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Top tips to consider before applying for a loan

Finding a loan or the right lender might be an easy task but getting your loan approved can be a bit tricky. If you want to improve the chances of getting your loan application approved follow these tips to make sure that you are on the right path. Credit History: Improve your credit history by borrowing the least amount that can fulfil the purpose. Always try to make payments on time as late or missed payments can adversely impact your credit rating and the chances of getting your loan application approved. Double Check Your Details: Before sending your loan application make sure you double-check your details. Even a simple mistake such as an incorrect name, address, date of birth, employment details, phone number, marital status, dependent children, employment status & employers’ details if employed along with monthly income. In addition, your monthly bills, bank details and any other required field that might be mentioned on the form can get your loan application rejected if filled incorrectly. Credit Rating: Every traditional or online lender have a different specification about credit rating, some might have lenient requirements, while on the other hand, some might have stringent policies about offering a loan to a person who has a very good credit rating. The best idea is to check your credit rating before applying for a loan as your credit rating will give you an indication of your worth and what suitable loans and lenders are available for you. Multiple Loan Applications: There is always a digital print available for your lender to track down the number of times your loan applications have...

Signs of debt trouble

For some managing a £1,000 debt, it can be troublesome. For others managing debt worth £1,000 is nothing for them to worry about. So, it’s not about the amount that defines that you have debt problems or not, it is about considering if you can repay your debt amount no matter how big or small the amount is. Below are two questions that you must ask yourself.  Are you facing problems in managing your daily or monthly bills? Has your debt started impacting your life? If the answer for both is yes, then it is time for you to take the necessary steps to tackle your debt issues. Or else you could find yourself in trouble for sure. In this article we will discuss debt trouble signs that you must never ignore: Sleepless Nights: This might the first sign that you must never ignore. If you spend your night thinking of how to meet your daily/monthly expenses, then it’s the right time for you to think about how to fix this issue sooner or later as it will start impacting your life. Ignoring bank statements: Ignoring your problems is only ever a short-term solution, it will not help you in resolving your debt problems. If you are receiving bank statements that show you have more money going out than coming in then don’t ignore them and think of talking to your debt advisors to find a possible solution for them before the situation is taken out of your hands. Unable to meet essential bills: If you are short off fulfilling your basic requirements such as food, your rent and utility bills it...
Easy steps for Debt Repayment Plans

Easy steps for Debt Repayment Plans

Set up a debt repayment plan if you are planning on becoming debt free. Debt repayment plans will also motivate you as you can continue to monitor your progress. One of the most important things is that by setting up a repayment plan you can start focusing on your debts one by one and you will be amazed, you will get rid of all your debt systematically and quickly. In here we will share easy steps to set up your debt repayment plan: List all your debts: List all your debts from top to bottom; these debts should include the minimum amount that you can pay for a debt, the interest rate applicable on the respective debts and the total amount of your debt. The list must include all your unsecured debts such as car loans, credit cards, home loans, personal or professional loans, this list must also include names of friends and family members if you owe any money to them. Set payment priorities: You can prioritize any debt before others, but experts say that either you should categorize your debts based on the interest rate, that is, the debts that have the highest rate of interest should be kept above in the list and others should be placed accordingly, this helps in saving the extra interest amount that you will be paying during the repayment tenure. One other option that you have is, you categorize the debts from the smallest amount to the highest amount, and this will help you in generating traction before you start repaying the big debts. Surplus money and debt repayment: There are...
Understanding Bankruptcy and Bankruptcy Aftermath

Understanding Bankruptcy and Bankruptcy Aftermath

For those declaring themselves bankrupt it’s painful and there can be short term and long term consequences, yet bankruptcy is a last resort option for individuals who are not capable of paying their debts. Bankruptcy allows you to make a fresh start and write-off all the debt you own. First, let us discuss how you can apply for Bankruptcy. The process of declaring yourself bankrupt is easy; you just need to fill an application form disclosing all the details about your debts, income and outgoings including any other additional information that you may need to disclose. After submission of your application it will be assessed by an official adjudicator who works in the insolvency office, they will analyze all the details submitted and if all the requirements are met you will be declared bankrupt. The assessment process will not take more than 28 days. Cost Involved You would need to pay a £680 fee before you submit the Bankruptcy application form, although if you don’t have the fee, the amount can be paid in installments. Talk to the national debt help expert debt advisors to find a solution for you. Bankruptcy Aftermath Bankruptcy will stay on your credit records for minimum six years and maximum 15 years if you are subject to a BRO (bankruptcy restrictions order). You cannot spend any money without the permission of the Official Receiver or Trustee. You can keep clothing, bedding, basic household items, tools or equipment’s required for your work, including your vehicle, if you own expensive furniture, you would be asked to replace them with cheaper once and any amount generated will...
Tips on getting a payday loan Approved Quickly in the UK

Tips on getting a payday loan Approved Quickly in the UK

With almost all the payday loan lenders online, it is so easy and convenient to apply for an online payday loan sitting anywhere, with just a click away from your mobile, however to increase the chances of getting your payday loan approved by lenders, you need to be careful with the details you submit, a few quick tips that will help you with your loan approvals. Don’t Lie Don’t try hiding information from your lender while filling in the loan form, as most of the lenders assess your details from a third party organization either private or government, these organizations have all your details and a simple mismatch in the information can lead to rejection of your loan application. Loan Amount It’s so easy to apply for a payday loan but people don’t consider the loan amount they require to repay their debts without affecting their monthly budget, this means people end-up borrowing a large loan amount leading to a never-ending spiral of debt. To avoid this situation use the loan amount calculator that most of the lenders have on their website, these loan calculators will help you with the calculation of actual loan amount requirements within your budget. Loan installments Too many loan installments for a longer period can increase the price of the loan and you will end-up paying more, while on the other hand if you opt for less loan installments this can increase the financial burden on your monthly budget throughout the loan repayment period, so it would be best would to opt for something in-between so that you don’t have to pay a higher...
What types of debts can be included in a debt management plan?

What types of debts can be included in a debt management plan?

Let’s start with a big, huge CONGRATULATIONS. As you’ve arrived here on this blog, you’re clearly taking steps to address your debt problem – which is often the toughest step when you’re in the middle of mounting debt management troubles. Now let’s move on. The debt problem that you do have will call for some careful research as to which solution is right for both your circumstances and the types of debts you have. A Debt Management Plan, while an incredibly common solution, isn’t suitable for all debts. Let’s explore what they can be used for, as well as what they can’t. Debts that can be included in a Debt Management Plan Debt Management Plans are only suitable for your debt problem if you owe so-called non-priority debts. Non-priority debts are those that are less serious than priority debts. For example, the potential outcome of not paying your mortgage could be homelessness, whereas not paying your credit cards would, in the worst instance, end in court. Here’s a list of non-priority debts that a Debt Management Plan can include… Overdrafts Personal loans Bank or building society loans Money borrowed from friends or family Credit card, store card debts or payday loans Catalogue, home credit or in-store credit debts  Debts that cannot be included in a Debt Management Plan  The following debts include both priority debts and fines that cannot be included in a Debt Management Plan, along with advice as to where to turn should you be struggling with each type of debt… Court/legal fees fines – In the first instance you should get in touch with the court...
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