Debt Consolidation

Many companies have sprung up to take advantage of the explosion in consumer debt and the inevitable problems that follow. Many of these companies are reputable organizations that will genuinely try and help but unfortunately some are simply scams that will cost you money and sometimes make the situation worse. A simple rule is to only get debt advice free, and refuse to work with any company that tries to charge you upfront fees.

What Is a Debt Problem?

A problem with unsecured debt can be identified by the fact that you have difficulty making your monthly payments, or that these are… Continue reading

Whether in debt or not, you’ll probably be hearing quite a lot about the world of personal finance at the moment. It’s an industry traditionally surrounded by complicated terminology, and it’s not always the easiest to understand. Here, you’ll find ten debt-related terms you should have in your vocabulary (or at least understand):

ArrearsArrears are any overdue payments on a debt. If you have mortgage arrears, for example, it means you have not made one or more of your mortgage payments as set out in your mortgage agreement.

BailiffA bailiff is a person (either a court official or employed by a private… Continue reading

Question: What do you do when you are trying to refinance your mortgage to consolidate your debts but there isn’t enough money to pay all those bills in full?

Answer: Use the proceeds of the mortgage financing to settle all the debts owed for less.This solution is ethical, legal and can completely resolve $78,000 of credit card debt for less then $28,000.

Do not let anyone tell you it cannot be done. We do it for our clients every day, and all these folks were staring bankruptcy in the face only 3-4 weeks prior to having their debts all settled for less.

I… Continue reading

Paying a personal debt is not really an exciting obligation to look forward to. To make your obligation lighter though, there is a method that lets you pay off everything swiftly and with a reduction in bank interest. The Debt Avalanche scheme will show you the proper way to avoid the need for credit repair.

One simple requisite for this method is the interest rate for the debt under a certain account. If all debt accounts have various rates, then compute the interest after adding the tax.

Determine the rank of your debts according to ascending order

Among the personal debts in your… Continue reading

Most companies especially utility ones do not start charging interest rates before one year has passed, so if you try to draw up a program where you pay your current bills and something extra every month to cover your older bills than most companies will definitely be happy to help you as most probably they would have already been contemplating court action or some other type of debt recovery program that would in the end cost them more money than probably you would owe them!

I suggest you first write to your creditors explaining that you are experiencing some financial difficulty… Continue reading