As a build up support for the successful implementation of the Nigeria Insurance Market Development and Restructuring Initiatives (MDRI), the National Insurance Commission (NAICOM) has vowed to enforce compulsory insurance in the country.
The Commissioner for Insurance, Fola Daniel, who made the pledge at the flag-off of the programme in Oyo State, said that the project was a strategic mechanism that will expand the industry to generate projected income of about N6 trillion premium by 2020.
According to him, the launching of the project in the Oyo State capital south West Nigeria was an important landmark in the first phase of the project implementation strategy, which will end in December this year for the enforcement of compulsory insurance in the country in order to place the industry in a position to play its role creditably within the nation’s economy.
Daniel said that the MDRI project was the brain-child of the commission and one of the major components of compulsory insurance in Nigeria is insurance of public buildings in Nigeria.
He cited examples of several collapsed buildings in the country, leaving scores of people injured or dead without any compensation because they were not covered by an insurance policy.
The insurance policeman said that such a situation underscores the need for strict enforcement and compliance with all the insurance made compulsory by law.
He said, “it is a national shame to see people being brought out dead from collapsed buildings. All these buildings are supposed to be insured for security and I do recognise that no matter how much you pay to compensate victims, it does not compensate for life lost.”
“But, I strongly believe that one of the essence of compulsory insurance is to instil responsibility into all stakeholders that are connected with putting up public buildings including the town planning authorities, the architects, the surveyors and the landlords.”
NAICOM boss said that compulsory insurance was very important in the case of public buildings, as it would help to curtail the damaging and painful effect of several house collapse recorded in the country.
Daniel said that the commission would engage in vigorous awareness campaign of the policies for voluntary participation, but the commission may not hesitate to employ sanction as part of its enforcement strategies where necessary.
Said he, “we will ensure that underwriting firms promptly pay claims that may arise from the policy, as we would not hesitate to cancel the licences of any erring insurance firm in the process.”
Also, Mr. Yemi Soladoye, a consultant to the Commission on the project explained that apart from enforcing the provision of compulsory insurance products on underwriters, the Commission would also introduce certain initiatives that would further enhance the performance of the industry as a whole.
According to him, the MDRI project is designed to be a medium-term plan that would install the first phase of reforms in the areas of industry capacity, market efficiency and consumer protection in the country, adding that the project would be effective between last year and 2012.
Said he, “the Commission has identified that if the compulsory insurance is effectively policed with products that meet the desire of the consumers that would be to our advantage, we have studied some countries, and realised that if properly harnessed, the compulsory insurance normally generate up to 50 per cent of the total premium income in the economy.”
Smart tips for Dealing with Debt Effectively
Whether big or little, you have to deal with your debt to make sure it doesn’t get out of control. Living with denial as a money borrower will not only increase your money woes but anxiety as well. Getting out of debt is one of the vital steps to reach your personal or business-related financial goals. You are not alone if you are in debt but paying it off as soon as possible is the only way to save money for a happy living. Everyone who gets rid of the debt often combines different strategies and tactics for dealing with debt.
In this article, there are some smart tips for businesses and individuals deal with debt.
How Much You Owe
In order to pay all your debts off, you need to know the exact owed amount. Make a list of all your debts with essential details like the name of the creditor, interest rate, amount of the debt, due date, and monthly payments to be made, etc. in an organized manner. It will allow you to see the bigger and clear picture of your debts. Whether you want to get rid of existing debts for better credit scores or further in need of a loan to manage financial needs, getting all the debt details at a place lets you create a debt repayment plan accordingly.
Pay Your Bills on Time
Late payments or forgetting to pay bills can make it harder to pay your debts off. Missing two or more payments in a sequence increases the finance charges and interest rate as well. That is the reason, be careful about monthly bill payments and always be on time to pay. For this purpose, you can schedule monthly payments by using a money management app or any other fintech solution. Setting reminders and alarms is another best way to stay on top of all monthly payments. In this way, you are not only able to make monthly payments on time but your credit scores increase also.
Pay more than the Minimum
Making payments more than the minimum is one of the smart tips for dealing with debt. If you are using a debt repayment plan and have monthly payment figures on hand, you should try to pay more than the figures you have. It will not only help you save many bucks on the lower interest rate but will also boost the debt repayment process incredibly. However, be sure to check with the creditor to ensure that they don’t charge any prepayments.
Give a Try to Debt Snowball
If you cannot pay more than the minimum towards monthly payments, then you can opt for a debt snowball method to speed up the debt repayment. It requires you to list the debts from a smaller amount to bigger. Then, throw your money towards the smallest amounts first and move towards the bigger one. Over time, small payments will disappear soon one by one and will help you move towards the bigger amounts to get rid of all your debts in a short span of time.
Sell Unnecessary Things
When you are struggling with debts and want some extra money to pay them off quickly, selling the unnecessary things around can gather a handsome amount of bucks that you can use to pay the debt off. Take a look around and find out the things that are useless for you and you can live without. Visit the market and sell these things to collect money that can go towards loan repayment. There are so many online places where you can sell used items on good rates. You can also hold a yard sale on Facebook to find good customers for things around.
Identify Spending Habits and Make Changes
According to experts, retail therapy is one of the best ways to deal with debt stress and to get rid of debts quickly. When we are overwhelmed, we are more likely to spend on things to feel better but these can relieve stress in the short term and can end up with financial pitfalls. It is the place where we need to identify spending habits and prevent mindless spending to save money for debt payment. Think about the things that you can live without and stop spending on those. Also, find the financial areas where you can cut down to build funds for quick debt repayment. If you are comfortable with a standard car, then sale out your luxury car and send the extra money towards loan repayment.
The Cost of Living: Finances and Comfort
Have you ever wondered how much it costs to live every day? And by living we mean our day to day expenses. If for instance, we had a financial advisor keeping track of your day to day expenses how much would that cost? For the number of years that you have lived have you ever really thought about the cost of loving?
The cost of life
As we go about our day to day lives, we buy, we live, and we spend. That is why it is very important for us to always keep track of our finances, just like online betting ca. And that is also why we have a retirement plan because we want to make surethat even when we are older, we try to live a life of comfort.
We have budgets, we have loans and credit schemes all to make sure that our youth and adult life, we live the best lives that we can. And all this accredited to the cost of living, or rather should we say the need of comfort?
How the need for Comforteffects of finances
We all want to live comfortably. As we mentioned earlier that is why we even save up for retirement. So, one can easily say that is it because of this need for comfort that our finances are depleted every day. Even when it comes to games, we realised that the arcades were not comfortable so we created online versions of them. That is why we have best usa casinos onlinegames . So that you pay in the comfort of your home. You see, it all seems to go down to the need for comfort.
The mortgages that we take, the loans and the jobs that we have. It all because we want to live in comfort. And because we want to live in comfort, we will do all that it takes. Even if it means working 24 hours a day, 7 days a week and 365 days a year all just because we want to live in comfort.
Check Out All Debt Consolidation Loan Sources Before Selecting Any One
In this modern day, almost every household whether it is in America or Europe or anywhere in the world carry a debt or a multiple debts in any form. It can be a credit card debt or a personal loan, a student loan or a car loan, a consumer loan or a mortgage loan but everyone will carry at least one in any form.
Therefore, if you carry one or a couple of debts do not feel that you are alone out there. It is just that you will need to manage your debts proficiently so that it is well within your control. However, if situations do go out of hand, there are is still no need to panic and bring the house down.
Dealing with such situation
There is no need to sulk in such situations as you can easily mend this situation either by yourself or with the help of a professional debt counselor. All you will need to do is look for easy and effective ways to deal with such a situation. If you want a professional expert to help you out then to begin with you can look up at nationaldebtreliefprograms.com for tips, advice and solutions.
As the most suitable method you can incorporate all your debts into one. This you can do by taking out a debt consolidation loan. The features of this specific type of loan are:
- You will get a high amount to borrow which will enable you to pay off multiple debts you owe to multiple creditors
- The loan will carry a very low rate of interest and extended loan tenure to repay
- The monthly payments will be significantly low and there will be no chances of losing track since you will have one monthly payment to make
- Depending on your eligibility and other contributing factors you can take out a secured home equity loan, an unsecured personal loan and
- For credit card debts especially you can transfer the debts on multiple cards into a new card carrying low rate of interest.
This type of loan will help you to accomplish your primary objective: to pay off your existing debts.
Source of consolidation funds
There are different sources from where you can avail a consolidation loan. A lot will depend on the specific source you choose as well as your eligibility and credit worthiness. Ideally, the single monthly payment that you will have to make once you take on such a loan will be much less than the combined total of all the debts that are paid off using it. This means you will be able to free up more spendable cash.
Apart from the traditional banks, there are many different companies that specialize in providing such debt consolidation loans. However, there may be other sources as well for funding at your disposal.
Depending on the specific source that you choose, the rate of interest, requirements as well as other terms and conditions of the loan may vary greatly. These factors will also depend on your personal financial circumstances as well. This means that a few of these sources may be better for you than the others.
Home equity loans and lines of credit
If you have a home in your name then you can avail a HELOC or Home You Could Use a Home Equity Loan or Line Of Credit.
- This type of loan will allow you to borrow against the equity that has been accrued.
- You will get such home equity loans from many different lenders apart from the banks at affordable interest rates.
- If you take out a loan up to $ 100,000 the interest on it will also be virtually tax deductible always which is a major advantage of taking out a HELOC when you consider consolidating your credit card or other personal debts.
However, you must be aware that the home equity loans and lines of credit will use your home as collateral security for repayment of the loan. This means that if you fail to repay, your home will be at the risk of being taken by the lender.
A 401(K) plan
If you have a 401(K) plan or a retirement plan at the place of your work, you can also use it to borrow money during such situations when you wish to pay off your debts.
Once again, these loans carry a favorable interest rate simply because it is your own find that you are borrowing from.
However, the downside of this kind of borrowing is that the specific amount of money you borrow from it will lose the earning potential forever. That means, till the time you do not repay the amount borrowed, you retirement fund will not grow for this specific time.
Using your life insurance policy
Specific types of life insurance policy allow you to borrow money when you need. If you have such type of life insurance policy which accumulates cash value, you can easily use it to borrow against that policy.
However, just like any other sources this too will have a few financial implications down the road. It is therefore nest to consult with your insurance agent to know the details and be sure before you opt for it.
Other sources to look for
Apart from the above, you can also ask your family and friends though they are not the best choice always. Nonetheless, keep in mind that they are valuable relationships that can help in times of need but make sure that you do not ruin it just because of money.
If you ever borrow from friends and relatives, make sure that make a contract with them for the protection of both the parties. This will also mean that you will treat them just as you would for any other lender with the same respect. Make sure that you pay them back in a timely fashion and thank them for their favor shown toward you.
It is all up to you as to which source you will choose according to your affordability and preferences.
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