Archive for 'General'
New Year debt advice from Think Money
Posted on 12. Jan, 2012 by admin.
Start your New Year on the best financial footing with a review of your personal finances and a plan for tackling your debt. That’s the latest advice from financial solutions company Think Money, who have recommended some simple steps to achieve financial fitness.
January can leave even the best intentioned people with a financial hangover from the seasonal shopping, socialising and sales. A review of your personal finances at the start of the New Year is the best starting point when you’re planning how to tackle debt.
Work out your income and expenses for every month, including all the essentials and how much you’re spending on debt. If you live with a partner, combine your income. An online budget planner can make this simpler.
Different households will need to take different action with their debts. People with ‘spare’ cash may be better off ‘overpaying’ certain debts. Credit cards are worth overpaying every month as there are no early repayments fees for doing so and you could save a lot of money in interest overall. If you’re a homeowner, it may also be beneficial to overpay the mortgage while you can afford to do so.
People with multiple debts could use debt consolidation to simplify their budget. Debt consolidation loans place multiple debts into one and leave the borrower with one monthly payment. Debt consolidation loans can even lower interest charges and monthly payments.
A quick word of warning – never secure any debt against your home unless you are certain you can afford the monthly repayments. Sometimes spreading the loan can add to the cost overall.
A financial review can sometimes uncover nasty surprises and some people may find their finances are in a worse shape than they realised. The sooner you know about a problem, the sooner you can deal with it. A debt expert could help.
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What to do when you are declared bankrupt
Posted on 22. Dec, 2011 by admin.
While nobody really wants to consider the possibility of being involved in bankruptcy proceedings, it is something that can potentially happen to anyone. Whether you are running a business or simply your own personal finances, there is always the chance that you will find yourself unable to meet your financial debts. Therefore it is useful to know exactly what happens following bankruptcy and what your options are if you find yourself in that situation.
In the immediate aftermath of being declared bankrupt, you may find your options severely limited. The plus side of being declared bankrupt is that it can release you from the worries and stress being in debt can cause. Most people who have reached this point will have spent lengthy periods attempting to find a resolution to their situation, and bankruptcy will at least allow them to plan for the future. There are downsides to bankruptcy however, in that it restricts your options. Initially you will have your assets frozen and will be unable to either set yourself up in business or secure credit of more than £250. In addition, you may be unable to set up a bank account – some banks will refuse accounts to those who are bankrupt, while others will not. During the terms of the bankruptcy order you will be expected to make attempts to repay money you owe to creditors – and money you earn during this period can be taken in order to pay debts – but you will no longer be obligated to fully repay debts.
After a certain period – usually one year – your bankruptcy order may be discharged. This means that you freed from the obligations and restrictions that the order imposes on you and means that you are free from any debts that you still owe creditors at this point. At this point you will be able to retain assets that you acquire and may set yourself up in business again. However, there is no absolute guarantee that your bankruptcy will be discharged after a year, as the courts have the option of postponing this.
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Provider overview
Posted on 21. Dec, 2011 by admin.
Endsleigh offer an assortment of different types of cover, one such cover comes in the shape of Income protection insurance.
Income protection insurance is a must if you rely on your monthly salary in order to pay the likes of bills, mortgage repayments, credit card loans and anything else that requires a monthly fee.
It is also a great cover to invest in if you provide for your family. If you were to be suddenly taken ill or involved in an accident, you would more than likely be unable to work.
Without work, you will lose this monthly income and therefore become behind on your bills.
Missing repayments can incur huge charges; these charges will only get worse and can be the cause of major debt.
Income protection insurance is a great investment for those that rely on their monthly wage. Income protection insurance will act as a tax-free monthly payment. This monthly payment will be provided to those that can no longer work. The insurance policy holder will continue to receive these payments until they are either fit enough to return back to work or alternatively until they retire.
As well as income protection insurance, Endsleigh also offer a range of other policies and covers. These include the likes of car insurance, home insurance, travel insurance, student possession cover, letting and landlords insurance policies, business insurance and an array of other products and services.
Making a claim couldn’t be easier and can even be completed online. Endsleigh offer a 24-hour claims service, which in turn means there is no waiting around if you do need to put in a claim.
They also house an assortment of covers that have been tailored to suit your exact needs as appose to one type of cover to suit all.
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The lowdown on landlords insurance and why it is important to have
Posted on 19. Dec, 2011 by admin.
There are a number of different types of insurance policy that come under the heading of ‘property insurance’ and one of these is landlords insurance. This is a type of policy designed to offer financial protection to landlords of properties that are rented out for use as homes or commercial premises. It offers protection against the various problems that can affect these properties, which includes damage caused by bouts of extreme weather – such as storms and flood-level rainfall; damage caused by internal problems – such as fires and burst water pipes; and damage caused by tenants of the properties.
Given the number of things which can potentially lead to a property being damaged it is essential for anyone owning a property which they rent out – whether it is for business purposes or as a home – to secure some form of landlords insurance. The fact is that, for many buy-to-let property owners, these properties are their major source of income and therefore they need to protect them. Should a property sustain serious damage as a result of any of the causes referred to in the opening paragraph, it can be rendered uninhabitable for a lengthy period of time. This means that the landlord of the property would not be able to secure rent from a tenant during this period and – given that for many buy-to-let landlords – this rental money is their major source of income, this can prove to be financially catastrophic.
Another reason why it is vitally important for all such property owners to have landlords insurance is that, without it, you would not only suffer the loss of income due to the property being unusable while it is being repaired, you would also be liable financially or all of the costs of making the necessary repairs. Fortunately landlords insurance can be secured at very competitive rates, from reputable providers, such as Towergate Insurance, meaning there is no need for any landlord to be without it.
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Who needs critical illness insurance?
Posted on 20. Oct, 2011 by admin.
It is a lack of foresight that leads some people to think that they don’t need critical illness cover. If you’re young and healthy you may see it as an unnecessary expense. Hopefully it will be an expense that will turn out to be unnecessary but with diseases like cancer effecting one in three of us at some time or other, it’s a vital piece of security – particularly if you have a mortgage, or your employer doesn’t provide any free cover.
If you have a family critical illness cover becomes doubly important. If you take ill and become unable to work your partner and any dependents will suffer the economic burden allied with the loss of your income. Government benefits are there to protect us in such scenarios but these handouts are only available at sustenance levels rather than in order to keep you in the manner to which you’ve become accustomed.
Critical illness cover can sometimes go as far as to cover dental work. Any surgical procedures required can be performed in a private surgery. Optometrist’s bills can also be covered highlighting the fact that critical illness cover is not just for those of ailing health.
On the contrary in fact, if you’re young you can benefit from reduced premiums and pick up some of the cheapest deals.
Critical illness cover applies to a range of diseases which can afflict any of us at any time. Marketing campaigns are often targeted at over 50’s due to their higher statistical susceptibility to disease and possibly their keener sense of mortality.
When asking whether you need critical illness cover you should question factors such as, whether critical illness insurance came with your mortgage; what benefits your employer might contribute in the event of critical illness; have you any money saved up which you could use instead of insurance.
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Ways to Save Money in a Tough Economy
Posted on 06. Oct, 2011 by admin.
The current economic situation has made many people worry and look for ways to save money more efficiently.
How Can Banks Help?
One of the highest monthly costs is usually the mortgage on the house. A person can check to see if other lenders that can make a better offer. However, one must look at all the costs involved in re-mortgaging.
Credit cards usually come with a high interest rate so a person should see if he could find a better offer for them, too. Also, many people have savings and they are not satisfied with their interest rates. There are a lot of offers out there if one is willing to search for them. Banks can offer their clients interest even on the current account so a person should seek that too.
If a person has a large number of credit cards and personal loans with high interest rates, maybe he should think about re-mortgaging in order to combine all of these loans into a single one with a single interest rate. Mortgage interest rates are significantly cheaper than personal loan interest rates or credit cards.
How Else To Save Money?
There is personal finance software available on the market that can help a person see exactly how much he is spending and it can also help a person see how he can lower the costs. Next to the option of lowering your bills, a person should be more careful in using his utilities in an efficient manner.
Extra money can be made by selling cloths or other articles that a person does not use anymore on sites such as eBay. Also renting one of the rooms in the house can bring some extra cash.
Insurance is usually not cheap so a person may want to search a little. It is possible he will find lower rates for car and house insurance.