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Pay Debts Blog
Want to get out of debt, consolidate your debt, get a better loan or just learn some top money and debt rescue tips? We have financial advice here that will help you achieve your dream of being debt free. Absorb all the info on blog and join our site for articles and tips Consolidate Debts LoansPermanent link: Student Finance Dos and Don'ts
Student Finance Dos and Don'ts
Don't lend money unless you can afford not to get it back, it can put a strain on your friendships and many students may not be able to afford to pay you back even if they intended to. Don't borrow from your friends either: you may get a reputation as a cheap-skate or as someone who expects to get money for nothing; any borrowing is a form of debt and must be avoided! Never let anyone, not even your closest friends, know you bank account pin number. It only takes one "mate" to get jealous of your new trainers to drain your funds. Joint payments on rent, bills or societies are a massive mistake! It only takes one person to pull out and your money commitment could sky-rocket. If it can't be avoided then make sure you have a plan as to what to do should one persona pull-out e.g. "all purpose" money pot that you all pay into each month. Never ever say that you will put your name down on the legal contract and your mates can pay you back, it will tempt them to be stingy and possibly even leave you in the lurch should legal action be taken. Fresher week will be great but don't blow your entire student loan in the first week! If need to balance fun and the future - you don't want to be in a position where finance is tempting you to drop out. You've worked hard to get to uni and you don't want to blow. Look beyond your three years at uni and into your future, you will have your credit history looked at when you apply for a mortgage, for a car loan, for a credit card; and if whilst you were a student you borrowed money that you did not pay back 100% on time this will count against you. Technorati Tags: Student finance, student loans, student budgetPosted by Admin at 2008-06-04 16:00, Post Link
Permanent link: Debt consolidation
Debt consolidation Debt consolidation is when you take out one big loan that pays off all of you separate smaller loans. Some people have mortgages that can be extended to cover these debts. There are many benefits of consolidating your debt: you will pay one "lump" sum per month, this is inevitably going to be cheaper and easier for you to keep track of, however the size of the sum may be a little daunting. The "sum" is lower than you would otherwise pay because by paying off all your separate debts you will have to pay less out in interest on the one debt overall. A debt consolidation loan is an unsecured (meaning, not taken as a charge against your property) personal loan. Personal loans mean that you and only you can be held accountable; your business is exempt from liability. Lenders see this dodgy collateral as high-risk; they pay thousands of pounds to risk-assessors to establish this. Unfortunately this could mean that you pay extra high interest rates on repayments and if you have been in really bad debt before then you may not even qualify. Del.icio.us Tags: debt consolidationPosted by Admin at 2008-06-04 16:00, Post Link
Permanent link: Bankruptcy
Bankruptcy
When things get really, really tough you may choose to declare yourself bankrupt or someone you owe money to may push for you to be declared bankrupt in an attempt to reclaim some of the money they are owed. At this stage don't panic! It can actually alleviate the immediate pressure on you: you will be pleased to know that your outstanding debts will be suspended, and a lot of them will actually be written off. However some of your belongings may be seized, you will not be allowed a bank-account and you will have to report all of your earnings. The reason for having to report your earnings is that some people and companies actually declare bankruptcy on purpose, because they find this option monetarily favorable. Technorati Tags: Bankruptcy, bankruptPosted by Admin at 2008-06-04 15:59, Post Link
Permanent link: Debt Management Companies
Debt Management Companies
If you are thinking of using a debt management company, you should be aware of the following: Debt management companies are normally only interested in people who have their own home or a lot of equity in some other tangible property so they can having some assurance that thei money will be reclaimed. A lot of debt management companies can only take on non-priority debts leaving to have to deal with the more immediate debts yourself Debt management companies make quick money for themselves by charging an initial fee which is normally extremely expensive for someone who is having money trouble anyway. Fees can be typically about £200 or $400, you have to balance the necessity of having a debt management company against having that extra money to start paying off your debts. There are often hidden costs named in such a way as "administration fees", "deposits", "distribution costs" etc. You have to read the small - print on this one, make sure that these companies are not simply ensuring your continued struggle in debt buy eating up the money you should be using to pay of debts in their own costs Also in the small - print, the details of how long you will be tied into the contract. Are there any fees you need to pay if you cancel he service early? What happens if you are unhappy with the service? What happens if you would rather pay off a bill rather than pay their administrative fee. If you cancel, what happens to the money you've already paid? Technorati Tags: Debt Management, debt management companiesPosted by Admin at 2008-06-04 15:59, Post Link
Permanent link: Save, save, save!
Save, save, save!
Cut back on any and everything and see how much you can amount - most people would be pleasantly surprised about the total they can save over a few months. The more your save, the more motivation there is to cut back even further on expenditure. Long term and Short term goals: Ok, getting out of debt and improving your finances can take a really long-time. This can really knock your money-confidence that we have talked about before. So you have to set much smaller short - term goals. For example on a daily basis, aim to earn or save an extra £5, weekly aim to pay off fully each bill that you get in that week - without borrowing. Within 6 months, aim to have paid off one of your outstanding major bills. If you take small, measurable steps, every time you achieve one you will feel great and your motivation for achieving your long-term goals will sky - rocket. Technorati Tags: short term money goals, long term money goalsPosted by Admin at 2008-06-04 15:58, Post Link
Permanent link: Never pay for advice
Never pay for "advice"
Internet, debt-centers, friends and family, leaflets and even your doctor will all be able to give you advice on some element of dealing with debt. Your doctor can help you deal with the stress and may be able to point you in the right direction of your local community resources set up to help others in your area deal with what you are also going through. If you are ever tempted to pay for a "solve-debt" course, pay for "expert advice" or pay out any more when you're already in money troubles: say to yourself - "don't do it!" It makes no sense to pay out for advice you can get for free, no-one can save you from debt trouble except from you and there is no "secret" worth paying out for. Technorati Tags: Debt advice, debt help, free debt advicePosted by Admin at 2008-06-04 15:58, Post Link
Permanent link: Avoid Debt by being alert!
Avoid Debt by being alert!
Debt is better avoided; the mentality, "play now and pay later" is dangerous and costly. Most people start their adult life in debt, unavoidably, due to education fees. But once your clear of those you must make every effort to keep your head above water and avoid getting sucked into the abusive money cycle of credit, more credit then a loan, then a re-mortgage, then eating into your retirement... it can be an endless cycle that it is best to altogether avoid. Our society is built upon immediate gratification and short - sighted impulse buying, credit cards and loans are too easily ready to step in and "help" you keep up with this life-style. Unfortunately even the slightest debt can end up eating at your pocket and eating at your money-confidence. Once you believe you can't sustain your "basic" lifestyle without borrowing, they've got you hooked; therefore it is important to keep your money-confidence high. Technorati Tags: avoid debt, evade debt, debtPosted by Admin at 2008-06-04 15:57, Post Link
Permanent link: Better Banking: Consolidate debt loans
Better Banking: Consolidate debt loans
Get rid of your credit cards, shred them up. Do it in front of your kids and partner, everyone around you must embrace the change of mind and it is best to be as open and honest about debt as possible. Don't fret about your kids getting upset, they will learn important life lessons about money and debt. Go through your bank statement, it will probably shock you: weed out any unnecessary out-goings, especially those going out by direct-debit because you have no direct control over what might send you over-drawn or over your borrowing limit. Be particularly vigilant about bank-charges; if you're not sure what they are for query each and every one of them. In my experience, banks are notorious for over-charging. Speak to your bank and card company and get them to reduce your borrowing limits all round, speak to your bank manager about any outstanding debt and explain your circumstances. If your struggling with repayments on loans or over drafts they may be able to help you, or at least if you keep the communication open with them they may not pursue the legal route to enforce repayments. Technorati Tags: Banking, how to bank, best bank, choose a bankPosted by Admin at 2008-06-04 15:57, Post Link
Permanent link: Spare time cash - Consolidate debts loans
Spare time cash - Consolidate debts loans
What to do with your spare time to increase your income? Once you have divided your time up as indicated above; you have two options: get a second job or start a business, more info on option B tomorrow: If you need money, any money and fast money then we recommend you look for a paid-per-hour job that will employ you for 6 hours per day. These types of job include, cleaning, road-sweeping, restaurant work, shop-work etc. Don't tell yourself that these jobs are "below me" or say "I work as a trained professional not as an unskilled laborer", because this job is just your side-line job. They pay poorly if you are solely trying to live off of this kind of money but as an extra income they can be very complimentary. For example you can get anywhere between £6-£12 an hour or more for this kind of work. If you only got $6 an hour and worked for 6 hours a day extra and did this for 7 days per week you would be bringing in a whooping great £1008 per month! This is fantastic news for those ridden with debt, but don't get complacent. You must then add this income back into the budgeting formula above and be realistic about how many months you can keep this time consuming work-load up for. If you manage to do it for a whole year your money pot will have increased annually by £12,096 and this will start to alleviate some of your debt problems. Technorati Tags: part time job, extra money, work to pay off loan, paying a loanPosted by Admin at 2008-06-04 15:56, Post Link
Permanent link: Plan B - Consolidate debts loans
Plan B - Consolidate debts loans
Option B, working from home to increase you monthly income Option A had then benefit of a certain income of £12,000 or more. However there may be a more convenient way to earn money - only down side is that is will take longer and comes with a lot more risk. If there are no jobs in your area you can do then this may be your only option. Start a home business in the 7.5 hours a day you should have spare. Now this may sound daunting, you may have heard horror stories and you may have heard of the cons and promises of millions over-night. We recommend you stay away from any other company whilst staring your own business, do it your own way, setting your own realistic targets and you will be fine! You need to pick an area that you already know tons about, for example flower arranging, cakes or even sex! Then you need to work out how you can make money from this field of knowledge on the internet. All subject matters can be used to promote pay-per-click schemes such as YPN or Oxado, all you need is a basic website which will cost you anywhere between £100-£400 or you can get a 100% free blog at www.blogger.com. Blogs are the best, quickest ways to get into the search engines and start making you money. As well as promoting pay-per-click schemes there are also per-per-sale revenue streams. Companies such as commission junction pay you per sale that is generated from a banner on your website or blog. All you need to put into this is your subject knowledge. Then you need to learn about internet marketing. Besides from using the internet your work-from-home business can include: you making original products and selling them (e.g cakes, toys, birthday cards), you offering a personal service from your home (e.g child minding, a weight-loss class, an art class or massages), or you offering a service to a company from your home (e.g envelope stuffing, olive stuffing, telephone answering, telephone psychic readings, telephone counseling etc). Think about all the skills you have: parenting, professionalism, patience etc... then think about how you can turn knowledge into money. Technorati Tags: work from home, money at home, pay off loan from home, extra business, internet businessPosted by Admin at 2008-06-04 15:56, Post Link
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