EZUnsecured

Has anyone ever used EZUnsecured? I heard from one of my friends that they were really good! One of my friends got $125K with them but they charge upfront fees so I wanted to check around to see if it's worth the risk, cause sometimes it's just too good to be true...

Today I have visited their site EZUnsecured.com and learned more about them. I visit them cause I am planning to get a loan for my business and in fact I have already talked to one of their experienced people and I am convinced that EZUnsecured can really be trusted cause they definitely know what they are doing.

Generally any small business whether just starting up or already established requires startup loans or additional funding in fulfilling either initial business start up costs and needs, or injecting additional capital for business expansion. You may require the vital needed monetary support to bridge your business operations until it starts to make a profit. Start-up business loans from
EZUnsecured.com is designed to cater to such needs.

Debt Solutions

1. Debt solutions exist in a variety of formats.

True
Credit debt solutions are varied in the scope of programs they offer. Perhaps the most popular of the solutions include loan programs, financial management programs, and consolidation counseling programs. Financial problems and issues should be handled by experienced experts in order to achieve the best results with the least amount of time and money spent.


2. Debt solutions will eliminate all debt.

False
While credit debt solutions provide a program and means by which it is possible to eliminate bills and the money that is owed, the individual is the only one who can remedy this situation. Programs that offer assistance are great tools for getting consumers on the right track to financial freedom and prosperity, but it is ultimately the individual's responsibility to carry out the plan. If anything, this situation can bring the relief of providing lower interest rates, consolidation that eases the management of bills, and many other positive solutions to encourage the consumer to become free of the financial burdens that weigh them down.


3. Credit debt solutions are easy to find online.

True
Many debt solutions sites are easily accessible from the convenience of a home or office. Most agencies will often advertise the ability to cut financial strain in half, lower interest rates, and relieve the burden in a specific period of time. However, as always, it is wise to compare companies, programs and services and ask many questions to make sure the best choices are made in order to solve these problems.


4. Debt solutions counselors often charge for a consultation.

False
Credit Debt solutions counselors will typically offer free initial consultations. From here, most programs and services generally charge very low service fees. Their goal is to get the consumer on the right track by utilizing the tools and services. Often, the consumer will benefit by paying very low fees or even no fees when the consolidation process is done through the company that provided the initial consultation.


5. When looking for the best financial management program, it is wise to seek advice.

True
Proverbs 20:18 - Every purpose is established by counsel: and with good advice make war.

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Student Loans Could Be Forgiven After 10 Years of Public Service

The government hopes a new loan forgiveness program will give students an incentive to consider a career in public service. In exchange for 10 years on the job in a field of public service such as public safety, education, or social work, the Department of Education will erase certain borrowers’ remaining federal student loan debt.

To be eligible for this initiative — the Loan Forgiveness for Public-Service Employees Program — you must have either taken out or consolidated your federal student loans through the federal Direct Loan Program, in which you receive your student loan directly from the government rather than through a third-party lender.
Breaking It Down: How the Loan Forgiveness Program Works

The loan forgiveness benefit is available for any federal consolidation loan or any federal parent or student loans you’ve taken out through the Department of Education’s Direct Loan Program. If you took out your federal college loans from a private lender through the Federal Family Education Loan Program (rather than directly from the government through the Direct Loan Program), you’ll have to consolidate your FFELP student loans into the Direct Loan Program in order for those student loans to be eligible to be forgiven.

In addition to holding a federal Direct loan, you’ll also have to meet certain borrower requirements in order to qualify for the loan forgiveness program:

Spend a decade in a public service career. You must remain in a qualifying public-service career, working full-time, for 10 years, during which you must be making payments on the student loans you’re looking to have forgiven. You must still be working in the public-service sector at the time your student loans are forgiven.

Hit the 120 mark. During your 10 years of full-time public service, you must make 120 monthly payments on the Direct college loans you want forgiven. Only payments made after Oct. 1, 2007, will count toward the payment requirement. If you have FFELP loans (college loans that you took out from a private lender and not from the federal government) that you’re consolidating into the Direct Loan Program, you’ll only be able to count the payments you make on your Direct Consolidation Loan after your FFELP student loans are consolidated. Any payments you’ve made prior to Oct. 1, 2007, or to any lender other than the federal government won’t count.

Sign up for a qualifying repayment plan. Your required 120 payments must be made under one (or a combination) of three repayment plans: standard repayment, income-contingent repayment, or income-based repayment, which becomes available July 1, 2009. If you’re enrolled in a different Direct Loan repayment plan, only those payments you make that are at least equal to the monthly payment amount you’d be required to make under the standard repayment plan will count toward your 120-payment requirement.
The Fine Print: How You End Up Paying Off Your Student Loans Yourself

If you’re considering applying for the loan forgiveness benefit, you may want to look into your eligibility for the income-contingent and income-based repayment plans, which allow low-income borrowers to qualify for lower payments and extend their repayment period to 25 years. Only borrowers who are making reduced monthly payments on an income-contingent or income-based repayment plan will likely have a remaining balance left to forgive after making 120 payments on their student loans.

If you’re in the standard repayment plan, which has a repayment term of 10 years, you may find that you don’t have any student loan debt left to forgive after meeting your 120-payment requirement, since your 10-year repayment term is the same amount of time that the government requires you to hold your public-service job before any of your student loans can be forgiven.
What Qualifies as Public Service?

Public-service fields eligible for the loan forgiveness program include:

* Military
* Emergency management
* Fire departments
* Law enforcement
* Public library sciences
* Public school education
* Public child care
* Public health
* Public service for the elderly
* Public service for individuals with disabilities
* Nonprofit work with certain tax-exempt organization

Source: http://www.nextstudent.com/articles/student-loans-forgiven.asp

Cash-Cash-Cash

One minor money emergency can quickly snowball into a financial nightmare. If your resources are limited by a temporary cash crunch, get swift help with a Payday Loans service.

Often payday loans are also referred to as cash advances.

A payday loan is a short-term loan for a small amount of money. The loan is given in cash and typically paid back via electronic withdrawal from the debtor's checking account. Payday loans are really good specially for unexpected expenses, bills and everyday use until your next payday. You can apply for a payday loan online in the privacy of your own home, while the funds are deposited into your account within 24 hours!

You won’t have to take out a large, long-term personal loan or have to sell any personal property to get you through to payday. These are no credit check loan applications, and your payday loan application won’t impact on your credit rating.

In short, payday loans are dignified, quick and stress-free. And, you can arrange a payday loan at Epayday.co.uk, in a quick and easy payday loans process that gives you all the information you need to get started. Just fill the online form and relax. How quick is ePayday Loans? Apply for a cash advance today and you could be spending your money on whatever you want by tomorrow.

Quick Cash

So, if the bills are piling up but the paycheck is still a few days or weeks away, a fast, secure checkIntoCash loans can give you access to the cash you need today to keep your financial footing by providing a cash advance directly into your bank account. So if you are in need of a quick loans today? CheckIntoCash is here!

After Holidays usually people are in need of a quick loan to pay some of their debts.
If you find that you are in need of a quick loan, always keep in mind that ChekintoCash is always here to help.

CheckIntoCash is a company that can offer you a small payday loan between $100 to $1000 to tide you over until your next paycheck arrives.

At this time of the year many people find that they have run into a small amount of debt and check cashing is an excellent service and CheckIntoCash provides that can help you get back on the straight and narrow.

Just simply visit them online, write out a post-dated check for the amount that you wish to borrow (plus their loan fee), they give you the money and they will hold the check until the agreed day when they will cash it.

How simple does that sound? Right? So if in need there is a CheckIntoCash.

Unlike many lenders who specialise in payday loans CheckIntoCash.com has one major advantage over their competition and that is the amazing sped of their service, it takes a matter of minutes to be approved. With other lenders it takes 24 hours at the very least.

What you should look for in a credit card

The world of credit cards has become increasingly competitive over recent years, and many people rely on their credit cards for anything from day to day spending to emergencies or one off, larger purchases.

There are many different credit cards on the market these days, with cards to suit all needs and circumstances. However, no matter what sort of card you are looking for there are certain things that you need to look at and compare in order to ensure that you get the right card for your needs and to suit your pocket.

The different areas that you need to compare and look at with credit cards will depend on the type of credit card that you opt for, as different credit cards will have different benefits and areas that will affect how suitable they are for your needs. Therefore you should make sure that you compare the relevant areas based on the type of card that you opt for.

This can be done with ease, convenience, and speed online, saving you time and hassle and enabling you to find a suitable card from the comfort and privacy of your own home. You can also make your application online once you have found a suitable card, and often you will receive an instant decision on your application.

0% cards

If you are looking to take out a 0% balance transfer credit card or a 0% purchase credit card you should make sure that you compare some important areas in order to find the one that offers the best value and is best suited to your needs. For 0% balance transfer or purchase cards you need to compare the different interest free periods, as the length of interest free credit offered can vary from provider to provider.

Obviously, the longer the 0% balance transfer or purchase period the more time you will have to repay your debt before being charged interest. Of course, the point of these cards is that you repay the balance in full before the interest free period expires so that you avoid paying any interest. However, do take into account the standard variable interest rate just in case.

However, your main priority should be the length of interest free credit available, as you can always transfer any remaining balance onto another balance transfer card if you have not repaid it by the time the 0% period expires.

Low rate balance transfer cards

If you are looking to transfer your high interest credit card balances onto a low rate balance transfer card you need to compare the interest rates offered by the different card providers. With these cards you can enjoy a low rate of interest for the life of the transferred balance, but the interest rates can vary from one provider to another.

You should aim for get the lowest balance transfer interest rate, as the deal is for the life of the transferred balance and therefore you won’t have to compare the length of the deal.

Rewards based credit cards

If you are looking to take out a rewards based credit card then you should be the type of person that repays the balance in full each month, as this is the only way that you can really benefit from these cards. Therefore the interest rate should not be your main priority with these cards.

Instead, you should be looking at the level of rewards offered per pounds spent, what sort of rewards are on offer, and whether there are any bulk rewards or other benefits available when you open your account.

If you tend to spread your repayments you will be charged interest on your debt, and this will counteract any benefit from the rewards that you earn, which is why these cards are not suited to those that do not settle up in full each month.

Charity credit cards

As with rewards based cards these cards are only really suited to those that settle their balance in full each month, otherwise you will be charged interest on your balance and this will counteract the benefits – you might as well make the donation directly to charity yourself and get a 0% purchase card in this case.

However, if you do settle your balance in full each month these cards can prove an effective and simple way to donate to charity. You should look at how much is donated to charity per pounds spent, as this can vary from provider to provider, and also whether any bulk donation is made when the account is first opened.

Bad credit credit cards

Unfortunately most bad credit credit cards do not offer any benefits as such, as they are designed to help consumers rebuild their credit. The one thing that you should look out for with these cards is the rate of interest charged, as this can vary from one provider to another.

Although the rate of interest on bad credit credit cards is typically higher than on standard cards, it can still vary and it is therefore advisable to compare rates and find the lowest rate possible.

However, wherever possible you should just use these cards to provide ease, convenience, and improve your credit through timely and responsible repayments, and you should try and settle your balance in full each month to avoid having to pay the high rates of interest.

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Credit Lending Home Loans and Mortgage Tips

Financing Commercial Real Estate

Financing sources for commercial real estate include mortgage banking firms, savings and loan institutions, regional banks, insurance companies, and private investors. Commercial real estate financing can take on very different terms, and the way deals are structured is based on a number of factors, including:

* Anticipated use of the property;
* Anticipated returns from the property;
* Geography;
* Type of real estate;
* Size of real estate;
* Perceived risk to lender;
* Market conditions.

Each of these areas must be examined by the business owner prior to seeking commercial real estate financing. Business owners then need to examine the type of loans offered by lenders in accordance with their needs and anticipated growth. Unlike obtaining financing for residential real estate, where the transaction is based on the value of the home at the time of the sale, commercial real estate financing will be based — in part — on the value of the business in the future.

While some lenders specialize in specific types of commercial ventures, such as warehouses, retail operations, or apartment complexes, others provide across-the-board financing to a wide variety of commercial ventures. For the business owner, the key to starting the process is to have the necessary paperwork in order. Despite the many types of financing and types of commercial real estate, lenders remain primarily concerned with the level of risk they'll be taking. Therefore, they must see the following documentation:

* Income and expense statement for the property demonstrating a solid income stream;
* Financial statements on all principals involved as owners of the property;
* Profiles of the management team;
* Property appraisal;
* Financial statements on the borrowing entity;
* Plans, including construction blueprints (if available) for the use of the property.

Unlike most residential real estate transactions, the potential borrower is asked to pay 1 to 2 percent of the terms of the loan (referred to as “standby points”) to show a commitment to the deal. This amount is refunded once the loan is closed. If the lender decides to offer a loan, a
commitment letter is presented with their terms included. The loan agreement will usually include the length of the loan, interest rates (fixed or variable), and what the loan is for (new construction, the purchase of an existing property, refinancing). As the borrower, the business owner needs to see that the terms will allow the business to grow, and not derail such progress. Such a commitment letter or loan agreement will likely also include:

* Closing conditions;
* Owner occupancy requirements;
* Affirmative and negative covenants regarding what the borrower does and does not agree to do;
* Representation and warranties.

Once the lender and borrower have negotiated and come to mutually agreeable terms, the closing process follows, and it is usually more complex than that of a residential mortgage. Issues such as tenants, leases, environmental reports, and even zoning ordinances may all need to be factored into the closing process, which can take up to two or three months, in some cases

The key to commercial real estate financing is to find a lender that will meet the needs of the business, and then allow the business to grow. The right business can increase the value of the real estate it occupies, but only under an agreement that allows it to move forward.

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Top 10 Commercial Real Estate Loan Mistakes

It is common for businesses to need commercial loans both at the start-up phase and once the business is up and running for equipment, expansion, or special projects. To make the right impression and secure the loan you need, it is important to be aware of some common mistakes.

1. Not thoroughly researching your options. You want to ensure that you have done your due diligence and reviewed commercial loan terms from different banks and other commercial lenders.

2. Not selecting the best lawyer. You should hire a commercial real estate attorney -- one who is very experienced in negotiating the types of real estate loans you are seeking. This is not the time to go with a friend or sister-in-law who happens to be an attorney.

3. Failing to have a definite plan. Lenders want to see that you have a plan in place for using the money. They also want to see a timeframe in which you anticipate completion of the planned project.

4. Failing to have a business plan. It is always advantageous when seeking a loan, or any type of funding, to have a well-structured business plan that includes all of the necessary operating and financial data. For more information on business plans, see Ten Reasons You Need a Strong Business Plan and the AllBusiness.com Business Plan Center.

5. Not having cash ready to put into the project. Before you apply for a commercial real estate loan, you need to make sure you have some available cash on hand. Commercial lenders want to see that you are investing your own money to cover a percentage of the project.

6. Not reviewing your balance sheet. Before taking out a loan, you should review your balance sheet and analyze your cash flow and liabilities to make sure that while paying off the loan you will still have enough money to run the property properly. For more information, check out The Balance Sheet for Small Businesses.

7. Failing to negotiate the best deal. This ties in closely with number two, regarding a competent real estate attorney who can help you negotiate the fine points when reviewing a commercial real estate loan offer.

8. Going straight to a familiar lender. Yes, it is good to have a rapport with a lender, particularly when you need a loan. However, there are new real estate products offered constantly, and it is worth your time to check out some of the other possibilities before going straight to your favorite lender.

9. Not checking with the SBA. It is always worthwhile to check with the Small Business Administration to see what loans they can help you attain and what advice they may offer.

10. Not having your ducks in a row. Make sure you have all the documentation that the lender would expect, and be prepared to show why the property or project makes fiscal sense.

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Tips on Applying for Personal Loans

It's happened to everyone: Some unexpected expense pops up, and you don't have the cash to handle it. Your first instinct might be to reach for that credit card, or call Aunt Betty to ask for a loan. However, neither of these options is ideal. The answer may lie in heading to a local lender and applying for an unsecured personal loan.

Personal loan basics

A personal loan is a monetary advance made to you usually from a bank, credit union or finance company. Most personal loans are unsecured and carry a fixed interest rate. Maturity terms can vary widely, depending on the lender-some programs are as short as six months, and others as long as 10 years. The right time period for you will depend on how much money you need to borrow, what the interest rate is, and what you can afford to pay back each month. In addition to banks and credit unions, online banks and lending websites are also great resources to use for these types of loans.

It's always important to compare apples to apples when applying for a personal loan. Request written proposals from at least three different lenders, and compare each on the following:

* Interest rate (Compare this to the cash advance rate on your credit card, too.)
* Annual fees
* Restrictions on prepayments
* Length of repayment schedule

Scam Protection

Personal loans fall under the credit practice regulations administered by the Federal Reserve Board and the Federal Trade Commission. Unfortunately, the existence of regulations banning unfair or deceptive credit practices doesn't keep everyone on the straight and narrow. Ultimately, your best protection is shopping around and comparing the terms of several different lenders.

If you need money, don't pull out your credit card. And leave dear Aunt Betty alone. A little research may prove that a personal loan will provide you the funds you need with a structured repayment schedule that you can afford.

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Your Home Improvement Loan and Finding A Good Contractor

With home design shows like Trading Spaces, Extreme Home Makeover and others ruling the ratings, many people have developed design fever. The quickest way to slake that thirst is with a home improvement loan, also known as a home equity loan.

A home improvement loan lets you use the equity in your home to fix it up. Equity is the cash difference between what your house is worth on the market and what you still owe on the mortgage. This loan gives you cash up front so that you can afford to make your house look exactly the way you want. When shopping for a loan, make sure to:

* Get multiple home improvement loan quotes from lenders so you can get the best rates

* Check your free credit report to find out your credit score and increase your negotiating power



Whether you’re planning an addition for a growing family or getting new storm windows, finding a competent and reliable contractor is the first step to a successful and satisfying home improvement project. It's the first smart purchase you'll make with your new home improvement loan.

Your home is not only your castle, it's an investment. So be cautious when you hire someone to work on it. Home improvement and repair and maintenance contractors often advertise in newspapers, the Yellow Pages, and on the radio and TV. Your best bet is a recommendation from friends, neighbors, or co-workers who have had similar improvement work done. Get written estimates from several firms. Ask for explanations for price variations. Don’t automatically choose the lowest bidder.


Who's Who in Home Improvement Professionals
Depending on the size and complexity of your project, you may need a number of different professionals:


* General Contractors manage all aspects of your project, including hiring and supervising subcontractors, getting building permits, and scheduling inspections. They also work with architects and designers.

* Speciality Contractors install particular products, such as cabinets and bathroom fixtures.

* Architects design homes, additions, and major renovations. If your project includes structural changes, you may want to hire an architect who specializes in home remodeling.

* Designers have expertise in specific areas of the home, such as kitchens and baths.

* Design/Build Contractors provide one-stop service. They see your project through from start to finish. Some firms have architects on staff; others use certified designers.



Don’t Get Nailed
Not all contractors are trustworthy. Here are some tip-offs to potential rip-offs. A less than reputable contractor:


* Solicits door-to-door

* Offers you discounts for finding other customers

* Just happens to have materials left over from a previous job

* Only accepts cash payments

* Asks you to get the required building permits

* Does not list a business number in the local telephone directory

* Tells you your job will be a "demonstration"

* Pressures you for an immediate decision

* Offers exceptionally long guarantees

* Asks you to pay for the entire job up-front

* Suggests that you borrow money from a lender the contractor knows. If you’re not careful, you could lose your home through a home improvement loan scam



Hiring a Contractor
Interview each contractor you’re considering. Ask these questions:


* How long have you been in business? Look for a well-established company and check it out with consumer protection officials. They can tell you if there are unresolved consumer complaints on file. One caveat: No record of complaints against a particular contractor doesn’t necessarily mean no previous consumer problems. It may be that problems exist, but have not yet been reported, or that the contractor is doing business under several different names.

* Are you licensed and registered with the state? While most states license electrical and plumbing contractors, only 36 states have some type of licensing and registration statutes affecting contractors, remodelers, and/or specialty contractors. The licensing can range from simple registration to a detailed qualification process. Also, the licensing requirements in one locality may be different from the requirements in the rest of the state. Check with your local building department or consumer protection agency to find out about licensing requirements in your area. If your state has licensing laws, ask to see the contractor’s license. Make sure it’s current.

* How many projects like mine have you completed in the last year? Ask for a list. This will help you determine how familiar the contractor is with your type of project.

* Will my project require a permit? Most states and localities require permits for building projects, even for simple jobs like decks. A competent contractor will get all the necessary permits before starting work on your project. Be suspicious if the contractor asks you to get the permit(s). It could mean that the contractor is not licensed or registered, as required by your state or locality.

* May I have a list of references? The contractor should be able to give you the names, addresses, and phone numbers of at least three clients who have projects similar to yours. Ask each how long ago the project was completed and if you can see it. Also, tell the contractor that you’d like to visit jobs in progress.

* Will you be using subcontractors on this project? If yes, ask to meet them, and make sure they have current insurance coverage and licenses, if required. Also ask them if they were paid on time by this contractor. A "mechanic’s lien" could be placed on your home if your contractor fails to pay the subcontractors and suppliers on your project. That means the subcontractors and suppliers could go to court to force you to sell your home to satisfy their unpaid bills from your project. Protect yourself by asking the contractor, and every subcontractor and supplier, for a lien release or lien waiver.

* What types of insurance do you carry? Contractors should have personal liability, worker’s compensation, and property damage coverage. Ask for copies of insurance certificates, and make sure they’re current. Avoid doing business with contractors who don’t carry the appropriate insurance. Otherwise, you’ll be held liable for any injuries and damages that occur during the project.




Check References
Talk with some of the remodeler’s former customers. They can help you decide if a particular contractor is right for you. You may want to ask:


* Can I visit your home to see the completed job?

* Were you satisfied with the project? Was it completed on time?

* Did the contractor keep you informed about the status of the project, and any problems along the way?

* Were there unexpected costs? If so, what were they?

* Did workers show up on time? Did they clean up after finishing the job?

* Would you recommend the contractor?

* Would you use the contractor again?

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Consolidating your credit card debts

Credit card debts cab cause a lot of financial stress simply because it is so easy to accrue debt on these cards, and it can take forever to repay them if all you can afford is the minimum repayment each month. On top of this, the high interest rates charged on credit cards can really hit your finances and you ability to repay the card balances more quickly.

If you are the kind of person that uses the credit card to make purchases and then repays the balance at the end of each month then there is no problem, as you get to enjoy the convenience of a credit card without the financial implications of being charged high levels of interest – no interest is charged if you repay the balance in full within the specified period.

However, for many people credit card spending isn’t quite that simple. It seems to take next to no time to actually accrue a huge balance on the card, and it seems to take an eternity to actually repay it. With a large chunk of your monthly repayment being swallowed up in interest you could find that you are barely impacting on your principal balance if you are only able to make small repayments on your card each month.


Various debt management solutions

There are a number of solutions available to those looking to consolidate their credit card debts in order to reduce repayments and interest and make repayment of the debts more manageable. If you have a number of credit cards you are most likely paying a lot of interest as well as having to deal with making a number of repayments each month. By consolidating these you could cut your repayments, enjoy easier budgeting, and reduce the interest that you pay.

One of the solutions available for those looking to consolidate their credit card debts is through a debt consolidation loan, which can be used to consolidate a variety of other debts in addition to credit cards, such as catalogues, store cares, and other forms of credit. Another solution available is by transferring the balance of your credit cards to a 0% balance transfer credit card, which will enable you to benefit from a set interest free period to try and clear more of your balance.



There are a number of benefits and drawbacks to using the 0% balance transfer credit card. Some of the benefits include:

1.

Being able to transfer all of your credit card balances onto one card, thus making financial management and budgeting easier and more convenient
2.

Benefiting from an interest free period during which time you can make more of an impact on the principle balance of your credit card debt, rather than watching large chunks of your repayments go towards interest payments
3.

Enjoying a choice of 0% balance transfer cards from a range of lenders and financial institutes, giving you more choice and a better chance of finding the right card for your needs
4.

Some of the things to look out for and bear in mind include:
5.

Some 0% balance transfer credit cards charge administration fees and annual fees
6.

You will usually need a good credit rating in order to qualify for a credit card that offers this type of facility
7.

You will need to be able to get a credit limit that enables you to transfer all of your other credit card balances on to the card in order to cut back on the amount of interest you pay
8.

If you find it hard to stop spending on credit cards, you will still have the temptation of a card if you use this method to consolidate your other credit card debts



If you do plan to transfer your existing credit card balances on to a 0% balance transfer card you should make sure you compare the cards on offer, and find a fee-free transfer card that will not charge you for the privilege of transferring your balance. Also, compare areas such as the period of interest free credit offered, as the longer this is the more time you have to make a real impact on your credit card balance.


Reducing your credit card spending

For those with willpower curbing spending on a credit card may not be a problem, but for many people the temptation can be all too much and before you know it you’ve suddenly accrued a huge balance on your credit card and are faced with the prospect of repaying it all – and at very high rates of interest. There are a few ways to try and curb your credit card expenditure, and these could help to stop the debts mounting up on your card.

*

Keep your card somewhere safe for emergencies or to take with you on vacation but don’t carry it around with you all day everyday, as this can help to keep your usage of the card down
*

Set up a direct debit or standing order with your bank so that a set amount – as much as you can afford each month – is repaid on the credit card automatically, keeping the balance lower
*

Keep a close eye on your credit card expenditure and monitor how much you are spending so that you don’t go over your limit and incur hefty charges – and to try and control your credit card spending a little more
*

If you have a number of credit cards with balances, transfer the balances to a 0% interest balance transfer card If you think that you might use the available credit on the card as quickly as you are paying it off, simply cut up the card and dispose of it safely so that the temptation is not there and continue making the repayments on your transferred balances at 0% interest for the specified period.
*

Consider using a debt consolidation loan in order to pay off your credit card debts, and once this is done cut up and safely dispose of your credit cards to eliminate temptation.



Further reading: Finding the right person for credit counseling and what to look at when examining debt counselors and organizations.

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Knee Deep in Debt

Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You’re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn’t have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Debt negotiation is yet another option. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.
Self-Help

Developing a Budget: The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.

Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.

Contacting Your Creditors: Contact your creditors immediately if you’re having trouble making ends meet. Tell them why it’s difficult for you, and try to work out a modified payment plan that reduces your payments to a more manageable level. Don’t wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you.
Dealing with Debt Collectors: The Fair Debt Collection Practices Act is the federal law that dictates how and when a debt collector may contact you. A debt collector may not call you before 8 a.m., after 9 p.m., or while you’re at work if the collector knows that your employer doesn’t approve of the calls. Collectors may not harass you, lie, or use unfair practices when they try to collect a debt. And they must honor a written request from you to stop further contact.

Managing Your Auto and Home Loans: Your debts can be unsecured or secured. Secured debts usually are tied to an asset, like your car for a car loan, or your house for a mortgage. If you stop making payments, lenders can repossess your car or foreclose on your house. Unsecured debts are not tied to any asset, and include most credit card debt, bills for medical care, signature loans, and debts for other types of services.

Most automobile financing agreements allow a creditor to repossess your car any time you’re in default. No notice is required. If your car is repossessed, you may have to pay the balance due on the loan, as well as towing and storage costs, to get it back. If you can’t do this, the creditor may sell the car. If you see default approaching, you may be better off selling the car yourself and paying off the debt: You’ll avoid the added costs of repossession and a negative entry on your credit report.

If you fall behind on your mortgage, contact your lender immediately to avoid foreclosure. Most lenders are willing to work with you if they believe you’re acting in good faith and the situation is temporary. Some lenders may reduce or suspend your payments for a short time. When you resume regular payments, though, you may have to pay an additional amount toward the past due total. Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt. Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.

If you and your lender cannot work out a plan, contact a housing counseling agency. Some agencies limit their counseling services to homeowners with FHA mortgages, but many offer free help to any homeowner who’s having trouble making mortgage payments. Call the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you
Credit Counseling and Debt Management Plans

Credit Counseling: If you’re not disciplined enough to create a workable budget and stick to it, can’t work out a repayment plan with your creditors, or can’t keep track of mounting bills, consider contacting a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. But be aware that, just because an organization says it’s “nonprofit,” there’s no guarantee that its services are free, affordable, or even legitimate. In fact, some credit counseling organizations charge high fees, which may be hidden, or urge consumers to make “voluntary” contributions that can cause more debt.

Most credit counselors offer services through local offices, the Internet, or on the telephone. If possible, find an organization that offers in-person counseling. Many universities, military bases, credit unions, housing authorities, and branches of the U.S. Cooperative Extension Service operate nonprofit credit counseling programs. Your financial institution, local consumer protection agency, and friends and family also may be good sources of information and referrals.

Reputable credit counseling organizations can advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops. Their counselors are certified and trained in the areas of consumer credit, money and debt management, and budgeting. Counselors discuss your entire financial situation with you, and help you develop a personalized plan to solve your money problems. An initial counseling session typically lasts an hour, with an offer of follow-up sessions.

Debt Management Plans: If your financial problems stem from too much debt or your inability to repay your debts, a credit counseling agency may recommend that you enroll in a debt management plan (DMP). A DMP alone is not credit counseling, and DMPs are not for everyone. You should sign up for one of these plans only after a certified credit counselor has spent time thoroughly reviewing your financial situation, and has offered you customized advice on managing your money. Even if a DMP is appropriate for you, a reputable credit counseling organization still can help you create a budget and teach you money management skills.

In a DMP, you deposit money each month with the credit counseling organization, which uses your deposits to pay your unsecured debts, like your credit card bills, student loans, and medical bills, according to a payment schedule the counselor develops with you and your creditors. Your creditors may agree to lower your interest rates or waive certain fees, but check with all your creditors to be sure they offer the concessions that a credit counseling organization describes to you. A successful DMP requires you to make regular, timely payments, and could take 48 months or more to complete. Ask the credit counselor to estimate how long it will take for you to complete the plan. You may have to agree not to apply for — or use — any additional credit while you’re participating in the plan.
Protect Yourself

Be wary of credit counseling organizations that:

* charge high up-front or monthly fees for enrolling in credit counseling or a DMP.
* pressure you to make “voluntary contributions,” another name for fees.
* won’t send you free information about the services they provide without requiring you to provide personal financial information, such as credit card account numbers, and balances.
* try to enroll you in a DMP without spending time reviewing your financial situation.
* offer to enroll you in a DMP without teaching you budgeting and money management skills.
* demand that you make payments into a DMP before your creditors have accepted you into the program.

Debt Consolidation

You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Remember that these loans require you to put up your home as collateral. If you can’t make the payments — or if your payments are late — you could lose your home.

What’s more, the costs of consolidation loans can add up. In addition to interest on the loans, you may have to pay “points,” with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.
Bankruptcy

Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far reaching. People who follow the bankruptcy rules receive a discharge — a court order that says they don’t have to repay certain debts. However, bankruptcy information (both the date of your filing and the later date of discharge) stay on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, bankruptcy is a legal procedure that offers a fresh start for people who have gotten into financial difficulty and can’t satisfy their debts.

There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. As of April 2006, the filing fees run about $274 for Chapter 13 and $299 for Chapter 7. Attorney fees are additional and can vary.

Effective October 2005, Congress made sweeping changes to the bankruptcy laws. The net effect of these changes is to give consumers more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7. Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose through the bankruptcy process. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.

Chapter 7 is known as straight bankruptcy, and involves liquidation of all assets that are not exempt. Exempt property may include automobiles, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official — a trustee — or turned over to your creditors. The new bankruptcy laws have changed the time period during which you can receive a discharge through Chapter 7. You now must wait 8 years after receiving a discharge in Chapter 7 before you can file again under that chapter. The Chapter 13 waiting period is much shorter and can be as little as two years between filings.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments and utility shut-offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary by state. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.
Another major change to the bankruptcy laws involves certain hurdles that a consumer must clear before even filing for bankruptcy, no matter what the chapter. You must get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust. That is the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Also, before you file a Chapter 7 bankruptcy case, you must satisfy a “means test.” This test requires you to confirm that your income does not exceed a certain amount. The amount varies by state and is publicized by the U.S. Trustee Program at www.usdoj.gov/ust.
Debt Negotiation Programs

Debt negotiation differs greatly from credit counseling and DMPs. It can be very risky, and have a long term negative impact on your credit report and, in turn, your ability to get credit. That’s why many states have laws regulating debt negotiation companies and the services they offer. Contact your state Attorney General for more information.
The Claims

Debt negotiation firms may claim they’re nonprofit. They also may claim that they can arrange for your unsecured debt — typically credit card debt — to be paid off for anywhere from 10 to 50 percent of the balance owed. For example, if you owe $10,000 on a credit card, a debt negotiation firm may claim it can arrange for you to pay it off with a lesser amount, say $4,000.
The firms often pitch their services as an alternative to bankruptcy. They may claim that using their services will have little or no negative impact on your ability to get credit in the future, or that any negative information can be removed from your credit report when you complete their debt negotiation program. The firms usually tell you to stop making payments to your creditors, and instead, send payments to the debt negotiation company. The firm may promise to hold your funds in a special account and pay your creditors on your behalf.
The Truth

Just because a debt negotiation company describes itself as a “nonprofit” organization, there’s no guarantee that the services they offer are legitimate. There also is no guarantee that a creditor will accept partial payment of a legitimate debt. In fact, if you stop making payments on a credit card, late fees and interest usually are added to the debt each month. If you exceed your credit limit, additional fees and charges also can be added. This can cause your original debt to double or triple. What’s more, most debt negotiation companies charge consumers substantial fees for their services, including a fee to establish the account with the debt negotiator, a monthly service fee, and a final fee of a percentage of the money you’ve supposedly saved.
While creditors have no obligation to agree to negotiate the amount a consumer owes, they have a legal obligation to provide accurate information to the credit reporting agencies, including your failure to make monthly payments. That can result in a negative entry on your credit report. And in certain situations, creditors may have the right to sue you to recover the money you owe. In some instances, when creditors win a lawsuit, they have the right to garnish your wages or put a lien on your home. Finally, the Internal Revenue Service may consider any amount of forgiven debt to be taxable income.
Damage Control

Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable. But before you do business with any company, check it out with your state Attorney General, local consumer protection agency, and the Better Business Bureau. They can tell you if any consumer complaints are on file about the firm you’re considering doing business with. Ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether it is.

Some businesses that offer to help you with your debt problems may charge high fees and fail to follow through on the services they sell. Others may misrepresent the terms of a debt consolidation loan, failing to explain certain costs or mention that you’re signing over your home as collateral. Businesses advertising voluntary debt reorganization plans may not explain that the plan is a bankruptcy filing, tell you everything that’s involved, or help you through what can be a long and complex process.

In addition, some companies guarantee you a loan if you pay a fee in advance. The fee may range from $100 to several hundred dollars. Resist the temptation to follow up on these advance-fee loan guarantees. They may be illegal. It is true that many legitimate creditors offer extensions of credit through telemarketing and require an application or appraisal fee in advance. But legitimate creditors never guarantee that the consumer will get the loan — or even represent that a loan is likely. Under the federal Telemarketing Sales Rule, a seller or tele-marketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or accept payment until you’ve received the loan.

You should be cautious of claims from so-called credit repair clinics. Many companies appeal to consumers with poor credit histories, promising to clean up credit reports for a fee. But you already have the right to have any inaccurate information in your file corrected. And a credit repair clinic cannot have accurate information removed from your credit report, despite their promises. You also should know that federal and some state laws prohibit these companies from charging you for their services until the services are fully performed. Only time and a conscientious effort to repay your debts will improve your credit report.

If you’re thinking about getting help to stabilize your financial situation, do some homework first. Find out what services a business provides and what it costs, and don’t rely on verbal promises. Get everything in writing, and read your contracts carefully.

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Bad Credit Loans

When it comes to loans there are plenty of choices available for consumers these days, from secured and unsecured loans to short term loans and more. One type of loan that has become more and more popular over recent years is the bad credit loan, and this is because many people have found themselves in difficulties when it comes to managing debts, and this has led to a poor credit scoring.

With the increase in the number of people with poor credit over recent years, more and more lenders have started to cater to those with adverse credit with bad credit loans. The availability of bad credit loans has made it possible for even those with a low credit score and a bad credit history to get the money they need when they need it, and you can actually get some very competitive rates on bad credit loans these days thanks to the range of financial products and lenders available.

One thing to remember when looking for bad credit loans is that although you can get some very competitive rates you will not get rates as low as those available for those with good credit. With bad credit loans, lenders have to take a bigger chance on lending money, because your poor credit rating indicates that you have already had problems in repaying finance and debt. The lender therefore has to raise the interest charged on bad credit loans in order to provide more security for the company in the event that you do default again.

In most cases you will find that bad credit loans are secured ones, and are usually available to homeowners. Again, this is because the loan is a high risk to the lender because of the borrower’s past credit history and therefore the lender needs some form of security in case the borrower fails to make repayments.

Source: lendance.com

The 7 biggest mistakes when getting a mortgage…

A home loan is the biggest debt, and most costly monthly bill, most of us ever have.

That’s why the seven biggest mistakes borrowers make when shopping for a mortgage can cost so much money and aggravation. Avoid them and you’re a much happier and smarter home buyer.

Mistake Number One is not aggressively looking for the best deal. Check the interest rates and fees dozens of lenders are offering on our mortgage rate charts. Obtain bids from local banks or mortgage brokers. Getting the right loan, at the right interest rate with reasonable fees, can save hundreds of dollars a month and tens of thousands of dollars over the life of the mortgage. Click here for step-by-step advice on how to find the best interest rate and home loan.

Mistake Number Two is applying for a loan without checking your credit history for mistakes that make it more difficult to qualify for a loan, or require a higher mortgage interest rate. To get a free credit report from each of the three major credit reporting bureaus go to www.annualcreditreport.com. Each credit report shows how to correct mistakes or submit an explanation for legitimate black marks that appear on the report.

Mistake Number Three is spending too much and saddling yourself with payments you can’t afford. Avoid that by looking at all of your bills and deciding how much you can comfortably spend. Include a realistic estimate for taxes, insurance and condo or association fees. From that, calculate the amount that could be borrowed at prevailing mortgage interest rates. Add the size of the down payment and that should be the limit. Don’t let real estate agents repeatedly show you homes outside this price range. Don’t work with mortgage brokers who push you to borrow more than you can afford. Click here for more help deciding how much to spend on a home..

Mistake Number Four is not getting pre-approved for a loan. This is an important reality check and it’s free. A lender will look at your credit history, income, savings and debts, and decide on a loan cap. The entire amount doesn’t have to be borrowed. But if you can’t get pre-approved, or can’t get pre-approved for as much as you want to borrow, that’s a big red flag. Click here to learn all about getting pre-approved.

Mistake Number Five is using a dangerous loan to buy a more expensive home than you can afford. Hundreds of thousands of buyers took out interest-only loans or option ARMs because they promised lower monthly payments than other types of mortgages. They were shocked when those payments began going up — sometimes only a month or two after they’d moved in. Now many of those buyers are facing foreclosure. If you can’t afford the payments on a 30-year fixed-rate loan, that’s a good sign you’re borrowing too much.

Mistake Number Six is agreeing to a pre-payment penalty. More than seven out of every 10 subprime mortgages — those given to borrowers with poor credit — charge thousands of dollars if the loan is paid off in the first several years. That’s preventing many borrowers from refinancing or selling their homes when they canâ??t keep up with the ever-rising payments on their adjustable-rate loans. Congress and the Federal Reserve are considering whether pre-payment penalties should be banned or restricted in some way. Until then, just tell lenders you don’t want a pre-payment penalty in your mortgage.

Mistake Number Seven is taking out “piggyback” loans instead of paying for private mortgage insurance. If you put less than 20% down you’ll have to buy PMI, which protects your lender against default. To get around that realtors and mortgage brokers often recommend two loans — a primary mortgage for 80% of the debt and a home equity loan for the remaining 20%. The home equity loan acts as the down payment and negates the need for PMI. That made sense when home equity loans cost less than 5%. But with interest rates now averaging more than 8%, most buyers will save by getting a single loan and buying PMI. Expect the premiums to be about 0.5% of the outstanding principal, but those payments are tax deductible if the policy is taken out in 2007.

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How to Get a Good Mortgage Interest Rate

The factors driving the ebbs and flows of mortgage rates are largely unknown to the general population. You may be inclined to blame-or commend-your mortgage lender for the low or high rate she offers you; but in actuality, it’s not her decision. Today, the true drivers of mortgage rates are the investors in the secondary market.

To the layman’s eye, mortgage rates seem to move up and down without explanation. But just like the ocean tides that wash up and back by the pull of the moon’s gravity, mortgage rates have their own driving force, even if they have a less cosmic source.
The mortgage rate basics

The mortgage lender that funds your loan is called the originator. A loan originator may be a bank, credit union, or other type of financial institution. On the date of funding, the money flows out of the originator’s hands and into yours. You then turn that money over to the seller of the home.

Once the loan is funded, the originator has the option of keeping that loan in its portfolio or selling it on the secondary market. If the originator keeps the loan, it makes money by way of the interest you pay each month. If the loan is sold, the originator replenishes its funds and can make more loans to other homebuyers. Basically, the secondary market investors keep funds circulating so that loan originators don’t run out of money for new mortgages.
Who are these mortgage interest rate folk?

Today’s secondary market investors include government-chartered companies like Fannie Mae and Freddie Mac, plus insurance companies, pension funds, and securities dealers. Although Fannie Mae and Freddie Mac are different organizations, they participate in similar activities. Both can buy mortgages, and both can group mortgages together for resale in what’s called mortgage-backed securities. These are highly liquid investments, meaning that they can be readily bought and sold.
Investor demand

Here’s how the secondary market affects you as a would-be homebuyer. Investors want to earn the best return possible. That level of return is determined by the current and anticipated condition of the economy. When the economy is on an upswing, future yields are expected to be better than current yields. Investors, therefore, will hold off buying until higher yields materialize. This drives mortgage interest rates up, because lenders cannot sell their loans at lower yields.

Conversely, when the economy is in a downturn, investors buy up what’s available to avoid being stuck with lower yields later. This drives mortgage rates down, as investors are clamoring to buy before yields get too low.
What it means to you

By staying on top of financial trends and planning accordingly, you can time your rate lock to compare and get the best mortgage rate possible. In other words, when the tide is low, put a call into your lender and lock in that rate. You’ll enjoy waves of prosperity if you do.

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Tips to avoiding foreclosure on your home.

Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?

* Don’t ignore the letters from your lender
* Contact your lender immediately
* Contact a HUD-approved Housing Counseling Agency
* Toll FREE (800) 569-4287
* TTY (800) 877-8339

If you are unable to make your mortgage payment:

1. Don’t ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.

Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage.

8. Use your assets.

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies.

You don’t need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month’s mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don’t lose your house to foreclosure recovery scams!

If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

Source: http://www.hud.gov/foreclosure/index.cfm

Home Page > Loans Category > Bad Credit Loans > What Is A Bad Credit Personal Loan

A Bad Credit Personal Loan is a loan designed for the many people with a bad credit rating. A bad credit rating can make your life a misery.

However created, your past record of CCJ’s (County Court Judgements), mortgage or other loan arrears can live on to deny you access to finance that other people regard as normal.

If you are a UK home owner with equity in your property, a UK Bad Credit Personal Loan can bring that normality back to your life. Secured on your home, a UK Bad Credit Personal Loan can give you the freedom, for example, to do the home improvements or buy the new car you really wanted.

With a UK Bad Credit Personal Loan you can borrow from £5,000 to £75,000 and up to 125% of your property value in some cases.

A UK Bad Credit Personal Loan is a low cost loan secured on your UK home. It frees up the spare capital (or equity) in your home for you to use on whatever you want.

A UK Bad Credit Personal Loan is ideal if you want to raise a large amount and have a poor credit history – you may be able to get a UK Bad Credit Personal Loan even when you have been turned down for an unsecured loan.

There are loan plans for applicants who have CCJ's and mortgage arrears, it doesn't matter how many months arrears you have or how many CCJ's you have registered against you, if you have the equity in your property the chances are that a loan plan can be tailored to suit your needs. Whether or not you've missed a few payments on your current credit payments, there are loan plans that will allow you to re-establish your credit rating. So if you've been turned down for credit elsewhere don't despair.

More detailed information....

County Court Judgement (CCJ)

A county court judgement is a judgement for debt in the county court. If a judgement is settled in full within 30 days of the date of the judgement it will not appear in the credit register. A judgement may be set aside, varied and suspended on application to the court. Judgements are registered publicly with Registry Trust and held for six years. In the event of a payment after that date the judgement will appear in the register but will be shown as being satisfied. However a satisfied judgement will, in most cases, show on your credit history and will treated as adverse credit history. If you have experienced a county court judgement and it has had a negative affect on your credit history you may still be able to obtain a loan via specialist lenders.

Arrears

Arrears are mortgage payments that have not been made by the due date or are not to the correct amount in accordance with the mortgage deed agreed by the policy holder and the lender.

Borrowers with arrears in their credit history may find lenders are less willing to provide them with a loan. Fortunately some high street lenders will consider providing credit impaired borrowers with a loan.

A UK Bad Credit Personal Loan can help you with:

Home improvements such as a new kitchen or bathroom

That once-in-a-lifetime holiday

Your dream car or boat

Repaying credit card or other debts to reduce your monthly outgoings to a more manageable amount

A UK Bad Credit Personal Loan rates are variable, depending on status. Your monthly repayments will depend on the amount borrowed and term.

Source: http://www.financearticlesonline.com/loans/what-is-bad-credit-personal-loan.html

Why Choose a Bad Credit Personal Loan?

An Auto loan is basically another name for a car loan. An auto loan is an agreement between a lender and a borrower in which the lender gives the borrower money and the borrower promised to pay back the amount of the loan and the interest. Auto loans are only offered for the purpose of purchasing a vehicle.

Auto loans are the most popular type of loan that people apply for. Auto loans, as the name suggests, are unsecured loans specifically designed for the purchase of a vehicle.

An auto loan is a type of credit offered by a bank or other lender for the specific purpose of buying a vehicle. You then pay back the loan over a set period of time.

If you are taking out an auto loan it is very important that you find out the Annual Percentage Rate (APR) that the lender is offering. This is the yearly charge for the loan, a low APR means a cheaper loan.

The payments you make consist of both the principal amount of the loan plus interest. With this type of loan you own the vehicle from the time you buy it. Auto loans are form of personal loan of which there are several basic types with slightly different conditions attached.

Auto loans can be seen as the riskiest of loans from the lender's point of view. This is because an auto loan is for an asset that depreciates very quickly. Thus you will find that auto loans have generally a higher rate of interest than any other type of loan.

One of the advantages of getting an auto loan is that when you get it before you go to the dealer, you can negotiate as a cash buyer. Often you will save money when you negotiate from a cash buying position.

The main disadvantage of an auto loan is that, like any other loan, it must be paid back. Before you get a loan, make sure you are capable of making the monthly payments. You can seriously damage your credit if you default on an auto loan.

Listed below are some of the reasons for choosing a bad credit personal loan.

A bad credit personal loan is a low cost loan secured on your home. It frees up the spare capital (or equity) in your home for you to use on whatever you want.

A bad credit personal loan allows you to borrow money at a far better rate than an unsecured loan because your home is used as security and deemed less of financial risk by the borrowers.

A bad credit personal loan is a specialist loan aimed at those people who may have had credit problems in the past. They may have County Court Judgements, mortgage arrears or an imperfect credit history.

A bad credit rating does not always mean you will be unable to get a loan. As long as you have an income and can afford the repayment, you can get a loan. A history of CCJ's or defaulted loan repayments will mean that lenders will inevitably charge you higher rates to cover their perceived increased risk.

Even if your history includes CCJs, mortgage arrears or are self-employed - with or without proof of income there are lenders who will view your current circumstances sympathetically. The criteria for acceptance is usually that you are not unemployed, retired, bankrupt or on a debt management plan.

Some brokers and lenders specialise in adverse credit because they can charge high fees and a higher interest rate than normal and if the borrower is now in a good financial position the risk rating of the loan may be as good as someone who has no record of defaults.

A bad credit personal loan is usually secured on your property due to the increased risk taken by the loan lender. You have a higher chance of being accepted for a secured personal loan than an unsecured personal loan. This is because the property you put forward for collateral reduces the risk the loan provider is making, which in turn enables them to loan more money, over longer periods of time and at lower interest rates.

It is important to remember that if you have problems repaying your bad credit personal loan at any time your home could be at risk. By carefully planning your repayments and financial budgeting you are much less likely to run into debt.

With a bad credit personal loan you can borrow from £5,000 to £75,000 and up to 125% of your property value in some cases. Bad credit personal loans secured on property can be repaid over a period of between 5 years and 25 years .

A bad credit personal loan can be used for any purpose. Some of the most popular uses are, home improvements, luxury holiday, dream car or boat, debt consolidation and wedding expenses.

Source: http://www.financearticlesonline.com/loans/bad-credit-personal-loan.html

Bad Credit Secured Personal Loans Are Like Desserts – Last Course And Best Recourse For Impaired Credit

Plato said, ‘We can easily forgive a child who is afraid of the dark. But real tragedy of life is when men are afraid of the light’.

Are you afraid of bad credit? Then this article is perhaps for all of you who feel bad credit is an issue. Let this be your first step in bad credit therapy. You might question why I quote Plato, who mentions ‘light’, when I talk of bad credit. This is so because having bad credit is not such a dark state of affairs. And besides we have ample light to find bad credit personal loans.

No doubt there are numerous bad credit personal loans but hunting for a secured loan for bad credit is highly opportune. Having a perfect debt is an idealized conception. Some 1.5 million borrowers last year failed to meet credit standards last year. You must have read about perfect credit but it is exceedingly improbable that you might have found someone with perfect credit.

Bad credit personal loans are optimized for the benefit of the loan borrower. Bad credit personal loans are categorized into – secured bad credit loans and unsecured bad credit loans.

A loan borrower becomes the contender for bad credit personal secured loan only when he is equipped to place a guarantee for the loan amount. You don’t have to be an expert to understand bad credit personal secured loans. Basically homeowners are eligible to secured personal loans for bad credit. Secured personal loans for bad credit are secured on your property.

A secured personal loan for bad credit is reliant upon the borrower providing the collateral to ensure payment. This implies that if you have placed your car as the collateral, then in case of non repayment the loan lender will take possession of your vehicle. Default in case of secured personal bad credit loans can lead to drastic consequences. You can even lose your property. That is one statutory warning you need to concentrate on while taking secured personal loans for bad credit.

Bad credit secured personal loan is relevant for you if you have missed some payments on a previous loan, got into mortgage arrears, had a County Court Judgement against you or problems with your credit cards. Sometimes circumstances go out of your control and lead to bad credit.

Before taking out bad credit personal secured loans try to assess you credit report. A credit report gives an account of a person credit history and is prepared by the credit bureau. Lenders determine the credit worthiness of the loan borrower using the credit report. Your credit report is not encouraging that is obvious since you have bad credit. However, being aware of your credit report will enable you to prevent yourself from abuse at the hands of loan lenders. Bad credit personal secured loans borrower who is honest about his credit status is highly considered while providing loans.

Secured personal loans for bad credit enable you to take a loan amount ranging from £5000 to £100,000 with loan term ranging from 3 to 25 years. Secured personal bad credit loans have lower monthly outgoings, lower interest rates. However, be a little realistic while shopping for interest rates on secured personal bad credit loans. The interest rates would be higher than other loan forms. You can get some of the best deals online on secured personal bad credit loans.

Bad credit personal loans have been also known to tackle bad credit. Bad credit secured personal loans not only are a remedy for bad credit but also help building positive credit status. Bad credit personal loans plans have the ability and the potential to construct once more a good credit status.

What can you do with personal secured loans for bad credit? Home improvement, holiday, dream car, debt consolidation, wedding expenses and almost any particular personal reasons.

Bad credit is the opposite of credit repair. And believe it or not credit repair starts at home and repair is a very constructive effort. If you are taking bad credit secured personal loans just for the sake of taking care of particular financial needs then rethink the idea. Take responsibility if your spending habits are alarming or your tryst with credit card is beyond your explanation and make amends. It is easier to start on anew with personal secured bad credit loans.

Source: http://www.financearticlesonline.com/loans/bad-credit-secured-personal-loans.html