If you’re currently struggling with your finances, in particular debt, there are a number of things you can do in order to get free debt advice. The best source for free information on debt and money matter in general is online. You can find tons of great articles out there which when used correctly can help alleviate your debt and financial problems.

I have used a number of online finance guides recently with a view of consolidating my personal loans and credit card debts. I found it easier researching the best debt consolidation techniques and methods myself than hiring a dedicated firm. I realise that hours of readings articles isn’t for everyone and I’m sure there is something that I’ve missed so if this isn’t really your thing then it might be worth seeking debt advice from a professional.

Most financial and debt consolidation guides you read tend to say the same thing. To summarsise, you should only really consolidate your debts if you really need to. There is no point getting yourself into even more debt and paying out even more interest than you need to. And even if you do find some great information online, you’re still going to need to shop around and speak to several debt advisers and debt advice companies to be sure you’re getting the best possible deal out there and not signing up to a package that is going to end up costing you more than you’re paying each month already as well as higher interest and longer loan terms.

Debt consolidation is quite straightforward in general and can be done by anyone. It’s not the solution to all of your financial problems and it probably won’t get you debt free any quicker than keeping your existing arrangements in place. But if you’re failing to meet the payments, then it could just be a lifesaver.

adminGeneral14 Aug, 2009Comments Off

Good financial management is all about budgeting. It’s about knowing what is going to leave your account and when. It’s about planning for the unexpected and most importantly not spending more than what you earn and living beyond your means.

I personally believe that everyone should set a month to month budget allocating certain amounts of funds for particular expenses, from your mortgage right down to your month to month grocery shopping. I realise that budgeting might not be high on everyone’s agenda, especially if you have a low income / low outgoings financial situation, but it really can do you no harm. Budgeting allows you to plan ahead, to know what sort of funds you’re going to have left at the end of the month and makes sure that you don’t over spend and leave yourself too short to pay that unexpected bill such as a car repair or other unfortunate, unplanned for event.

Planning a budget is relatively straight forward. We simply need to document what we earn, document our outgoings (planned) and work out the difference. From the funds left over we can then allocate as we see fit. Of course you don’t need to be a financial wizard to plan a budget either. There are some fantastic applications on the market for budgeting and general money management such as the software suit from Kublax. This application has become a god send in my own personal financial management, purely because it remembers what is coming out and when from my numerous bank accounts.

Incidently, Kublax have recently published the results of a survery on the UK spending statistics. There was no real surprise in the report other than the fact that we all seem to spend similar amounts on our outgoings and that we all pay a significant portion of our monthly income towards credit card or loan debt. What was also particularly surprising is how much the difference in rental / mortgage costs are between the North and South of the country. There really is a huge divide.

adminGeneral11 Aug, 2009Comments Off

For those of you who have been in debt in the past and have eventually got yourselves debt free. You will know there is no better way of getting out of debt than with good debt management. It’s not about how much you owe, how much you can afford or your interest rates alone. It’s about how you manage all of the elements of the debt itself. Management is the key is avoiding late charges, penalties, fees and even bankruptcy. It is also the key to eventually getting debt free.

If you’re planning to organise your debt portfolio you could seek the help of a third party such as Debt Free Direct, or you could attempt to get your finances in order yourself. Below I will give a few quick tips on how to get your debt management plan started.

The first thing to know when it comes to debt management is t know how much you’re paying out each month. This is the key to it all. This figure needs to balance correctly and most importantly it needs to be affordable based on your current income. The next thing you need to document is specifically how much you owe and most importantly, how much of the monthly payments you make each and every month are actually going off the debt total itself (and not just interest charges). If you document all these figures, you’ll probably find that the vast amount of your money is going on interest charges.
If you find yourself in this situation, especially with multiple debts, you should consider debt consolidation. By consolidating you will combine all of your current debts into one single, manageable month to month payment. You will most definitely end up paying less than you do each month currently and most importantly, you will be working towards clearing your debts. A company such as debt free direct would be able to help you with this.

adminGeneral8 Aug, 2009Comments Off

An annuity can be a great way to save some money for the unexpected, and it’s also a way to safeguard your finances during yoru retirement. Anyone can invest in an annuity, regardless of how much money they make. In short, annuities are an easy way to make your money work for you.

The majority of retirement plans and employer-sponsored benefit plans are provided under strict contribution and time limits. You can work around this by buying an annuity- the money you’ll get is tax-free, and you can choose exactly how much of your money to invest. When it comes time to collect your payment, you’ll get a percentage, as specified in the annuity contract.

There are different types of annuities, and they are grouped according to their duration and payout type. Investors have the option to defer payment, so that they have money when they need it most. The investor can choose to defer the tax payments on the annuity until they receive their first payment as agreed upon. For those who have loved ones to think about, a joint annuity may be an option- they are a fine way to make sure that your spouse or partner is financially taken care of if something were to happen to you.

adminGeneral6 Aug, 2009Comments Off

If you’re considering getting into an IVA or an Individual Voluntary Agreement, then there are a few things you need to know and also consider. The IVA for the most part acts the same way as a regular loan. Once you sign, all of your debts will be cleared using the funds from the IVA and you will be left with one single, month to month payment that will work towards clearing your debts that the IVA has covered.

A question I get asked a lot if what is an IVA? Well, a typical IVA usually lasts 5 years or 60 months and will stay on your credit record for 1 year after the end date of the loan. Whilst the IVA will indeed stay on your record, if you’ve made payments successfully over the period of 5 years and have not defaulted on any - it can actually work in your favour. Having an IVA on your record does not mean that your credit record is permanently ruined like it can be in situations of bankruptcy. If you’ve made the payments, as you should, you’ll be considered a good financial risk, despite your history.

The IVA is typically a little bit riskier than a standard person or secured loan though however. Should you default on a payment on your IVA plan then you may be forced to file bankruptcy. However, with that said, most IVA agreements are structured in a way that even in your dire financial situation, you’re still able to make the necessary payments on the loan. This is the whole point of the IVA in the first place, to help you get out of debt. No lender is going to sell you an IVA that you can’t afford. It’s no good to them if you suddenly default and are forced to declare bankruptcy.

The IVA is also a particularly popular option, as you’re not charged an arrangement fee from the lender in most cases which can be a big plus.

adminGeneral5 Aug, 2009Comments Off

Despite the current global economic climate, the loan market still appears to be a hot niche. According to several UK debt resources and UK debt news websites, people are still getting approved for loans despite them being bad credit risks and people are still failing to meet their month-to-month financial responsibilities. The main reason for this, apart from the lenders offering their money to the wrong people is the fact that people are choosing the wrong loans for their situation.

There are of course numerous loan options on the market from personal loans to secured loans to homeowner loans. But what is the best option for your situation? Well, it really depends on how much you’re looking to borrow, the term you want to take it over and your current financial situation.
The personal loan for most is often the best option. These loans tend to be fairly risk free, offered over a fairly short 36 – 60 moth term and don’t amass a great deal of interest over the period. These should be used for most personal purchases such as cars, holiday or home improvement. If you’re really sensible, you might also consider a personal loan to pay off some of that spiraling credit card debt.
The secured loan and homeowner loan are also good options. Mainly because you can often get approved quite easily as well as get low interest deals. Lots of people find these loans attractive because of their rates but they do however put your home at risk should you fail to meet the payments. This is a huge risk that people still take for a small loan.

It’s always best to choose the less risky option when taking on loans or credit cards. Even if it means paying a little more interest than you’d get offered elsewhere. It’s not worth putting your home at risk over a few thousand pounds for a holiday or some home improvements.

adminGeneral2 Aug, 2009Comments Off

If you are in a financial bind like many people out here, then you may want to apply for payday loans online. A payday loan is a quick and easy loan that help pay off the unexpected bill. You may have medical bills that keep piling up, but you cannot seem to get enough money to pay them off. This short term loan is what you need to keep you out of the red until your next payday.

Payday loans are designed to give the applicant enough money to stay on top of their bills until the next payday. You may have had a medical emergency, your car broke down, or an extremely high utility bill that really set you back. With payday loans you can payoff bills and stay out of debt with your next paycheck. One of the great things about payday loans is that you don’t have to worry about bad credit because there are not credit checks. These particular loans are good for people who may have fallen behind on their bills due to unexpected financial hardships.

The requirements for a payday loan are you must have a job that pays at least £1000 per month. You do not have to 18 years old. You must be able to pay back the loan with your next paycheck. The reason why these loans are so affordable is because the loan is short term with very little interest paid back. The requirement s may change from each individual institution. There may be more or less requirements so be prepared to bring extra information.

The average loan is roughly around £100 to £1500. The amount of income is the bases for the amount of the loan. You cannot take out what you cannot payback within the next pay period. Payday loans are normally allowed to run for 10 to 31 days. This will allow enough time for the applicant to receive at least one paycheck.

adminGeneral1 Aug, 2009Comments Off

Many of us, particularly these days have at least some form of debt. Be it a mortgage, personal loan, maxed out credit card or even car finance. What’s not surprising is that often people struggle to make payments on the above debts. Month to month our income does not stretch too far and covering a high amount of outgoings becomes extremely tough. Especially if you have multiple debts, with multiple lenders. If you’re struggling to make payments on your debts however, there are options that you might consider in order to lower the monthly payments you’re making and limit the amount of interest you’re paying to the lender.

The first option and possibly most obvious is to consolidate all of your debts into a single, easily manageable (and affordable) monthly payment. If this is feasible, it could be the answer to all of your debt and financial management woes. By consolidating, you can clear all of your existing debt and arrange a monthly payment to a single lender than you can easily afford to meet each month. No more late fees, charges or penalties. The only downside to this is that it is indeed another loan that you need to take out and you might end up paying a fair amount in interest. All be it, over a longer period of time than your current debts.

The second option would be to consider an Individual Voluntary Arrangement (IVA). This should only really be used if your debt has become so substantial that it is unmanageable and you’re unable to meet the payments required. One of the major downsides to the IVA option is that you must have at least £15,000 of debt to qualify in total. You must also meet the payments on the IVA as you would do with a standard personal or secured loan. You will still risk bankruptcy if you do not meet the payments and it should by no means be considering an easy solution to your debt and general financial worries.

adminGeneral30 Jul, 2009Comments Off

One of the major fears that people have who are struggling with debt and make ends meet each month is the fear of Bankruptcy. I can imagine that anyone with significant debt that they’re struggling to clear or service have considered this option as a way out, but is it really necessary? Do we really need to go that far as to declare ourselves bankrupt or are there other feasible options out there that might just save our self respect and credit report.

The key to all good financial management is in the structuring of the debt itself. Debt itself is not an issue if you can structure the return payments in a format you can afford each month. People don’t run into issues with debt and the totals as a whole, they run into issues by either paying too much off each month, more than they can afford or by having too many sources of debt all at one time.

Good debt management is all about making the monthly payments you make work for you in a way to clear / service the debt as opposed to just paying the interest that is amounting. A good debt management firm such as Debt Free Direct will be able to look at all of your monthly outgoings and spot where you can save money and in turn make those extra savings work in your favour. Debt Free Direct might also offer a debt solution that involves the consolidation of your existing credit cards and loans into one more manageable monthly payment. If you can structure your debts in this way, you might end up paying significantly less than you are doing each month yet be paying more off the actual debts you owe in the long run as your money will not be going towards the interest of the loan. By having a minimum monthly payment you can afford, you also won’t run into any unwanted late fees or missed payment fees. Your credit record will be significantly safer also.

adminGeneral27 Jul, 2009Comments Off

If you’re anything like me, you’ll have a lot of monthly outgoings from telephone bills, to mortgage payments to payments of debt such as credit cards and personal loans. You’ll also no doubt agree that keeping track of all of these financial commitments and financial responsibilities is tough. I mean, how many of you can honestly say you know when your credit card payment is going to come out of your current account and for how much? Not to mention when the small, often overlooked bills come out and that’s without even getting into our direct debits. At the last count, I had 23 different outgoings within a single month, all for completely different amounts. I expect some people have a lot more than that too! There is no shame in not remembering all of the figures, amounts and dates involved, but it does make for poor money management. So what are our options? Well the obvious one is to have someone manage our money on our behalf. There are lots of firms that provide such a service but the costs involved can often be horrendous. Particularly if you’re struggling to make ends meet in the first place.

The best option I have found personally is to use a money management software application such as the one I have recently found by Kublax. This single piece of software has helped me out no end when it comes to knowing what is going out of my account and when. It’s certainly a lot cheaper than paying a financial adviser or debt management company also!

The good thing about the Kublax finance software is that you don’t need to be a financial wizard or computer genius in order to manage your finances correctly. The Kublax software has already made me some great savings as I am no longer missing my minimum payments on my credit cards as a result of knowing what is coming out and when and also what is due to come out and when.

adminGeneral24 Jul, 2009Comments Off