by Guest on January 30, 2012
Equity release schemes are programs that let homeowners access the money tied up with their property. These programs mainly benefit people between the ages of 55-70 who have already paid off their mortgage and own their home.
What is an equity release scheme?
An equity release scheme is basically a loan, which is paid in either one lump sum, or drawn out over a number of years. This loan is paid against the value of your home, which is passed onto lenders after you have passed away, or have been moved into a retirement home.
[click to read…]
by Guest on January 23, 2012
In the UK PPI claiming is a huge market, some of the biggest banks and lenders have set aside billions of pounds worth of capital to cope with all the complaints they are likely to receive in 2012. The problems began when it became evident that lenders were selling the controversial financial policy to people who were not eligible to utilise it if needed.
What is PPI?
Payment Protection Insurance is a policy that is bought in conjunction with a credit card or loan that protects the holder against being unable to meet future repayments because of sickness, accident or unemployment. It’s a product that is widely sold around the USA and Canada but has seen little or no issues as yet, whether that is because the complaints are being protected by state so that they do not follow in the footsteps of the UK or the problem does not exist is unclear.
[click to read…]
by Guest on January 18, 2012
The season of resolutions is upon us, and one resolution we could all serve to make (and keep) is to cut down on our credit card missteps. After all, consumers are quickly racking up new credit card debt, which is the type of dangerous overleveraging that got us into deep you-know-what during the Great Recession. What’s more, 41% of U.S. adults would give their personal finance knowledge a grade of “C” or worse, according to the National Foundation for Credit Counseling’s 2011 Consumer Financial Literacy Survey. So, to help get this resolution started, here are 5 credit card mistakes that we can all excise from our lives during 2012:
1. Not having an open credit card in your own name
Whether or not you feel comfortable making purchases with a credit card is basically immaterial. Simply having a credit card under your own name (not as an authorized user) is the easiest way to add positive information to your major credit reports on a monthly basis, and this information will be relayed even if you lock your card away in a drawer. Since one’s credit score is integral to getting the best loan terms, leasing a car, renting an apartment or getting certain jobs, this advice applies to pretty much everyone over the age of 18.
Wait, doesn’t the new credit card law preclude people under the age of 21 from opening credit cards? Actually, no. Young people must simply ask a relative to be a co-signer or indicate on their application that they have sufficient assets/income to cover a credit card’s monthly minimum payments (typically around $15 for newcomers).
[click to read…]
by Guest on January 12, 2012
We often think of online cash loans as associated with our living costs, with good reason. Even the thriftiest can be hit with unprecedented unemployment, injury or illness that leaves them cash short. Instant cash loans are invaluable in filling short-term needs. However, did you know that online cash loans can also come in handy when it comes to paying for the cost of dying?
Funeral Costs
The standard cost of a burial in America is well over $6,000, even going as high as $10,000 or more. Good for undertakers and funeral parlors, but an unexpected blow to the families of the deceased who have to deal not only with their grief but also with the numbing cost of the funeral. Though online cash loans especially in United States are restricted to a maximum of $500-$1,000, it may turn out to be what you need to provide a loved one with a fitting farewell.
[click to read…]
My husband came across a bizarre Yahoo! Finance article entitled From Billionaire To Broke about a woman who received a divorce settlement of about a billion dollars but who managed to squander it all away and she ended up in the hole to boot! Even though she was able to earn about $1.6 million dollars in interest every week, she still managed to end up owing $66 million dollars to the bank in the end.
[click to read…]
Taming Personal Debt by Paul Sampson
I recently picked up Taming Personal Debt
from my local library and found it an easy to read, helpful guide for those who are struggling with debt. The book only takes about an hour or two to read and it covers everything from recognizing your debt issues to dealing with creditors.
[click to read…]
by Pam on February 13, 2011
Sometimes it may be hard to know if you are in over your head, but if you can relate to some or all of the statements below, it is likely that you have taken on too much debt.
1. You have no savings at all.
2. You only make the minimum payments on your credit cards.
3. Your bank account is always overdrawn and you often have nonsufficient fund (NSF) fees charged to your account.
[click to read…]
