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Lyondell Files Reorganization Plan, Evaluates Bid by Reliance Bloomberg

15.12.09

Dec. 15 (Bloomberg) -- Lyondell Chemical Co. filed a plan to reorganize even as it evaluates an offer from Reliance Industries Ltd., pitting India’s biggest company against lenders in a battle for the bankrupt chemical maker.

Lyondell plans to reorganize by repaying its $8 billion bankruptcy loan in full and giving an equity stake in the new company to lenders, including sponsors of a $2.8 billion rights offering. The plan, outlined in U.S. Bankruptcy Court in Manhattan, “won’t preclude Reliance from making a bid if it chooses to do so,” said Lyondell spokesman David Harpole .

As creditors try to figure out whether to accept the plan, and weigh how much stock in a new, reorganized Lyondell could be worth, Reliance has yet make public the value of its bid for the company’s Netherlands-based parent, LyondellBassell Industries AF. Reliance spokesman Manoj Warrier declined to comment on the reorganization plan or say when the offer details may be unveiled.

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Unsecured loan?

Mar 01, 2008 by MGL | Posted in Personal Finance

I just paid off my unsecured loan with rate of 17.99%. And i want to borrow another unsecured loan later. And my ? is how long will it take to reflect my credit history that will show that i dont have any debt. And also, if i borrow money again will it also decrease my rate....cuz i paid off my debt on time...

It will take between 30 and 60 days for the debt to show paid off. That will help your credit score.

If you borrow money again, you may get a better rate because your credit score should be higher than before.

Laissez-Faire Guy | Mar 01, 2008

If you are thinking about getting a loan, then you should know about the basics before you get started. If you understand the basic dos and don’ts of loans, then you will be better equipped to find the best loan for your needs. Whatever type of loan you are applying for, you should follow these basic rules to help you find the best deal. When searching for a loan, it pays to do your research. Look for as many suitable lenders as you can, so that you can find the very best deal. There are many online pages thatyou can afford. Taking loans out over 10 years or more can be risky, and you cannot be sure what your financial situation will be at that time.

Annie | Mar 01, 2008

What are the risks associated to an UNsecured small business loan?

Sep 15, 2006 by Amorican | Posted in Small Business

I am working on starting a small business soon. I am financing a big chunk myself but need a small business loan for more than half of the start-up cost.
I have been told by different professionals out there that with my age, credit score, and years of established credit I would easily qualify for an unsecured business loan, meaning that I don't have to put my house and other assets on the line. This is obviously a huge benefit, but aside from an APR higher than one on a secured loan, and expensive loan fees, what are the risks and downsides of an unsecured loan? Also, do you know of any financial company who offer such loans fee-free?

Serious answers only please, and thanks in advance for your help.

The biggest loop hole with unsecured loans is they will usually ask you to sign a PG - Personl Gaurantee. This means that even if the business folds you still owe the money.

This loophole is outside of the usual 'Limited Liability' so my advice is NEVER sign a PG in your life.

I got stung in one of my previous businesses by a partner and 4 years later I am still paying back the money even though the company doesn't exist anymore. Since then I have made a stand and refused to sign one and it's amazing how many businesses will be happy to put a line through it.

The issue for you is which is it going to be? No one will lend you money with no gaurantee of getting it back - would you? If you that sure of your business plan and financial projections then I suggest you back yourself and get on with the business.

Good luck!

mrmaccnz | Sep 17, 2006

I cannot believe that any legititate lending institution is going to make an un-secured loan to a start-up business. There are thousands of small business professionals out there with established businesses would kill for a un-secured loan.

But anyway, good luck with your new business.

luckyaz128 | Sep 15, 2006

How does the debt collection process work on an unsecured loan?

Apr 28, 2007 by Catwoman | Posted in Personal Finance

I am 105K in debt(mortgage, student loan, car and the unsecured loan) and lost my former job due to lack of work. I got a new job but I am out 15K/yr. Through much juggling, I am paying off everyone except the unsecured loan on which I am paying 30/month(they want 260/mth) and they are unhappy I am paying them so little and threatening to sue me. I am trying to sell the house to pay off the mortgage and the personal loan and this is still at the original lender level. I am hoping I will get to work with a collections agency first since I can offer them the 30 I am now paying the creditor and when I sell the house I can pay the bill in full and have the credit bureau remove the blotch from my credit by showing evidence of payment. Do they go to collections or sue first?If they do sue,will they garnish my wages or freeze my checking account(no savings) or both? How does the debt collection process work on an unsecured loan?
Tried debt consolidation but my house is not worth enough to do it and having other debt attached to it would reduce my chances of selling the house and paying off the mortgage and the personal loan. I am really looking for info on how the debt collection process works,not how to get out of debt. I have that part figured out unless I get sued. Thanks
Thanks Taja but I am asking what the collection process is. I owe 105K out of which only 9K are unsecured debt. I am paying everybody except for the unsecured debt (to preserve my assets) and paying this unsecured creditor 30 a month hoping to sell my house to pay of the mortgage and the unsecured loan which will get rid of 64K off my debt and put approx 4 K in my pocket to move to an area with a better pay labor market. I am trying to find out (by learning how the collection process works) if I am going to have time to get this done before I have to worry about their coming after my wages and/or checking bank account. In other words, if I can work with a collection agency to which I can offer payments and pay the 30 I am now paying until I can sell the house. I already tried debt consolidation and I can't get a loan for 105 K with a house that is worth 79K as the only collateral. The rest I owe is my car and student loans which must be paid or they will be worse than this creditor.
BBOYBALL: My mortgage is in perfectly good standing since I pay that before I even buy food. It is the only assett I have and I want to move to an area where I can work without having to commute an hour to do so. That is why I am selling the house: to move and to pay off the mortgage and the personal loan I took out to buy a new furnace and remove asbestos. I am willing to sell for 76K.

The debt collection process

When you default on a loan or pay less than your contractual agreement – for instance, you have to pay a set percentage of the amount owing on credit cards or a minimum payment – your account will be passed to the firm’s own internal debt collection people. They will contact you to try to recover what is owed and to check your circumstances.

Most banks and financial organisations prefer – at least initially – to handle debt problems themselves. However, if the situation continues for any length of time or they are unable to come to an agreement with you, or you ignore their letters and/or phone calls, they may pass the debt on to a collection agency or try to recover their money some other way.

Any debt collection agency used by your creditors must work within the same legal restraints as the original financial organisation and cannot, for instance, try to demand money under threat of physical violence.

Often the letter you receive will indicate that you have to pay the full outstanding balance of the debt with a threat that if you do not, further serious action will be taken. Some people get frightened by this but it is essential you respond indicating why you cannot pay the full amount and sending a copy of your budget and repayment proposals.

Provided that you maintain the proposed payments, update the information in your budget when asked by your creditors to do so and provide evidence (like bank statements and payslips) when they are requested, most creditors should be prepared to help. However, if you do not voluntarily make payments to reduce your debts or keep to your repayment arrangement, the original financial organisation or the collection agency may apply to get a County Court Judgment(s) against you. In this case you will usually be sent a claim form. This gives you an opportunity to respond – either by defending the claim if you dispute it (using the form known as an N9B) or by offering to repay the debt by instalments (using the N9A form which has to be completed with the same sort of information that is included in your budget). In most cases, provided you complete this form, your proposals are realistic and you keep up the payments, no further action will be taken.

If you wish you can attend a hearing and explain your circumstances and present your personal budget but this is not normally necessary as long as you have returned the relevant paperwork within the time allowed and your budget is a realistic one. Failure to keep up the payments agreed can lead to further action. If you are employed and fail to make payments to a CCJ, an attachment of earnings order may be made against you. That means the instalments due will be taken directly from your salary by your employer before the balance is passed on to you.

If you are under a judgment(s) from the Court and fail to keep up payments, the creditor also has the right to instruct bailiffs to recover the amount due. This is the likely course of action if you are not working or are self employed and fail to keep up the agreed payments. Bailiffs might also be sent if you fail to reply to any letter from the Court that seeks further clarification of your position

taja m | Apr 28, 2007

Wow. First, I suggest that you speed up the process of selling your home a bit, i.e. undercut other sellers in your area. The housing market has been on a tear for the last ten years, and the collapse of the subprime market, which has been in the news lately, means that the housing bubble is bursting. Many economists are likening it to the Tech Bubble in stocks in 1999-2000. This means that the longer you have your house on the market, the less it will be worth, and values will be dropping at a very fast rate. To see what I mean, look at this chart, prepared by a Yale economics professor, and keep in mind that what goes up must come down: http://www.speculativebubble.com/images/homevalues1.gif
Second, I highly doubt that they will sue you. They will likely send your case to a collection agency, who will formulate a plan for you to pay the debt off. Actually, if they are constantly threatening to sue you, you may be able to SUE THEM for harassment. Usually, the creditor would simply sell your debt to a collection agency. I have never heard of anyone being sued by a banking institution for defaulting on a small loan like that... And rest assured, you are certainly not their only worry right now. Depending on how deep your bank is in the subprime sector, which many banks were deep into, they may be in danger of going belly up. I suggest you seek the advice of a reputable debt consolidation service before you begin worrying too much about being sued, garnished wages, and frozen savings accounts.

I just saw your add'l details... This is how the debt collection process works: If the bank thinks it will recover more money by suing you, they will do so. If they think they will recover more money by selling your debt to a collection agency, they will do so. Unless the people running your bank are complete idiots, they will not sue you for two reasons:

1. Lawsuits cost money. Even if they have a salaried lawyer, which most small banks do not have, that lawyer must divert his or her time from other causes to work on suing you. If they do not have a salaried lawyer, a lawsuit would be very expensive for them, and $105k sounds like it's on the smaller end of the spectrum - i.e. not really worth it.
2. On top of that, I'm sure they know about the current condition of the housing market, as it's common knowledge amongst financial institutions, economists, the FED, etc. If they DID sue you, what do you think they would be suing you for? Your house, of course! And assuming they won the lawsuit, by the time they did, it's very likely that the house would have lost a substantial amount of value. Then they would have to pay substantial fees to sell it AND it would lose more value while it was on the market, etc... The bottom line is that acquiring a home right now is not a desirable position to be in.

So it's probable that the bank is simply using scare tactics to get you to pay by whatever means necessary, and they probably have no intention of suing. What you should find out is whether the bank has a sub prime portfolio or not, and how many loans are currently in default. If the bank has a large number of loans in default, they are not going to sue EVERYONE for obvious reasons. What is the name of the bank? Are they a publicly traded company? You might just want to IM or email me...

Robert B | Apr 28, 2007

PLease contact me, is there any equity left in your home? Is it going into foreclosure? WHat are you willing to settle for to get yourself out of debt?

bboyballer112 | Apr 28, 2007

to answer your direct question... the debt is still with the original creditor, which is good. they may not be happy with the reduced payment, but as long as you are paying someting it does show intent. it is still a blotch on your credit but shows effort on your part. the collection process is similar in most cases- if your creditor sells your account to a debt collector, they will contact you and start making payment demands. it will usually take several months before a debt collector will pursue further action, such as suing you in court. the can't garnish wages or freeze assets without a court order. keep doing what you're doing- at least it shows you are not trying to evade your debt.

northcountry57 | Apr 28, 2007

What is the difference between an unsecured and secured loan?

Nov 06, 2007 by lost_Zimbo | Posted in Personal Finance

I'm thinking of getting a loan but then the question comes up as to whether I want a secured or unsecured loan? WHats the difference and which ine is more advisable to take?

Secured loan is a loan secured against something, eg your house, in case you can't pay it back. Unsecured is better if you can get it.

janbla | Nov 06, 2007

I think an unsecured loan usually has a higher of interest but if you default they cannot repossess your house. A secured loan is secured against your property.

People who do not own property usually have to have an unsecured loan.

gail_hurd | Nov 06, 2007

Secured - lower rate, but if you miss enough payments, they will reposses the object against which you secure the loan (usually a house).

Unsecured - higher rate, but the loan is not secured against your house. Not sure exactly what happens if you miss too many payments, probably legal action or something.

cuddles_gb | Nov 06, 2007

A secured loan is one that has some other property as collateral. For example, if you buy a car and offer your wife as collateral to secure the loan, if you do not make the payments the bank can come and take your wife.

An unsecured loan is better because there is no collateral required, but if you have a nagging wife a secured loan might be preferable.

kokopelli | Nov 06, 2007

A secured loan is just as it says...secured against your home or other assets. If you default, your home is at risk. An unsecured loan will not put your home at risk and is suitable for non home owners. If you own you home and secure a loan against it, make sure you can afford the repayments otherwise it can be repossessed.

monkhelz | Nov 06, 2007

Unsecured- NOT backed by collateral; secured, backed by collateral.

pathfinder | Nov 06, 2007

Read above

simon m | Nov 06, 2007

A secured loan means you're providing 'security' that your loan will be repaid according to the agreed terms and conditions. The security is in the form of collateral, and is usually your home. It's important to remember that if you are unable to repay a secured loan, the lender has recourse to the collateral you've pledged and may be able to sell it to pay off the loan. An unsecured loan, however, is given when the lender believes that you can repay the loan on the basis of your financial resources (usually your salary). Granting the loan is not based upon 'collateral'. Unsecured loans are usually offered at higher rates than secured loans and have lower borrowing amounts, whereas a secured loan is usually needed when borrowing larger amounts to fund major purchases.

uknative | Nov 06, 2007

An unsecured loan is one that is made on the basis of the borrower's creditworthiness, rather than secured by some sort of collateral (e.g. your house for a mortgage) that is pledged -- and you the borrower, lose -- if you don't repay the loan. You need a good credit rating to get an unsecured loan, so those are usually cheaper.

Paul M | Nov 06, 2007

Secured your debt against your assets by registration of a charge. Unsecured there is no assets and you are solely responsible for the debt.

gordonmother | Nov 06, 2007

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower. From the creditor's perspective this is a category of debt in which a lender has been granted a portion of the bundle of rights to specified property. The opposite of secured debt/loan is unsecured debt, which is not connected to any specific piece of property and instead the creditor may satisfy the debt against the borrower rather than just the borrower's collateral

Unsecured loans, are monetary loans that are not secured against the borrowers assets.

huffy | Nov 06, 2007

secured loan is that loan against which the lender asks you to enforce some property or belongings of u as a security.if you fail to repay the loan,then he has the right to retain or sell your security.whereas in unsecured loans there is no such requirement.if unsecured loan is available at a low rate,then you can think to take it.

simpleshweta | Nov 06, 2007

A secured loan is given when you provide some collateral e.g. your house, your car. The loan is secured against this collateral so if you can't pay the loan back, you lose your collateral.

An unsecured loan does not require you provide any collateral. If you can't pay the loan back, the loan company will lose the capital it gave you.

Generally, secured loans have lower interest rates than unsecured loans.

Penfold | Nov 06, 2007

Secured means if you don't pay,they can sell the property you used for collateral.It's less risky for them,so they're more likely to agree to your terms and/or a lower intrest rate.Unsecured means you are promising you'll pay them back,but if you don't they have no option except for a collection agency,and they are more hesitant to approve it.

gary s | Nov 06, 2007

all the above - but also (sorry if this has already been mentioned) secured loans are usually variable rate and unsecured loans are usually a fixed!!!

John H | Nov 06, 2007

A secured loan is a loan where something, such as a house is used to back it up so to speak. If you fail to make repayments the thing that the loan as been secured against, eg a house, can be taken away from you. Normally these types of loans are cheaper.

mike108uk | Nov 06, 2007

What is the best way to get an unsecured personal loan?

Oct 10, 2006 by myproblem | Posted in Credit

I have been trying to find a good place to get an unsecured loan to help pay off high limit credit cards.

Your credit union is the best place. If you are not yet a member, find one that you meet their eligibility requirements for.

Some credit cards will offer a "consolidation loan" product that is nothing more than a glorified balance transfer at a 16% APR.

If you are in need of paying down debt, you may wish to speak with a credit counselor first. There may be other options and strategies available that would help you avoid taking on debt to pay off debt.

You can find one in your local area. Make sure they have a satisfactory rating with the Better Business Bureau.

stopccdebt | Oct 10, 2006

Is there any legal equitable right to pay back an unsecured loan at more than the agreed monthly rate?

Nov 13, 2006 by Ebony H | Posted in Credit

I have an unsecured loan with my work at a low interest rate and we agreed a monthly repayment rate. I wish to pay back more than the monthly rate. Do i have a legal right to do this?
There is no loan agreement. I am hoping to find something in equity providing that natural justice allows additional payments to be made??

Some loans actually have a prepayment penalty. Your loan agreement should spell out any terms related to extra payments. If you can make larger payments until the loan is paid off, you could always renegotiate the term with you employer.

STEVEN F | Nov 13, 2006

You can triple your monthly rate if you want to. The thing you need to find out is if there is a pre-payment penalty. Just ask them. Since you are an employee, chances are there is no pre-payment penalty.

kelly h | Nov 13, 2006

What web sites are good to go to request an unsecured loan with a good to poor credit score?

Jun 12, 2007 by mloessel | Posted in Personal Finance

I'm in need of a $25000.00 unsecured loan to help me reduce some debt.

Have you checked with the banks/credit unions?

You can also check with the financial divisions of most banks (Wells Fargo Financial or Citi Financial). These divisions are designed around the poor credit public.

gotcha212 | Jun 12, 2007

I'm in the same boat! Bank will turn you down. i went with the reccomendation on CitiFinancial and was also turned down. If you find the answer let me know!

anikkie | Jun 12, 2007

Can an Australian citizen get a unsecured business loan from the USA to try and benefit from the better rates?

Jan 19, 2009 by Ben D | Posted in Personal Finance

Looking to get a loan for a business investment opportunity but with the rates for unsecured loans around 15% in Australia it makes the investment a little bit more risky than it needs to be. Is it possible to benefit from the lower rates overseas if you can prove a good capacity to pay that loan?

Any replies much appreciated.

We are experiencing banks in the US going under because of bad morgages. The credit supply is very tight now. the US government is going to bail out banks with trillions of dollars to get lending flowing again. It is unlikely that you can get an unsecured loan in the US.
Australian credit history is not valid in the US

Joseph MBA
http://www.mbacalculator.com

joseph g | Jan 19, 2009

Where can I get an unsecured loan if I have a bad credit rating?

May 22, 2006 by coola | Posted in Personal Finance

Where can I get an unsecured loan in Britain if I have a bad credit rating?

citifinancial

Paul Rules | May 22, 2006

What is the average Interest should I pay on an unsecured Loan of US $2000 paid over 12 months.?

Jan 22, 2008 by Chinna | Posted in Credit

I have been offered a Loan for $2000 but the interest appears low for an unsecured loan. The loan is offered to people who find it difficult to get loans from regular financial institutions.

interest is determined by the lender based on your credit score

you didnt say what the interest rate was that they are charging and you didnt say if you had bad credit and what your score is

so its really hard to say what the interest rate would be

Sharon F | Jan 23, 2008

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Salary, loan questions surround Angel Food - Atlanta Journal Constitution

Atlanta Journal Constitution, USA - Feb 17, 2009

Salary, loan questions surround Angel Food However, the organization gave the family growing amounts in unsecured loans. The Wingos owed Angel Food Ministries nearly $663000 beginning in 2007,

Not Immune: Credit unions feeling the squeeze - Winston-Salem Journal

Winston-Salem Journal, NC - Feb 17, 2009

Winston-Salem JournalNot Immune: Credit unions feeling the squeeze "We were impacted by members dealing with job cuts, and their subsequent decisions between trying to pay for food or for a car or an unsecured loan," said

Deadline looms for Detroit

CNNMoney.com - Feb 16, 2009

Washington Post GM said is has taken additional steps to cut costs since December, and spokesman Greg Martin said the current loan package should be able to get the company Video: Obama Cuts Plans for 'Car Czar' GM to seek more federal aid Saturn may hit the ditch in GM's loan plans -

Unsecured loans: When You Don't Want to Mortgage Your Valuables - Search By Headlines (press release)

Search By Headlines (press release), NV - Feb 11, 2009

Best SyndicationUnsecured loans: When You Don't Want to Mortgage Your Valuables So in present scenario, secured or unsecured loans do not make big difference for the lenders. But for borrowers there is certainly a big difference between Unsecured Loans for UK People: Avail funds without Collateral Personal Loans Bad Credit –forget Bad Credit, Avail Personal Loan Personal loan: Things you MUST know -

LUKoil Gets $1.3Bln Unsecured Loan - The Moscow Times

The Moscow Times, Russia - Feb 10, 2009

LUKoil Gets $1.3Bln Unsecured Loan 1 billion euro ($1.3 billion) loan from Gazprombank, which offered the oil giant a relatively attractive 8 percent rate on the unsecured credit.

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