March 19th, 2010
A Debt Management Plan is designed to help people who are becoming overwhelmed by their variety of unsecured debts. Unsecured debt means things like your overdrafts, personal loans and outstanding credit and store card balances. That is, those outstanding debts that are not secured against an asset, like your mortgage or car finance.
So, if your total value of unsecured debt is somewhere between £2,000 and £15,000 you could find that a debt management plan is a great way to solve your debt problem. Of course, everyone faces different financial circumstances and their debt solution should be tailored to suit their situation. That’s why it’s so important to talk to a specialist debt advisor, as they have the experience to take you through the various debt solutions on the market. If your unsecured debt amounts to more than £15,000 you could find an IVA to be more suitable than a debt management plan.
Debt Management is an informal agreement between you and your unsecured creditors, in which you make a single monthly payment that’s then divided between them. A well established debt management company will ideally be able to negotiate with your creditors and work hard to reduce or freeze any additional charges or interest, but this cannot be guaranteed. Harrington Brooks are one of the longest established and most respected financial institutions in the UK. They have cultivated long-standing relationships with the vast majority of creditors and are therefore ideally placed to negotiate charges on your debt. As part of the agreement, they’ll position themselves between you and your creditors, meaning you shouldn’t have to deal with the calls and letters demanding payment
Debt Management is about regaining control over your finances. Companies like Harrington Brooks can help you to work out how much you can realistically afford to pay each month and distribute the repayments fairly to your creditors. This means that you can arrange the monthly payment at a time that suits you. The burden of mounting debt can be overwhelming and having the support of a trusted professional can make the process far less stressful.
www.harringtonbrooks.co.uk
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March 16th, 2010
Everyone faces different financial circumstances; their route into debt will be different, having come up against their own personal finance problems and unforeseen expenditures. So, what’s the one piece of iron-clad debt help that can be applied to each and every case? Get debt help fast.
The sooner you face up to your financial difficulties and ask a professional for debt help, the more options you’ll have available. There are a number of different debt solutions on the UK market and each is suited to certain circumstances. A financial solutions company, like Harrington Brooks, will have the experience to help you take the right action in tackling your debt problem. As one of the longest established debt help organisations in the country, they have the detailed industry knowledge to advise you of the best option to suit your situation.
Taking Harrington Brooks as an example, an established position of authority will facilitate an excellent working relationship a wide range of UK creditors. Their extensive knowledge helps them to tailor their debt help, giving them the ability to construct bespoke debt solutions for individuals who are struggling with debt.
This kind of intermediary debt help, with an established company acting as broker, makes you and your creditors more comfortable. Both parties have the sense of encouragement that comes from a credible, trustworthy party lending their support.
Debt, after all, is an extremely common problem but it is one which needs an individual solution. You are looking to achieve a swift resolution and your creditors are keen to be repaid as quickly as possible but it’s important that all parties remember that there is no such thing as a quick-fix debt solution. The debt help on offer from a dedicated, trustworthy organisation is comprehensive. It’s about solving your debt problem for life so it needs to be thorough. It will mean compromise and it will take determination but with the right debt help, it’s only a matter of time until you’re debt free.
www.harringtonbrooks.co.uk
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March 12th, 2010
For those who are looking at the different ways in which they can cut their monthly outgoings or lessen the burden of mounting debt pressure, a debt consolidation loan could prove to be the answer. Firstly, it is important to remember that this is a new loan. With it though, you should be able to merge all of your existing unsecured debt in to one single monthly payment. This can offer you a number of benefits, such as only having to deal with one creditor and having their one repayment going out once a month, on the same day, letting you build a stable budget around it. Also this loan could have a lower rate of interest than you were previously paying.
So, consolidating all your existing debts into one monthly payment can make it easier for you to handle the repayment schedule. There is something that’s far less stressful about this kind of consistency. Also, since you only have one lender to deal with and unlike the other creditors that were chasing you for payments, working to different repayment schedules and all taking different amounts, this new creditor is far easier to manage and keep a dialogue open with.
Obviously, the major attraction of this kind of debt consolidation loan is the prospect of paying out less money each month. If you consolidate your unsecured debt with a secured debt consolidation loan, you are likely to be afforded a better rate of interest. As the loan is secured against an asset, like your home, the risk to the lender is greatly reduced and they are able to offer you a far better rate of interest as a result. Naturally it is essential that you understand the added risk that comes along with consolidating your debt against an asset of value, which is that failure to maintain the repayment schedule could result in repossession of the loan collateral. That means that missed payments could cost you your home.
Another way that a debt consolidation loan can save you money each month is by extending the repayment period. So, on one hand you’re better off each month but on the other, you’ll be in debt longer. The right way to go depends on your financial situation and is essentially a matter for you to decide. You should get advice from a dedicated debt consolidation advisor to assist you in making this decision.
Everyone faces different financial circumstances, different pressures and different factors influencing this decision. Remember, there is no quick-fix debt solution to the burden of personal debt. That’s what makes it personal. The factors that brought you into this situation were particular to you so the solution to the problem should be tailored to suit you too. There could well be similar causes, in that a sudden change of circumstance is the most common cause that leads people into debt problems. Unforeseen expenses resulting from loss of employment, illness or loss of a loved one are the all common causes of serious debt problems. Often, in these difficult circumstances, people will resort to their credit cards.
Visit www.debtconsolidation.co.uk for more information.
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March 10th, 2010
Once upon a time, it was easy to get a credit card in the UK. Tempting introductory offers of 0% interest were everywhere and balance transfers were free and easy. Well, although it doesn’t seem like long ago, those days are gone. That being said, there are still a staggering number of cards on offer to the UK consumer; a choice of more than 230 in fact. It’s the acceptance criteria that have changed. There seems to have been an attitude shift too; rather than courting new customers, lenders seem to be focussing on holding on to their dependable customers.
So, those with a solid credit rating and a steady job have their choice of good offers. Of course, you can still find the 0% balance transfer. However, there are now charges applied based on the size of balance you’re moving. If this is something you’re considering, there are a few things that you should bear in mind. The rates involved is the key point to consider but it’s also worth checking your rating with one of the three credit reference agencies; Callcredit, Equifax or Experian. Make sure there are no inaccuracies on your file and be sure to query anything that looks wrong.
Essentially, if your credit rating is poor, you’re going to struggle to be approved for more credit, well, any credit stream being offered at a reasonable rate anyway. You should probably look on this as a good thing, as strange as it sounds. Using credit to pay off debt is a very bad idea. This will be a sign that you have a debt problem and finding a solution to that should be your top priority.
Most balance transfer offers that seem too good to be true usually are too. Some will charge a high rate of interest on purchases. So, you’ll get some very temporary breathing space but build up debt even quicker than before. When the introductory 0% period ends, you should have paid off your debt or transferred it to another card. Often the 0% is balanced by high rates when the term ends.
This is not a solution to the problem of bad debt though. It just put the problem off and that is very seldom a good thing when it comes to your personal finance or any other problem. As soon as you find yourself in a difficult financial situation, seek out independent debt advice. Harrington Brooks are one of the longest established and most trusted financial institutions in the UK and their dedicated team of debt advisors are on hand to help you find a debt solution that best suits your personal circumstances. Visit their website and try the free Harrington Brooks debt wizard for a fast and free answer to your debt problem.
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March 8th, 2010
The sad fact is that there are a lot of people in the UK that don’t actually know the total amount of debt that they are facing and the hard fact of their growing debt problem can make for a shocking revelation.
Having a clear understanding of how much you owe is integral to tackling the burden of bad debt. Likewise, knowing who you owe the money to should not be a mystery. You should also know exactly what the interest rate is that you are currently being charged. Taking responsibility for your level of personal debt and striving to manage your finances better is the first step to debt freedom and although it may be painful to face up to the extent of the problem, it is hugely liberating to take it on. So, write it down, see the problem laid out in detail, in black and white. If that doesn’t get you motivated to pay off your debts, you’re in trouble.
When you know what you owe, you can start to come up with a plan to pay it off. For starters, you can work out exactly how much you can afford to pay each month and decide on how best to use that money to free yourself from debt as quickly as possible. If credit card debt is the root of the problem, you need to understand that clearing it off might require some sacrifice. Pay more than the minimum each month and adjust your monthly budget to accommodate for the increased repayment amount.
Once you’ve worked out how much you can afford to pay, you need to decide how you’re going to go about paying the debt off. You can Snowball the debts by singling out the biggest, paying the minimum to the rest and throwing everything else you’ve got at it. As the debt comes down, so will the interest but if you keep the payments high, it’ll disappear faster and faster. Once that card is paid off, go to the next one in the line and use the same snowballing method on that. Paying off your debt in this way is much easier than trying to settle your debts all at once. It’s all about being determined, sticking to your task and hitting that target debt hard, until it disappears.
Clearing your credit card debt is not easy. It will be difficult but it will also be rewarding, both financially and psychologically. There’s no need to tackle it alone either. Talk to a dedicated debt advisor at Harrington Brooks who will be able to suggest the best debt solution to suit your personal, financial situation. Use the free, no obligation debt wizard at www.harringtonbrooks.co.uk to help you find a fast route out of debt.
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