Why Veterinary Clinics Should Offer Their Own Vet Wellness Plans
Vet wellness plans are designed to help keep the cost of providing medical care to pets affordable. While many pet owners make use of commercial vet wellness plans that ensure discounts on office visits and specific types of treatments, a local veterinarian would do well to create his or her own plan and offer it to current and potential clients. Here are some reasons why doing so would generate significant benefits for both the vet and the clients.
Ease of Administration
Vet wellness plans that are created at the local level are much easier to manage. There is no need for plan administrators to deal with issues like sudden changes in benefits or an unanticipated rejection of a claim submitted to the provider. If the wellness plan is owned and managed by the local vet, all information about the plan is readily available and there is no need to consult with anyone outside the office. This will consolidate the already numerous responsibilities that accompany the management of this type of care facility, and make it easier for staff members to remain on the same page.
Additional Revenue Stream
Since vet wellness plans usually include a monthly installment payment in return for providing selected health services to pets, the plan helps to create an additional revenue stream. More importantly, that revenue stream is easier to project over the course of the year. This makes it easier to develop an operating budget for the vet’s clinic and make sure that all the bills are paid on time, which will certainly facilitate more efficient management.
Generate Customer Loyalty
Assuming the wellness plan is simple and easy for clients to use, they have an incentive to keep bringing their pets in for treatments. By creating this type of value-added situation for customers, vets can worry less about the competition around town slowly pecking away at his or her client base. Customers who feel respected and feel they are paying reasonable rates for the plan coverage and are getting “patient-first” treatment are highly unlikely to consider changing vets.
Veterinarians who want to not only maintain but grow their businesses would do well to develop a workable wellness plan and offer it to their customers. While the effort may call for some investment of time and money on the front end, the benefits of the strategy will easily offset those expenses and make a positive difference in new patient numbers.
Upside Down Car Loans
If the current market value of your car is lesser compared to the amount that you need to pay to the lender, your car loan is considered to be upside down. This situation is quite difficult just like having a bad credit. However, you don’t need to be scared or feel alone since many people are also experiencing the same situation. You also don’t need to worry since there are many options that could help you get out of this situation.
Keep the car
One of the most popular options that you could consider when confronted by the problems caused by an outside loan is to keep the car that you are financing until the loan term ends and the needed payments are fully paid. As much as possible, refrain from thinking that you are in the losing end since the value of the car is very low and you cannot sell it for a larger profit. Try to provide prompt payments each month until the loan is paid off for this would help you increase your credit score. By improving your credit score, you also increase your chances of getting better loan deals in the future.
Refinance
If you are having a hard time in keeping up with the loan’s monthly payments and your credit score is high, you should consider refinancing. By doing this, the monthly payments that you would be paying will be reduced.
Trade it in
While you aren’t really solving your problem, if your situation requires that you have a different car, you could trade it in on a different car, and transfer the balance of the loan to the new vehicle. To find a dealer that could help you accomplish this, you can complete the online auto financing application.
Pay it Off
If it’s possible, try to find the money to pay the difference so you will be free from the loan obligations. In order to do this, you can borrow money from your closest relatives or friends.
Avoid this problem in the future
If you don’t want to be in this situation again, there are a few things that you can do to make sure it doesn’t happen.
- Don’t buy a car if you can’t afford to pay 20% down. The down payment you provide is very important and this should not be taken for granted.
- Don’t finance for more than 5 years.
- Don’t commit more than 15-20% of your monthly income to a car payment.
Eligibility for Chapter 7 Bankruptcy
You can file for Chapter 7 bankruptcy unless: 1) you make more money than the median income in your state and can repay under Chapter 13 bankruptcy plan; or 2) you’ve previously received bankruptcy discharge/case dismissal; or 3) you haven’t participated in mandatory credit counseling; or 4) engaged in fraudulent activities.
You can afford to eventually repay your debt under Chapter 13 bankruptcy plan
You need two figures to determine your eligibility for Chapter 7 bankruptcy: 1) your “average monthly income” in the six months before you file for bankruptcy; and 2) “median family income” in the state you file (see table below). If your income is below the median family income, your filing will not be presumed frivolous. To calculate your “average monthly income,” you will have to add up all of the income you received in the six months prior to filing for Chapter 7 bankruptcy and divide it by six.
Average monthly income
To calculate this figure for Chapter 7 bankruptcy purposes, you have to include the following types of income:
- wages, tips, and commissions;
-gross income from business, profession, or farm;
- interest, dividends, and royalties;
- pensions and retirement income;
- rents and other income from real property;
- workers’ compensation;
- disability insurance;
- unemployment compensation;
- child or spousal support;
- annuity payments;
- windfalls (for example, lottery winnings)
You do NOT have to include the following types of income for the Chapter 7 bankruptcy “average monthly income” calculation:
- Social Security retirement benefits;
- Social Security Insurance;
- Social Security Disability Insurance;
- Supplemental Security Income;
- Temporary Assistance for Needy Families;
- income tax refunds;
- payments to you as a victim of terrorism, domestic or international.
Once you’ve calculated your average monthly income, you need to compare it to the “median family income” for your state. If your average income is significantly higher than the applicable figure from the table below, you might have to file for Chapter 13 bankruptcy instead of Chapter 7 bankruptcy. To determine your eligibility for Chapter 13, you will have to do some calculations called the “means test.”
Median family income for bankruptcy calculations
The median family income figures change approximately twice per year. The last several times that these figures were updated, the median income decreased in California and some other states. There are no definitive court guidelines to determine your household size but most courts adopt the census methodology, under which you can include all of the people that occupy your house/apt., whether they are related to you or not, or whether they are your dependents for tax purposes. Roommates, however, are not members of your household, unless you act as a single economic unit by commingling funds and sharing expenses. Children living with you part time as part of a joint custody arrangement are a trickier issue which is to be determined on a case-by-case basis.
As of February 1, 2012, median annual family income for a 1 earner in California is $47,683, for 2 earner family it is $61,539, and for a 3 earner family it is $66,050. Note that the figures above represent annual incomes, whereas you need to calculate your income for the last six months.
You’ve previously received bankruptcy discharge or case dismissal
You cannot wipe out your debt in Chapter 7 bankruptcy if: 1) you received a bankruptcy discharge in a previous Chapter 7 case filed within the last eight years, or 2) you received a bankruptcy discharge under Chapter 13 in a case filed within the previous six years. The six-year rule does not apply if you’ve paid at least 70% of your unsecured debts under Chapter 13 bankruptcy discharge.
You cannot receive a Chapter 7 bankruptcy discharge if your previous Chapter 7 or Chapter 13 bankruptcy case was dismissed within the last 180 days for one of the following reasons: 1) you violated a court order; or 2) requested the dismissal after a creditor asked to lift the automatic stay.
Bankruptcy – Understanding Chapter 7 Bankruptcy
This article covers the main stages of the Chapter 7 bankruptcy process.
Chapter 7 bankruptcy basics
Chapter 7 the most frequently filed type of bankruptcy. It is also sometimes called “liquidation bankruptcy” because it will liquidate most, or all, of your debt. Your nonexempt property will be sold by the bankruptcy trustee in order to pay the proceeds, if any, to the creditors. You will be able to keep your exempt property. To begin Chapter 7 bankruptcy, you have to get a long list of forms from the bankruptcy court and fill them out. After you have filed the forms with the bankruptcy court, the automatic stay kicks in.
The automatic stay
The automatic stay precludes your creditors, secured and unsecured, from trying to collect what you owe them. It’s called “automatic” stay because court issues this injunction on its own initiative without you even asking for it. This is to give you some peace of mind and to ensure that the bankruptcy trustee, and not your creditors, will decide what you get to keep. Even non-dischargeable loans are subject to the automatic stay.
Mandatory credit counseling
Within the 180-day period prior to filing, you must receive mandatory credit counseling form an approved nonprofit agency and file a certificate of completion with the bankruptcy court. Credit counseling will last about an hour, the agent will go over your budget with you and give you suggestions and possible alternatives to bankruptcy. You don’t have to follow the advice given by the agency but you do have to obtain the certificate of completion. If the agency does come up with an alternative plan for you, you have to file it with the rest of your paperwork. You don’t have to participate in counseling if your disability prevents you from doing so.
The Meeting of creditors (“341 meeting”)
After you’ve filed all the required paperwork with the bankruptcy court, the court will send out a notice to all of your creditors in order to give them an opportunity to file objections and attend a scheduled hearing. This notice is called “341 notice,” which is a reference to Section 341 of the bankruptcy code. At the meeting, the bankruptcy trustee will ask you a few questions about your paperwork. For example, how you came up with your property value figures, whether this is your first time filing for bankruptcy and whether all the information in your papers is true and accurate. The meeting typically lasts a few minutes. Creditors rarely attend the meeting of creditors.
The Discharge
Approximately two months after the meeting of creditors, you will receive a Notice of Discharge from the bankruptcy court. You will then be free to move on with your life. If you receive proceeds from divorce, insurance or inheritance within 180 days of your filing date, you must report to the bankruptcy court. Failure to do so may result in bankruptcy court revoking your bankruptcy discharge.
Securing Property Development and Refurbishment Finance in the UK
In the difficult financial climate which currently prevails in the UK many established Property Developers and Builders have experienced significant problems in obtaining the necessary support to continue doing business. Whilst there has been some relaxation of late, the major High Street Banks in the UK still have very limited appetites to support speculative multi – unit development projects ( i.e. those without significant pre-sales in place ).
Generally they are only keen to lend to the more established clients and further they will restrict the loan advance to a low loan to project cost ratio which will preclude many developers from taking on a project as they are unable to raise their own cash input.
The good news however is that away from the high street there is a significant and growing number of new lenders in the UK who will take a far more entrepreneurial approach to property development funding including Refurbishment projects and who will support a broad range of both Residential, Commercial and Mixed Use projects across England, Wales and Scotland.
Lending decisions in this sector of the market are made primarily against the quality and the perceived demand for the end product to be developed. Other key criteria include the experience and financial stability of the borrower and the credentials of any proposed main contractor to be used on the project. The real benefits for the borrower in getting access to such funds is the speed of decision making – decisions in principle generally within 24 hours and the amount of the overall advance – generally 50% of the site cost provided and up to 100% of development funding. Once the loan terms are agreed the speed to complete the process is again far quicker than normal with advances available in 2 to 4 weeks dependent on how quickly the legal aspects can be completed.
The general limit of funding provided on an Interest Only facility will be circa 65% to 70% of the Gross Developed Value (GDV). This limit would include any allowable fees to be added to the loan along with the interest cover which will ‘roll up’ and be added to the loan during the course of the development. If a client can demonstrate that the loan interest could be serviced then this will make a positive impact on the level of the loan achieved and in certain circumstances the loan can be increased if additional freehold property is made available as additional lender security. For most projects the normal loan term will be between 9 – 24 months including an agreed Marketing phase upon completion of the build.
As one might expect the fees and rates will not be at High Street levels but, depending on the key criteria applied, loans are currently offered from 7% above Bank base Rate with fees circa 2% to 4% of the loan amount. Loans are generally available from a minimum level of £50 K up to £25 Million for the larger developments.