19 May 2011 GAZETTE 21
GazetteBUSINESS BUSINESS
Supported by AIB
Interview: Eddie Clerkin, Fonebank
Life in a top phone recycling company FORMALLY working within the travel industry with Thomas Cook - Direct Holidays for a number of years, Eddie Clerkin is married with two children, and has lived in the north side of Dublin his whole life. He recently started working with Fonebank, which is one of Europe’s leading mobile phone recycling companies. This is their first operation in Ireland, with an office in Airside retail park in Swords. Fonebank caters for all businesses and charities, along with the public needs in recycling mobile phones for cash. Fonebank offers excellent service from an Irishrun business, with a fast and speedy cheque within 48 hours of receipt of mobile phones. They hope to help charities who would like to use their services, as they can provide them with cash for their phones that are collected. Then they can use the money for whatever need they see fit. Businesses can also avail of their services. To see what Fonebank has to offer, check out www.fonebank.ie.
Q – My bank have stopped my overdraft facilrecently. Can they do this ? I have been out on short time by my company and my wife lost her part-time job. They have told me they are switching this to a term loan over three years. Do I have to accept? Barry – Walkinstown Dublin 12 A - It seems your bank think the writing is on the wall. In some respects they are doing you a favour – overdrafts are very expensive and are meant to be in credit at least 30 days of the year. Overdraft interest rates are 13% +, exceeding your overdraft without permission is an additional 7% to 12%, while there are referral fees (most banks - € 4.44 per day for checking your account to ensure you haven’t gone AWOL) and unpaid fees (this can be as much as € 12.70 per item sent back). Exceeding your overdraft is a little like walking into your local supermarket, grabbing a tin of beans, walking out
Eddie Clerkin, of Fonebank
and telling no one. Except in the bank’s case, they allow you BUT charge you plenty! You will find the term loan has a cheaper rate but over three years,
Q: When you were a kid, what did you want to be? A: That’s easy, a soldier
Q: What sport can you play? A: I’m an all-rounder Q: What is your guilty music/TV or movie pleasure? A: History Channel and Sky Sports
Q: What was your first job? A: Lounge boy at Hollybrook Hotel in Clontarf
Q: Who best represents modern Ireland – David Norris or Jedward? A: Jedward, of course
Q: And your first pay cheque? A: Memory loss Q: When did you start your present job? A: August 2010 Q: What is the best thing about your job? A: Sending cheques to charities as they do so much to help people in need
Q: What part of your working day do you ‘delegate’? A: None at the moment, but that’s soon to Q: What sport do you follow? A: Football, Nottingham Forest FC
BANK OVERDRAFTS ity. It was only € 3,000 and I only exceeded it
Q&A
change
ANSWERS TO YOUR PERSONAL FINANCE QUESTIONS
Q: Who would you rather have dinner with – Enda Kenny or Dame Edna? A: Enda Kenny as he makes me laugh
because you are also repaying capital, the repay-
Q: Where do you enjoy spending money frivolously? A: I don’t do that, my wife does
empathise with your situation – if your expendi-
ments will hurt. You must do a budget and plan your finances. I ture exceeds income, which it is doing, then your two choices are earn more or cut costs. Perhaps your wife will find new part-time employment and
Q: How many pairs of shoes do you own? A: Three pairs, I think
you could find a second job. Whatever happens, you must consider your financial situation and work
Q: What music/pictures/movies do you have on your iPod/iPad? A: Don’t have either
Q: What was your worst holiday experience? A: Rather not say
your way through it. Be positive – even as regards
Q: Who do you follow on Twitter/Facebook? A: All Forest fans
Q: Describe your dream holiday? A: I’m not fussy as long as there is sun,
the 1,250 post offices, six days a week and longer
Q: What was your last Tweet/status update? A: Up the football league we go
Q: What would be your dream job? A: Professional footballer in the Premier
Q: Describe your dream meal? A: A good steak and chips meal followed by a FEW pints of Carlsberg
payment of bills, you could use An Post’s billpay service where you can pay over 120 bills in any of hours than your bank – all for free !
beer and football
League
Q: What do you plan to do when you retire? A: Just to enjoy life with my family
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
Good news as long-awaited Development Act is in operation NOREEN MAGUIRE Maguire Muldoon Solicitors
THERE is good news for apartment/ property owners within managed estates, the long-awaited Multi-Unit Developments Act 2011 came fully into operation on April 1, 2011. Over the years Maguire Muldoon Solicitors, Clonskeagh, have built up a large portfolio of property management company clients and also advise a number of agents dealing with management companies.
It has been a continuous complaint that developers are slow and in some instances refuse, to transfer the common areas. This renders the management company powerless and can be a huge source of frustration to the property owner. In the last 20 years, there has been an explosion in these type of developments and clearly some form of legal protection is essential. In summary the main features of the Act deal with the following: 1. Ownership of the common
areas will be transferred to the management company before any property is sold. This is specifically introduced to tackle the problem of developers holding on to units in order to keep control of the management company. 2. The management company must now be called an owners’ management company. 3. The owners’ management company must maintain a sinking fund for repairs and an annual minimum contribution of €200 per
unit will apply 4. There is a provision in the Act whereby mediation should be used to resolve any dispute over service charges or other costs prior to any court proceedings. The emphasis will be on resolution of disputes by mediation. However, the court will be empowered to make appropriate orders if mediation attempts fail. 5. One vote shall attach to each unit owner in a development and, more importantly, each vote shall be of equal value.
6. House rules should be provided for an effective running of the development. Where an apartment is let, for example, a copy of the rules must be included in the letting agreement and will be binding on the tenants. This Act will assist anyone living in residential complexes or intent on buying into one. It will impose legal obligations on developers and the new regulations will improve the governance of management companies.