Limitation period of the debt

If you currently have any debt, are having trouble making payments, or are just trying to be as knowledgeable as possible as a borrower, you should know the limitation periods when collecting a debt. What do we mean by “limitation period”? We mean the period during which a creditor can sue you for an unpaid debt. A limitation period essentially requires a creditor to act within a specified period of time and, therefore, prevents them from extending the process for too long. Once a statute of limitations has expired, it becomes much more difficult for a creditor to collect the money you owe them.

What is the limitation period of my debts?

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Know that not all debts have the same limitation period. In general, prescription periods only apply to consumer transactions where the debt is not secured, ie debt that has no collateral or is not guaranteed by the collateral. property (a mortgage is an example of a debt secured by a property, so there is no limitation period). In general, you can not, as a debtor, benefit from a limitation period for the following types of debt:

  • Debt guarantee
  • Debts to the government (including student loans)
  • Debts that can not be paid (child support, fines and civil judgments involving fraud).

The first step in determining whether or not you can take advantage of a limitation period on a specific debt is to determine if the debt is eligible. As mentioned, an unsecured debt is eligible and a secured debt is not.

The second step is to determine how long the limitation period of your debt is. The limitation period for consumer transactions generally depends on the province where you live:

  • British Columbia = 2 years
  • Alberta = 2 years
  • Saskatchewan = 2 years
  • Manitoba = 6 years
  • Ontario = 2 years
  • Quebec = 3 years
  • New Brunswick = 2 years
  • Nova Scotia = 6 years
  • Prince Edward Island = 6 years
  • Newfoundland and Labrador = 6 years
  • The three territories = 6 years

Please note that these are the legal limitation periods from January 2016.

When does a limitation period start?

Image result for startIf you owe unsecured money to a creditor, your limitation period begins on the date you make your last payment. . For example, if you live in Ontario and make a payment to a creditor on April 15, 2016, but do not make any payments after that. Your limitation period begins on April 15, 2016 and ends on April 15, 2018. It is possible to restart your limitation period, either by making a payment or by giving a written acknowledgment of receipt. If you try to wait until the end of your limitation period, then avoid both of these actions, you will not be able to restart a prescription period once it has expired.

What happens after the expiration of a limitation period?

This is probably the most important aspect of a statute of limitations: your debt does not magically disappear once the statute of limitations has expired. You still owe money to your creditor, the debt still exists and you are still the debtor. In addition, if the limitation period on your debt has expired, it does not mean that your creditor or your creditor collection agency must stop trying to collect the money you owe them. They can always get in touch with you to finish the repayment of your debt. What happens is that you now have a defense if your creditor tries to sue you. If you use this defense in a lawsuit against you, you will probably win. If you do not use this defense during the trial, you will surely lose and have to pay back your creditor.

How to manage your debts

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Above all, we believe that consumers should be as informed as possible about the options available to them and their rights and responsibilities as consumers and borrowers. Without a doubt, the best way to manage your debt is to pay it back. We also understand that it’s easier said than done and that often debt can fall out of your control. This feeling of helplessness is something we want to prevent you from feeling. We want you to be an informed and informed consumer. Waiting until the end of your limitation period so you do not have to pay back the money you owe should not be your number one action plan. Face your debt head up and ask for help if you need it. If you are confused about the legal implication of a debt and limitation periods, we recommend that you speak with a trustee in bankruptcy insolvency. He will be able to help you determine what your best course of action is and in this way you will be able to face your debts and get your finances back on track.

Do you want to get out of debt? Here are the gestures and habits to AVOID! | Loans Quebec

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Successfully getting out of debt can sometimes seem like an insurmountable challenge. Before giving up, however, make sure that you are not committing any of these common mistakes.

Ignore the problem

Your problems will still be there tomorrow morning if you do not address them today. You can make arrangements and hide from your creditors; you can send all the letters you want, your debt will always be there as long as it will not be paid.

You have to deal with your debt. You must assume your share of responsibility. Certainly, if a portion of your debt is fraudulent, or if there is a sum that has been added to your debt in error, follow the steps necessary to dispute it. However, if your debt is legitimate and fair, acknowledge that you owe it and create an action plan to settle the account. You will find it surprising how the simple recognition of your responsibilities can alleviate your worries!

Get a consolidation loan with a co-signer

If you are able to make your payments but find it difficult to reduce your balances due to too high interest rates, it’s time to think about a consolidation loan. A lower interest rate will allow you to pay more than just the interest and the minimum due; you will reduce your balances and you will begin to see the end of your debt on the horizon.

If you do not qualify for a consolidation loan on your own, or if you find it difficult to pay even the minimum on your existing loans, it is likely that a consolidation would be too risky – especially for a potential co-signer: if you do not fail to make your payments when they are due, or if you fail to meet the minimum payment, your co-signer’s credit rating will be affected as well as yours, which will affect not only your ability to to borrow, but also to your relationship with your co-signer.

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The outstanding credit account closure will certainly prevent you from making use of it and increase the balances you have to pay, but you will still have the same accumulation of interest and you will still have the same payment obligation. A closed account always accumulates interest charges and always affects your credit rating – especially if you do not make your payments. In addition, the proportion of your credit used versus your available credit is taken into account when evaluating your credit rating, so closing accounts or there is still a credit available do you no service.

But if you do not close your outstanding accounts, it is important not to contribute to the increase of their balances. If you try to pay your creditors, you will not see any progress as long as you keep adding to what you owe. All in all: destroy your cards to remove the temptation to use them, but keep the accounts open to protect your credit.

To think that a credit counselor is absolutely necessaryRelated image

Do not hesitate to formulate your own action plan. Do you have only a few overdue accounts? So call your banks and financial institutions and ask if there is an opportunity to make a payment agreement or if there is an opportunity to lower your interest rates. Most lenders will be happy to find a way to help you if you are sincerely seeking to pay what you owe.

Despite this option, you may decide to use the services of a credit counseling agency. In the past, this remedy would have hurt your credit rating, but things have changed. The new regulations simply state that you are using the services of an agency. That being said, be aware that agencies will often charge you a monthly service fee and that the plan they develop may take several years to complete. It is therefore important to undertake this path with caution.

Thinking it’s easy to declare bankruptcy

Bankruptcy is not easy. Far from it, the path to credit rehabilitation following a bankruptcy is long, complicated and you will have to discuss every detail of your financial life in bankruptcy court. Bankruptcy does not protect you, either, from your mortgage payments, student loans, or any expenses associated with the bankruptcy filing itself. Plus, your credit rating will carry the black mark of your bankruptcy for years.

If you still believe that bankruptcy is a possibility for you, consult a bankruptcy professional immediately. Your financial situation will only get worse if you delay seeking the necessary advice. That being said, it is not an obligation to meet with a bankruptcy lawyer before starting the process, but this consultation will allow you to know what avenues are available to you and to see if the bankruptcy is reasonable in your situation.

Pay your debts with your retirement funds Image result for paying

The temptation to use your retirement fund – an account full of funds that belongs to you – when your creditors knock on the door can be hard to resist, but it is imperative to let it go! That you despair, that you believe you buy peace using these funds to rid your debt, you will despair even more during your retirement when your wool stocking will be empty and that there will be new accounts payable. Your retirement accounts are protected from your creditors, even if you are recovering, even if you pay your salary to pay what you owe. Respect the wisdom of this protection and do not touch it!

Paying your debts takes a sustained commitment and a little courage, but avoiding bad habits and harmful actions to your financial future will help you meet your goal. And when you start seeing real progress, you’ll find yourself more confident and ready to face your next challenge!

3 personal finance tips for modern moms

Image result for momWhen we are looking for the familiar and financial balance, it seems that we resort automatically to the famous phrases that all our mothers have told us to make the money: “save every peso”, “take care of your money”, “buy only what is necessary “, Etc., or that we remember the feats that they were able to do to feed the family, send us to school, work, take the house and, if that was not enough, afford to indulge us with gifts and so on.

However, the moms were not born knowing everything, and many times they find themselves in difficulties to deal with all those responsibilities while they manage and, sometimes, they even generate the money. In addition, the world is now advancing by leaps and bounds: gender stereotypes, the roles of men and women, and the way we move and manage our money are also changing, resulting in little functional follow the advice of our mothers or grandmothers, who lived in another reality very different from ours. Therefore, this article aims to help modern moms with some personal finance tips that could be very useful:

1. Try to achieve economic independence

Whether you are a single mother or not, think that securing and protecting the financial future of your children depends on you, do not delegate that responsibility to your partner or your parents. At any time, circumstances can change and an illness, death or divorce can alter the course of things.

To start taking control of your family’s finances, you must first start by having good personal financial habits:

  • Educate yourself by reading about personal finances a couple of hours a week and put into practice everything you learn. We recommend you read 6 financial habits for women.
  • Seek to progress in your professional career or increase your income through extra activities. Fiverr, Uber or Airbnb are good options for additional income.

2. Have control over your money and your expenses

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Perhaps the most complicated thing is to have total control of the money and the expenses you make personally, at home and in your children.

Start by making a list of all the expenses you do monthly and prepare a budget in which you determine the amount you will allocate to each expense per month. Do not exceed the budget you assign to each expense and do not spend all your income, it is advisable that within your budget you also include savings funds for emergencies, retirement, and a fund for the education of your children, etc.

Finerio is the first free personal finance application with which you can have total control of your money from one place and wherever you are. Finerio allows you to create a personalized budget that automatically tracks your expenses by linking your bank accounts and obtaining your financial information, saving you the work of manually writing everything in Excel tables or in notes.

With Finerio you can keep all your money in order and identify unnecessary expenses that may be damaging your pocket and you must eliminate or cut back to save.

3. Invest your money

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Why invest? The simplest and most striking reason is to not have to work for the rest of your life.

If you already have savings, the best thing you can do is remove them from under the mattress, where your grandmother kept it, and invest that money so that it does not lose its value over time, due to inflation. Investing your money will allow you to generate returns without having to move a finger. Investigate different types of investments and try to understand in depth how the instruments that most interest you work.

Do not make hasty decisions and start with small, safe and highly diversified investments. Currently there are already different investment funds that generate more returns than banks and where you can start with amounts of 1,000 pesos, an example is the government CETES, where even your young children can have their investment fund. Remember that saving for the future of your children and teaching them the importance of saving and investing is an important part of being a mom in the modern world. In Mexico there are different education insurance or savings funds where you can ensure the educational future of your child (Seguros Monterrey, GNP, Mapfre, Metlife, etc.)


The Council of Ministers approved at its meeting last Friday the referral to the Cortes of a draft law that reviews the legal framework of industrial property in Spain through a thorough renewal of the Law 11/1986 of Patents, in force to date.

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The main objective is to strengthen the Spanish patent system, going from a framework in which the important thing was to promote the initiative to patent a new framework in which we want to prioritize the truly inventive, innovative and novel activity.

The procedures are simplified and the regulations are adapted to the international framework of industrial property, favoring the internationalization of companies.

It thus passes “weak” patents characterized by often generating technological bubbles, high litigation and unjustified monopolies to “strong” patents comparable to International Systems. In addition, procedures are simplified and regulations are adapted to the international framework.

Main aspects that are regulated

The draft Patent Law clarifies and simplifies the procedure for granting the patent, which will always entail a prior examination that proves that the invention is new, inventive and has industrial application. In addition, Spanish legislation is adapted to the community and other international standards and treaties.

On the other hand, entrepreneurial initiative is encouraged by reducing the rate for obtaining a patent for entrepreneurs by 50%.

Utility models, for minor inventions, are also strengthened. Its scope is extended to chemical products and its regime is modified by the global novelty requirement. Furthermore, its solidity is guaranteed by the requirement of the report on the state of the preliminary ruling technique.
Finally, the complementary protection certificates, or CCP, are expressly included among the titles of protection, industrial property title that extends for a maximum term of five years the protection granted to a patent of a pharmaceutical or phytosanitary product, to compensate the greater the period of time that elapses for these products from the moment the patent is granted until its marketing is authorized.

Benefits of the new legal framework.

  • For the competition : avoid unjustified monopolies.
  • For citizens : it guarantees the seriousness of patents, and simplifies procedures, reducing administrative burdens.
  • For the Administration and the courts : the overload of the Administration and of the courts is avoided, since unjustified monopolies will not be granted.
  • Finally, the protection of innovation by SMEs and entrepreneurs is encouraged by reducing the cost of the procedure to obtain a patent.

What is the worst kind of debt?

Image result for worst kind of debtWhen applying for credit, it is important to realize that what we are doing is asking for more debt. Despite this, no one can hide from the fact that debt and credit are turning the world of today. It is therefore important to know what different types of debt are. Believe it or not, there is good debt, bad debt and, of course, “the worst debt. “

Good debt

A good debt is a debt that allows you to add value to your life. They are an investment in your future and they increase the value of your portfolio. Good debt tends to pay for itself by adding to your potential income. So, while you pay the debt today, this one will allow you to reap a financial benefit in the future. Here are some examples :

  • Real estate debt : Mortgages are often good debts because their interest rates are low and the real estate value tends to increase over the years.
  • Student Loans : A diploma is an investment that often yields a lot more income than if you were to enter the job market with only your DES
  • Business Loans : Business Loans allow you to invest in the development and growth of your business. These are often able to afford themselves quickly enough.
  • Debt Consolidation Loans : These loans help reduce the interest cost of your existing debt and achieve significant savings.

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Bad debt

Bad debts are loans that you obtain for objects or purposes that do not contribute to your financial future, or that immediately begin to lose their value. If a debt has no potential to increase the value of your portfolio, it is probably bad debt. Here are some examples :

  • Credit cards : credit card debts are bad because their interest rates are often very high. When you only make your minimum payments, this kind of debt can stay with you for years. Once the balance is paid, the amounts disbursed will far exceed the value of the goods that they have purchased.
  • Leasing : having a hiring-and-selling lifestyle can be harmful to your financial life. From these days you can rent-to-buy to almost anything – televisions, computers, refrigerators and even furniture. You could fill an apartment with only furniture and appliances rented if you wanted. This is a bad debt because the interest associated with these arrangements is often quite high that, once the furniture purchased you will have paid almost double its value in place of payment.
  • Payday Loans : Payday loans benefit people in a most vulnerable time. These are loans without a credit check that are offered in the short term with an expensive interest rate. You borrow until your next payday, and once the money is repaid you end up without funds until your next payday, prompting you to take a new payday loan and creating a vicious circle.
  • Very short-term loans : just like payday loans, these very short-term loans are nothing more than a tax on naivety. They do not do credit investigation and they charge unaffordable interest rates; the difference with payday loans is that your payments will be extended over a period of at most a few months. These lenders know that the high payments they charge will encourage you to refinance the loan mid-way, or to require a new loan as soon as the current loan ends.
  • Gambling : Playing with money borrowing will never increase the value of your wallet. You may find yourself having won two or three times in a row, but this will end abruptly and you will find yourself borrowing simply to pay your gambling debts. You can quickly develop a game addiction and find yourself in a very undesirable situation. It’s the equivalent of throwing your money out the window: your financial life makes absolutely no profit.
  • Tax Refund Loans : Some tax preparation companies will offer you to lend you the value of your prepayment. This practice consists of first preparing your tax return and showing you the amount of your refund calculated. They then offer you to give you back the sum immediately instead of having to wait for your refund, minus a fee, of course. This is deducted from the amount owed to you by the government. The problem here is that the fee is often higher than the cost of preparing a tax report. When the post office was in charge of the delivery of the checks, that kind of loan might be worth it, but in the age of electronic reporting and direct deposit, it’s hard to justify that kind of unnecessary spending. In addition, if unfortunately there is an error in your report and your refund does not go back to the amount borrowed, you may owe a large sum to the preparation company as well as to the income department.

“The worst debt”

Now that we have taken the time to look at the concept of good and bad debt, we must answer the important question: what is the worst debt ? And we find here that it is not a kind of specific debt that is the worst, but any that you are not able to pay. Especially if it has a high interest rate.

Why is this the case? Quite simply, a debt you can not pay can take you to a collection agency, garnish your wages, or even take you to a judge. No matter if the debt is on either of the above lists, if you are not able to pay it, it is the worst debt you can have.

Clark Insurance Management: What it is, how it works

Keep an eye on all insurances: with Clark, the digital insurance manager

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The principle of insurance works by many people in the form of a regular contribution in a pot of money. If it then comes to a claim, the person concerned receives a compensation from this pot. There is a special insurance for the most different areas. Motor vehicle liability, for example, protects against damage to motor vehicles. The travel health insurance covers accidents during vacation. With the private pension insurance you ensure that you are financially well secured even after your professional life. A well thought-out all-round protection is important and reliably protects you for the emergencies of life. But with so many different insurance companies, often with different insurance companies, you can ever lose track. Not with Clark, the innovative and digital insurance manager.

What is Clark?

Clark is a so-called Insurtech startup. The term is composed of the terms “Insurance” and “Technology”. It is therefore an insurance service that works with digital technologies. Specifically, it looks like this: The company offers the possibility of a digital insurance management, with which you can manage your insurances via a website or the Clark app. In the app or on the website all your insurance policies are presented clearly. In addition to the overview of your existing contracts, Clark compares your contracts permanently and automatically with the market as a whole and checks whether your insurances fit your life situation. Clark works with more than 160 insurance companies. If the technology finds a cheaper rate or an insurance gap, you will be informed easily and relaxed. In addition, a personal contact person is available to you. Regardless of whether it is a car, liability, household or pension certificate: there is a quick answer to all questions via chat, e-mail or telephone. If, for example, damage occurs, the contact person takes care of the transaction. When it comes to complex products such as occupational disability insurance, the employee calls in an expert.

More than 100,000 customers already benefit from the digital insurance service. Most recently, Clark was named Fair Money Digital Insurance Expert by Focus Money.

How does insurance management work with Clark?


And this is how it works:

  • Register with Clark through the website
    Good to know: Clark’s digital insurance manager is a cooperation partner of 1822direkt. More information about Clark and a link to register can be found here .
  • On the Clark website or in the app, add your existing insurance. To do this, you simply have to select the type of insurance, for example, household contents, liability or motor vehicle insurance, and specify the current insurance company.
    Good to know: You must provide at least two insurances, with the statutory health insurance or pension insurance not counting.
  • In a further step you enter some data online. These include, for example:
    • First and Last Name
    • Date of birth
    • gender
    • E-mail address

Clark will then create an account for you. Digital insurance management contacts your existing insurers and obtains the policies to create a clear portfolio for you.

  • With your signature, you give Clark a broker mandate. A broker then acts as a link between you and your insurer. He advises, closes or terminates insurances or takes care of the handling of claims at your request. Very important: All this happens of course only at your express wish. You can revoke the broker mandate at any time.

With the broker mandate, you give Clark your permission to obtain the information you provide from each insurance company. Based on this information, the Clark insurance management can get in touch with the insurers and prepare an analysis of your current insurance situation. The service is free for Clark customers. The company is paid directly by the insurance companies to manage their insurance. You can check the individual commissions in the insurance cockpit on the website or in the Clark app.

The North American Department of Health listens to your suggestions to elaborate your feeding guides

The North American Department of Health listens to your suggestions to elaborate your feeding guides

What I bring to you today is a first for me: The US Department of Health opens up the possibility for everyone to give their opinion (and take into account) about the report I sent you last Tuesday, entitled “New North American dietary guidelines, a lot again … good and also questionable.

Before continuing I have to recognize my mistake

Before continuing I have to recognize my mistake

I assumed that the report of the Advisory Committee for the 2015 Dietary Guidelines and its recommendations was done, that is, I considered it valid that the report in question was the final one on which the guidelines were going to be established. in question. But no, it is a preliminary report on which the Department of Agriculture ( USDA ) will later work to, at the end of 2015, offer the guides in question. In short, the entry of the other day was a report of a committee of experts that was sent to be used in an advisory manner by those who will finally develop the final guidelines.

Well, apologies apart, the fact is that in addition to this report by experts, who will end up fixing the aforementioned guidelines have decided to open a consultative period aimed at the general population so that it makes its comments, improvements, proposals, etc. report in question … can you imagine that …?

Can you imagine that our health ministry gave the opportunity for its citizens to contribute their suggestions to elaborate food guides? It would be unusual … and for what to date is known as probable as the existence of pink unicorns. So I smelled for the Americans (at least in what this case).

  1. The possibility to make them arrive ends on May 8.
  2. You will have to use 250 words or less for each of your contributions … although there is the possibility of accompanying them with attachments.
  3. It can not take more than 20 minutes to complete the contributions (it is suggested to make them separately and then copy-paste them in the form).

In addition to the popular consultation itself, I have been quite struck by the fact that it is not necessary to be a US citizen to make contributions … they are open to comments from anywhere in the world . Surprising. Wonderful and surprising.

Well, who is encouraged to tell them that, given the original recommendations of the report in question, it seems that too many trusts are deposited in the food industry so that it proposes solutions and reformulates its products to improve its nutritional profile? The basis of healthy eating … was not focused mainly on “natural” foods … what then paints so much industry and so much reformulation?

What is promised is debt

What is promised is debt

In addition to what has been said, it is time to make public the suggestions of a couple of readers who took my word when I offered the possibility to send me their interpretation of “my” food guides in the post saga “if I made some food guides” . As sure as you remember, my proposal was this … and these have been the contributions of 

What types of pensions can the beneficiaries of an IMSS insured request?

Image result for beneficiariesBy the time we all have to be prepared to face retirement and the last stage of our lives. Therefore, it is important that we know the types of pensions that exist in our country, and how we can ensure the future of our beneficiaries if some day we are missing.

In the following article you will find some of the answers to frequently asked questions about the pensions granted by the Mexican Social Security Institute so that you can be sure about your personal future and that of your loved ones if at any moment you need them.

But why is it so important to know the type of pensions granted by the IMSS? If you are a private sector worker, you may feel carefree about your financial future, but that is a mistake. You must take care of what will happen in the next years of your life so that you can live with dignity.

From the constitution of a retirement savings fund, to the constant verification of the amount of money that you contribute to the insurance, you have to fulfill the requirements so that the day comes, ensure a decent retirement and with a good economic benefit.

It is also advisable that, each time you change your job, you ensure that you are receiving the benefits properly either before the IMSS or the ISSSTE, in fact, if you have already worked for both services, you can also receive a pension .

Also, you have to think about all the factors that could happen in the future. It is not about becoming fatalistic but rather, being realistic. Death can come at any time and if that happens, you have to be prepared to protect the fate of your loved ones.

The pension, according to the IMSS “is an economic benefit intended to protect the worker when an accident occurs at work, to suffer a disease or accident not working, or to be at least 60 years of age.”

This benefit goes beyond that, in the event of the death of the worker or the pensioner, the latter can protect their beneficiaries as long as the requirements established by the Social Security Law are met.

In this way, the granting of the pension is made through a resolution that supports the right to payment of a monthly amount and access to medical services provided by the IMSS throughout the national territory.

What type of schemes determine pensions?

Currently, social insurance has two specific regimes that are determined based on the start date of your insurance quotes.

First, there is the 1973 Regime that applies to people who started contributing before July 1, 1997. The second is the 1997 Regime that applies to those who started their contributions as of July 1, 1997.

In this way, pensions are divided into 3 different groups:

  1. For the insured in relation to their age, they include unemployment in old age, old age and early retirement.
  2. For the worker upon the occurrence of an accident at work or suffering from a disease that includes Partial or Total Permanent Disability and Disability.
  3. For the beneficiaries of a worker or pensioner at the time of his death and who include widowhood, orphanage and ascendants.

Pensions for beneficiaries

In the event of the death of a pensioner or insured, the beneficiaries can apply for the pension.

Widow’s pension


The wife or husband, or the concubine or concubine of the insured or pensioner who has died can request a widow’s pension.

Only when the wife or husband is missing, can the pension be requested by the man or woman with whom the insured lived during the five years immediately preceding his death or with whom he had children, provided that both had remained out of wedlock in the concubinage.

In order to apply for a widow’s pension, the beneficiary must meet the following requirements:

The insured who has died should have 150 weeks of contribution at the time of death, except if the death occurred due to a risk of work. If you were a pensioner, you may have to prove that your rights are valid.

In addition, the spouse must prove the marriage bond or, if applicable, the relationship of concubinage. While if the death resulted from a work risk, there has to be an opinion from the institutional medical services.

This determination is established in the document “Permanent Disability or Death of Work Risk ST-3”.

In this way, the husband or concubinage has to prove economic dependence with the insured or the deceased.

While if the husband or widow wants the pension under the 1973 Scheme, he must prove total disability determined by the institutional medical services in a document called “Disability Beneficiary Opinion ST-6.

Finally, the pensioned beneficiaries will receive their pension in accordance with the regime to which the insured person belonged.

The orphan’s pension

When an insured dies and has children, they can be granted an orphan’s pension as long as a link is verified up to 15 years of age. In the event that the children are between 16 and 25 years old, they may be entitled to the pension as long as they prove their studies.

The only exception is that of the cases of children with a disability granted by the IMSS, they can receive the pension up to 25 years. In order to apply for this type of pension, the filial relationship must be proven with the insured or pensioner who died, and the age of the child must also be agreed upon.

In addition, the insured would have to have at least 150 weeks of contributions at the time of his death, and his rights would have to be valid in case of disability, retirement, unemployment in old age or old age.

In the same way, in case of death caused by an accident at work, or in case of disability of the descendants, each case will have to be accredited by the medical services of the IMSS and should be verified with the corresponding formats.

The pension for ascendants

This type of pension is given in those cases in which the deceased is insured and his father and mother still live. The only condition, or the main condition to be able to fulfill the delivery of this pension is that the insured did not have a spouse, children, concubine or concubine with the right to a pension.

With this type of pension your parents can ensure part of their future and in this way, if you are single and without children, you can ensure support for them. If this happened, they would have to prove their bond with you, and the economic dependence they have on you.

Through the IMSS website , the beneficiaries can obtain the forms they must submit to apply for any of the pensions that are delivered when an insured or pensioner dies.

Most of the procedures are performed in the clinic where the insured received medical attention, so it is probably a geographic option accessible to you.

So, now that you know everything you need to know about pensions for beneficiaries of the insured, you can worry about guaranteeing a heritage for your loved ones, or educate them so they know what they can do in case you miss them .

Remember that, to a large extent, financial problems within the home can be avoided as long as there is constant dialogue and there is always trust and planning for our future.

Financial outsourcing The useful guide

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Today we talk about a term that increasingly takes more strength in our environment. We talk about financial outsourcing in this interesting guide.




What is outsourcing?

Characteristics of outsourcing

  • Concerning the contract between the parties
  • Concerning the organization

Advantages of outsourcing

Disadvantages of outsourcing

Types of outsourcing services

  • Regarding its purpose
  • Regarding its nature

Levels of outsourcing

Outsourcing decision process

Outsourcing application areas

Financial outsourcing, what is it?

What allows financial outsourcing?

Objectives of financial outsourcing

Benefits of financial outsourcing


What is outsourcing?

What is outsourcing?

Outsourcing, also called outsourcing or subcontracting , is an innovative management technique, which involves the transfer to third parties of certain processes complementary to the main activity of the business. It is the process by which a company outsources part of its activity by hiring an external company to manage a part of the company.

With this method, the main company can focus on specific functions to improve them, and specialize in increasing efficiency. It is very important that the activity that is outsourced to another company is not the main pillar of the company, since that could cause damage to business management.


Characteristics of outsourcing

The main characteristics of outsourcing can be related to the contract between the parties or related to the organization.

Concerning the contract between the parties

  • The outsourcing contract must clearly establish the responsibilities of both parties in any aspect, not only taking into account the current service but also the level of future service.
  • The scope of the contract can be as broad as it is established, it is tailor made.
  • The contract usually lasts several years.
  • One of the most important aspects of the contract is the definition of its validity.
  • Criteria for personal transfer of functions must be established throughout the evaluation process.

Concerning the organization

  • It is a strategic decision for the organization, since it transfers part of its assets to the outsourcing company.
  • It allows you access to new technologies and focus on carrying out activities of greater value to the organization.
  • They reduce operating costs and avoid having to invest in infrastructure.
  • A very important commitment is acquired with the subcontracted organization, since it will depend on it that an adequate level of service is provided.


Advantages of outsourcing

Advantages of outsourcing

The use of subcontracting goes hand in hand with various benefits, among which are:

  • It lowers production costs.
  • Save time and space.
  • It facilitates the obtaining of better quality products.
  • Reduce the number of routine tasks.
  • It allows the organization to focus on its main activity.


Disadvantages of outsourcing


Although it is an efficient tool, it can lead to some inconveniences such as those detailed below:

  • It generates little loyalty towards the organization to which the service is provided.
  • Fosters irregularities in the hiring of workers.
  • Eliminates jobs in the country of origin of the contracting company, if offshoring is applied.
  • You can lose direct contact with the client.


Types of outsourcing services


Outsourcing can be classified according to two criteria:

Regarding its purpose

  1. Tactical Outsourcing : This type of subcontracting is considered as such a simple outsourcing of a non-primordial function for the company, and its reason for being is the need to reduce costs.
  2. Strategic Outsourcing : It is intended to create a stable relationship with the company to which functions are delegated. The consolidation of a strategic alliance is pursued through the interdependence of the delegated tasks with respect to the others that make up the company, thus seeking to improve the quality of the delegated function, improve their services and increase the capacity of the same.

Regarding its nature

  1. Co-sourcing : This type of outsourcing occurs when both companies share responsibilities and, in some cases, the risks of providing it.
  2. In-house : It occurs when the requested services are carried out within the facilities of the company that requested them.
  3. Off-shoring (relocation) : Occurs when you request the contracting of services to a company that is abroad, since the costs are lower compared to the national ones.
  4. Off-site : It is named like this when the services are generated in the facilities corresponding to the company that is providing them.
  5. Collaborative Outsourcing : It is one in which the contracting company takes full advantage of the strengths of the company hired and its workers, so as not to delegate all the work they need to perform in the external company.


Levels of outsourcing

There are different levels in which outsourcing can be applied:

  • Complementary parts : Consists in the purchase of parts or subpieces that make up the final product to another company specialized in manufacturing such parts, generally applied when the company does not have the capacity to produce them or to reduce costs.
  • Individual : Applies when it is only necessary to delegate the function of a worker, it is used for those activities that the company needs on a regular basis but does not need to have a full-time employee for the development of it.
  • Functional : It is used when it is necessary to delegate a function or tasks that require specific knowledge or skills.
  • Process : Includes the delegation of an entire process to another company specialized in the set of tasks required. It is used regularly, for example, in the human resources department with the recruitment process.


Outsourcing decision process

Outsourcing some functions of a company requires a decision-making process to make said outsourcing effective:

Strategically identify the processes subject to contract

In this step, the person in charge of the process must study in broad strokes the organization of the company to determine a strategy that defines the objectives to be achieved and the changes it will generate.

Select activities

The tasks or functions that will be externalized must be identified, and an initial analysis of the companies specialized in these activities must be carried out to make a preliminary selection.

Choose the company

It is a very specific step, the group of pre-selected companies is analyzed and, regarding specific criteria taking into account the needs of the company and the level of specialization and experience of the company that will provide the service, one of them will finally be selected.

Define the requirement

The minimum requirements and how they are to be measured must be established in the contract.

Transition period

The company has already been selected and the contract has been detailed, so now a transition period is presented to observe if the stipulated progress measures are met.

Manage and improve relationships

The last step is to measure the efficiency of the service and verify that the proposed objectives are being met. On this, it is necessary to carry out evaluations and propose improvement plans if necessary.


Outsourcing application areas

Outsourcing application areas

There are many activities that can be subcontracted, although it is important to outsource those activities that are not part of the functions or areas that are considered fundamental for the company.

  • Outsourcing of accounting systems
  • Outsourcing of capital and investment management
  • Outsourcing of the human resources area
  • Outsourcing of administrative systems
  • Outsourcing of logistics activities
  • And outsourcing of financial systems, on which we are going to focus next


Financial outsourcing, what is it?


Financial outsourcing is the planned process of transferring non-strategic functions to experts external to the organization that requires a considerable degree of bi-directional exchange of information, coordination and trust .

The origin of the permanent financial advice arises from the need of the entrepreneur or manager of the company to devote his time to the supervision and management of his business, without having to dedicate himself exclusively to the financial part of the same, which also requires specialized training and of a high dedication. In this way, financial outsourcing is becoming a strategic support for companies, being a differentiating and necessary element for the optimization of the economic resources of the company and the maximization of the generation of value of the same.


What allows financial outsourcing?

What <a href="">allows</a> financial outsourcing?

Financial outsourcing provides a new strategic, financial and commercial vision that allows:

  • Diagnose the current situation of the company.
  • Periodically review the objectives and strategies of the company.
  • Implement, analyze and periodically review the financial planning and budgetary control of the company.
  • Develop business plans, strategic and contingency plans.
  • Negotiate with suppliers, financial entities and public organizations.

The permanent nature of financial outsourcing is fundamental since it enables the planning and monitoring of the proposed measures, detecting and correcting in time those that deviate from the objectives set in the company in the short and medium term.


Objectives of financial Outsourcing

Objectives of financial Outsourcing

With the correct application of financial outsourcing, these five objectives are pursued:

  • Finance operations at the lowest possible cost.
  • Orient resources adequately.
  • Optimize the use of resources.
  • Maximize the value of the company.
  • Recover the investment made as soon as possible.


Benefits of financial outsourcing

The potential impact of financial outsourcing on the results of a project is a proven fact, the outsourcing of specific processes has proven to be a tactic that increases the efficiency and productivity of companies. These are the advantages offered by financial outsourcing for any company:

  • Concentrate efforts on key business activities.
  • Ensure business continuity by defining processes clearly and applying new procedures hitherto unknown.
  • Reduce the costs of services by facilitating financial planning and budgets.
  • Make better business decisions thanks to the information and experience of the financial advisor.
  • Improve cash flow and reduce spending on financing.

The Government becomes a shareholder by force in the "mud" of Abengoa

The Ministry of Economy (Mineco) is the second shareholder of the Sevillian company, after one year of delaying its exchange of debt for shares

  • Two funds (FRRI and FIEX) assigned to Mineco covered Abengoa’s risks
  • Santander continues as the main shareholder with 4.9% of the capital

abengoa mx

The Secretary of State for Commerce raises to the CNMV that the group of government shares in Abengoa’s capital exceeds 3% after exchanging -with hundreds of millions of losses- its debt for shares in the 2017 rescue.

Abengoa is a value that, at the moment, gives allergies to its creditors -which have put off the sale of Atlántica Yield-, and to private investors after the rescue and restructuring that the company experienced between 2015 and 2017. The most reputable ones, they even dare to joke when they are mentioned the possibility of investing in the Sevillian company. “We like the mud, but we do not like to drown in the mud either. I remember the Baskerville dog and the quicksand … “, said Francisco García Paramés , founder of Cobas AM and former Bestinver, laughing during a conference at the University of Navarra at the end of February.

It also casts back even its rescuers, led by Banco Santander, which has been selling its shares from the debt swap to just 4.9% of the company, a share also inherited from the purchase of Popular. The bank chaired by Ana Botín was Abengoa’s sole shareholder until last Friday, when Luis de Guindos’s Ministry of Economy announced the taking of 3.15% of its capital, a percentage that responds to the guarantees and debt contracted by Abengoa with public entities. The State thus becomes the last in the line to ‘pass’ through the shareholding of the Andalusian company after all the Spanish banks – all with Abengoa risk in their balance sheets – and dozens of investment funds.




Specifically, as stated in the CNMV, the Secretariat of State for Trade directed by María Luisa Poncela states that they are “two funds without legal personality attached to the Ministry of Economy and Competitiveness through the State Secretariat of Commerce.” The first of them FIEX (Fund for investments abroad) is managed by Cofides and allows taking “temporary and minority direct shares in the capital of Spanish companies for internationalization,” as explained on its website.

The FIEX is a vehicle with 878 million euros of equity that endorsed Abengoa and became a creditor to the force, as well as the FRRI, which is managed by Cesce (Spanish Insurance Company of Export Credit). Ministerial sources place the origin of participation in Abengoa in the rescue and restructuring of the company, which a little over a year ago kept thousands of workers in the group in suspense, but above all, the balance sheets of the main Spanish banks, exposed to its debt close to 10 billion euros before the rescue .

The strange thing is that the government is emerging as a shareholder of Abengoa almost one year behind the bizarre bailout of Abengoa, which is still alive on the stock market after having lost 99% of its value. The outpouring of shares in state hands arises after the Insurance Compensation Consortium has informed the Ministry of the Abengoa share package that corresponds to a package of more than 3%, a percentage that requires it by law to communicate its presence as a shareholder.


Image result for supportOn the activities of FRRI (Cesce) with Abengoa, the statement sent to the CNMV indicates the role of guarantor that the Government has had with the multinational founded by the Benjumea. “The State will be liable for the obligations assumed by the managing agent on behalf of the former in the exercise of its hedging activity. For this purpose, the Reserve Fund for Internationalization Risks (FRRI) is created. It is a fund without legal personality (. ..) to which the operations of coverage of risks on behalf of the state made by the managing agent will be imputed “, explains the Government in the document to the regulator.

The fact that the government is positioned in Abengoa’s capital one year later is confirmation that there was a ‘political solution’ for the company, but above all it gives strength to the Sevillian group in the final stages of negotiations for the sale of Atlantica Yield . It is his jewel in the crown in the US and is in the process of being sold to power company Algonquin Power, which demanded a series of conditions that have not yet been solved to date.

Sources close to the company point out as a “temporary coincidence” that the state presence in Abengoa, although other sources believe that it is a movement to strengthen the credibility of the team led by Gonzalo Urquijo and in which other illustrious the likes of Josep Piqué (former minister and former CEO of OHL) or José Luis del Valle , former strategy director of Iberdrola. The operation, which extends to 25% of Atlantica, has a value of 607 million dollars (about 493 million euros), of which 510 million will be used to repay the debt, according to the company, which expects to close in the next few days this disinvestment to move forward with your viability plan.