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23 April 2013

The Quickest Way To Get Out Of Debt

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The Quickest Way To Get Out Of Debt
Once you’ve fallen into financial difficulties then the worst possible thing that you can do is to do what most other people in the same situation do – panic. They become stressed, they get angry, they blame everyone else but themselves. They blame the sales person for tricking them into buying their brand new 50inch plasma TV, which they couldn’t pay for outright so had to make up a payment plan on finance. They blame their partners for being too frugal with their cash and for not planning for the future. They blame the banks for not giving them any leeway on paying their latest bill. And then they’ll probably even blame their employer for not paying them enough money for the great job that they do, or that they don’t provide them with enough overtime opportunities.
After you’ve vented all of your frustration and anger at the world and society, there’s one of two things you can do. Nothing – that is to sit and dwell on your poor misfortune and to let the debt rack up and simply do nothing about it, because you’re too angry or too mournful to do anything …

8 November 2012

Getting Out of Debt – Your Options

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Getting Out of Debt – Your Options
If you’re struggling with your finances then you might find that the specter of debt is closing in on you fast and that the amount you owe is slowly mounting up. In these cases the silver lining is the number of different options available to you to help repair your financial situation. Fortunately if you are in debt then there are many different ways of getting out of debt and there is sure to be one that suits your particular situation. Here then we will look at some of the ways of getting out of debt – solutions that can help you to manage and shrink the amount of debt you owe.
 
Bankruptcy: First of all, bankruptcy is one option for getting out of debt. This may seem like a drastic measure but it is more and more considered a viable option. When you declare bankruptcy you will have your debt restructured and in some cases it will be completely paid off by the state. This will of course affect your credit rating however, and you may find that you lose some of your assets in the process unless you use asset protection.
 
Restructuring: Restructuring your …

30 August 2012

What Can a Bailiff Take

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What Can a Bailiff Take
One of the scariest aspects of debt is the bailiffs and this is the real manifestation of the debt nightmare. You’ve failed to pay off your debts, and now you have someone at your door threatening to take away the things you love the most. Avoiding this at all costs is of course crucial, and it’s very important that you know your rights with regards to having your items taken to pay off your debts.
Debts that can be referred to bailiffs include those that are subject to a county court judgment, tax debts such as poll tax, council tax and self employed tax, and this will be preceded by a distress warrant. The bailiff will then have the legal rights to enter your home and take your belongings.
However the bailiffs will not have the rights to take all of your belongings and its important to know about these. For instance the bailiffs may not take anything that does not belong to you – so that means rented DVDs or the book your friend lent to you. While it’s risky, if you have a friend who is happy to help then now might be the time to …

2 March 2012

How to Help Things Sell At a Carboot Sale

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How to Help Things Sell At a Carboot Sale
If you are trying to get out of debt then having a yard sale or visiting a car boot sale to get rid of some of your things is a wise move and one that can help you to get back into the green. The question is however, how do you go about selling things at a carboot sale and how do you get these old things that you no longer want to sell at a reasonable price? It can be very disheartening going to a carboot sale and then coming back with all the things you left with and no further out of debt. Here then we will look at some tricks you can use to help things sell.
 
Don’t Price too High: A common mistake when selling at carboot sales is to price too high and to sell products at prices that you think they are worth. This however is a mistake – people go to these places for bargains and the profits you make are reliant on cumulative sales – on lots of things selling and on this earning you a large combined sum. Price your things low and grin …

26 October 2011

Bouncing Checks and Debits

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Bouncing Checks And Debits
Debt problems are many and unfortunately their very nature means that they are self perpetuating. The more dire your financial situation becomes, the more it will tend to spiral out of control and the more problems can stack out. One such problem is bouncing checks and direct debits/standing orders. Once these are put in motion you have essentially entered into an agreement and if you then don’t have the sufficient funds for the transfer you will often find that you are penalized with bank fees (‘admin fees’) and often by the company on the receiving end of the transaction too.
These can then mount up, and you can end up paying hundreds in bank fees at a time when you really can’t afford the extra charge. So what can you do?
One thing is to make sure that you are always familiar with how much money is in your account. Keep a cash book and write all your income and outgoings in there so you can monitor your situation (and give checks and payments a few days to clear). Meanwhile check online and at ATMs regularly to avoid bouncing checks and direct debits. If you don’t have enough then …

13 October 2011

Bankruptcy

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Bankruptcy is a word with a lot of bad connotations and it’s one that most of us who are currently in debt will cringe at the sound of. However understanding bankruptcy reveals it not to be all bad and when you fully grasp how it works then you may in fact be able to use it as a way to combat your debt and improve your overall financial situation. Bankruptcy is not a mark of failure, it is rather a tool for you to employ to your ultimate benefit.
Bankruptcy
Essentially when you declare bankruptcy it means that you are proclaiming yourself unable to pay off your debts. You are in other words losing more money than you are earning and your financial situation is gradually getting worse rather than better as you would hope. Allowing this to continue of course is not in anyone’s best interests as the lenders would never get paid and you would plunge deeper into debt. Bankruptcy then is a way of waving a white flag and finding a way out as a result.
When you file for bankruptcy the state will then look at what to do with your existing debt and how to pay this off. …

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