Word: creditation
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...government's lead in global efforts to stabilize the banking system and its $30 billion of fiscal stimulus and argues that stimulus spending must continue. Conservatives, however, propose swifter action to reduce Britain's borrowing. That view has been bolstered over recent weeks with the world's three biggest credit-rating agencies raising concerns that the scale of debt puts Britain at significant risk of default. That might seem to raise the mortifying prospect of another British Prime Minister going cap in hand to the IMF. Ironically, the IMF backs Labour's more cautious approach to deficit reduction, warning...
...mortgage, our home can be foreclosed on. We know that if we don't make our car payments, our car will be impounded. But I bet not every small-business owner fully gets that if you sign a personal guarantee for a loan or line of credit and your business ends up defaulting, everything you own can be seized, including your house, wedding rings and, in some states, joint bank accounts. Your wages can be garnisheed, as can your life-insurance policies. Bottom line: anything that looks juicy to the bank is up for grabs...
...stay-at-home mom when I learned that people in default can include borrowers like my husband, who had never missed a payment but whose bank decided not to renew his company's line of credit. This was in 2006, when lenders were starting to rein in aggressive loans made to small businesses. In the case of my husband, a wholesale supplier whose revenues were declining, the credit line that started at $250,000--and steadily increased for six years--matured, was briefly extended and then was cut at the bank's discretion. The bank FedExed my husband...
...called joint and several liability, which may sound nice and fair but in reality means the lender may pursue just one of the partners for the entire debt. I also found out I had to sign a spousal consent only once, no matter how many times the line of credit increased...
...could redo it all, we would try to negotiate and structure the guarantee differently. "There are other bargaining chips in lieu of or to reduce the personal guarantee that banks may not go out of their way to reveal," says Michele Dean, senior vice president at Bethpage Federal Credit Union in Bethpage, N.Y. These chips include pledging accounts receivable and asking for a guarantee that gets smaller each year as you build a credit history...