THE PRICE OF GETTING OLD

Getting old now costs money. Many people are simply unable to save enough to cover the costs of living to a ripe old age and the state is facing a similar problem. Even looking at borrowing through loans can be challenging when there is no regular income to make repayments.

The average cost of residential care is now well over £25,000 per year. This figure rises to over £35,000 per year if nursing care is also required. Consequently, a few years in care can eradicate savings at an alarming rate, meaning that ultimately, the state will have an additional burden to cover.

Compounding the issue is the fact that the baby boomer generation (typically those born in the 60s) have not been saving sufficiently as they earned to provide a suitable pension. Indeed, many have taken the opposite approach and have taken out loans to fund current lifestyle options.

That said, the increase in average life expectancy caused by better healthcare and standards of living, have meant that annuity rates have dropped, so any saved funds have generated less life time income.

The government have not exactly helped or encouraged people to save for their old age. Gordon Brown’s notorious raid on pension savings in the late 1990s ripped at least £5bn per year out of pension savings.

Successive governments have done little to encourage saving for the future or to curb the cost of public sector pension schemes that are largely unfunded and paid from current taxation.

The position will get worse before it gets better. Although some reforms have been announced, they merely scrape the tip of the iceberg. With fewer working people and a growing elderly population, the sums simply do not add up.

There is also a growing sense of unfairness in the whole system. Those that have saved and been careful throughout their lives are being expected to pay for their own care, whilst those that may have contributed little or saved nothing get care paid for by the state.

Whilst there has to be a basic provision, those that have saved should not be unfairly treated else it will result in a general sense of ‘why bother?’

Increasing focus is being made on providing care at home rather than in a institution. A couple of hours’ care provision in the home can still add up to £12,000 cost per year.

State support is available, but the level depends on how much in the way of capital assets a person has. If they have less than approximately £14,000 (£22,000 in Wales), then the state will provide funding in full.

Where assets are over approximately £23,000 (£22,000 in Wales), then no state assistance is available. The fragmented devolved government approach has already opened differences in what can be claimed and is available.

But many people now own their own homes and by retirement age, this will typically be mortgage or loans free and worth considerably more than the £23,000 government support limits.

Whilst growing property prices over the past 30 years have helped boost personal wealth, cashing in on a capital asset can be difficult. Especially at a time when property prices have softened and the loans offerings are well reduced on recent years.

However, a number of loans based schemes have been developed over recent years to help elderly property owners release cash from their homes without the need to move out. Also, moving to a smaller property and renting out an existing home can generate income from a fixed asset.

Equity release loans are a way to get cash value from a property. One of the advantages is that no more than the property value can be borrowed, so there is no lasting debt burden passed to family members.

How to Get Credit Card Debt Relief

There are many people that have got themselves into debt by the use of credit cards but trying to get themselves back out of the debt is something that many people do struggle to do however but today we want to do get rid of the debt and will do anything and everything they can do get rid of the debt.

You are going to need to get yourself some paper and pen so that you can start to create a budget to work with and then call a debt management company to help you.

The first step that is important to know is that you can’t spend any more on things that are not necessaries meaning that you are going to have to stop charging things to the credit cards.

You need to know what kind of budget you are going to be working with meaning that you are going to have to work out a budget worksheet and find out if you are earning less than what you are spending so that you know what you are going to have to cut out and where you can save to pay the debts off.

When you make your budget remember to try to stick to it because this is very important because you need to know that your earnings are not too little that you cannot pay back the debt and if you are earning less then you have to cut out things to save.

Try going to a credit counseling agency but remember to try to avoid those which are telling you they are going to get rid of your debts within a few months because that probably won’t happen.  So look for a legit one.

You should think about taking some management over your credit classes so that you can stop getting into debt.  Even if you want to find a few ways to save money then you could try selling your possessions, you can sell things that are not needed anymore but remember not to go for another loan.  If you have to take it out of your 401K but try to avoid this at all costs however because it is difficult at the best of times.  Even a second mortgage can help you but remember that this is going to be debt that you have to repay back so think before you get.

Always pay back more than the minimum amounts you don’t want to be paying only twenty dollars each month where you have forty left over from spending on entertainment or other things that you have sold from.

The debts will be lessened and the debts will be reduced in no time, well it does take a while but it can be managed much simpler.

Tips & Warnings

  • If you find there are collectors at your door try talking to them and hopefully they can understand or work things out with you but avoiding them won’t help.
  • Don’t spend more than what you can afford.
  • Try not taking out any more loans than possible; don’t get yourself into more debt.
  • Remember to avoid all companies that say they will help to get rid of the debt within a few months because that may never happen for a year or even two but having something that is going to be a crutch to help you keep on the right path is what is needed.

 

Cheap Car Insurance in UK

Car Insurance

Car Insurance UK

If you own a car in UK then getting it insured is your legal responsibility otherwise you may have to suffer in its absence. The automobile’s insurance is not a nuisance and mere wastage of money but it is a kind of investment that saves you and your family from many troubles in the life. The odd situations can be avoided if you take it seriously.

Searching a suitable insurer for your car is again not easy without any knowledge. You must have the knowledge about the plans available in the auto insurance sector to choose the suitable one for you. These plans can be searched online from the sites or resources of various auto insurers. One of the best auto insurers resources online today is  Tesco Car Insurance which provide various information on tesco car insurance, where you can choose the best comprehensive plans for your beloved vehicle. Tesco, is a world known merchandise insurance retailing company, offers various plans for Cheap Car Insurance in UK. The professionals of tesco bank manage the plans for the coverage of car risks completely.

Tesco Car Insurance provides several other plans for your car like; Tesco comprehensive car insurance plan, Tesco Value car Insurance plan. These plans are available online. You can get complete knowledge about these plans, its coverage limit, and amount of premium to be paid by visiting any of the above links. You can also compare the offers of Tesco car insurance UK with other auto insurance companies to be sure about the facilities given by the Tesco. You may get discounts on purchase of any plan of Tesco car insurance if you apply online with an option to pay through clubcard, issued by the Tesco bank to its customers.

The main features of Tesco Car Insurance are:

  • Insurance plans are more flexible and effective than other car insurance companies.
  • There are various plans like Tesco comprehensive car insurance plan, Tesco value car insurance plan etc. to choose the suitable for you.
  • Tesco Car insurance resources provides you complete coverage of all tesco insurance plans
  • Tesco Value Car Insurance details, though covers some features less then than other plan but is cheaper than comprehensive plan
  • Tesco provide to its customers of Tesco Bank, if you are clubcard member of the bank, with a discount upto 15% if you have ordered for car insurance online.
  • Tesco Car Insurance covers personal belongings and costly car accessories like audio system DVD player etc.
  • Emergency helpline of Tesco Car Insurance is open 24×7.

How to Declare Oneself Bankrupt

It can happen too many of us, going bankrupt, that can be something which is not easy to take and is devastating at the best of times because it can be an area that we haven’t explored until it happens to us.  That is why even when you think your money is OK and that your finances are actually in a great position possible that you can’t get any worse but then you find that everything starts to fall apart and then you have to take drastic action.

When you file for bankruptcy then you could do that whether you are an individual or if you have got a business but you have to be in a position which your finances are completely in ruin and that you cannot actually pay back your debts.

There are more than just one form of bankruptcy however because it really all depends on your debts and their amounts and what you are really bringing in and what you have in form of possessions.  Though with bankruptcy then this can be your last option for your debts which usually will be a large amount.

So how can you declare yourself bankrupt?

bankruptcy

Bankruptcy

What you first have to do is to get everything concerning your finances all in order; this is so that you have got everything with you like the costs of bills and debts, any income that you have, expenses and of course a list of any assets that you have.  Then take these and bank statements and any tax returns – a copy of these – to your lawyer in which will file your bankruptcy claim.

There is bankruptcy such as chapter 7 that will be for those that have small incomes and really don’t have any assets to pay your debts off again.  With this then non exempt assets can be then liquidated so that your debts can be paid back.

Unlike chapter 13 which can say that you can repay the debt back within two to five years but you are going to be able to keep your home with this unlike chapter 7.

You should really think about getting some credit card counseling so that you can see if you can solve your debt problems or find a way for you to pay back before you file bankruptcy though this has to be done at least six months before bankruptcy.

You are going to have to go to your lawyer or any lawyer so that you can start a petition for bankruptcy or you may find that you can file yourself in a court.  These forms can be found online in the US and it is going to cost you almost twenty hundred and fifty dollars and if you have a trustee in place then it will cost around fifteen dollars.  This is for chapter 7 bankruptcy however but for chapter 13 it is a little cheaper for filing.

You should be going to all bankruptcy hearing which is around a month or longer after you have filed which means that you will be seeing your creditors while in court.

If the paperwork is filed correctly then the court dates will be much smoother, if you are going with chapter 13 then you can pay the debts within the allotted time or you will be declared bankrupt.

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What to Consider at the Time of Applying for Logbook Loans Online

Logbook Loan

Logbook Loan

If you are looking for a quick loan, then there is nothing better than going for a logbook loans. You can really get a loan within as short as 24 hours of time, if you consider the logbook loans. To avail a log book loan you should possess a vehicle of your own and the logbook loan financier will give you credit keeping the logbook of your vehicle as mortgage.

Logbook loans can be applied over the internet, without going to any physical office of the financier. Lots of websites are there over the internet, which are offering logbook loans, you can go to any of those websites and apply for a logbook loan; but at the time of going for a logbook loan over the internet you should keep some points in mind to get the best of the lot. Below you will find some points mentioned, which will help you to find the best logbook loan available in the market.

  • Don’t apply for a logbook loan by visiting a single website only, there are hundreds of sites offering logbook loans; so you should visit at least 5-6 sites, before applying at any of them.
  • First of all, you have to find out, which financier is offering maximum value for your vehicle. You can find it out by visiting some websites and comp oaring their offers.
  • After doing that, you have to do the most important thing and that is, you have to spot the lowest interest rate. The interest rate on logbook loans varies from financier to financier and some of them charges insane rates. You should keep yourself away from the financiers charging astronomical rates.
  • If any financing company asking you any kind of upfront payment for the logbook loans, then run away. Financiers generally charge processing fee for sanctioning the logbook loans but the processing fee should only be deducted from the loan amount and should not be paid up-front. There are many fraud sites operating over the internet and those are cheating money from desperate people by asking them for upfront payment. You should stay away from these kinds of sites.
  • After availing a logbook loan, you should try your level best to repay that loan as soon as possible, because generally the interest rate of the logbook loan is high; so, if you don’t repay that promptly, the interest burden will mount to an unbearable one, really quickly.