Timely debt advice is essential
December 6, 2009 by Admin · Leave a Comment
If you`re experiencing debt problems in the current economic climate, you`re not alone. Official statistics suggest that the number of people with debt problems is rising quickly, and with the festive period ahead of us, many more people are likely to get into debt they can`t afford.
One of the most important things for anyone struggling with debt is to get debt advice at the first sign of trouble. The sooner you address your debt problem, the less likely it is to get out of hand, and the sooner you can become debt-free.
What could happen if I don`t get debt advice soon enough? If you don`t address your debts as soon as they become a problem, there`s a chance they could grow.
When you first borrowed money, you will have agreed to repay that amount (plus interest) in a certain way. Read more…
What You Need To Know About Debt Collectors
December 4, 2009 by Admin · Leave a Comment
Debt collectors can be intimidating. It is bad enough to have accumulated sufficient debt to be dealing with these imposing figures but attempting to deal with them can seem an insurmountable task. Take heart.
Many people before you have dealt with debt collectors and many after you will too. The main thing you want to do is to learn how to deal with them as effectively as possible. Following is what you need to know about debt collectors.
What Are Debt Collectors?
Debt collectors are individuals who have collecting debt as their job. They typically earn their livelihood from getting you to cough up the money you owe which makes them highly motivated people. People who make their living in a field such as this do not do so because they are timid or give up easily. The fact that they need to get people like you to pay off debts so that they can earn their living means that they are not going to give up.
What Do You Need to Include in a Debt Settlement Letter
December 3, 2009 by Admin · Leave a Comment
Debt settlement letter is an official letter which a debtor writes to his or her creditor with the main purpose of negotiating the debt for a much lower amount. It is a formal letter which you should prepare the content in a systematic manner.
Here are some important points you MUST include in this letter:
Your name, address and contact number
Your account number, the total amount of your debt, the interest rate involved and the terms of payment
How long has your account been due
A brief outline of your current financial situation and the hardship you are facing
Your request to reduce your total outstanding balance
How much settlement offer you would like to propose
How will the payment be made, for instance, you need to state clearly whether you will pay in one lump sum or by installment
How much is the remaining debt balance to be forgiven
Your statement pertaining to how the debt will be reported to the three major credit bureaus. Read more…
Why A Recession Is The Worst Time To Let Your Credit Score Slide
December 3, 2009 by Admin · Leave a Comment
Right now, if you are just straining to make your finances work out each month then you are not alone. You may be totally focused on paying your bills, possibly even to the exclusion of other concerns. You need to find ways to pay your bills on time and do everything you can to maintain your credit score during a recession.
While many people feel that they can fix a damaged credit score after a recession is over, this is a move that will make life harder for you at a time when you do not need to make things any harder. Your credit score could make you pay in so many ways.
Your Insurance Costs
If you end up with a low credit score then you could easily end up paying more for your insurance. Car insurance is one of those bare necessities of life. You may not have known that your credit score can impact what you pay but it can.
Big rise in homeowners overpaying mortgage debt
December 2, 2009 by Admin · Leave a Comment
The Co-operative Bank has seen a 56% annual increase in the number of customers making mortgage overpayments, as people take advantage of low interest rates to clear more of their mortgage debt.
Not surprisingly, people on variable rates are more likely to overpay – three times more likely than people on fixed-rate deals, as Mortgagestrategy.co.uk reports.
According to the Co-op Bank, the majority of borrowers in the initial period of their mortgage deal can make overpayments worth up to 10% of their mortgage debt every year without any penalties. Customers on lifetime tracker and SVR (Standard Variable Rate) deals face no restrictions on overpayments. Read more…