15 September 2011 GAZETTE 21
Supported by AIB
Interview: Rosie Gallagher (F.C.P.A. C.Dip. A.F.) Accredited Mediator
Rosie rises to the top in mediation ROSIE Gallagher is an accredited mediator with her own accountancy business, Citywide Consultants and Mediators (CWCM), which she set up in 2001. During the last ten years, she has built up her expertise as a mediator through her involvement with conciliation between people seeking loan deals and also working as a consultant for the banking industry. In this role she acted as a mediator/conciliator between the banks and their clients. She also worked with the Free Legal Advice Centre and (FLAC) and Money Advice Bureau Services (MABS). She is also a Family Law Mediator and has expanded her service to cater this area. She has many years of experience dealing in conflict situations, varying from issues in civil and commercial matters, such as business break-up, insurance and employee issues, right through to family matters such as separation and divorce, children’s issues and solutions for looking
after the elderly. Prior to setting up her own business, she worked in banking, both domestic (TSB, where she was assistant manager) and in corporate banking as senior lending executive with ICC Bank. While working as a senior lending executive with ICC Bank, she was head-hunted by the IDA --------------------------
‘This training was so successful that the staff were awarded Banking Diplomas bringing them up to European standards’ --------------------------
and was selected from a large number of nations to set up the lending arm of The Development Bank of the Seychelles. Here she trained a staff of 250 people, through lectures and on-the-job training. This training was so successful that the staff
were awarded Banking Diplomas, bringing them up to European standards. During this time, she developed her mediation skills, as she managed international mediation between foreign banks. Working in the Indian Ocean region, she was on the welcoming committee for diplomats arriving in the Seychelles. She also attended business meetings in the various Embassies where she mediated on behalf of the Development Bank of the Seychelles, with heads of state and finance ministers of visiting countries. Her company, CWCM, provides a confidential service, using experienced staff, to help those who are in dispute or experiencing conflict. Citywide Consultants and Mediators boasts a team of professionals that include accredited mediators, accountants, barristers and social workers. It also offers a choice of solicitors in order to legalise the agreements reached after a successful mediation.
ANSWERS TO YOUR PERSONAL FINANCE QUESTIONS
HAVE AN ARF Q – Recently retired, I have just taken out an Approved Retirement Fund (ARF) and have been told I must take this “imputed distribution” of 5% of the fund each year. Is this true – I don’t really want to touch the fund as I am still relatively solvent and don’t want to touch this fund ? John – Gormanstown A - Unfortunately, whether you take this income or not, you will be liable for income tax, PRSI and Universal Social Charge on the 5% of the fund in the same way as if an actual ARF withdrawal or imputed distribution had been made. When you retire, depending on the scheme and the fund value, you have three choices of execution. 1. Annuity – basically a fixed deposit interest rate set at the time of retirement and that never changes. The insurance company gets to keep the fund when you pass away. So the idea is to outlive the interest e.g. € 200k fund at 5% will give a pension of € 10k. Live beyond 20 years and you have taken over €200k from the fund. 2. Approved Retirement Fund (ARF) – more choice with your investment options plus you MUST take 5% of the fund each year BUT when you die, the ARF goes into your estate for redistribution. 3. Cash – there are certain rules with this e.g. you MUST have € 120k in a Approved Minimum Retirement Fund (AMRF) until age 75 over which amount you can encash at your marginal rate of tax AFTER you have taken your 25% tax-free lump sum ( maximum now € 200k). Therefore, I would take the imputed distribution and either invest the money in a medium-term deposit account ( best rate 4.29% AER for an 18-month account ) or spend it.
CREDIT CARD MESS Q – I have three credit cards, all of them maxed out. I am still able to pay the minimum amount each month for each card but it is getting more difficult as other debts are mounting. I have tried transferring them, but no credit card company will allow the transfer. I am at my wits end – any suggestions ? Rob - Adamstowns Rosie Gallagher
A - Most of the credit card companies offering credit card balances transfers have both relatively low limits and strict credit guidelines. The Irish
Q&A Q: When you were a kid, what did you want to be? A: A Hairdresser Q: What was your first job? A: Ansbacher bank Q: And your first pay cheque? A: £30 per week Q: When did you start your present job? A: 2000 Q: What is the best thing about your job? A: Working with people. It is always challenging
Q: What part of your working day do you ‘delegate’?
Credit Bureau (ICB) in Clonskeagh Dublin 14 is their
A: The long hours Q: What sport do you follow? A: Horse racing Q: What sport can you play? A: Cycling Q: What is your guilty music/TV or movie pleasure? A: Quiz programmes Q: Who best represents modern Ireland – David Norris or Jedward? A: Neither Q: What music/pictures/ movies do you have on your iPod/iPad? A: All of the above
Q: Who do you follow on Twitter/Facebook? A: Nobody, don’t believe in it
Q: Where do you enjoy spending money frivolously? A: Fashion, food and enter-
Q: What was your last Tweet/status update? A: Do not know, probably
tainment
first port of call to check your credit history. Any blemishes, a missed payment and the refusal is guaranteed. Your debts are starting to mount so now is the time to communicate and negotiate with your creditors. Speak to them individually and try and come to an agreed arrangement. You will
business promotion
Q: How many pairs of shoes do you own? A: 30+
Q: Describe your dream meal? A: On the French Riviera,
Q: Describe your dream holiday? A: Travel across Australia for
all your assets, liabilities, income and whether your
lots of wine with two good friends
2-5 years
Q: Who would you rather have dinner with – Enda Kenny or Dame Edna? A: Neither, could I swap for Bob Geldof?
Q: What would be your dream job? A: Mediation Q: What do you plan to do when you retire? A: Travel
need a fully detailed income and expenditure analysis plus a certified statement of affairs showing tax affairs are in order. For further information or a consultation, email me. Contact John with your money questions at jlowe@moneydoctor.ie or visit his website at www.moneydoctor.ie. John Lowe, Fellow of the Institute of Bankers, is founder and managing director of Money Doctor