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Turn on the News and the financial reporters will tell you that the UK economy is built of debt; that UK residents have debts amounting to more than the rest of Western Europe combined and bankruptcy levels are at record levels. The links on this page will show you how to get out of debt, introduce you to mortgage brokers who can help you with debt consolidation, arrange mortgages with the lowest interest rates, cheap loans and point you in the right direction for debt counselling and solutions to bankruptcy.
We even have money saving and money making ideas to help you get back on a sound financial footing and start to earn extra income.
HOW TO GET OUT OF DEBT
It is one thing to take out a debt consolidation loan or mortgage to lower your monthly outgoings; it is quite another to ensure that your situation and monthly spending habits are changed to ensure the situation doesn't get worse later down the line. Many people tend to get themselves into a circle of debt; borrowing money to repay high interest credit card bills and then using their credit cards to go on another spending spree straight afterwards.
MONEY SAVING IDEA
If you have debt problems, then a debt consolidation loan will solve the immediate cash flow problems but you also need to change your spending patterns and manage your finances more closely or the problem will return. Some people on relatively high incomes find themselves overdrawn at the bank at the end of each month, whilst others on low incomes are able to accumulate wealth relatively easily.
Serial borrowers often find themselves in a situation where they are going out to work each month just to pay the interest on their loans. Careful management of your debts can help you to pay your loans off early and actually start to accumulate wealth. A household is like any business; if the outgoings are less than the income, then money starts to accumulate and it can be made to make more money.
SOLUTION TO DEBT PROBLEMS
There are always solutions to debt problems, sometimes the cure, like all medicines is bitter but prevention is always the least expensive course. Don't buy anything on credit. Retail finance is often the most expensive way of borrowing money. A £1,000 television purchased over 5 years could cost you £2,000 by the time you have paid for it. Wait for the sales, save the money up and it is likely to cost you £500 a saving of 75%.
LOW COST MORTGAGE QUOTE
If you mortgage is coming to the end of a fixed term or you are paying over the odds for your mortgage, it costs nothing but a few minutes to get a quote to see if another mortgage lender will can save you money. This might be a good time to consolidate all your debts providing you are determined to change your spending habits.
MONEY MAKING IDEA
Some people wallow in their own financial misery and others take steps to earn additional income. There are scores of ways to make money from home with a little time and effort. An additional two or three hundred pounds per week can come in extremely useful and many people discover that they can make more money working from home than they can going out to work.
WRITE OFF YOUR DEBTS
An IVA (individual voluntary arrangement) is a government approved scheme for people who have debts that they cannot hope to pay. You need to owe more than £15,000 to more than three unsecured creditors to qualify. A trained insolvency practioner can negotiate with all your creditors on your behalf and get a substantial amount of your debts written off. IVA's normally last 5 years after which time you are considered to be debt free.
CHEAP DEBT CONSOLIDATION MORTGAGES
A cheap debt consolidation mortgage is probably the best way to write off debts if you are looking at the lowest monthly repayments as a means to get yourself back on a solid financial basis. Obviously, because this money is borrowed over a longer period, the actual repayments are going to be more in the long term. However, your property should increase in value over the long term so it is a matter of weighing up the pros and cons.
HOW TO EARN AN EXTRA INCOME
Let's face it, some people are basically lazy and believe the world owes them a living. Others, believe that you only get ahead by working hard and look for additional ways to earn an extra income. Some people earn substantial extra incomes with just a computer and a little time and effort. If you need to earn an additional income, then take the trouble to investigate.
CHEAP DEBT CONSOLIDATION LOANS
If you have debt problems, it is always worthwhile getting a quote for a debt consolidation loan to reduce your monthly outgoings. However, it is also worthwhile looking at your overall spending habits and making changes. Never borrow money on your credit cards as this is the most expensive way to borrow money.
STOP YOUR HOME BEING REPOSSESSED
House repossessions are at an all time high and if you are under threat of having your home repossessed you need to take action now. You may have been trend down for a debt consolidation loan by your current mortgage lender but there are mortgage brokers who specialise in those difficult to obtain mortgages who may be able to help.
Bankruptcy should be treated as the last resort to anyone's debt problems. There are alternatives that should be investigated first. Trained insolvency practioners can often negotiate on behalf of debtors and get their debts substantially reduced.
DEBT PROBLEM ADVICE
Always seek advice about your debt problems. There are hundreds of different solutions to all types of debt problems. Sometimes the solutions are simple and sometimes the solution is simply changing your spending habits. Debt normally occurs when someone's circumstances change, like a divorce; when a business venture goes wrong or simply because people are living above their means.
CHEAP HOMEOWNER LOANS
Cheap homeowner loans can be used for any purpose. They can be used to pay off credit and store card bills, buy a car, take a holiday or have home improvements done. Finance brokers can often shop around to find the cheapest quotes on the market as comparison sites tend to represent only a percentage of the total market place.
If you are not a homeowner and unable to offer security, obtaining a competitive loan is more difficult. However, there are loan advisors who specialise in finding the cheapest loans available to tenants. Interest rates are obviously higher than secures loans but a broker can usually come up with a good quote.
MORTGAGES IN SCOTLAND
Mortgages in Scotland are different to those in England and Wales. If you live in Scotland you need to deal with a Scottish mortgage broker who can find the best mortgage deals.
The last resort to debt problems is bankruptcy. Always investigate the alternatives before taking this step and declaring yourself bankrupt. There are other solutions that can be put in place.
People often get themselves into debt for the most stupid of reasons. They buy things on credit cards because they believe they deserve to own nice things. They drive cars they cannot afford because they don't want their neighbours to think they cannot afford a decent car. As they say; a fool and is money are easily parted and people try to maintain lifestyles to project an image. Change your attitude and your spending habits and get yourself out of debt.