ii (a). Define a debtor and creditor agreement
Basically, a debtor and creditor agreement or consumer-credit agreement is regulated by the Consumer Credit Act 1974. It may be either (1) a restricted-use credit agreement to finance a transaction between the debtor and a supplier in which there are no arrangements between the creditor and the supplier. For instance, when a loan is paid by the creditor direct to a dealer who is to supply the debtor (2) a restricted-use credit agreement to refinance any existing indebtedness of the debtor's to the creditor or any other person (3) an unrestricted-use credit agreement such as a straight loan of money that is not made by the creditor under arrangements with a supplier in the knowledge that the credit
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It usually implies that the debtor has received something from the creditor, in return for which the debtor has promised to make repayment at a later time. The relationship between a debtor and creditor can be positive if everyone follows the terms that were agreed upon at the onset of the contract, but it does not take too much of sentiment to turn negative if one party fails to hold up the bargain. The debtor-creditor relationship can be made up by many different individuals, business and parties that make the financial system operate. For example, the relationship between retailer and supplier. While it is the function of a retail outlet to sell merchandise to customers, business activity would not be possible without a supplier to provide the inventory. New retail and supplier relationships are developed everyday as product developers seek to obtain the greatest distribution possible. Upon delivery, a retailer may sign a contract for new merchandise and the supplier will likely mail a bill to the business at a later date. Debtors and creditors in a retail situation may agree to some incentives, such as discount pricing in exchange for placing orders of a certain size. This illustrated the debtor-creditor relationship between a retailer and
A credit transaction is when a consumer purchases a good or service and pays in the future. The use of a credit card can be useful as it is convenient, saving time and trouble. However, due to the extensive use of credit cards in Australia, legal issues has arisen such as the inability for consumers to repay their debts, unfair contract terms and inadequate procedures of credit providers. Prior to 1996, the Credit Act 1984 (NSW) was introduced as the only piece of legislation that regulated customer credit. However, because it only offered protection for less than 20% of consumers, the Consumer Credit Code was established in 1996 under the Consumer Credit (NSW) Act 1995 (NSW). This code is a set of uniform national rules about consumer credit transactions and has been adopted by all governments throu...
The concept “credit crunch” was firstly introduced during the Great Depression of the 1990s. It refers to a reduction in the availability of loans and other types of credit at a given interest rate. Under a condition of credit crunch, banks are supposed to hold more capital than other time and become reluctant to lend with a fear of bankruptcies and defaults. In the 1990s, shortage of financial capital and low-quality borrowers forced the banks to reduce the loan supply. But that one of 2007 was more complicated than ever before.
The claimant is a female (DOB 12/21/1977) who works as a Technical Customer Service Support Tier II Advisor who is claiming disability from 10/15/2017 onwards. The physical requirements of her job include multitasking; listening and talking to the customer, while typing to research issues, and to review and update the customer account information; and continuously using keyboard and mouse.
1 Determine if bankruptcy is the best option for you. Bankruptcy should be considered your last option, and should only be used if you have exhausted all other possibilities.
Nearly every aspect of law enforcement has a court decision that governs criteria. Most court rulings are the result of civil lawsuit towards a police officer and agency. However, currently, there is no law that mandates law enforcement driver training. When it comes to firearms, negligence by officers has resulted in a multitude of court rulings. Popow v. City of Margate, 1979, is a particularly interesting case that outlines failed firearms training by an agency. In this case, an officer chasing a suspect during a foot pursuit fired at the suspect, striking and killing an innocent bystander (Justia.com, 2017). The court ruled that the agency was “grossly negligent” of “failure to train” (Justia.com, 2017). As a result, nearly every agency requires annual firearms training and has written policy concerning the same. Officers must show proficiency in firearms use every year to maintain their certification. Many states even impose fines on officers for
There’s a lot more to being in debt aside from the fact that you owe more than you currently own. In addition to having balances that you need to pay, you also have to deal with calls from collectors or reminders that the bill is overdue — every single day. This alone is enough of a nuisance to make one want to run away from the debt and forget about it. Fortunately, there are ways to solve the problem of debt. One of these is debt settlement.
Cliff A. Robb and Deanna L. Sharpe began their article “Effects of Personal Financial Knowledge on College Students’ Credit Card Behavior” with clarification regarding the study and also a succinct historical introduction to the ‘invasion’ of credit card companies on college campuses. Their study was based on the analysis of survey data composed from 6,520 students at a grand Midwestern University. This study revealed that financial knowledge was a compelling factor in the credit card decisions regarding college students.
A supplier is a company that provides services and goods that meets their consumers’ wants and needs. All supply companies want to feel valued by the company that they supply, that’s the aim of the suppliers. When the demand for finished goods at Debenhams, for example: Rocha John Rocha jeans, the businesses are more likely to supply their consumers more. This depends on the raw materials’ availability and if the suppliers are willing to supply Debenhams with more finished goods. The competition for raw materials to produce the jeans may be a bit difficult to buy because the demand for the materials is higher and the suppliers may not have enough raw materials to sell to produce the
In the future, when other manufacturers are looking for a good distributor to do business with, the manufacturer might look at the distributor’s history of poor relationships with other manufacturers and customers. Since manufacturers do not want to conduct business with distributors who have a bad reputation, they will do business with another distributor, which will result in profit loss for the distributor with the bad reputation. For example, if there is a problem between Amazon and Dell, then Amazon might lose customers who were looking for Dell computers. This will also affect Dell, because customers might buy computers from other companies, resulting in losses for
What special measures should bank, government and customers take to prevent the growing problem of credit card fraud?
Buyer-supplier relationship established since human beings started to trade goods and services. The relationship developed naturally over time after buyer and supplier developed trust and friendship which was supported by quality of product and services (Wilson. D.T, 1995). The relational development is accelerated as firms attempt to improve their relationship to achieve company goals. At the same time, the expectations in the performance have increased, and this has making the satisfactory relationship became more difficult.
Mortgages, car loans, student loans, and having children, are all situations that can drive families to the overwhelming doom of debt. Debt is mostly overlooked for the simple reason that it may be considered normal. Certain types of debt like car and mortgage payments are almost expected. Debt is sometimes very difficult to evade, especially if money is not managed sensibly. Many families accumulate debt due to overspending, medical bills, and unemployment.
Organizations today all consist of three main functions. These functions include marketing, operations, and financial accountability. Marketing generates the demand through the promotion or sale of a product or service. The operations is the backbone of any organization, which involves the creation of the product, the movement of the product, and final delivery of the product. The financial accountability is ultimately, how the organization is doing financially concerning accounts receivable and accounts payable. Focusing on the operations of the business, one area that is critical is the supply chain. The supply chain is a global network of organizations and activities that supply a firm with goods and
The nature of the business of retailing puts retailers at a assumed risk of incurring costs because products are bought with the assumption that consumers will purchase. Additionally there are external factors that may also pose risks such as natural disasters, theft, spoilage and fire. In other circumstances retailers also extends financial credit to customers in the form of credit sales which facilitates the smooth transition from retailers to the marketplace. Retailers are in constant contact with customers which gives them the opportunity to research and study buyer’s behaviour. This involves collecting information about changes in customer preferences, perception and shifts in the demand curve. Through advertising within their stores retailers are able to exhibit and introduce existing and new products to the marketplace. Ultimately retailers are in the business of selling products to customers to achieve their goals of generating
Customer Relationships is about building a relationship of trust and convenience. A customer wants the company they are working with to be intuitive. To know their needs before they do. They want to feel respected, they need to believe you are honest and have integrity. This relationship breeds comfort and familiarity and causes the consumer to continue to do business with your company. This relationship that is built develops a personal relationship, like a friendship and it is one that the consumer cannot get from the store down the road and it is that personal touch of sincerity, of knowing their needs, of servitude that will turn them into lifelong branded customers.