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Debt Advice

Top Tips For Managing Your Debts

Having financial problems? Follow our simple tips to manage your debt now.

Recently the credit crunch has never been out of the news, and rising domestic bills are putting more and more pressure on household finances. It’s not all doom and gloom though, there are a number of way in which you can take control of your debts and effectively manage your money in the future:

1.        Control Your Credit Cards – If you owe a lot of money on one or more credit cards then it’s a good idea to tryand reduce the amount of interest you’re paying each month. You can do this by looking for a card with a 0% balance transfer rate. If you choose to go down this route it’s vital that you cut up and cancel your old cards as soon as possible in order to remove the temptation to start spending on them again, which will only lead to a vicious circle of debt.

2.        Don’t Keep Borrowing – With consumer credit so readily available it can be tempting to borrow a little bit extra from another source to help pay off your existing debts. This is one of the worst things you can do and while it may work as a quick fix, it invariably leads to long term financial headaches and problems trying to keep up with the interest and loan repayments.

3.        Take Responsibility –   Burying your head in the sand and hoping your debt problems will disappear on their own will only make matters worse. Open every piece of mail you receive and if you are not able to pay that particular bill then call the company directly or ask Debt1.co.uk to do it for you to explain your situation to them rather than waiting for them to start chasing you. With over 14 million UK households relying on their overdrafts to get by each month, you’re not alone and your creditors will usually try to deal with your situation sympathetically.

4.        Review Your Monthly Outgoings – Regardless of your current level of debt, it pays to have a thorough review of your personal finances every so often to keep track of what’s coming in and out and establish where you can make savings. Shopping around every time you buy a product or service can save you a considerable sum of money over the course of a year and often you can find things cheaper online than in the shops.

5.        Seek Professional Advice – Living with spiralling debt can be extremely stressful and it may often seem like there’s no way out. There are a number of options specifically designed to help people become debt free such as debt consolidation, debt management plans and Individual Voluntary Arrangements (IVA’s).

Here at Debt1.co.uk our expert advisors can talk you through all of your available options to find out which one is best suited to your own circumstances.

Give us a call now on 0800 043 4747 to find out if we can help you take control of your debts. Chris Pracy is Marketing Manager for Accuma Group Plc. Chris manages a number of debt management and debt advice related websites including www.debtsolver.co.uk and www.debt1.co.uk

Steve Lawton is IT Support Manager for Accuma Group Plc. Steve manages a number of debt management and debt advice related websites including www.debtsolver.co.uk , www.simpleiva.com and www.debt1.co.uk
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Debt Management Services: Serve to Give your Debt a Curve

The individual cannot evade accountability for debt but the government and the lenders could do a lot to help people with shaky math understand the consequences. Legislation should make it obligatory for credit card statements to give how long it would take to pay the current debt off if only the minimum payment is made each time. Some think that would be a wake up call for a lot of people before they find themselves with massive debts. To get out of such debt disaster, working upon to do away with the gravity of the situation, the lending authority has come with the provisions of many sorts of debt management services considerably.

Taking stock of the debtors’ financial conditions, debtors are provided with the provisions best suited to their situations. Creditors offer their services in the forms of IVA, bankruptcy, debt consolidation loans etc.

However, Debt Management Services are altogether different and more drastic ways of tackling debts. By entering into programs of debt management services, debtors hand over the day to day debt management of their debts to a management company which specialises in negotiating with debtor’s creditors. This selected debt management company under the provisions of debt management services contacts every credit the debtor may have owed money to, and try to negotiate lower the repayments by re-scheduling debts, freezing interest, or even canceling past charges and fees.

Many commercial companies or high street buildings offer debt solutions of debt management services to debtors’ in gravity of debt devil. These debt management programs are used to repay debts off, leaving with one large loan. Debtors then get able to repay their one debt off.

While it may seem strange to take out another loan if you are having trouble paying off your current debts, there are several reasons why debt management services make sense. By paying interest on only one large sum, you can often save money. These debt management services also often have longer terms and smaller monthly payments, making them more realistic.

However, if you choose this method to manage your debts, there are many commercial institutions and privates lenders available online and offline for debt management services. For better suitability and instant approval, online method of applying preferred both by the creditors and debtors.

Roger John works as financial advisor in Debt Loan Management. He is offering loan advice for quite some time. With Debt Loan Management, it is very easy to take and settle Debt Management Plan. To know debt management services,individual voluntary arrangement,debt advice,backruptcy,trust deeds,business debt visit http://www.debtloanmanagement.co.uk/
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17 Debt Advice Tips for Australians

Debt problems come in all shapes and sizes from the occasional cash flow crisis to the full on, out of control, debt nightmare that requires professional debt advice.

For Australians experiencing short term debt problems a number of easy steps are open to them.

1 One of the simplest and best debt advice tips is drawing up a budget and sticking to it so that it’s easy to see what money is coming in and what’s heading out.

2 Most consumers’ wallets contain credit and store cards that they have had for some years. As consumers get older their credit score often improves with age, meaning they could be eligible for cheaper credit cards and could save money if they switched lender. It is possible to switch away hundreds of dollars of credit card interest this way.

3 Getting a list of standing orders and direct debits from your bank is a good way of spotting non-essential outgoings that could be put to better use.

4 Interest free loan and buy now pay later deals are often expensive and designed to part consumers from their hard earned cash. It is best to avoid these deals, and only buy what you can pay in cash for.

5 Pay more than the minimum monthly payments on all credit cards, otherwise you will be paying more than you need to in interest payments.

6 If you have a home loan, think about refinancing. If you do your sums carefully you could save money on an introductory cheap rate.

For consumers who are facing more than short term debt problems a number of alternative steps are available.

7 Think about consolidating all credit and store card debt into one loan. Average loan rates are significantly less than those for average credit and store cards. Applying for two smaller loans, rather than one large one, can make it easier to get your loan accepted.

8 Don’t extend any loan for more than 3 or 4 years, doing so can make the total cost of the loan much more expensive, for just small monthly savings.

9 Consumers with consumer credit insurance should consider cancelling it, as it not good value for money. It was highlighted as a ‘junk insurance’ by the Australian Consumer’s Association. CCI adds a considerable amount to the monthly cost of credit, and it won’t give any advantage to a credit application.

10 Consumers with a mortgage could think about re-mortgaging and consolidate their credit or store card debts into their mortgage, at a lower rate of interest.

11 Consumers struggling with their debt need to prioritise their monthly payments, to ensure that the essentials are paid first. Failure to pay the mortgage, secured loan or rent can lead to homelessness, so it’s always important to pay these first. Don’t pay the lender that shouts the loudest first.

12 There are government funded independent financial counsellors in all parts of Australia. They can give consumers free expert debt advice. Consumers who need to deal with their creditors to reduce their payments can get help with an Informal Arrangement through their local free financial counsellor.

13 If a consumer’s debt problems have become a real horror story, there are a number of options to relieve the stress and burden and achieve a fresh start.

14 Bankruptcy is an option for those who cannot see any way of repaying their debts. For $400 it wipes the slate clean. Creditors are no longer able to pursue a customer who has been declared bankrupt, and the consumer will be discharged after three years.

The downside of bankruptcy is that it remains on a consumer’s credit file for seven years. Their assets, which could include their home, will be sold off by a Registered Trustee or the Insolvency and Trustee Service. A contribution is taken from bankrupts who earn over a certain level, currently around $40,000, to pay their creditors.

15 An alternative to formal bankruptcy is a Debt Agreement, targeted at people on low incomes with few assets. This can reduce the amount consumers owe to their creditors by agreeing a compromise deal. Debt Agreements tend to be used by consumers struggling with their credit cards or loan payments, and who earn less than $58,000 after tax. These can be administered by Registered Trustees, ITSA or a third party. Service fees can be around 20%. As long as 75% of creditors agree, a formal Debt Agreement is binding on creditors.

16 A more expensive alternative to a Debt Agreement is a Personal Insolvency Agreement. These are open to more consumers, but can be more expensive because they can only be administered by a Registered Trustee or ITSA. Both Debt Agreements and Personal Insolvency Agreements appear on credit reports for 7 years.

17 For more debt advice information, check out the debt advice published by the Australian Competition and Consumer Commission and the Australian Securities and Investments Commission entitled: “Dealing with debt: Your rights and responsibilities.”

Description: Many more Australians are in need of good debt advice since the onset of the credit crunch. This article contains top tips for people facing a cashflow crisis to those in need of hitting the financial reset button.

Tristan Dunston is an independent public relations consultant specialising in finance and privacy matters. He loves whitewater kayaking and photography
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How to Avoid Debt While Using Credit Cards

There is no doubt that credit cards are very useful for paying for goods and services. They are safe, convenient and it means you don’t have to carry large sums of money around in your pocket. Carrying large sums of money can be very risky because if your money is lost or stolen, it is gone forever. Whereas with a credit card, you can just report it missing it will be immediately cancelled and a new one will be in the post the next day. Of course buying online with a credit card is the most popular, easiest way to buy goods and you have the protection of your credit card company.

However, if misused, credit cards can lead to debt and financial destruction. It is far too easy to spend money you do not own and before you know it, you can’t afford to pay back what you owe and get into financial difficulty. The simple fact is that if you borrow money, you must pay it back – and with interest. There is no such thing as free cash. If you don’t take immediate action then things can spiral out of our control which can be devastating.

If you in the situation that you have spent too much money and are in financial difficulty then it is time to stop using your credit card and re-access your financial position. You may need to change your lifestyle spending habits and make cut backs in order to clear your debts. Change your way of thinking – there is a way out of debt but you will need to make changes.

You must first recognize that you actually have a debt problem. You cannot attempt to sort out your finances unless you admit there is a problem and face up to your debts.

You then need to assess exactly how much it is that you owe. So many people do not actually know how much they owe. This maybe that they have so many debts that they can’t keep track of them all. By checking your credit card balances you will know exactly how much you owe and what interest you are paying. You should always aim to pay at least the minimum payment of your credit card bill. If you don’t do this it will affect your credit score rating.

When you are in the position of knowing how much you owe then develop and plan of how to pay the debt off. Do not just carry on paying the minimum interest repayment; it will take years to pay off your debt if you do this. A popular option is debt consolidation whereby you put all of your debts into one which organize your repayments into one affordable payment. Another option is to transfer your balance to a lower interest rate credit card, or even one that offers 0% balance transfer.

Only you can make the changes necessary to get out of debt and this must be done sooner rather than later, before things get too bad.

The author has several years experience in the finance industry. For more great tips on how to avoid debt and for help and advice to solve all of your debt problems go to Me Debt Free

Top Ten Ways to Get Out of Debt

If you don’t deal with your debt problems, they will soon grow quickly out of control so you must face facts and address your debt issues now. By failing to take action now, you may be risking financial ruin. Follow these top tips to get out of debt so you can live a happier, debt free life.

Being in debt can often be a worrying and distressing time, depending on how much you are in debt and how in control you are of your finances. However, the good news is that it’s always possible to get out of debt. With time and effort you can get through the pain of being in debt. You do need to realise you have a debt problem and face up to the fact that you will have to change the way to deal with your finances. Follow these tips to take the steps to get out of debt:

For more great tips to get out of debt and for help and advice to solve all of your debt problems go to Me Debt Free
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Cancelling Holidays and Paying Off Debts. Good Sign or Bad Sign?

If you’re in a hole, stop digging – it’s true of most things, and it’s certainly true of debt. So maybe The Times brought us good news when it announced that 58% of Britons were planning to cut back on their summer holidays, and 19% canceling their summer holiday plans altogether. Maybe it’s encouraging to see people re-prioritising, keeping their money for essential things like rent, food and petrol.
On the other hand, it’s worrying to see so many cutting back on their holidays. Holidays might not be ‘essential’, but many of us see them as an important annual tradition: a reward for a year of hard work and a way to relax and ‘recharge the batteries’ before returning to the realities of bills, debts and work. It’s hard not to wonder how many people aren’t choosing to economize, but cutting back because they simply have no choice.
However you view the statistics, debt isn’t the only reason for these cutbacks. There’s also the credit crunch, the rising cost of living and the weakness of the Pound against the Euro. Cumulatively, these factors are nothing but bad news for people in the tourism industry. And since the travel and tourism industry employs over 120,000 people (according to the Institute of Travel & Tourism), this could well translate into bad news for economy. After the recent massive job losses among home-builders and estate agents, any threat to the travel and tourism industry could easily damage consumer confidence further and reduce the average consumer’s spending power.
On an individual level, of course, the impact could be much more immediate. How many of those 120,000 people are deep in debt – absolutely reliant on their next paycheque just to stay on top of their debt repayments?
It’s a serious problem: many financial experts advise people to set aside at least 3 months’ salary for a rainy day, but how many are able to do that? With record levels of personal debt and escalating cost of living, millions of people are struggling to afford their essential living costs and debt repayments, so saving is simply out of the question.
The ‘silver lining’, the optimists say, is that hardship reminds people of why that safety net is so important. The next time the tough times come around, we promise ourselves, we’ll be ready for them, with our debts paid off and our 3 months’ salary safely in the bank.
Saving, however, is rarely a good idea when there are debts to be paid off. Whatever interest a savings account might accrue, it’s unlikely to be as much as the interest charged on the debts. So for anyone in debt, step one has to be getting out of debt, and the best way of doing that varies from person to person.
Debt management plans, debt consolidation loans / mortgages, Trust Deeds, Individual Voluntary Arrangements, even bankruptcy… Each debt solution comes with its own unique pros and cons, but they do have one thing in common: they all tend to work better when people talk to a debt adviser as soon as they realize they’re in financial trouble. In general, the longer someone leaves it before they look into debt solutions, the harder it’ll be.

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