November 2012

How to Check Your Credit

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How to Check Your Credit – Credit Score Range
Getting into debt is dangerous for many reasons, and among these is the impact it can have on your credit rating which can then make it difficult for you to apply for credit cards and general loans. Because your credit rating is a reflection of your previous ability to pay back loans, this means that lenders are weary of lending to anyone whose score is bad.
Fortunately there are several ways to improve your credit rating – such as getting a credit card and then paying it back on time regularly, or paying off all your existing loans, or using loan consolidation in order to pay off debts with one larger loan that you can then pay back.
However in order to know whether you should go ahead with these strategies you first need to know the condition of your credit rating as it is. At the same time you also need to know what your credit rating is like before you apply for loans and even before you apply to rent a property. If you don’t then you can end up wasting time spent applying only for your application to be rejected, and …

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 …

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 …

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 …

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. …

September 2011

Debt Plan

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Debt Plan
If you find yourself in debt then there is one thing that can help you – and that’s having a plan. With a debt plan you can start to plot a trajectory to get yourself out of debt and to start improving your financial situation. If you come up with an in-depth debt plan that takes into account the facts and figures of your current financial crisis (such as your budget for food and daily living, your current income, the interest on your existing debt etc) then you can stick exactly to this plan and you should be able to predict the precise date by which you will have escaped debt. Of course life doesn’t always go to plan, so it’s important to keep this plan flexible and to keep re-addressing it.
Another kind of debt plan is a ‘debt management plan’, which is also known as a ‘DMP’. A debt management plan is a type of debt plan created for you by a third party organization. In cases where your debt is out of control, a DMP will involve a third party organization that looks at your debts and assesses your income and current budgets. This helps you to …

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