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Debt consolidation UK- for Zero Debts and Zero Stress
I had taken a number of loans on different occasions. Once I
took a loan to buy a car, then I took another loan on Christmas
to meet the celebration expenses and the list goes on. I was
much tensed as I didn't know what to do. I was fed up...
Debt Reduction Program - Finding The Right Program For You
Find the right debt reduction program begins by asking yourself some key questions. Once you have identified your situation and goals, you can pick the program with the best results.
Ask Yourself Some Questions
What kind of debt are you...
Get rid of debt with simple steps
Someone who is not in debt appreciates a telephone ringing, because a person without excess debt does not fear creditors. A person without excess debt goes to the mailbox with general malaise, and doesn’t feel the stomach clenching fear when a...
The Fair Debt Collection Practices Act
Declaration Of Purpose: An abundant evidence of the use of abusive, deceptive, and unfair credit collection practices by many debt collectors led to the declaration of the Fair Debt Collection Practices Act. The purpose of the Act, approved in...
What is Bad Debt?
We imagine that when we borrow money or owe money and fail to pay, we become a bad debt.
But when we see a bank making a profit of $10.64 billion, whilst boasting $3.28 billion of bad debts, we can be puzzled.
When the top brass of...
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Do you need a debt consolidation loan?
If you are in financial difficulties due to debt or have built
up a variety of debts over time, a debt consolidation loan may
be for you. But before you take that route, you should consider
all the options.
However you got into debt - unexpected financial difficulties,
illness, loss of providing member of the family or overspending
- you can turn to several organizations and charities for
advice. These include the Citizen's Advice Bureaux, the Consumer
Credit Counselling service, the Community Legal Service (England
and Wales) or call the National Debtline on 0808 808 4000.
Remember debt consolidation is one option and you should not
feel pressured into taking it. These organizations can help you
consider the alternatives.
Your own lenders can also be surprisingly sympathetic about
restructuring repayments. Talk to them as well.
Having said that, many borrowers can benefit from consolidating
their debts on better interest rate terms. Some credit cards
cost up to 17.9 % (e.g. MBNA) and store cards can cost more.
Consolidating your debt could cut interest payments by up to two
thirds.
It may be more convenient to make one payment rather than
several. Or you can improve your cash flow in the short term by
reducing monthly outgoings. But this may cost you more over time
because you are paying the debt off over a longer period of time.
Be careful if you are borrowing larger sums of money (over £
25000) as your loan is likely to be secured as a second mortgage
rather than an unsecured personal loan. Many adverts make it
sound like debt consolidation will solve your financial
problems. But taking out a secured loan means you are gambling
your house that you can repay the debts. You need to be sure of
your ability to repay before doing this.
Most people simply want to consolidate
unsecured personal debts,
overdrafts or credit cards. Taking out a second mortgage to do
this could mean you lose your home if you fail to pay the debt
even though you keep up the payments on your first mortgage. You
should also consider insuring this kind of loan, although not
necessarily with the lending company. You may find a cheaper
policy elsewhere.
Make sure you deal with the causes of your debt as well as
restructuring your credit. There is little point in taking out a
debt consolidation loan if you continue to live beyond your
means. If you don't exercise financial discipline you run the
risk of getting into the same trouble again in two or three
years time.
Before taking out a loan, think about how much you can afford
to repay per month. You need to know -
- what the APR is - whether it is variable - what the overall
cost of the loan is - if the rate of repayment can change for
other reasons - what happens if you miss a payment - what
happens if you repay early or refinance - if you have secured
the loan on your home, what are the consequences of defaulting -
what happens if you decide to move house
Things to be wary of are -
- firms which specialize in debt consolidation; they generally
cost more in interest and fees - claims to improve credit
records; only you can do this and it takes time - offers to lend
extra money, for example, to buy a car; extra debt puts your
home at further risk
Finally, shop around for the best credit and payment protection
deals. You do not have to get them from the same company and you
may not get the best deal if you do.
About the author:
Working in site design, structuring and content for over 3 years
and currently writing for Creditmarket.co.uk
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