Debt Solutions

Articles explaining all the different Debt Solutions available in the UK and Ireland. For Debt help, please get in touch with us.

Financial turbulence in the U.K. economy

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My articles in previous months have been somewhat depressing and downbeat. This would be surprising to those that know me as by nature I am optimistic. It can be a fine line between optimism and naivety but there comes a time when even the most optimistic of individuals have to face reality.

In economic terms the reality is that the UK is facing its most difficult time in the last fifteen years. By most accounts whilst the UK economy is not in a recession, economic growth is stalling, high street spending is down, house prices are falling and there has been a decline in mortgage lending coupled with confidence continuing to spiral downwards. In the US several accounts suggest the recession has already arrived and Japan shows similar signs. Whilst the Federal Reserve chief Ben Bernanke says they are not currently forecasting a recession he did say that the outlook for the US economy in 2008 has worsened. With the global economy now so interlinked, these signs also do not augur well for the health of the UK economy. Continue reading →

Balance Transfers on Credit Cards.

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What is a balance transfer?

Despite the “credit crunch” that we have heard so much about in recent months, low rates of interest can still be available to the UK consumer. Many credit card providers seek to attract new customers with introductory offers of low rates of interest – These rates can even be zero. For a small percentage fee you could transfer your Credit Card Debt with a high rate to a new account with perhaps a zero rate which can be held in some case for up to fifteen months. Continue reading →

Options For Debtors And Lenders

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When confronted with enormous financial debt worries it’s easy for the solitary borrower to neglect the effect of non-payment or late settlement on creditors. The financial institution is frequently considered as the big bad wolf and not worthy of any sort of sympathy from the beleaguered person in debt. The reality is that creditors have a vested interest in the fundamental alternatives that the borrower takes in order to resolve debt matters. Financial institutions can be helpful and amenable especially when the consumer spots and confronts debt difficulties at an early stage with a view to remedying them to everybody’s satisfaction. What are the choices for the borrower? Continue reading →

Can Debt Consolidation Actually Work?

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There are several advantages to merging your debts into a single consolidation loan. For many people might be appealing to have to make just one single monthly repayment in place of many repayments. Making lots of monthly payments towards a number of creditors in respect to a few different accounts is time consuming, specially when funds are limited and there is insufficient cash for everyone. You’ll have to select which debts really are ‘priority’ ones. Those you should take care of. With regard to the rest you simply must make do with whatever you can afford to pay, regardless of whether in some instances it is less than the contractual amount that you should be paying. One big advantage – whether perceived or real – is that you have just one single lender to take care of rather than many creditors. Managing your financial situation in addition to repayments can be simplified. It is also probable that your credit rating will get better specifically if you include all of your credit card accounts in the debt consolidation. Along with those benefits, the recurring repayment relating to the consolidation loan could be less than the sum of the repayments relating to the many different loans. Continue reading →

Choosing What Bills Are The Most Important To Pay First

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People have to live so in assessing which bills to pay first, one must consider the essentials of life – food and shelter.

Making sure you pay your priority debts comes before all your other debt payments and is regardless of whether you are getting pressure from your creditors. Your priority debts are paying for somewhere to live, food and drink, clothing and heat & light, your main necessities. Priority debts may also include your mortgage. So then you must aim to pay these bills first – the mortgage / rent, utility bills including heat, light and water, and of course food, drink and clothing. Even in a situation where there is insufficient income or money to pay all of the bills, these essentials of life must command the most attention from us or day to day living will become impossible. Continue reading →

Safe Debt Solutions – Debt Management

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If you are having financial trouble and are having difficulty repaying your creditors, one of the debt solutions you are likely to become aware of is a Debt Management Plan. This is known as one of the big three debt solutions in the UK in terms of the number of people who use them. The other two are Individual Voluntary Arrangements (IVAs) and Bankruptcy. It is estimated that there are up to one million consumers in the UK currently in debt management plans with their creditors. Continue reading →