Backed by so many histories of non-payments and other related cases, lending companies have the reason to require certain information and other things needed for the application of credit cards. Requirements must not be viewed as hindrances in acquiring a credit card but a useful tool in strengthening the bond between the creditor and the lessee.
Application is a process in which one aspirant is going to fill up certain information and questions pertaining to his identity and the like. This is viewed by companies to help them trace those people who are willing to pay for the dues they set. On that applications also will appear whether the applicant is qualified in terms of the capability to pay.
These times, there are still lending companies and banks that lets an applicant apply personally to the nearest office that they have. An applicant is interviewed by the manager of the company or any represented authorized by the company. He will be given an application form which he must complete and submit to the same.
That process is still the best way for the companies in choosing their good paying clients. However, there are also good payers that can not come personally to the offices of these lending companies. With these, lending companies and banks thought of a way; online banking and online credit card application.
Before online banking was deemed feasible, banks and other companies has been using telephone banking. However, telephone banking does not answer to the problem of some clients that are busy but are still willing to apply for credit cards.
Online application for credit cards is no different from the personal application. You are still going to be asked to fill out an application form and submit it via the internet. Online credit card application may be considered faster than the personal application with less the effort and the time wasted for traveling. Later on, you will be contacted by the company through phone.
Here are some of the requirements that are primarily asked by many lending companies:
1.Applicant's Name, address, contact numbers (except mobile phone numbers) and other personal information that will be needed by the company. These things are normally being asked by the company to trace you if any unnecessary thing may happen. This will help the company locate you in case of non-payment.
2.Recent employment information and other information concerning job and incomes. This information is solicited from those people who are already working and already earning a salary. This is very important for the company for them to determine how feasible they are to pay a monthly bill as accorded to your annual or monthly income. Contact number in office or in the working place may also be asked by the company.
3.Student information and other information concerning an applicant who is still a student and seeking to have a student credit card. This is being asked to know whether the student is capable of paying a regular credit card or not.
4.Credit history. Some lending companies include in the application form the credit card companies that you have signed with in the past. You credit history will also be asked.
Credit card online application is so far the most convenient way of applying for a credit card. Aside from saving effort and time, you will have greater access to many benefits that are being advertised in the page.
Saturday, February 27, 2010
Repossession Stopped – Why Making The Right Choices Can Help You Keep Your Home.
Everyone dreams of owning their own home but that dream can turn into a nightmare often through no fault of your own. Redundancy, divorce, illness and credit problems can create a situation where you’re not able to make your monthly mortgage payments.
Without immediate action, mortgage arrears can very quickly descend into full-blown repossession proceedings and the nightmare of losing your home – and any equity you have in it – becomes a reality.
The good news is that help is at hand. By remortgaging your house with an experienced broker you can stop repossession proceedings in their tracks and get on with your life with a new mortgage that suits you.
Read on to see how these specialist companies can help you no matter where you are on the repossession ladder.
1. MORTGAGE ARREARS
Missing even just one mortgage payment can cause enormous damage to your credit rating and, unless you can pay off the outstanding amount immediately, can quickly become a real problem.
A missed payment is logged as mortgage arrears – if that payment isn’t settled immediately it rolls on to the next month meaning that, until the outstanding amount is settled, you are registered as being in mortgage arrears.
2. REPOSSESSION PROCEEDINGS
Missing several payments or having longstanding mortgage arrears could lead to your mortgage lender starting repossession proceedings.
The first step would usually for the mortgage company to issue a claim form citing the time and date that you would be required to appear at county court.
This can often be a confusing document with a great deal of information including detail of your account, description of the property, details of any previous attempts to repossess the property and details of your arrears.
The claim form is accompanied by a form called an N11M “Form Of Defence”; it allows you to explain your circumstances and what you will do to resolve your mortgage arrears and has to be completed within 14 days.
3. COUNTY COURT HEARING
Even if you have replied to the claim form you must attend the court hearing. Don’t expect an Old Bailey style trial – County Court hearings take place in a private room with you, the district judge and the lender’s solicitor.
You will get a chance to tell the judge what measures you intend to take in order to pay off your arrears.
If your offer is reasonable – for example, by agreeing to remortgage your home, they usually grant a suspended possession order. This allows you to stay in your home provided you pay off the rent plus an agreed amount toward your arrears.
4. POSSESSION ORDER
If you can’t convince the court that you are able to clear the arrears – or if you fail to turn up for you County Court hearing they will issue a possession order. This gives you 28 days to settle your debt or face eviction.
5. EVICTION WARRANT
If you cannot settle your arrears within 28 days OR if you fail to comply with the suspended possession order the lender can apply for an Eviction Warrant without further recourse to the courts. Once an eviction order has been issued, court bailiffs will then set a date when they will visit your property to make sure you have left. The primary aim of repossession specialists is to ensure that this does not happen.
Without immediate action, mortgage arrears can very quickly descend into full-blown repossession proceedings and the nightmare of losing your home – and any equity you have in it – becomes a reality.
The good news is that help is at hand. By remortgaging your house with an experienced broker you can stop repossession proceedings in their tracks and get on with your life with a new mortgage that suits you.
Read on to see how these specialist companies can help you no matter where you are on the repossession ladder.
1. MORTGAGE ARREARS
Missing even just one mortgage payment can cause enormous damage to your credit rating and, unless you can pay off the outstanding amount immediately, can quickly become a real problem.
A missed payment is logged as mortgage arrears – if that payment isn’t settled immediately it rolls on to the next month meaning that, until the outstanding amount is settled, you are registered as being in mortgage arrears.
2. REPOSSESSION PROCEEDINGS
Missing several payments or having longstanding mortgage arrears could lead to your mortgage lender starting repossession proceedings.
The first step would usually for the mortgage company to issue a claim form citing the time and date that you would be required to appear at county court.
This can often be a confusing document with a great deal of information including detail of your account, description of the property, details of any previous attempts to repossess the property and details of your arrears.
The claim form is accompanied by a form called an N11M “Form Of Defence”; it allows you to explain your circumstances and what you will do to resolve your mortgage arrears and has to be completed within 14 days.
3. COUNTY COURT HEARING
Even if you have replied to the claim form you must attend the court hearing. Don’t expect an Old Bailey style trial – County Court hearings take place in a private room with you, the district judge and the lender’s solicitor.
You will get a chance to tell the judge what measures you intend to take in order to pay off your arrears.
If your offer is reasonable – for example, by agreeing to remortgage your home, they usually grant a suspended possession order. This allows you to stay in your home provided you pay off the rent plus an agreed amount toward your arrears.
4. POSSESSION ORDER
If you can’t convince the court that you are able to clear the arrears – or if you fail to turn up for you County Court hearing they will issue a possession order. This gives you 28 days to settle your debt or face eviction.
5. EVICTION WARRANT
If you cannot settle your arrears within 28 days OR if you fail to comply with the suspended possession order the lender can apply for an Eviction Warrant without further recourse to the courts. Once an eviction order has been issued, court bailiffs will then set a date when they will visit your property to make sure you have left. The primary aim of repossession specialists is to ensure that this does not happen.
Repossession Laws Right And Wrongs
Buying a new car or home can be so much fun You pick out the colours, the style, and all that goes with it. You sign up for a loan and leave feeling accomplished. However, when signing up for a loan or a credit card you may not be aware that if you do not pay, your belongings could be repossessed. It can happen to anyone and it is important that you know what can and can not be taken in the event that you do fall a few payments behind. Understanding the laws can greatly help you avoid repossession and protect you from being taken advantage of throughout the process of the loan.
Not all items can be repossessed. Land, for example, can not be repossessed in most cases. The only way that land can be repossessed is if the contract includes a grace period. This grace period is a time frame in which every payment must be made after a late payment is incurred. If you do not make the payment within this grace period then the land can in fact be taken back by the original owner.
If you are out of work for an extended period of time and are unable to make payments notify your creditor. Sometimes your contract will include Credit Accident and Health Insurance. This insurance will pay the debt that you obtain while you are unable to make payments. Usually this insurance only comes into effect when you have been sick for more than two weeks. It is important that you check whether or not you have this insurance prior to being unable to make payments because if you do not have it, those missed payments could cause that item to be repossessed.
A repossessor can not come into your home without your consent. This means if you see someone trying to break into your home, garage or any place where the item in question is being stored, call the police. Even if someone claims to have legal documentation which states that they can take the item, it is best to contact a lawyer.
If your property is repossessed then you will not be required to pay for it afterwards. The only time you will need to make extra payments is if the property seized was an automobile. Since the creditor will be selling your vehicle for the best price they can get, you will have to pay the difference that is lost in the sale. Any extra money that the creditor earns from completing the sale must be awarded to you. Sometimes the creditor will sell the vehicle for an extremely low amount in order to get money from you. This is illegal and should be reported immediately to your lawyer.
Understanding repossession laws can save you the trouble of trying to regain your property in the unfortunate event of repossession. It is much easier to prevent your property from being repossessed than to try and get it back. Be aware of repossession laws.
Not all items can be repossessed. Land, for example, can not be repossessed in most cases. The only way that land can be repossessed is if the contract includes a grace period. This grace period is a time frame in which every payment must be made after a late payment is incurred. If you do not make the payment within this grace period then the land can in fact be taken back by the original owner.
If you are out of work for an extended period of time and are unable to make payments notify your creditor. Sometimes your contract will include Credit Accident and Health Insurance. This insurance will pay the debt that you obtain while you are unable to make payments. Usually this insurance only comes into effect when you have been sick for more than two weeks. It is important that you check whether or not you have this insurance prior to being unable to make payments because if you do not have it, those missed payments could cause that item to be repossessed.
A repossessor can not come into your home without your consent. This means if you see someone trying to break into your home, garage or any place where the item in question is being stored, call the police. Even if someone claims to have legal documentation which states that they can take the item, it is best to contact a lawyer.
If your property is repossessed then you will not be required to pay for it afterwards. The only time you will need to make extra payments is if the property seized was an automobile. Since the creditor will be selling your vehicle for the best price they can get, you will have to pay the difference that is lost in the sale. Any extra money that the creditor earns from completing the sale must be awarded to you. Sometimes the creditor will sell the vehicle for an extremely low amount in order to get money from you. This is illegal and should be reported immediately to your lawyer.
Understanding repossession laws can save you the trouble of trying to regain your property in the unfortunate event of repossession. It is much easier to prevent your property from being repossessed than to try and get it back. Be aware of repossession laws.
Tuesday, February 23, 2010
Replace Your Lost Income With Income Protection Insurance
There is no longer such a thing as a ‘job for life’ and while no one likes to imagine the worst happening it can and it does and if you haven’t taken steps towards planning for what would happen if you were to lose your income, then you could be in great financial difficulty if you cannot afford to pay your essential monthly outgoings. Income protection insurance, however could give you great peace of mind not to mention security by replacing your income should you become out of work, providing it’s suitable for your circumstances.
An income payment protection insurance plan will give you a tax free sum of money each and every month once you have been out of work usually for 30 days or more. It will then continue to cover your lost income up to a set amount for up to 12 months if it is needed and some providers pay for up to 24 months.
Income protection insurance is an invaluable safety net on which you can fall and can make find another job and get back to work. While it can be valuable protection the product isn’t suitable for all circumstances and this isn’t always made clear at the time of taking out the policy. Exclusions that could mean you wouldn’t be eligible to claim include being in part time employment, being retired, and self-employed or suffering from a pre-existing medical condition at the time of taking out the cover.
You should always check the small print for any exclusions along with the key facts regarding an income protection insurance policy and you can get these facts from a standalone provider if you are not sure. A specialist in payment protection can always give you advice along with giving you the cheapest premiums for your income protection insurance policy.
An income payment protection insurance plan will give you a tax free sum of money each and every month once you have been out of work usually for 30 days or more. It will then continue to cover your lost income up to a set amount for up to 12 months if it is needed and some providers pay for up to 24 months.
Income protection insurance is an invaluable safety net on which you can fall and can make find another job and get back to work. While it can be valuable protection the product isn’t suitable for all circumstances and this isn’t always made clear at the time of taking out the policy. Exclusions that could mean you wouldn’t be eligible to claim include being in part time employment, being retired, and self-employed or suffering from a pre-existing medical condition at the time of taking out the cover.
You should always check the small print for any exclusions along with the key facts regarding an income protection insurance policy and you can get these facts from a standalone provider if you are not sure. A specialist in payment protection can always give you advice along with giving you the cheapest premiums for your income protection insurance policy.
Monday, February 22, 2010
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Replacement Wooden Box Sash Windows Enhance your Home
Windows are essential parts of your home. That is why the style for your windows must be chosen well just like the furniture that would suit your living room or kitchen. Your choice of window style can greatly affect the facade of your home, whether seen from the outside or inside. However, if you want a window style that would look great on any type of home, then wooden box sash windows are advised by many home decorating experts and builders alike.
Wooden box sash windows are very common in countries like United States and United Kingdom. Although nowadays, some box sash windows can be made from UPVC, the traditional box sash windows that are made from soft wood or hard wood are still preferred by many. Typical types of wood used in making wooden box sash windows include European Redwood, Mahogany, Pine and American White Oak. However, no matter how high the quality of the wood used for the window is, it will eventually deteriorate if not treated properly with preservatives. Professional box sash window unit manufacturers such as http://www.traditionalwoodwindows.co.uk will supply your windows either vacuum pressure treated or painted with micro porous protective paint.
You need not be afraid that new replacement wooden box sash windows may affect the appearance of your home. Replacement windows can still provide the same style and quality akin to your original box sash windows. Just like a traditional wooden box sash window, replacements can be manufactured to match the original style of your home. Replacement sashes built to mirror your original windows style will enhance the look of the exterior of your home and will also enhance the interior space while adding light at the same time. A traditionally styled wooden box sash window is certainly your best choice for replacing original wooden box sashes that may have perished due to exposure to the elements.
Moreover, later replacement wooden box sash windows that are used for homes now are much more secure than original windows. While older windows can often easily be opened from the outside (this may invite burglars into your home), double glazed replacement wooden box sash windows cannot easily be opened. Your new double glazed windows can easily be closed and opened from the inside, but securely locked to prevent intruders. Additionally, new double glazed box sash window units do not rattle in the wind as do many older windows. Later replacement double glazed sash windows are also fully draught excluded and highly energy efficient.
Wooden box sash windows are very common in countries like United States and United Kingdom. Although nowadays, some box sash windows can be made from UPVC, the traditional box sash windows that are made from soft wood or hard wood are still preferred by many. Typical types of wood used in making wooden box sash windows include European Redwood, Mahogany, Pine and American White Oak. However, no matter how high the quality of the wood used for the window is, it will eventually deteriorate if not treated properly with preservatives. Professional box sash window unit manufacturers such as http://www.traditionalwoodwindows.co.uk will supply your windows either vacuum pressure treated or painted with micro porous protective paint.
You need not be afraid that new replacement wooden box sash windows may affect the appearance of your home. Replacement windows can still provide the same style and quality akin to your original box sash windows. Just like a traditional wooden box sash window, replacements can be manufactured to match the original style of your home. Replacement sashes built to mirror your original windows style will enhance the look of the exterior of your home and will also enhance the interior space while adding light at the same time. A traditionally styled wooden box sash window is certainly your best choice for replacing original wooden box sashes that may have perished due to exposure to the elements.
Moreover, later replacement wooden box sash windows that are used for homes now are much more secure than original windows. While older windows can often easily be opened from the outside (this may invite burglars into your home), double glazed replacement wooden box sash windows cannot easily be opened. Your new double glazed windows can easily be closed and opened from the inside, but securely locked to prevent intruders. Additionally, new double glazed box sash window units do not rattle in the wind as do many older windows. Later replacement double glazed sash windows are also fully draught excluded and highly energy efficient.
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Repaying Bad Credit Student Loans
Well, it was nice while it lasted. You got the money for your tuition, finished that last semester, and now you have graduated, diploma in hand. However, in the not so distant future, the glow will wear off, and you'll be facing the repayment of all those loans. While you have managed to allow your payment and credit history to suffer while you've been focused on your studies, those bad credit repayment demands on those loans won't go away. First year college students usually acquire student loans without too much trouble. It's the third and fourth year students who are often plagued by bad credit, and then must resort to finding bad credit student loans.
Such loans are extremely difficult to find and obtain, and come with astronomical interest rates. If you've defaulted on any loan, you may be faced with increased interest penalties, or in some cases, immediate demand of repayment. Defaulting on a loan means that you haven't complied with repayment terms or if you've gone way past due payment dates. Defaulting on a loan, especially a bad credit student loan, comes with severe repercussions.
The first thing you may face is a letter requesting the immediate repayment of the loan, and you will lose your option of making payments in installments, or even deferred payments. Finding student financial aid in these circumstances will be extremely difficult, especially if you're seeking any Federal funding such as a Perkins Loan. In addition, your account may be turned over to a collection agency and you will more than likely have to pay additional fees as well as interest charges, late fees, collection costs and even, if you're really bad, court costs.
That's just the beginning. If you don't pay a bad student credit loan, or any loan for that matter, your account may be referred to a national credit bureau and your credit rating can be damaged for years to come. Try buying a car, furniture or obtaining a home improvement loan with that hanging over your head. You may even have difficulty renting an apartment, as landlords run credit checks on prospective tenants and if they find that you are consistently late in making payments or if you've defaulted on any debt, they may deny you. Having bad credit can even affect future employment, so all that hard work studying may likely be useless if you don't take care to repay your student loan debts on time.
In severe cases, the IRS may garner any future income tax refunds for repayment of loans, so avoid missing payments or defaulting on any loan if at all possible. Before you ask for a student loan, think about the future and repayment. If possible, start a separate savings account and start tucking money away in an effort to get a jump on the repayment of any student loan, good credit or bad, so that you can avoid the disaster that has met thousands of graduating students. Don't let that college education go down the drain. Think ahead, play it smart and put those brains to some good use. Plan ahead when it comes time to find, and repay, any type of student loans.
Such loans are extremely difficult to find and obtain, and come with astronomical interest rates. If you've defaulted on any loan, you may be faced with increased interest penalties, or in some cases, immediate demand of repayment. Defaulting on a loan means that you haven't complied with repayment terms or if you've gone way past due payment dates. Defaulting on a loan, especially a bad credit student loan, comes with severe repercussions.
The first thing you may face is a letter requesting the immediate repayment of the loan, and you will lose your option of making payments in installments, or even deferred payments. Finding student financial aid in these circumstances will be extremely difficult, especially if you're seeking any Federal funding such as a Perkins Loan. In addition, your account may be turned over to a collection agency and you will more than likely have to pay additional fees as well as interest charges, late fees, collection costs and even, if you're really bad, court costs.
That's just the beginning. If you don't pay a bad student credit loan, or any loan for that matter, your account may be referred to a national credit bureau and your credit rating can be damaged for years to come. Try buying a car, furniture or obtaining a home improvement loan with that hanging over your head. You may even have difficulty renting an apartment, as landlords run credit checks on prospective tenants and if they find that you are consistently late in making payments or if you've defaulted on any debt, they may deny you. Having bad credit can even affect future employment, so all that hard work studying may likely be useless if you don't take care to repay your student loan debts on time.
In severe cases, the IRS may garner any future income tax refunds for repayment of loans, so avoid missing payments or defaulting on any loan if at all possible. Before you ask for a student loan, think about the future and repayment. If possible, start a separate savings account and start tucking money away in an effort to get a jump on the repayment of any student loan, good credit or bad, so that you can avoid the disaster that has met thousands of graduating students. Don't let that college education go down the drain. Think ahead, play it smart and put those brains to some good use. Plan ahead when it comes time to find, and repay, any type of student loans.
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Monday, February 15, 2010
Special post to get indexed
This is just a test to see if I can get this site indexed using a new system. Only time will tell.
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Friday, February 5, 2010
Repair Your Damaged Credit Rating
How to Restore Your Credit Rating
Often a person’s credit rating has been destroyed due to no intention on their part. It was not planned that way it just happened. I got carried away with a credit card so to speak and it just overwhelmed me is a common refrain. Once into debt it is often very difficult if not impossible to get out. On top of that your credit rating may be in not good shape or even in shambles.
How can you restore your credit rating? A person’s reputation and to an extension their credit rating is among the most valuable of assets, Like a mirror once sullied it can be most difficult if not impossible to restore the mirror to its original previous state.
What can be done? It all comes down to personal honesty and consistent efforts at repairing your credit history and creating a new and outstanding current credit report. It all comes down to personal honor, integrity and sincerity.
If you are sincere about your efforts a lot can be done over time. It is not hopeless; if on the other hand you are setting yourself up for another run at the bank then you will not succeed and make it tremendously worse for yourself for ever. If you lie to people once it can be called a mistake, an error. If you lie again you will forever branded as a villain.
It is interesting that those who have “bad credit “or “bad car credit or financing: issues do not even see themselves as in the wrong. Indeed Robin Hood and Saddam Hussein saw themselves as great benefactors. It all depends on the perspective so to speak.
In your situation however you wish to restore your standing and credit history. Without a valid credit history you may well find that your options in life are more limited. The tentacles of credit reports go far and wide. Anyone knows with a Paypal account or credit card can source a wealth of information. A potential employer for a good job, that pays well, may not hire you as a result of a poor credit report. Ditto that for landlords as well as new and used car dealers. You may find it very hard if not impossible to obtain a credit card. Sure you may think that credit card was the evil apple of the Garden of Eden that got you into this fix in the first place. However if you wish to go on a vacation both the hotel and auto rental agencies may demand a credit card for their services.
What are the steps to restore your credit history and report? First visit your local credit reporting agencies. The major credit reporting agencies are Equifax, Transunion and Experian. Remember all of these companies share information routinely so that you’re the data and your efforts on one report will spread to the others as a matter of routine and modern systems. You can visit or phone the offices personally. There are services on the internet but with your credit problems, hence no charge card, for reasons of confidentiality of billing to another person’s card this may be out of the question.
Ask for a copy of your credit report. By law you are entitled to it. Remember to bring a number of acceptable photo identification.
Next go down the list of creditors and people you have not paid. By far the worst thing that you can do if you owe money is to ignore a creditor. Let me repeat that – the worst thing that you can do with a creditor is to ignore the creditor.
Visit the creditor if possible. If that is not possible personally phone. Only as a last resort should you send an email. Apologize to that person and tell them that you are in the process of cleaning up your debts. Explain that you will be sending them an amount on a regular basis. If the numbers are so big that you can never pay off the amount at least make a stab. Perhaps the other person will have written off the debt in their mind as uncollectible and will regard this as “found money”. Regardless of this your attempt to communicate rather than ignore the creditor will melt the heart of almost even the most cold hearted lender.
It is as if you are a widow whose husband earned the money and took of all the financial affairs. The new widow has a blank spot for a credit history. You are in a similar situation of creating a new and proper credit history.
Start a saving account. Place a regular deposit in that bank saving account. If you are working and have a job this can be done painlessly through automated deposits from your paycheck.
Once you have built up a balance in your bank or credit union savings account ask to take out a small loan with the balance of the savings account as collateral. Pay back that loan on time and promptly. Do this over a number of times.
Next the bank may even issue you with a charge card. Only use a charge card where you place a pool of money as a fund that you spend and nothing more. Use this charge card for routine everyday purchases to build up a monthly balance and cash flow.
Again it is most important that you pay all bills on time never skipping or missing a payment.
There is no secret to restoring a damaged credit rating. It comes down to personal integrity, trust and consistency of actions.
Often a person’s credit rating has been destroyed due to no intention on their part. It was not planned that way it just happened. I got carried away with a credit card so to speak and it just overwhelmed me is a common refrain. Once into debt it is often very difficult if not impossible to get out. On top of that your credit rating may be in not good shape or even in shambles.
How can you restore your credit rating? A person’s reputation and to an extension their credit rating is among the most valuable of assets, Like a mirror once sullied it can be most difficult if not impossible to restore the mirror to its original previous state.
What can be done? It all comes down to personal honesty and consistent efforts at repairing your credit history and creating a new and outstanding current credit report. It all comes down to personal honor, integrity and sincerity.
If you are sincere about your efforts a lot can be done over time. It is not hopeless; if on the other hand you are setting yourself up for another run at the bank then you will not succeed and make it tremendously worse for yourself for ever. If you lie to people once it can be called a mistake, an error. If you lie again you will forever branded as a villain.
It is interesting that those who have “bad credit “or “bad car credit or financing: issues do not even see themselves as in the wrong. Indeed Robin Hood and Saddam Hussein saw themselves as great benefactors. It all depends on the perspective so to speak.
In your situation however you wish to restore your standing and credit history. Without a valid credit history you may well find that your options in life are more limited. The tentacles of credit reports go far and wide. Anyone knows with a Paypal account or credit card can source a wealth of information. A potential employer for a good job, that pays well, may not hire you as a result of a poor credit report. Ditto that for landlords as well as new and used car dealers. You may find it very hard if not impossible to obtain a credit card. Sure you may think that credit card was the evil apple of the Garden of Eden that got you into this fix in the first place. However if you wish to go on a vacation both the hotel and auto rental agencies may demand a credit card for their services.
What are the steps to restore your credit history and report? First visit your local credit reporting agencies. The major credit reporting agencies are Equifax, Transunion and Experian. Remember all of these companies share information routinely so that you’re the data and your efforts on one report will spread to the others as a matter of routine and modern systems. You can visit or phone the offices personally. There are services on the internet but with your credit problems, hence no charge card, for reasons of confidentiality of billing to another person’s card this may be out of the question.
Ask for a copy of your credit report. By law you are entitled to it. Remember to bring a number of acceptable photo identification.
Next go down the list of creditors and people you have not paid. By far the worst thing that you can do if you owe money is to ignore a creditor. Let me repeat that – the worst thing that you can do with a creditor is to ignore the creditor.
Visit the creditor if possible. If that is not possible personally phone. Only as a last resort should you send an email. Apologize to that person and tell them that you are in the process of cleaning up your debts. Explain that you will be sending them an amount on a regular basis. If the numbers are so big that you can never pay off the amount at least make a stab. Perhaps the other person will have written off the debt in their mind as uncollectible and will regard this as “found money”. Regardless of this your attempt to communicate rather than ignore the creditor will melt the heart of almost even the most cold hearted lender.
It is as if you are a widow whose husband earned the money and took of all the financial affairs. The new widow has a blank spot for a credit history. You are in a similar situation of creating a new and proper credit history.
Start a saving account. Place a regular deposit in that bank saving account. If you are working and have a job this can be done painlessly through automated deposits from your paycheck.
Once you have built up a balance in your bank or credit union savings account ask to take out a small loan with the balance of the savings account as collateral. Pay back that loan on time and promptly. Do this over a number of times.
Next the bank may even issue you with a charge card. Only use a charge card where you place a pool of money as a fund that you spend and nothing more. Use this charge card for routine everyday purchases to build up a monthly balance and cash flow.
Again it is most important that you pay all bills on time never skipping or missing a payment.
There is no secret to restoring a damaged credit rating. It comes down to personal integrity, trust and consistency of actions.
Thursday, February 4, 2010
Repairing Credit Report Is Debt Management Tool
Credit is one of the things in life that can put a great deal of stress into an otherwise okay world. Credit imposes a rating on us that defines who we are. If our credit is flawed with late payments or even bankruptcy, we are treated different than if we have good credit. Good credit ratings open doors in times of hardship and helps garner us the respect we deserve.
If your goal is to repair your credit rating the first step would be to get copies of your credit reports. You can get free reports any time you are turned down for credit by a credit card company, however in light of the ping your credit rating takes to have someone look at your rating as a possible lender, it may be worth just paying for them. Once you receive the reports, look them over very carefully.
If you have anything that looks out of the ordinary or suspicious on them, you should instantly file claims with the three main agencies. These disputes may remain on your record for up to six months while they are investigated. In the meantime, you should identify any delinquencies on your report and being to take care of them as soon as possible. Even making partial reports can keep delinquent payments from showing on the reports so be sure to talk to your creditor and agree upon a repayment plan.
Once you establish what is on your report at this time and how you are going to take care of the items that are showing, make a plan to check it again on a regular basis to ensure there are no new unknown charges and to verify your efforts are working! This is the first step toward a lifetime of good debt management habits.
If your goal is to repair your credit rating the first step would be to get copies of your credit reports. You can get free reports any time you are turned down for credit by a credit card company, however in light of the ping your credit rating takes to have someone look at your rating as a possible lender, it may be worth just paying for them. Once you receive the reports, look them over very carefully.
If you have anything that looks out of the ordinary or suspicious on them, you should instantly file claims with the three main agencies. These disputes may remain on your record for up to six months while they are investigated. In the meantime, you should identify any delinquencies on your report and being to take care of them as soon as possible. Even making partial reports can keep delinquent payments from showing on the reports so be sure to talk to your creditor and agree upon a repayment plan.
Once you establish what is on your report at this time and how you are going to take care of the items that are showing, make a plan to check it again on a regular basis to ensure there are no new unknown charges and to verify your efforts are working! This is the first step toward a lifetime of good debt management habits.
Renovation Financing-How To Get The Financing You Need For Your Dream Home
Renovation financing is a good way to fund your dream home’s upkeep, maintenance and giving it that great new look.
Renovation loans are available if your premises is in a state of disrepair, is unlivable, needs up gradation or if you want to just put in new kitchens, bathrooms etc.
Very simply, often times people will hold off on getting the home renovation they need simply because they don’t believe they can afford it. however, when you realize all the financing options available to you, you will know that it doesn’t have to be nearly as expensive as you think.
Even drastic improvements like completely removing all the built structure and rebuilding it using existing foundations can also be sometimes funded by Renovation financing. Although financing a home can be supported by your personal finances, sometimes it does make sense to finance the project especially if your home itself can finance the renovation.
How? Simply because if the price of your home has exceeded the mortgage on it you are sitting on top of what is called home equity.
Home equity can be an excellent source for financing the renovation of your house. Home improvements financed by credit cards may be a possibility but getting a loan based on your home equity will get you a way lower rate of interest.
Since loans offer structured repayments over a period of time, they are also easier to pay off than your increasing credit card debt. So avoid the temptation to fund your home renovation using your credit card unless you can pay off the balance quite soon.
A good practice before taking a home improvement loan is to compare rates from amongst various lenders. This can give you a fair bit of idea about the nature of the market and help you get a good deal.
While taking a home improvement loan, you should make a list of possible expenses beforehand and discuss them with a friend, your contractor or a knowledgeable person to arrive at a correct estimate. This will help you while you are going about renovation financing.
It’s also a good idea to read all financial documents regarding your home loans carefully. Do not ever sign any document that you do not comprehend fully.
The implications can be severe. Getting your home renovated does not have to be a huge back breaking financial task.
Just use a bit of ingenuity and your home can sometimes just pay for the improvements on its own. Renovation financing is something that everyone who is thinking of redoing their home should seriously consider. Don’t let a lack of finances stop you from getting the home of your dreams.
The most important part, as stated above, is to simply do your research and find out which renovation finance company will give you the best rates, and then simply go with them. Also, a great way to do this, once you’ve found the company that will give the best rates, is to read reviews about that particular company on the internet. This way, you don’t have to find out the hard way whether or not that company is reliable; you can simply draw on others past experience.
Renovation loans are available if your premises is in a state of disrepair, is unlivable, needs up gradation or if you want to just put in new kitchens, bathrooms etc.
Very simply, often times people will hold off on getting the home renovation they need simply because they don’t believe they can afford it. however, when you realize all the financing options available to you, you will know that it doesn’t have to be nearly as expensive as you think.
Even drastic improvements like completely removing all the built structure and rebuilding it using existing foundations can also be sometimes funded by Renovation financing. Although financing a home can be supported by your personal finances, sometimes it does make sense to finance the project especially if your home itself can finance the renovation.
How? Simply because if the price of your home has exceeded the mortgage on it you are sitting on top of what is called home equity.
Home equity can be an excellent source for financing the renovation of your house. Home improvements financed by credit cards may be a possibility but getting a loan based on your home equity will get you a way lower rate of interest.
Since loans offer structured repayments over a period of time, they are also easier to pay off than your increasing credit card debt. So avoid the temptation to fund your home renovation using your credit card unless you can pay off the balance quite soon.
A good practice before taking a home improvement loan is to compare rates from amongst various lenders. This can give you a fair bit of idea about the nature of the market and help you get a good deal.
While taking a home improvement loan, you should make a list of possible expenses beforehand and discuss them with a friend, your contractor or a knowledgeable person to arrive at a correct estimate. This will help you while you are going about renovation financing.
It’s also a good idea to read all financial documents regarding your home loans carefully. Do not ever sign any document that you do not comprehend fully.
The implications can be severe. Getting your home renovated does not have to be a huge back breaking financial task.
Just use a bit of ingenuity and your home can sometimes just pay for the improvements on its own. Renovation financing is something that everyone who is thinking of redoing their home should seriously consider. Don’t let a lack of finances stop you from getting the home of your dreams.
The most important part, as stated above, is to simply do your research and find out which renovation finance company will give you the best rates, and then simply go with them. Also, a great way to do this, once you’ve found the company that will give the best rates, is to read reviews about that particular company on the internet. This way, you don’t have to find out the hard way whether or not that company is reliable; you can simply draw on others past experience.
Wednesday, February 3, 2010
Renewed Interest Rate Rise Fear
The Monetary Policy Committee (MPC) is the rate-setting organisation for the Bank of England.
Every three months it releases a report that tracks the progress of inflation and economic growth, with regard to the effects they will have on society in general.
The latest results hint at troubled times ahead for home-owners, with the rate of inflation set to rise by an annual three percent over the next two years. This will undoubtedly set a trend for an increase in the cost of borrowing, leaving many householders struggling to make repayments.
With house prices rising by an annual average of twenty percent, those wishing to move to larger properties will also be facing the likelihood of higher interest rates, given that the housing market is currently being partially supported by low interest rates. This may make moving a more difficult option for some, than previously expected.
The MPC has also warned that the current ‘bubble’ in the housing market is potentially ready to burst, leading to the house price: average earnings ratio reaching unsustainable heights.
With these factors in play, the situation can begin to look unmanageable to some consumers. Aside from simply ‘burying their heads in the sand’, it can be tempting to try and use a repayment to pay off immediate debts, rather than give it to the contracted mortgage lender. This in itself can increase the ‘spiral of debt’, leading to bankruptcy and even repossession.
However, many consumers are ignorant of the fact that the financial growth in property remains at an average of 10 percent per year. This means that many existing homeowners may have more useable equity in their homes than they are aware of.
Finding a mortgage broker who specialises in providing mortgages or remortgages for consumers in difficulty can help them to release those funds and combat existing debts.
These mortgage brokers can find suitable mortgage products where repayments can be agreed that directly reflect the consumer’s ability to pay and, therefore, free up a considerable amount of equity at affordable rates.
Every three months it releases a report that tracks the progress of inflation and economic growth, with regard to the effects they will have on society in general.
The latest results hint at troubled times ahead for home-owners, with the rate of inflation set to rise by an annual three percent over the next two years. This will undoubtedly set a trend for an increase in the cost of borrowing, leaving many householders struggling to make repayments.
With house prices rising by an annual average of twenty percent, those wishing to move to larger properties will also be facing the likelihood of higher interest rates, given that the housing market is currently being partially supported by low interest rates. This may make moving a more difficult option for some, than previously expected.
The MPC has also warned that the current ‘bubble’ in the housing market is potentially ready to burst, leading to the house price: average earnings ratio reaching unsustainable heights.
With these factors in play, the situation can begin to look unmanageable to some consumers. Aside from simply ‘burying their heads in the sand’, it can be tempting to try and use a repayment to pay off immediate debts, rather than give it to the contracted mortgage lender. This in itself can increase the ‘spiral of debt’, leading to bankruptcy and even repossession.
However, many consumers are ignorant of the fact that the financial growth in property remains at an average of 10 percent per year. This means that many existing homeowners may have more useable equity in their homes than they are aware of.
Finding a mortgage broker who specialises in providing mortgages or remortgages for consumers in difficulty can help them to release those funds and combat existing debts.
These mortgage brokers can find suitable mortgage products where repayments can be agreed that directly reflect the consumer’s ability to pay and, therefore, free up a considerable amount of equity at affordable rates.
Removing Negative Items From Credit File
There are attorneys and credit repair “clinics” that claim to be able to remove negative items from your credit file. The service is costly, with some providers charging up to $3,500. It sounds great, in theory, because what’s a few thousand dollars for repaired credit? The trouble with this service is consumer’s pay out the money and their credit files are not always repaired.
About Your Credit File- What You May Not Know
Every item listed on your credit report must be proven. If a credit bureau investigates an item and cannot verify that it has been reported correctly, then it must be removed from your file whether it’s true or not.
Whenever there is a negative item on your credit report, you can challenge or deny the negative report at any time. If the item can’t be verified within a reasonable amount of time, it must be removed from the credit report. The older an item is the better your chance that it will not be successfully re-verified. Creditors don’t always keep good records beyond a year or two.
How to Get a Negative Item Removed From Your Credit Report
The procedure to get negative items removed, if they are incorrect, is straight forward. Some of getting an item removed is simply luck, but if you follow the steps you will increase your chances of having the negative items removed.
Tip: Send your disputes in during the busiest time of the year for credit bureaus. Send them during November or December, and if the dispute isn’t verified in time, it will have to be removed from your credit file.
Step One: Obtain a copy of all three of your credit reports- one from Equifax, one from Esperian and another from Trans-Union. You can get one copy from each credit bureau for free every 12 months.
Step Two: Review each report and find any negative items.
Step Three: Use the credit bureau’s dispute process (sometimes online, sometimes a printed form) to dispute any and all negative items.
Step Four: The disputed items are removed or corrected.
Step Five: For any negative items remaining on your credit report, you can try to negotiate with the creditors to be able to make a lower payment to pay the account off The creditor must then report the item to the credit bureau as paid, and change it to a positive rating.
Consumer Rights Under The Fair Credit Reporting Act
The federal laws are in the consumer’s favor when it comes to credit reports. Under the Fair Credit Reporting Act, there are 5 basic rights given to every consumer:
1. You may challenge the accuracy of the details in a credit report at any time.
2. Any items you challenge must be investigated (and re-investigated) without a charge to you.
3. All challenged items must be investigated within 30 days time or they must be deleted from the file immediately.
4. If errors are found during the investigation, the credit bureau is required to delete or correct the item within your files immediately.
5. If the credit bureau investigates and finds the negative items to be correct, consumers can place a Consumer Statement as part of your credit report as explanation to any inquiries made to your credit file.
About Your Credit File- What You May Not Know
Every item listed on your credit report must be proven. If a credit bureau investigates an item and cannot verify that it has been reported correctly, then it must be removed from your file whether it’s true or not.
Whenever there is a negative item on your credit report, you can challenge or deny the negative report at any time. If the item can’t be verified within a reasonable amount of time, it must be removed from the credit report. The older an item is the better your chance that it will not be successfully re-verified. Creditors don’t always keep good records beyond a year or two.
How to Get a Negative Item Removed From Your Credit Report
The procedure to get negative items removed, if they are incorrect, is straight forward. Some of getting an item removed is simply luck, but if you follow the steps you will increase your chances of having the negative items removed.
Tip: Send your disputes in during the busiest time of the year for credit bureaus. Send them during November or December, and if the dispute isn’t verified in time, it will have to be removed from your credit file.
Step One: Obtain a copy of all three of your credit reports- one from Equifax, one from Esperian and another from Trans-Union. You can get one copy from each credit bureau for free every 12 months.
Step Two: Review each report and find any negative items.
Step Three: Use the credit bureau’s dispute process (sometimes online, sometimes a printed form) to dispute any and all negative items.
Step Four: The disputed items are removed or corrected.
Step Five: For any negative items remaining on your credit report, you can try to negotiate with the creditors to be able to make a lower payment to pay the account off The creditor must then report the item to the credit bureau as paid, and change it to a positive rating.
Consumer Rights Under The Fair Credit Reporting Act
The federal laws are in the consumer’s favor when it comes to credit reports. Under the Fair Credit Reporting Act, there are 5 basic rights given to every consumer:
1. You may challenge the accuracy of the details in a credit report at any time.
2. Any items you challenge must be investigated (and re-investigated) without a charge to you.
3. All challenged items must be investigated within 30 days time or they must be deleted from the file immediately.
4. If errors are found during the investigation, the credit bureau is required to delete or correct the item within your files immediately.
5. If the credit bureau investigates and finds the negative items to be correct, consumers can place a Consumer Statement as part of your credit report as explanation to any inquiries made to your credit file.
Remortgaging: What Is It All About, Anyway?
Remortgaging is a fancy term. The fact is that a remortgage is the same thing as refinancing; it's just a different term. Like with other jargon, there is some confusion about what it entails.
These terms are those that many people have heard, but most don't have all of the details that they need to make an informed decision about this process. So if you want to gain a deeper understanding of these terms and get the jargon the people keep throwing around, read on.
Understanding the Remortgaging Process
A remortgage is basically the process of paying off an existing mortgage with the proceeds from a new mortgage, but the same property is used for both. There is no purchase of new home involved in remortgaging. Instead most people are simply transferring their mortgage from one lender to another.
While remortgaging is an option, others find that when they look into it that there is a better product or service that they can take advantage of with the same lender, but this isn't technically remortgaging. This becomes one of those regional stories. Remortgage is to the Auk as refinance is to the US.
This serves a wide variety of purposes. Each homeowner needs to determine if their circumstances warrant the process. Many people remortgage or refinance to decrease the amount of their monthly payment, to take advantage of lower interest rates, to pay off a mortgage earlier than expected, to increase capital, and even to consolidate debts.
Depending on how long you have been in your home you can walk away from the refinancing process with thousands of dollars in hand that you can put toward other uses such as paying off debt.
If there is an interest rate spread in your favor, then it might be time to remortgage. For instance, if you bought your home 10 years ago and you have an interest rate of 10.1% you could remortgage the amount that is still owed on the loan and get an interest rate of 6%.
Not only are you lowering your interest rate, you are also lowering the amount of money that you are paying interest on, so you could effectively lower your monthly mortgage payment by hundreds of dollars. That saving can be handy
You are the sole judge of this form of financing. But for people who have just purchased their home and have a good interest rate, it really doesn't make all that much sense. Saving money is the primary objective of remortgaging.
Many lenders are willing to consult with you free of charge. They allow you to approach the process slowly and determine if you are a candidate for the remortgage process now. There might also be the option of postponing the option to remortgage.
This process of remortgaging is a little tough for many to understand. The plain vanilla first time mortgage for 30 years is what is deeply embedded in the home buyers psyche. All the same, read around and you will find a lot of good information that will guide you.
These terms are those that many people have heard, but most don't have all of the details that they need to make an informed decision about this process. So if you want to gain a deeper understanding of these terms and get the jargon the people keep throwing around, read on.
Understanding the Remortgaging Process
A remortgage is basically the process of paying off an existing mortgage with the proceeds from a new mortgage, but the same property is used for both. There is no purchase of new home involved in remortgaging. Instead most people are simply transferring their mortgage from one lender to another.
While remortgaging is an option, others find that when they look into it that there is a better product or service that they can take advantage of with the same lender, but this isn't technically remortgaging. This becomes one of those regional stories. Remortgage is to the Auk as refinance is to the US.
This serves a wide variety of purposes. Each homeowner needs to determine if their circumstances warrant the process. Many people remortgage or refinance to decrease the amount of their monthly payment, to take advantage of lower interest rates, to pay off a mortgage earlier than expected, to increase capital, and even to consolidate debts.
Depending on how long you have been in your home you can walk away from the refinancing process with thousands of dollars in hand that you can put toward other uses such as paying off debt.
If there is an interest rate spread in your favor, then it might be time to remortgage. For instance, if you bought your home 10 years ago and you have an interest rate of 10.1% you could remortgage the amount that is still owed on the loan and get an interest rate of 6%.
Not only are you lowering your interest rate, you are also lowering the amount of money that you are paying interest on, so you could effectively lower your monthly mortgage payment by hundreds of dollars. That saving can be handy
You are the sole judge of this form of financing. But for people who have just purchased their home and have a good interest rate, it really doesn't make all that much sense. Saving money is the primary objective of remortgaging.
Many lenders are willing to consult with you free of charge. They allow you to approach the process slowly and determine if you are a candidate for the remortgage process now. There might also be the option of postponing the option to remortgage.
This process of remortgaging is a little tough for many to understand. The plain vanilla first time mortgage for 30 years is what is deeply embedded in the home buyers psyche. All the same, read around and you will find a lot of good information that will guide you.
Tuesday, February 2, 2010
Remortgaging With No Proof Of Income: Is It A Possibility?
Currently, approximately three and a half million people in the UK are self-employed and it is predicted that that figure is set to rise over the next decade.
While many of these enterprises are successful, it can often be problematic for the self-employed to buy a home, as mortgage companies can be mistrustful of anyone who is unable to provide evidence of their earnings through standard means, such as pay-slips.
People in this situation often turn to self-certification or ‘self-cert’ mortgages, in which they are asked to state their probable annual income, rather than providing documentary proof of the required information. As well as working for the self-employed, this system provides an alternative for those whose income is commission-based or perhaps works within a specialised field where their income rate can fluctuate.
For anyone, a mortgage is likely to be the biggest, single financial commitment they’ll ever have to consider; be it self-certified or standard. However, those turning to self-certification (or non-standard mortgages) are likely to find they pay more than for a standard one.
The reasoning behind this is that, statistically, a large percentage of small or self-employed businesses cease trading within their first two years. Typically, a self-cert mortgage owner will be asked to pay a higher deposit and can expect to be offered a loan-to-value rate of around 75 – 90%, whereas a standard mortgage offer will have a typical loan-to-value offer of around 95%.
Situations can then arise where a remortgage becomes necessary: a change in family circumstances can mean the need for more space and, consequently, a larger house. Some mortgages are portable, in that they can be transferred to new properties. Upgrades to the existing property can require large expenditure or even the consolidation of outstanding debts can be a reason behind considering a remortgage.
A remortgage is also available to the self-employed who have a self-certified mortgage. An application to the original lender will provide the likelihood of this being a possibility, although many like to ‘shop around’ and apply to other mortgage lenders in the hope of getting a more competitive rate. A consultation with a mortgage broker can be helpful, although it is likely to cost money.
As the market itself is extremely competitive, someone owning a mortgage or remortgage can potentially save themselves some money by keeping an eye on the market and moving between lenders as a more competitive rate becomes available. However, deciding to move between lenders can carry penalties; costs can be incurred for leaving a lender before the contract expires and the mortgage is paid off. There is also a fee involved in joining a new lender and there are likely to be legal costs incurred during the process.
Self-certified mortgages and remortgages can also vary in their value for money. There are those who offer ‘financial holidays’ and the opportunity to pay more when the funds are available. This is a useful facility for anyone self-employed or who earns through a commission-based job, as it can cater for the fluctuation in earnings.
While many of these enterprises are successful, it can often be problematic for the self-employed to buy a home, as mortgage companies can be mistrustful of anyone who is unable to provide evidence of their earnings through standard means, such as pay-slips.
People in this situation often turn to self-certification or ‘self-cert’ mortgages, in which they are asked to state their probable annual income, rather than providing documentary proof of the required information. As well as working for the self-employed, this system provides an alternative for those whose income is commission-based or perhaps works within a specialised field where their income rate can fluctuate.
For anyone, a mortgage is likely to be the biggest, single financial commitment they’ll ever have to consider; be it self-certified or standard. However, those turning to self-certification (or non-standard mortgages) are likely to find they pay more than for a standard one.
The reasoning behind this is that, statistically, a large percentage of small or self-employed businesses cease trading within their first two years. Typically, a self-cert mortgage owner will be asked to pay a higher deposit and can expect to be offered a loan-to-value rate of around 75 – 90%, whereas a standard mortgage offer will have a typical loan-to-value offer of around 95%.
Situations can then arise where a remortgage becomes necessary: a change in family circumstances can mean the need for more space and, consequently, a larger house. Some mortgages are portable, in that they can be transferred to new properties. Upgrades to the existing property can require large expenditure or even the consolidation of outstanding debts can be a reason behind considering a remortgage.
A remortgage is also available to the self-employed who have a self-certified mortgage. An application to the original lender will provide the likelihood of this being a possibility, although many like to ‘shop around’ and apply to other mortgage lenders in the hope of getting a more competitive rate. A consultation with a mortgage broker can be helpful, although it is likely to cost money.
As the market itself is extremely competitive, someone owning a mortgage or remortgage can potentially save themselves some money by keeping an eye on the market and moving between lenders as a more competitive rate becomes available. However, deciding to move between lenders can carry penalties; costs can be incurred for leaving a lender before the contract expires and the mortgage is paid off. There is also a fee involved in joining a new lender and there are likely to be legal costs incurred during the process.
Self-certified mortgages and remortgages can also vary in their value for money. There are those who offer ‘financial holidays’ and the opportunity to pay more when the funds are available. This is a useful facility for anyone self-employed or who earns through a commission-based job, as it can cater for the fluctuation in earnings.
Remortgage, Breaking Up With Your Lender
They old adage says that breaking up is hard to do, and your current mortgage lender knows that to be the case in 99 of business relationships. In fact, the company is so sure that you'll never leave, they probably have begun to treat you as more of a number than an individual with personal needs and goals.
Rather than taking this benign abuse from a lender who sees you as a sure thing, why not take your mortgage to another financial institution and get a remortgage.
Shocked at the thought You're not alone. Hundreds of thousands of people have loans, and although they don't love their banks or lending institutions, they just assume that its not greener anywhere else. They also harbour a sensation that if they leave their financial institution, they'll somehow be pegged as disloyal.
This is exactly the kind of complacency that old fashioned lenders rely on to keep people from leaving their grips They know that most of their borrowers just blindly pay their monthly bills, all the while grumbling, but never researching to see if theres a better option available.
And, of course, there is Its remortgage, and it may be just what you need.
Through remortgage, you can not only break the ties with a lender who doesn't treat you with the respect that you deserve… you'll also be making money in the process Its true After only a few months, you may find that you have extra cash in the bank to spend on your next holiday or save for a rainy afternoon. How is this possible Read on…
With a remortgage will likely come a much lower interest rate than you've been paying for the past years or perhaps even decades. Even an eighth or a quarter of a percentage point, depending on what you're paying now and the length of your current mortgage, can be highly beneficial and can multiply very quickly.
Thus, you'll not only be leaving an insensitive lender that simply doesn't meet your growing needs; you'll be able to add to your personal coffers in the process And imagine what you can do with the cash that you save from a lucrative remortgage… you can go on that vacation you've discussed, help send your son or daughter to college, or just pay for home improvements you've been putting off. Really, what you do with the money you save from your remortgage is up to you
But you have to be willing to go through the break up first. And that will involve you ending your professional relationship with your lender, who will no doubt try to get you back again. He or she will woo you with opportunities, but unless he or she matches the interest rate and adds other perks, say sayonara and don't look back.
Remember – a remortgage is a business deal, and if you're only getting the run around from your current financial institution, you deserve one that will make you feel secure and happy, not antsy and sour.
Rather than taking this benign abuse from a lender who sees you as a sure thing, why not take your mortgage to another financial institution and get a remortgage.
Shocked at the thought You're not alone. Hundreds of thousands of people have loans, and although they don't love their banks or lending institutions, they just assume that its not greener anywhere else. They also harbour a sensation that if they leave their financial institution, they'll somehow be pegged as disloyal.
This is exactly the kind of complacency that old fashioned lenders rely on to keep people from leaving their grips They know that most of their borrowers just blindly pay their monthly bills, all the while grumbling, but never researching to see if theres a better option available.
And, of course, there is Its remortgage, and it may be just what you need.
Through remortgage, you can not only break the ties with a lender who doesn't treat you with the respect that you deserve… you'll also be making money in the process Its true After only a few months, you may find that you have extra cash in the bank to spend on your next holiday or save for a rainy afternoon. How is this possible Read on…
With a remortgage will likely come a much lower interest rate than you've been paying for the past years or perhaps even decades. Even an eighth or a quarter of a percentage point, depending on what you're paying now and the length of your current mortgage, can be highly beneficial and can multiply very quickly.
Thus, you'll not only be leaving an insensitive lender that simply doesn't meet your growing needs; you'll be able to add to your personal coffers in the process And imagine what you can do with the cash that you save from a lucrative remortgage… you can go on that vacation you've discussed, help send your son or daughter to college, or just pay for home improvements you've been putting off. Really, what you do with the money you save from your remortgage is up to you
But you have to be willing to go through the break up first. And that will involve you ending your professional relationship with your lender, who will no doubt try to get you back again. He or she will woo you with opportunities, but unless he or she matches the interest rate and adds other perks, say sayonara and don't look back.
Remember – a remortgage is a business deal, and if you're only getting the run around from your current financial institution, you deserve one that will make you feel secure and happy, not antsy and sour.
Remortgage With Adverse Credit – Why Past Mistakes Needn’t Hinder Your Future Home Ownership
It’s easier than ever to borrow money – in 2007, the average consumer borrowing via credit cards, overdrafts and unsecured personal loans was £4550 while the average amount of interest paid by every household is £3525.
For most people repayments on credit cards, mortgages and other borrowings are an essential but manageable part of life. Being able to borrow money lets you buy what you need when you need without having to save for years and years.
It’s a fine balancing act to meet repayments every month and still have enough left over to live. A slight change in circumstances can throw this off balance. It’s easy to find yourself in a position where the debt repayments start to outweigh your living expenses – you may feel that the only way to get enough money for the basics is to borrow more money.
There are companies who are experts in helping customers get back on track – in our experience many people find themselves in debt through no fault of their own. Often redundancy, illness or traumatic and stressful events such as divorce or bereavement lead to credit difficulties.
Once you have missed a mortgage payment it can be extremely difficult to get back on track – especially if you have other credit problems. A single missed payment is enough to create a bad credit rating while more serious arrears will inevitably lead to repossession proceedings.
Similarly, when other creditors seek settlement on their bills due to non-payment, you could find yourself with County Court Judgements against you.
The bottom line is that CCJs, mortgage arrears and other debt problems can quickly lead to a bad credit rating – and once you have a bad credit rating you will find it extremely difficult to borrow money.
Even if you have cleared you debt and are now financially secure it could be extremely difficult to remortgage your house with adverse credit history.
The good news is that there is help available.
Most mortgage lenders specialise in what are called “prime” borrowers – that means they won’t consider applications from those with bad credit history. Essentially that makes it extremely unlikely that a direct application to a High St lender will be successful.
However there are mortgages for people with bad credit history. Even if you’ve been turned down elsewhere, the chances are you can be helped.
For starters, the specialist companies have a great deal of experience with customers with bad credit history – they know the stress it can cause and the impact it can have on your life. Whether you’re trying to get on the housing ladder for the first time or attempting to remortgage your home in order to clear your debt problems, they work to help you find a mortgage that will suit your needs.
Sub Prime Remortgage brokers work with a large panel of lenders who offer highly competitive rates and terms for those who need to remortgage with adverse credit history. Working with these lenders they’re able to create a package that suits your needs and can help you alleviate the debt situation almost immediately.
For most people repayments on credit cards, mortgages and other borrowings are an essential but manageable part of life. Being able to borrow money lets you buy what you need when you need without having to save for years and years.
It’s a fine balancing act to meet repayments every month and still have enough left over to live. A slight change in circumstances can throw this off balance. It’s easy to find yourself in a position where the debt repayments start to outweigh your living expenses – you may feel that the only way to get enough money for the basics is to borrow more money.
There are companies who are experts in helping customers get back on track – in our experience many people find themselves in debt through no fault of their own. Often redundancy, illness or traumatic and stressful events such as divorce or bereavement lead to credit difficulties.
Once you have missed a mortgage payment it can be extremely difficult to get back on track – especially if you have other credit problems. A single missed payment is enough to create a bad credit rating while more serious arrears will inevitably lead to repossession proceedings.
Similarly, when other creditors seek settlement on their bills due to non-payment, you could find yourself with County Court Judgements against you.
The bottom line is that CCJs, mortgage arrears and other debt problems can quickly lead to a bad credit rating – and once you have a bad credit rating you will find it extremely difficult to borrow money.
Even if you have cleared you debt and are now financially secure it could be extremely difficult to remortgage your house with adverse credit history.
The good news is that there is help available.
Most mortgage lenders specialise in what are called “prime” borrowers – that means they won’t consider applications from those with bad credit history. Essentially that makes it extremely unlikely that a direct application to a High St lender will be successful.
However there are mortgages for people with bad credit history. Even if you’ve been turned down elsewhere, the chances are you can be helped.
For starters, the specialist companies have a great deal of experience with customers with bad credit history – they know the stress it can cause and the impact it can have on your life. Whether you’re trying to get on the housing ladder for the first time or attempting to remortgage your home in order to clear your debt problems, they work to help you find a mortgage that will suit your needs.
Sub Prime Remortgage brokers work with a large panel of lenders who offer highly competitive rates and terms for those who need to remortgage with adverse credit history. Working with these lenders they’re able to create a package that suits your needs and can help you alleviate the debt situation almost immediately.
Remortgage To Reduce Your Debt
Its ten o'clock at night. The kids are in bed and you're ready to relax. Until… The phone rings. You sigh. Its the creditors again, you're just certain of it. So you allow the machine to answer for you. Mrs. Jones, we need to talk about the bills you owe… Will it never end?
This type of scenario regularly occurs around the globe on a nightly basis. Even though our economy is generally bullish, personal debt is at an all-time high thanks to maxed out credit cards.
Thus, if you're looking for a way to consolidate your many bills, why not consider remortgage as an option?
Remortgage is the process of switching your current mortgage to a new lender who can offer you a lower interest rate. Thats fine, you may say, But how does that help with my existing debts?
Basically, your new financial institution may also give you the opportunity to borrow enough money to pay off your creditors. Alternately, your lender may have a program to help you consolidate all your bills.
Will you still have to pay off all you owe? Absolutely. However, you wont have to pay out as much each month, and that means you'll have more to save or to put towards the principle of your remortgage.
For example, if all your bills, including your mortgage, add up to around 1,000 each month and you only bring in 900, you're bound to get further and further behind on payments. In the end, this can wind up with disastrous consequences, including repossession of your home or the need to file for bankruptcy.
However, if you remortgage your property with one of the many lenders who can offer you significantly reduced interest rates if you consolidate all your current debts, you may only need to pay out 800 per month. This means you have an extra 100 to save or put towards the principle amount of your remortgage.
With this kind of a set-up, you can get and stay out of debt, stop the endless phone calls from angry creditors or collection agencies, and eventually rebuild your credit history.
Best of all, the process of getting a remortgage is relatively simple and may even be easier than when you obtained your first mortgage. Though it should take a few weeks to settle all the financial arrangements, it'll typically fairly simple and the paperwork is relatively easy-to-understand.
You can also choose a remortgage lender thats not in your locality or even your country, thanks to the power of the Internet. When researching someone to conduct your remortgage transaction, check out several institutions interest rates and consolidation package offerings. Make sure you understand all the terms before you sign, but be open-minded. If you get the best rates from a legitimate remortgage lender that isn't in your region but has an outstanding track record, don't be afraid to pursue a relationship.
Remember a remortgage just might be your ticket to making sure the phone only rings with calls from friends and family.
This type of scenario regularly occurs around the globe on a nightly basis. Even though our economy is generally bullish, personal debt is at an all-time high thanks to maxed out credit cards.
Thus, if you're looking for a way to consolidate your many bills, why not consider remortgage as an option?
Remortgage is the process of switching your current mortgage to a new lender who can offer you a lower interest rate. Thats fine, you may say, But how does that help with my existing debts?
Basically, your new financial institution may also give you the opportunity to borrow enough money to pay off your creditors. Alternately, your lender may have a program to help you consolidate all your bills.
Will you still have to pay off all you owe? Absolutely. However, you wont have to pay out as much each month, and that means you'll have more to save or to put towards the principle of your remortgage.
For example, if all your bills, including your mortgage, add up to around 1,000 each month and you only bring in 900, you're bound to get further and further behind on payments. In the end, this can wind up with disastrous consequences, including repossession of your home or the need to file for bankruptcy.
However, if you remortgage your property with one of the many lenders who can offer you significantly reduced interest rates if you consolidate all your current debts, you may only need to pay out 800 per month. This means you have an extra 100 to save or put towards the principle amount of your remortgage.
With this kind of a set-up, you can get and stay out of debt, stop the endless phone calls from angry creditors or collection agencies, and eventually rebuild your credit history.
Best of all, the process of getting a remortgage is relatively simple and may even be easier than when you obtained your first mortgage. Though it should take a few weeks to settle all the financial arrangements, it'll typically fairly simple and the paperwork is relatively easy-to-understand.
You can also choose a remortgage lender thats not in your locality or even your country, thanks to the power of the Internet. When researching someone to conduct your remortgage transaction, check out several institutions interest rates and consolidation package offerings. Make sure you understand all the terms before you sign, but be open-minded. If you get the best rates from a legitimate remortgage lender that isn't in your region but has an outstanding track record, don't be afraid to pursue a relationship.
Remember a remortgage just might be your ticket to making sure the phone only rings with calls from friends and family.
Remortgage For Debt Consolidation
One of the main reasons many people decide to turn to remortgage plans is for debt consolidation. And it is not difficult to figure out exactly why… in fact, you could probably guess. After all, a remortgage allows you to get a new mortgage at a new lender with a new, much lower interest rate. So why would not someone want to take advantage of such a prospect?
For an example of an individual who could make great use of a remortgage, see Angies story below. Though the exact players are fictitious, the scenario is repeated throughout the globe day after day.
Angies Story
Angie is a divorced single mother of two teens who works two jobs, but still has trouble paying the mortgage and all her other bills. Though she received her house as part of her bitter divorce settlement, she sometimes regrets the decision not to move or sell the place. However, at this point, shed rather stay where she is so her children wont have to change schools.
Her credit card bills have been mounting, and though shes just able to pay off the interest each month, shes never been able to touch the principle balance. Though her credit history isnt that bad yet it was a little damaged during the divorce, shes worried that, before long, shell end up skipping payments and ruining her credit report for the long term.
So… what is Angie to do?
For people in Angies position and at Angies stage of life, a remortgage can be an absolute saving grace. And a remortgage just makes a great deal of sense. For instance, in Angies case, a remortgage will most likely allow her to:
Consolidate her bills into one easy to make lump sum. Yes, she will still have to pay off the principle balances on her credit cards, but her overall payment will be smaller than before. This will allow her family to feel less as though bankruptcy could come at any time.
Become a better money manager for her family. A remortgage may even save her enough to be able to splurge now and then on her children. And her children will likely becoming better managers of their own finances, both now and later in life.
Start working on building her cache of money by herself. Many divorced, separated, and widowed women find themselves in the position to start making financial decisions that were previously made by the so called man of the house. A remortgage will enable her to start constructing her individual credit and will give her a much needed sense of self esteem.
Ironically, many gals like Angie do not even know about remortgage; thus, they do not turn to remortgage during times of fiscal crises. Hence, if you know someone in Angies position who could benefit from switching lenders and obtaining a lower interest rate via a remortgage, do not delay in telling them about this often used financial planning move. It could just give them the fiscal breathing room they need to start feeling healthier money wise.
For an example of an individual who could make great use of a remortgage, see Angies story below. Though the exact players are fictitious, the scenario is repeated throughout the globe day after day.
Angies Story
Angie is a divorced single mother of two teens who works two jobs, but still has trouble paying the mortgage and all her other bills. Though she received her house as part of her bitter divorce settlement, she sometimes regrets the decision not to move or sell the place. However, at this point, shed rather stay where she is so her children wont have to change schools.
Her credit card bills have been mounting, and though shes just able to pay off the interest each month, shes never been able to touch the principle balance. Though her credit history isnt that bad yet it was a little damaged during the divorce, shes worried that, before long, shell end up skipping payments and ruining her credit report for the long term.
So… what is Angie to do?
For people in Angies position and at Angies stage of life, a remortgage can be an absolute saving grace. And a remortgage just makes a great deal of sense. For instance, in Angies case, a remortgage will most likely allow her to:
Consolidate her bills into one easy to make lump sum. Yes, she will still have to pay off the principle balances on her credit cards, but her overall payment will be smaller than before. This will allow her family to feel less as though bankruptcy could come at any time.
Become a better money manager for her family. A remortgage may even save her enough to be able to splurge now and then on her children. And her children will likely becoming better managers of their own finances, both now and later in life.
Start working on building her cache of money by herself. Many divorced, separated, and widowed women find themselves in the position to start making financial decisions that were previously made by the so called man of the house. A remortgage will enable her to start constructing her individual credit and will give her a much needed sense of self esteem.
Ironically, many gals like Angie do not even know about remortgage; thus, they do not turn to remortgage during times of fiscal crises. Hence, if you know someone in Angies position who could benefit from switching lenders and obtaining a lower interest rate via a remortgage, do not delay in telling them about this often used financial planning move. It could just give them the fiscal breathing room they need to start feeling healthier money wise.
Monday, February 1, 2010
Remaining Debt Free After You Consolidate Bills And Get Rid Of Your Debt
It is easy to rack up bills without even noticing how far in debt you have become. When you have a variety of different bills, you end up paying a lot in interest fees. That is when it becomes important to try to consolidate bills into one monthly bill. However, it is equally important to remain debt free after you consolidate bills and get rid of your debt.
Once you consolidate bills, you must learn how to keep from racking up new debt. One of the first ways to remain debt free is to get rid of any credit cards. If you have access to the credit cards, it is very easy to use them and quickly rack up the debt again. Therefore, it is important to close out the accounts once they are paid off.
Be sure to keep one credit card open in case you have an emergency. However, it is important to only use the credit card for a true emergency. Keep in mind that wanting something does not necessitate a true emergency.
After you consolidate bills, you should have extra money coming in each month. You will be saving a considerable amount on interest payments alone. Therefore, be sure to save some of that money. That way, when something arises that you want to buy or do, you will have the cash to pay for it, verses charging it to a credit card.
When you consolidate bills, you will also be saving money each month on your payments. Instead of paying out five different minimum payments, you are able to make one simple payment. With the extra money you have each month, try to put it towards your debt. This will help to pay off the debt quicker.
After you consolidate bills, you can begin to repair your credit. By paying your debt off with regular payments, you will dramatically increase your credit score. With a higher credit score, you will be able to get a better interest rate. Therefore, if the need arises to get a new loan for the purchase of a car or new home, you will be benefit from the lower interest rate.
Financial troubles have plagued many of us. But realizing there is help available and taking advantage of that help will assist you in getting out of debt. Most importantly, once you consolidate bills, be sure to not rack up new ones.
Once you consolidate bills, you must learn how to keep from racking up new debt. One of the first ways to remain debt free is to get rid of any credit cards. If you have access to the credit cards, it is very easy to use them and quickly rack up the debt again. Therefore, it is important to close out the accounts once they are paid off.
Be sure to keep one credit card open in case you have an emergency. However, it is important to only use the credit card for a true emergency. Keep in mind that wanting something does not necessitate a true emergency.
After you consolidate bills, you should have extra money coming in each month. You will be saving a considerable amount on interest payments alone. Therefore, be sure to save some of that money. That way, when something arises that you want to buy or do, you will have the cash to pay for it, verses charging it to a credit card.
When you consolidate bills, you will also be saving money each month on your payments. Instead of paying out five different minimum payments, you are able to make one simple payment. With the extra money you have each month, try to put it towards your debt. This will help to pay off the debt quicker.
After you consolidate bills, you can begin to repair your credit. By paying your debt off with regular payments, you will dramatically increase your credit score. With a higher credit score, you will be able to get a better interest rate. Therefore, if the need arises to get a new loan for the purchase of a car or new home, you will be benefit from the lower interest rate.
Financial troubles have plagued many of us. But realizing there is help available and taking advantage of that help will assist you in getting out of debt. Most importantly, once you consolidate bills, be sure to not rack up new ones.
Remortgage - What Is It And Why You Should Do It
Remortgage can be defined in two different ways. The first is when a homeowner takes out a loan, using their property or the equity in their property as collateral, when they already have a loan on the property. The second definition is when a homeowner changes their current loan to a new lender.
Remortgaging by taking a loan out on existing property is usually referred to as a home equity loan. Since the homeowner really does not own their home, since they are still paying to the bank, they can not actually use the home as collateral.
However, homes and property go up in value over time, so the home is building equity. Equity is when the home and property is worth more than the amount of the original loan. For example, a person buys a home for $100,000 but it appraises at 150,000. This person would then have $50,000 in home equity or money that belongs to them which they do not owe the bank. They can then remortgage and get a loan for the amount of their equity.
Changing lenders is actually common. It may seem like a strange tactic, but it is very beneficial. Some people start out with a loan that may have high interest or fees because they could not get a better loan. After a couple of years their credit is better and they want to see about lower their fees and interest. This is a good time to remortgage.
Usually a remortgage is not done until after two years with the current lender. This is because most contracts include penalties for early termination of the loan, including paying it off. This is to protect the lenders interests.
The lender is in the business of making money and they do not make as much as they would like when a person ends their loan early. Usually, though, after two or three years the penalties are waived and the homeowner is free to find a different lender.
Normally when you come to the end of your fixed rate period you will be moved onto the lenders standard variable rate, where the inertest rate will be higher and fluctuate. This is when it is a good time to remortgage, switch lenders and start afresh on another fixed rate mortgage product.
Remortgaging can save a homeowner a lot of money. Especially if the original loan carried high interest due to bad credit. By remortgaging a person can find a loan with lower interest. That means lower monthly payments now and less money paid in the long run. It is a great option for the homeowner.
Some homeowners take advantage of remortgaging. They stay with one lender for a certain time until they find a better deal. By remortgaging a person can take full advantage of the opportunity to save a lot of money on their home purchase.
It is not hard to remortgage, which makes it an even better opportunity. All a person has to do is stay current on the lending trends and interest rates. They should keep their credit in good standing as well. When the time is right they can then begin to shop around and apply for better mortgage deals.
Remortgaging by taking a loan out on existing property is usually referred to as a home equity loan. Since the homeowner really does not own their home, since they are still paying to the bank, they can not actually use the home as collateral.
However, homes and property go up in value over time, so the home is building equity. Equity is when the home and property is worth more than the amount of the original loan. For example, a person buys a home for $100,000 but it appraises at 150,000. This person would then have $50,000 in home equity or money that belongs to them which they do not owe the bank. They can then remortgage and get a loan for the amount of their equity.
Changing lenders is actually common. It may seem like a strange tactic, but it is very beneficial. Some people start out with a loan that may have high interest or fees because they could not get a better loan. After a couple of years their credit is better and they want to see about lower their fees and interest. This is a good time to remortgage.
Usually a remortgage is not done until after two years with the current lender. This is because most contracts include penalties for early termination of the loan, including paying it off. This is to protect the lenders interests.
The lender is in the business of making money and they do not make as much as they would like when a person ends their loan early. Usually, though, after two or three years the penalties are waived and the homeowner is free to find a different lender.
Normally when you come to the end of your fixed rate period you will be moved onto the lenders standard variable rate, where the inertest rate will be higher and fluctuate. This is when it is a good time to remortgage, switch lenders and start afresh on another fixed rate mortgage product.
Remortgaging can save a homeowner a lot of money. Especially if the original loan carried high interest due to bad credit. By remortgaging a person can find a loan with lower interest. That means lower monthly payments now and less money paid in the long run. It is a great option for the homeowner.
Some homeowners take advantage of remortgaging. They stay with one lender for a certain time until they find a better deal. By remortgaging a person can take full advantage of the opportunity to save a lot of money on their home purchase.
It is not hard to remortgage, which makes it an even better opportunity. All a person has to do is stay current on the lending trends and interest rates. They should keep their credit in good standing as well. When the time is right they can then begin to shop around and apply for better mortgage deals.
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