Savings Tips

Savings Tips

It is so easy to become compliant with the money you find yourself paying out month after month but STOP! Chances are you are paying out money unnecessarily somewhere along the line. Use these helpful tips to cut down on spending.

1.      Make your savings work for you. With a wealth of cards on the market, ensure that your savings account is the best one on offer. It may also be worth your while looking into ISAs, offering great rates on tax free savings but you normally have a minimum investment term you will have to commit to.

2.    Often, our biggest pains are taxes. It is well worth checking that the tax man is taking more than he is owed. I would seriously suggest questioning all the taxes you pay, particularly income tax and council tax. When council tax bands were outlined in 1991, the value of some properties was estimated and has often been found to be wrong, this could save you £100s as well as being back dated to 1991 if found to be wrong.

3.    Stop impulse buying! I don’t know about you but every month I seem to flitter away my wages and am left wondering ‘where has it all gone?’. If I’m being honest with myself I know where it has gone; on impulse buys that I thought would cheer me up or would come in handy and is now gathering dust at the bottom of a cupboard. Simple solution to this problem? Stop buying on impulse, think over all purchases thoroughly before committing to buy.

4.    Do the weekly shop online. By taking a wonder round the supermarket you are putting yourself at risk of the above. Stick to a shopping list, and resist the urge for that new CD, it may temporarily make you feel good, but it won’t last when you check your bank balance. Also by shopping online you can benefit from knowing how much you’re spending before it has been scanned through a till and put back items when you find you’ve overspent.

5.    Go green. It isn’t for everyone but being green can pay. Currently the government are offering an incentive to those considering doing their bit for the environment so now is the perfect time to think about installing solar panels or other ways of cutting down on energy consumption. As well as saving you money, you can also feel guilt free during global warming news.

Credit Card Protection Plans: Are They Worthwhile?

It used to be that when you applied for a credit card, you were asked to buy credit insurance as well.  You don’t hear about credit insurance as much today, but there is something else you can buy:  a credit card protection plan.  If you look at it closely, however, you’ll see that it’s pretty much the same thing as credit insurance.  These plans offer coverage to help consumers in the event that they are unable to make their credit card payments, while providing another method that credit card companies can use to profit from their cardholders.

Credit Card Protection

Credit Card Protection

Before you buy a credit card protection plan, make sure you know what it covers.  The terms for these policies vary from one card to another.  Most policies cover your payments if you are disabled as the result of an injury or lose your job.  The premium for the plan is usually a percentage of your balance each month.  If you have no balance, you usually do not pay a fee for that month.

When you attempt to make a claim, you may discover that the plan doesn’t cover you as well as you thought it would.  For example, you might be disqualified because you were unemployed when you signed up for the plan or because you left your job voluntarily.  You might even discover that there is waiting period after you become unemployed, during which time you are ineligible to receive any benefits.  You might also be required to apply for unemployment benefits before you will be eligible for coverage under the credit card protection plan.

The fees for these plans are usually around 50 cents for every $100 that you owe, but they can sometimes be as high as $1.00 per $100.  These charges are added on to your credit card balance as if they were ordinary purchases, so you also have to pay interest on them.  It is also possible for them to push you over your limit and incur over-the-limit fees.

Most states do not regulate credit card protection plans, so you will not receive much help if you have trouble when it comes time to make a claim.  Many people who have paid for these plans report having issues with not being able to use the benefits that they have paid for, so be cautious about purchasing credit card protection plans for your credit cards.  You may discover that you are better off buying regular disability insurance or some other type of insurance instead of a credit card plan.

Bridging Finance Option Is Your Answer To Immediate Cash Needs

Bridging Finance

Bridging Finance

In business, there will be times when you have to arrange finance quickly to make progress in your activity. It may not always be possible to plan the requirement of finance though that is the ideal manner in which you should be conducting the business. But when you have an opportunity that has suddenly come up and you wish to take advantage of it and the only limitation is finance, then you should look at the concept of bridging finance to help you meet that need at that point in time. Once you get it, you would be able to go ahead, get the profit or advantage you were looking for and then repay the loan assistance you took. That is the basic purpose of such a finance product.

One of the main reasons why this kind of loan has become popular is the delays that business entrepreneurs often have to face when they wish to take loans from financial institutions. When it is all a question of how quickly you can get the finance, then the conventional or traditional methods may not work and you may need the assistance of a good bridging financebroker to arrange such finance for you. The entire process can be completed quickly and the funds are also made available for your usage much faster.

So how do these bridging finance brokers manage to make this happen?

The answer is the fact that the number of years they have put into the business has enabled them to build up a wide contact base of lenders who offer this kind of finance quickly and at reasonable rates of interest. They are experts at providing such short term loans and can customize loan requirements for individuals as per their need. They can provide assistance for customers who want to renovate their property before letting it out or even for other commercial ventures involving a hotel, warehouse and other such activities pertaining to real estate or property needs.

Bridging finance is therefore a very effective short term finance model that can be used quickly and without much documentation. As compared to conventional ways of raising money even against collateral or security, the pace is faster and that is the single most advantage of this kind of finance arrangement. But you need to approach a professional and experienced bridging finance broker to get the best deal.

The best way to have debt cleared

Debts Clearance

Debts Clearance

Find out the most effective ways of clearing debt and choose the best way. Begin clearing debts today. In case you are looking for a good way to clear debt, relax, someone’s with you. A Report from Federal Reserve G.19 about consumer credit in the US showed that in the money owed on store and credit cards, also recognized as revolving debt, amounted to $15,788 in May 2010. Clearing debt is not using, is more so in case you are from a family with too much debt to continue with life comfortably.

In case you are situation cannot allow you to pay down debts, you can minimize the bloody through  debt relief program, for instance a debt settlement program, debt management plan or option for bankruptcy. Clearing debt is much easier since there are ways to help you quickly clear the debts affordably. Each solution to get has its advantages and therefore it is necessary to contemplate on the advantages and disadvantages of each, before opting for an agreement.

In case you are not employed in the debt of money to pay your creditors, the best way to have your credit card and loans cleared can be via bankruptcy. This can clear all of debts which are unsecured and not make any more payments to creditors. After petitioning the court, it is against the law to be contacted regarding your debts. Clearing unsecured debts takes only four months.

The bankruptcy laws in the US were changed in 2005, through the bankruptcy abuse prevention and consumer protection act. During the 12 months which ended on 1st March 2010, a sum of 1,057,686 people, filed under the bankruptcy law. You will now need to protest against the court via demonstrations that your income does not meet the median level required for your state and that you have not nonexempt assets, for example, luxury sports car or a second home, to be repossessed.

Although this might not be the quickest way of debts clearance, debt management plan is an effective method of managing small amount of money owed to various creditors. An individual calls the debt collection agencies to gain a level of contribution out of the disposable income you get.


The Statistics of UK Credit Rejection

Being rejected for a credit card or personal loan can have a detrimental effect on your credit rating, but if you have been rejected over the past 12 months, you’re not alone.

According to a survey of 2007 British adults (commissioned by Moneysupermarket.com and carried out by Opinium Research) a quarter of them were turned down for a credit card or loan.

Taking the total number of adults in Britain to be 49 million, the research claims that 36 per cent (17.6 million) have applied for credit, and therefore nearly 4.5 million (25 per cent) of those have been rejected for credit.

People living in the West Midlands, it seems, are most likely to be accepted for credit, as the figures reflect an 85 per cent success-rate for credit applications in the region.

UK Credit Rejection

UK Credit Rejection

Those living in London only had a 62 per cent chance of being accepted for credit though, according to the survey.

This infographic conveys the scale of credit-rejection across the country, broken down by age, gender and region.

The data shows that men are more likely to be rejected for credit cards or personal loans than women, as 30 per cent of the males who participated in the study said they had been rejected, compared to 24 per cent of women.

More than a third of 18-34-year-olds surveyed admitted they had been rejected for a credit card or personal loan, whereas just 12 per cent of the over-55’s said they had been rejected.

Making several applications for credit within a short space of time can be detrimental to your credit score. Each time you make an application; the lender makes a check of your credit profile and leaves a ‘footprint’ of the check, which is then visible to other lenders when they make subsequent checks.

It is believed that people with more credit applications tend to carry a higher credit risk, creating a catch-22 situation.

On the other hand, having no discernable credit history can also go against you in the credit application process. When lenders assess your application, they are trying to judge your ability to pay back the amount you are borrowing. If you have no credit history, then the lender has one less point of reference to aid them in making that decision.

For a small fee you can check your credit score online with Equifax or Experian to make sure your credit report is up to date and is accurate. If you notice any discrepancies you can contact the lenders in question to have the mistakes rectified.