April 9th, 2012
If creditors are at your door, no matter how bad things look, stay calm. Let the initial panic settle, then rationally consider some of these steps.
Do no further harm. This is common sense but easily forgotten. If your debts are due to overspending, stop! Cut up your credit cards. Keep only one for real emergencies if you have to. Draw up a budget and spend only on essentials, like food. Maintain a spending record.
Prioritise your credit card repayment. Pay off the card with the highest interest rate first. When that is done, move on to the next highest interest card. Meanwhile, keep paying the minimum for all the other cards to stay current with your creditors.
Negotiate with your creditors. Ask for an interest waiver. If they are not willing, try for a lower repayment. Go for a permanent arrangement but a temporary period is better than nothing. Explain your situation well; your creditors are likely to be keen to get back some money rather than none if you default.
Get professional debt help to consolidate your debts into one. This is normally considered risky, but there are many debt help agencies out there with different terms and conditions. You may find a loan with a much lower interest rate than what you are paying now. If you take this route, you must stay focused and not add on to the debt while you are paying this off.
Approach StepChange, a charity that offers a host of debt services: from free advice to self-management plans. Their trained advisors can also assist you in negotiating for better deals with your creditors.
The final option is to file for bankruptcy. Although drastic, this may be better than losing some assets that you cannot give up, like a home for your family. You can only file for bankruptcy if your debt is over £750 and there are different processes in England, Scotland and Northern Ireland.
March 5th, 2012
We live in fast changing world, where consumerism plays a major role. We believe in the phrase – spend now and pay later. We take one credit card to pay off another, and before we realise, we are deep in debt. This is when you need a debt management plan.
There are many companies who will offer you free debt consolidation help. Don’t hesitate to take it. If they are genuine companies, they can certainly change your life for the better. Sometimes, debt takes such a tight hold on you that it can even lead you to the brink of bankruptcy. It is wise, therefore, to get free debt consolidation counselling when you see the first signs that you might be getting into trouble with debt. Do not wait till it is too late.
So, the first thing to do is to tell yourself loud and clear that you are in debt. You may be hounded by creditors day and night and you may even get nightmares about them. So, here are a few debt solution tips that can help you out of this crisis.
Review Your Current Situation
You should clearly list the payments to be made against each debt. Work out how long it will take to bring the situation under control. Work out an easy way to make these payments each month.
Make a Budget
Please make a budget for yourself, so that you don’t squander away your money. Spend only that, which you have budgeted for and do not be tempted to spend on non-budgeted items. Now you can save some money and spend it to clear away your debts and dues.
You can even go in for debt consolidation and replace all your existing loans by one single debt consolidation loan. Now you pay only a single monthly payment at a low interest rate rather than many payments to many creditors at high interest rates.
A good debt management plan can certainly help you out of the debt crises; the only thing you need to look-out for is a genuine debt consolidation company.
February 18th, 2012
There is one obstacle in life that may prevent you from getting a house, car, or even a job! Unfortunately, debt is a common phenomenon in today’s society and plagues many households. Finances can build up like the domino effect and, in turn, can result in a serious financial issue if not handled properly. Here are some ways to help you get out of debt.
One way to get out of debt is to minimize daily credit card use. Credit cards are one of the most known causes of financial hardship. I know from first hand experience that using plastic is very tempting, and a consumer’s philosophy is; buy now and worry about it later. Set aside credit cards for emergencies such as your car breaking down or for sudden and unexpected trips to the hospital.
Another way to help you see the light at the end of that dark financial tunnel is to cut down on bills. Many customers are paying too much for their car insurance. Responsible and safe drivers can save hundreds of dollars a year by signing up for liability coverage without comprehensive or collision. Also, automatic withdrawals taken from your bank account can cut the bill down by an extra four dollars a month.
Luxuries are one way that families gradually fall into the trap of debt. This is not a recommendation to go live in a cave cut off from civillization, but there are resources that allow you to have some of those luxuries and save money. Thrift stores are an excellent place to buy clothes, appliances, and other necessities at very low prices. You can shop for back to school clothes and buy a big screen Tv for half the retail price. The money you save can be put towards paying the debt off.
Unfortunately, it is easier getting into debt than getting out of it. These are some helpful hints to help you put things in perspective and ultimately take back control of your finances. Getting out of debt is a day by day process that requires patience and frugal spending habits.
December 24th, 2011
Debt management companies are companies that assist individuals and/or organizations with the management of their debt. These companies provide expert advice to individuals who come to them due to their need for professional help in managing their debts. In most cases the debts have gotten out-of-control, and are beyond the capability of the individual or organization to handle them.
Good debt management companies have a systematic plan, which they use to assist clients with their debts. One of the first things that these companies do is to conduct a careful analysis of their client’s present financial condition. These companies will ascertain the amount of available funding that the client has available for debt payments. In order to ascertain the funding that clients have available for debt payments, careful accounting of a client’s yearly income and assets will be carefully tabulated. Knowledge of a client’s total income and assets will give these debt management companies crucial insight into the client’s ability to pay off his debts in a timely manner. In addition, good debt management companies will make the determination as to how much funding is available after operational expenses are paid each month. The funding that is available after payment of operational expenses, is the true measure of the funding that is available for debt payments.
Debt management companies will make a detailed listing of the debts that are owed by their client, and seek to allocate funding to as many debts as possible, based on their priority. Once the priority list has been developed, as well as a list including the amount of funding that will be allocated to each debt, debt management companies will use their leverage and knowledge in negotiating with creditors. Most debt management companies have very good relations with creditors, and can usually negotiate terms that are in their client’s best interest.
October 16th, 2011
One of the most important service, alongside many other important services that consumers need in managing their personal finances, is prudent financial advise. Providers of financial advise and management are usually professionals in the field of personal finance and debt management. The reason their services are so important is because more and more British residents face problems paying off their debts and more and more consumers are seeking help with their debt problems.
This is why it is good to seek suitable debt management services from qualified financial managers before the debt problem occurs. However, if the problem is already present and threatens to get out of hand, then it is advisable to seek help with the debt from a reputable debt management firm. Now, most debt management firms will conduct a thorough financial assessment of an individual, in regards to their financial situation and position. The assessment will tend to provide useful financial data that will be used to provide a suitable debt solution and will include the customer’s bank statements or an income and expenditure statement, assets owned,debts owed and other financial and personal information as may be deemed necessary.
In some cases, debt consolidation may be viewed as the most appropriate solution for the borrower and this may be advised accordingly. Debt consolidation is the process by which debts owed to various creditors by a single customer are consolidated into one debt for the purposes of making repayments. When this is the case, the consumer will be required to take out a consolidation debt loan from a bank or other provider. The consolidation debt loan is a loan issued by credit providers for the sole purpose of repaying the consolidated debts. Once the consolidation debt loan has been issued, it makes funds available to the debt managers who will then use the funds to pay off the consolidated debt and ensure each creditor receives their dues.
There are several benefits that can result from a consolidation debt loan. The consolidation debt loan is a low cost, cheap and affordable loan. It is long term in nature and can be paid off easily. The consolidation debt loan is unsecured, making it even more attractive than others.
September 22nd, 2011
The economic recession has placed a massive amount of strain on the finances of individuals. With the financial hardship, the credit and fiscal well-being of people has been thrown for a loop. Anyone considering debt consolidation loans are in the right place at the right time.
A major reason people are having credit issues is not the amount they owe but when they owe it. With due dates for various obligations varying throughout the month,having sufficient funds to make the payments on time can be challenging. This is the very problem that debt consolidation loans are designed to address.
A debt consolidation loans takes all of the outstanding debts and combines them into one payment. The benefit of this being a person only needs to worry about paying one bill. The icing on the top of the debt consolidation loans cake is that a person can save money to.
Most consumer credit programs charge a very high rate of interest, that coupled with late fees when a person does not make their payment on time is a major challenge readily addressed by the debt consolidation loans.
An individual looking for debt consolidation loans can get one even if they have less than perfect credit. The sooner a person begins the sourcing for their consolidation loan the better off they will be. It is recommended for anyone looking for this option to have an expert on their side guiding them through the process.
The interest savings alone will make the investigation for the consolidation worthwhile. During this time it is vital to maintain their financial composure and not get back into debt. The loan expert will be able to help establish a budget that the person can stick to on their path to financial independence. It’s your money, why pay more than necessary.
August 28th, 2011
Debt consolidation can be achieved through several means. It can be done with debt consolidation loans and can also be achieved without loans. Most people have the impression that consolidation through loan is the only way to consolidate debt. To consolidate debt, you do not necessarily need to get into another debt.
If there is a default in the repayment plan of this type of loan, you risk the loss of your home. You do not run the risk of losing your home if you choose to consolidate without loans. In simpler terms, consolidating your debts without loan is safer and better and it makes repayment of your current loan easier and more convenient.
Consolidating a debt without loan helps the borrower to limit his outgoings and also makes his secured debts which can be in the form of mortgage easier to pay off. Debt consolidation without loans reduces the struggle on the priority debts of a debtor and gives him more control over his finances.
Instead of the monthly multiple payments, debt consolidation without loan offers reduced risk on missed or late payments on debts because with this method, you have a single monthly payment to make which can be easily managed. This method puts an end to several bank charges and penalties and as such helps the debtor to save money at that time.
Debt consolidation no loan can also be termed as debt management plan because it is aimed at transferring a debt from unsecured to secured loan and helping the debtor to make lower repayments on their unsecured loan. Debt management plan is most helpful to those with difficulty of paying back their loans. It can help in managing debtors’ outgoings if he is having a hard time with it.
With debt management plan, a debtor can bring all his debt in one single debt and make one-off monthly payment which will then be distributed to the various creditors. With this plan also, most creditors will stop any additional charges or interest on the loan. Debt consolidation; no loan gives the debtor longer period of repayment of their loan with flexible plan thereby reducing pressure on them.
With debt consolidation plan, you remove the risk of loss of your home because you are not actually getting any more loans in addition to the one you already have. Rather, debt management plan is sort of informal agreement between a debtor and a creditor. It benefits the debtor more because the plan can be changed though the change is dependent on the debtors’ circumstances or situation.
July 18th, 2011
There is a company that deals with debt and has a IVA debt solution that can help solve your debt problems and make you feel at ease with your financial situation. IVA means individually volunteer arrangements. This name’s meaning is exactly as it appears. Each person will be dealt with individually and according to government legislation. A IVA debt solution may help you ease the burden of your debts.
Your debts will be considered and an amount that you can afford will be assigned to you to pay. You may lower the total amount you can owe and now have a payment you can afford. There is no reason to be harassed by companies that you own money to. If you qualify you will be able to have all of your debts consolidated into one payment that you can afford.
Your professional counselor will talk to you and together you will make arrangements for paying back your debts. Your creditors will be contacted and arrangements will be made by the IVA debt solution team for the creditor to work with you on your debts. This company has helped thousands of other people just like you who are struggling with their debts. There is no reason to feel impaired by your debts, many people are suffering just like you in this harsh economy. The embarrassment you feel can be solved by the caring staff at the company that has a IVA debt solution. The first step in solving your debt problems is to talk to the IVA debt solution company and let them know how you feel about your debts and what you want to do about the problem. The IVA debt solution team will listen carefully and begin to help solve your financial problems.
When you call or come in you will be asked questions before you are offered a IVA debt solution. You will be ask to supply some financial information. Getting your paperwork and bills together before you contact the company with the IVA solution is important. Before you are offered a IVA solution you will be asked to supply this information.
Contact the IVA debt solution team today and see how quickly your financial worries can be a thing of the past. Your family will thank you and you soon will be on the way to financial freedom.