix in order to safeguard current budget matters.*Late payments lead to additional costs which will often surpass the amount in interest fees charged by payday direct loan companies. In many cases, the short-term loan is a more cost effective option in comparison to making late payments without them.*Credit card companies network within your credit report. Failing to follow through with proper payments or carrying full balance debt over a long period of time can and will send the message to other creditors that you are risky. Some of the more general consequences to these problems would be that other creditors will raise your interest rate, lower your credit limit or possibly cancel your card altogether. Any of these actions could completely change the way you handle your finances.*Applying for new credit lines will promote hard inquiries into your credit which drops your score a point or two. Too many of these inquiries send a message that you are desperate for cash. Creditors are not willing to open a new line of credit to someone who they fear is a risk.Since the best payday loan lending companies only check out your current money management through the most recent bank statement, credit scores or history will not affect the approval of a short-term loan. People who are seeking fast money and have current problems within their credit history will often turn to the short-term loan companies to obtain their fast cash advance. Quick money at a price is better for them than going without or creating further troubles within their credit report. Sometimes the best decisions are the convenient ones with the flexibility to work out of bad financial situation without the credit bureaus showing any record. Simple fast and easy payday loan lenders will pay for themselves over the long-run.
Posted in Loans
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So you have found that dream job you have been looking for. You have painstakingly completed your application form, delivered a well prepared interview and now you are waiting for that “your hired” phone call! But while you sit patiently waiting for your phone to ring, what are your prospective employers doing? What did they do to get to this stage? Most important of all, can this knowledge give you the edge on your competitors?The advert:Most vacant jobs will be found via an advert. The choice of publications for an employer is continually growing, with preferred media including, newspapers, magazines, specialist publications, and of course the internet. Whatever the media, the principle is the same. An advert will be designed to get the attention of the employer’s ideal candidate. The advert will be basic while containing all of the information essential to the ‘would be’applicant. Details may include the closing date, salary, basic duties and requirements of the post and possibly some background information on the company offering employment.It is worth remembering that there will be information in the advert which should aid the completion of an application form. Employers will be detailing what they are looking for and the activities that the job will fill. It will be worth baring this in mind while applying for the role. Be warned however, although most jobs accept application forms up until a closing date, some employers reserve the right to close a job early on receipt of sufficient application forms.The shortlisting:Once the closing date has passed or sufficient application forms have been received, the shortlisting process begins. Some application process will be completed through specialist websites (such as NHS jobs). In these cases it is possible for application forms to not even reach the employer if the applicant does not meet the minimum requirements of the post. For those application forms that do get through, the employer will assess each application against the essential criteria of the person specification. The employer will often go straight to the personal statement/or supporting information sections, as it is here that the employer will be expecting to see how you have demonstrated that you are right for the job (assessed against the person specification). Employers will often have in mind the number of people they would like to interview. In this case applicants may also be assessed against desirable criteria. If you are unsuccessful in being selecting for interview, most employers will not inform you and if you have heard nothing after a month, it’s fair to assume you have not been selected. Many employers will prefer to communicate by email.The interview:In being selected for interview, you may be given anything in terms of notice. How much notice you are given will vary greatly but usual practice will be anything from 2 weeks to 2 days, so it’s important that the necessary arrangements are in place with your current employer just incase you are successful. In preparing for interview it is important to assess yourself against the person specification of the job. Try to think of how you can fulfil each requirement and be prepared to give practical examples of each. These examples to not have to come from your current employment, they are just as valid if they come from your personal life too. If you do not fulfil a certain aspect, it is important to be prepared to state how you can fulfil the post regardless, and even better if you can show how your are taking active steps to correct or improve any weak areas.Employers will often ask about you in general and will always ask if you have any questions for them. Try to think of these in advance as employers will appreciate the proactive person who has taken the time to think about this. Remember all questions will relate to the job in some way, even if it is not obvious! Finally it is always recommended to be punctual, polite and attend any job interview with a smart appearance. Once the interview is over, employers may take anything up to a week to make their decision on who to employ. All candidates will be telephoned with a decision either way, with the successful candidate usually being the last contacted.
Posted in Employment
Tagged casual employment, employ employment, employment, employment at will, employment bond, employment contract, employment gap, employment law, employment lawyer, employment news, gaps employment, the employment