Debt Collectors and Harassment
February 25, 2012 by Alexandra Kerr · Leave a Comment
On a daily basis we speak to our clients who are receiving calls and letters as well as emails and door visits from debt collectors. This type of communication with creditors can often leave our clients feeling distressed, uneasy and confused. Here is some advice that may help:
Firstly, what is a debt collector? A debt collector is NOT A BAILIFF. A debt collector will either buy a debt from a creditor or be assigned by the creditor to simply collect the debt on their behalf. A lot of bigger creditors will have their own in-house collecting agents. The difference between buying a debt and collecting the debt is that those collecting on behalf of a creditor have no legal rights over the debt and therefore cannot pursue legal action against you without the authority of the original creditor.
A debt collector is not a bailiff and therefore they have no rights whatsoever to enter your home.
Relieving Debt
February 17, 2012 by Admin · Leave a Comment
Credit card debt is something that plagues many people around the country and around the world. Not everyone understands the basic concept of using credit cards responsibly and as a result, many people accumulate more debt than they can afford and find themselves so far in debt it seems there is no way out. Understanding credit card debt is the first step in avoiding a potential financial disaster; it is also a way to help those that are already in debt because of their poor credit card habits to begin creating a financial plan to get out of debt fast.
When a person applies for a credit card they need to understand that unless they can afford to pay the balance in full each month, the purchases they make are much more expensive than they initially appear. A £500 purchase on a credit card with a 15 percent interest rate is going to cost the cardholder approximately £7.50 per month in interest. I Read more…
Why A Mortgage Loan Without PMI Is A Bad Idea.
February 12, 2012 by Alexandra Kerr · Leave a Comment
I was looking over some old documents recently and I came across my 1st mortgage. Ah the memories. I couldnt believe how high the interest rate was 6.50% and that was a good rate for the time!
One other thing stuck out to me no PMI. Not because we had a 20% down payment; we couldnt afford that at the time. I had thought at the time that my bank was just better than other banks. See, this was a local bank. A small, home town bank not one of those big evil banks that would catch all the headlines and hate from the public when the bubble burst years later.
It turns out that my sweet hometown community bank wasnt doing me any favors by offering me a home mortgage with no PMI. PMI is insurance for the bank to cover their loss in the event that the borrower defaults on the loan.
Remortgage – When Monthly Home Loan Payments are Touching New Heights.
February 4, 2012 by Alexandra Kerr · Leave a Comment
electronic day trading. Com, the number 1 online publisher of info relating to credit and other payment cards, youre not alone. In 2004, people who earned between $75,000 and $100,000 each year, and had 1 card, carried a median rotating balance of virtually $8,000. The subsequent query naturally is the way to go about getting a debt consolidation arrangement. Second Mortgage A 2nd home loan is a mortgage or loan thats taken out after a first mortgage. Like a first mortgage, a 2nd mortgage is composed of a fixed dollar value thats paid out in one one-off sum and paid back over time sometimes fifteen or thirty years.
Are you thinking the same? This is the correct time for remortgage and moving to competitive IRs. A fall in the rates is a continuing driving force in favor of remortgage. Remortgage can save upto pound,100 to pound,200 on standard payments.
Does the class system apply in debt?
January 21, 2012 by Alexandra Kerr · Leave a Comment
A myth with debt is that it only happens to people in the lowest socioeconomic groups in society, but it is little more than a myth. It has become apparent in the last few years that debt affects everyone regardless of class or background.
I have previously discussed an ePetition that was set up to get Financial Education into schools to help the next generation try and avoid the situations that the current generation find themselves in. in actually fact financial education wouldnt solve everything as many find themselves in unaffordable debt due to something happening that is out of their control.
Before the recession hit in 2009, many were able to borrow more freely as they had regular incomes, whether they were employed or self-employed. They were able to meet the monthly outgoings as well as paying their credit commitments.
As the recession hit lots of self-employed people found themselves struggling to make ends meet as business became harder and harder.