The good news from this year’s Budget regarding pension changes is that income tax relief at marginal rate still exists for personal contributions to pensions. While the Four Year Plan has suggested that income tax relief might be reduced, it has also invited alternative proposals from the industry. Please visit our News Updates Section to read more or Click here
The speed of the economic developments of the last 18 months took people throughout Ireland by surprise. First it was the dramatic fall in property prices, then the near collapse of the banks and as a result an increase in job losses. Understandably this has left many unsure about their short-term and long-term security.
When taking out a mortgage with a lending institution, it is a requirement that a mortgage protection policy be effected, to cover the loan in the event of death.
In many cases people simply opt for the convenience of joining the lender's group mortgage protection scheme by just filling in the mortgage protection part of the loan application. However, under the Consumer Credit Act 1995, you are free to shop around for the best rates available to you for mortgage protection and are not compelled to effect a policy with your mortgage lender.
In many cases, you will find that large savings can be made by shopping around. The difference between the cheapest and most expensive mortgage protection cover can be at much as 25%. With all the costs involved in buying a house, it is important to make savings wherever possible.
While life cover is the minimum cover required when taking out a mortgage, an increasing number of people are opting to include serious illness cover on their mortgage protection policies.
In the December 2009 budget, the Minister for Finance announced that a simple and effective review process would be set-up for small and medium-sized enterprises (SMEs), sole traders and farm enterprises that have been refused credit from banks participating in the NAMA scheme, and to examine credit policy to assist the Minister in deciding what further actions may be necessary to increase the flow of credit.
The Credit Review Office has been established to conduct this review process and will accept applications from SMEs, sole traders and small and medium-sized farm enterprises that have had their application for credit refused or reduced or have had credit facilities withdrawn, and feel that the bank’s decision is unjustified. The Credit Review Office will, on application from the borrower, carry out an independent and impartial review of the bank’s decision.
The review process will review decisions to refuse, reduce or withdraw credit facilities (including applications for restructured credit facilities) from €1,000 up to €250,000. Each review will only apply to a specific declined credit application up to €250,000 and not to any other borrowings which may exist.