Archive for 'Loans and debts'

Credit counseling helps you to manage your debts easily

Posted on 20. Jun, 2010.

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Sometimes managing debts is not possible or that easy. But there is always credit counseling available where counselors will help guide you on how to pay off your debts.

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Top 5 Mistakes When Paying off Debt

Posted on 16. Apr, 2010.

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1) Cutting up your credit cards

Closing credit card accounts can be a liberating thing but taking full control of your finances is much more important. The big reason that you might not want to cut up your credit cards is that it will lower your credit rating in the coming years. Having credit cards and paying them off on time shows that you are responsible with your money and proves that you are a trustworthy lender. If you have 8 cards it might be a good idea to cancel a few… there aren’t many good reasons for having that many credit cards.

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7 Difficult (But Effective) Ways to Reduce Debt

Posted on 01. Apr, 2010.

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We’re drowning in a sea of debt. Some of us are going down for the third time. If you consider yourself to be part of the latter group, then it’s time to take action and work on eradicating your debts before it’s too late. And it’s no picnic. Here are 7 difficult (but effective) ways to reduce debt.

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Top 5 Ways to Alleviate Your Financial Stress

Posted on 29. Mar, 2010.

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Managing money matters is no easy task and we can often quickly lose our way. Bills, debts, expenses, they can swamp us if we’re not careful and the stress they can rain down on our heads is detrimental to our health and well-being. Here are five ways to help alleviate your financial stress.

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Debt management plans – do I need to be a homeowner to enter one?

Posted on 05. Mar, 2010.

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If you are in debt, the solution to your problems will depend on both your immediate and long-term circumstances. There are a number of debt solutions that could be appropriate for you, and there are a number of things that could affect the suitability of each debt solution for you, such as your income and outgoings, the amount of debt you are carrying, your ability to repay your debts, amongst other things.

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Should i choose an IVA or Debt Management Plan?

Posted on 29. Jan, 2010.

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When faced with considerable levels of debt, choosing the right course of action is a difficult decision to make. For debts of over £15,000, an IVA or Debt Management Plan are often the most suitable routes moving forward to get back into the black while avoiding the stigma of bankruptcy.

An IVA, also known as an Individual Voluntary Arrangement is a government initiative aimed at helping individuals pay back as much of their outstanding debt back to their creditors as possible, without running into bankruptcy. There are however, a few conditions that must be met to be eligible for this type of arrangement.

Firstly, you will need to have £15,000 or more to be considered qualified for an IVA.  The IVA is legally binding, so you will know exactly where you stand with your creditors, which can ease a great deal of worry from your mind. Usually, upon successful completion of an IVA, a percentage of the debt owed is written off, so you will have a more manageable monthly payment plan. The usual term of an IVA is around 5 years, during which your payments are distributed by your Insolvency Practitioner, so you no longer have to deal with creditors.

A Debt Management Plan, also known as a DMP is a way in which a third party, such as an Insolvency Practitioner, helps you to renegotiate your debt with your creditors to create a more affordable payment plan and freeze your interest. This is done in the interests of both the debtor and the creditor to ensure continual repayments are made on the money owed. A Debt Management Plan is typically associated with unsecured debts, such as personal loans or credit card debts, rather than a mortgage for example. The length of a Debt Management Plan can vary and is also not legally binding, which may not suit everyone as it means creditors are not tied to an agreement and can change their mind at any time.

When choosing either an IVA or Debt Management Plan, it is important to seek professional financial advice as either agreement may not be suited to your financial situation.

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A Few Ways to Consolidate Your Credit Card Debt

Posted on 19. Jan, 2010.

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Americans love to carry credit cards or plastic money in their wallets. On average almost 14% of Americans carry 10 or more cards. Some may argue this is not sensible as having that many credit cards can be detrimental to your finances.

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Steps to Reducing Your Debt and Debt Consolidation

Posted on 13. Jul, 2009.

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When times get tough and people develop debt problems, it is time to do something about it. Leaving it alone will not reduce it or make it go away. Following a solid plan of action can keep your credit intact and help you to stay on top of your bills. Here are some quick tips on what you can do to reduce your debt.

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Will Small Irish Businesses find Security in Credit Cards?

Posted on 28. Apr, 2009.

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Business Credit Cards used to Correct Cashflow

Thinking Money announces the increased likelihood of Irish businesses using credit cards to come to terms with their short-term finances. The so called ‘credit crunch’ could indeed be the main cause of such business credit decisions. The use of business credit cards, Thinking Money believes, is therefore likely to rise.

Varying reports suggest that anywhere between a third and two thirds of small businesses put cashflow as their greatest financial concern. This strain is only going to increase as the recession continues.

Business Credit & Small Business Credit Cards

Famously, MBNA Ireland (part of The Bank of America) have been the largest independent provider of credit cards in the world, and have a range of credit cards. The Irish division of MBNA credit cards is amongst the leading providers of credit cards in the country. Since the credit crunch it is expected that businesses will call upon the services of such business lending facilities to bolster short-term cashflow. Nothing is more critical to the longevity of successful business management than that of business cashflow.

Irish Small Businesses and Supply-chain Credit Terms

Small businesses are famously in a weak position when negotiating supply-chain credit terms, hence their vulnerability in the current economic climate.

Many small businesses are increasingly likely to take advantage of their credit cards as a short-term form of credit.  There is also the benefit from credit card rewards and cash back too.

This enables businesses to temporarily allocate some of their expenses on a business credit card providing a temporary and flexible method of debt management.  Irish credit card provider’s are in a key position to offer this sort of service.

Thinking Money has previously stated that credit cards may not be an ideal long-term solution in managing SME debt, but can provide a reliable stop-gap in the short-term, possibly even preventing a temporary, insolvency shortfall.

With the financial profesionals and the Irish Times continually reporting liquidity difficulties of small and large business, there’s good cause to be tidying-up your business cashflow and credit.

Credit Card Management for Businesses

If you have any queries regarding debt management, Thinking Money would always suggest you seek professional help. Contact the small business debtline on 0800 197 6026, for impartial and confidential advice.

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Making it Through a Financial Upset

Posted on 16. Apr, 2009.

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Emergencies and unexpected expenses can creep up on anyone; it’s just a fact of life. You may suddenly have a car in dire need of repairs, someone in the family could become very sick and your mailbox fills up with medical bills, or any number of other situations. You can prepare for times like these, but sometimes event he best preparations doesn’t provide a 100% security blanket. When this happens, what can you do? There are several options. The first one and the best one of course, is getting help from you family and friends. If that isn’t a possibility, then you may have to consider a personal loan.

If you have bad credit you may not think this is possible. However, there are some lenders that even give personal loans to people with credit. Don’t expect to be given the most favorable conditions and interest rates though if you have a very torn credit history. If you can, you should always try to get your loan from a credit union or bank. They base their loans, for the most part, of your credit history, employment, and other typical factors looked at for loans. If you’re able to get a loan from one of these places, you will usually get better terms. However, keep in mind you’ll have to have fairly decent credit for them to even consider giving you a loan usually.

If your credit isn’t going to let you get a personal loan from a bank or credit union, then you can try going to a personal loan company. Some of these companies deal extensively with bad credit situations. When you work with a company like this you can usually expect to have to provide some sort of collateral. The good news is that if you have a pretty stable income, employment and have lived at the same residence for a number of years, your chances of being approved are pretty good. It’s especially important for you to carefully review every aspect of your loan agreement before signing anything with a personal loan company. Also, ensure that you are comfortable with and can meet the terms. If you can’t, then you’re only going to end up in more trouble than you are in now.

If you absolutely can not get a personal loan, there other last-resort options to consider. I wouldn’t recommend this in 99% of cases, but sometimes there’s just nothing left to do. You can use some items you have of value to get a temporary loan from a pawn shop. I don’t suggest doing this usually though, because the interest is extremely high and if you can’t keep the payments up you will lose your belongings they are holding for collateral. Another last resort option is a car title loan company or a payday loan company. Again, interests are high. You could lose your vehicle if you fault the loan, which could lead to not being able to get to work and swindling you deeper into financial troubles. If these are your only option, be absolute certain you’ll be able to handle the interest and make timely payments. Carefully used, they could get you out of a bind.

From: Free Credit Report Resource

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