More consumers are preparing themselves for the strain their finances will see over the Christmas period, according to new figures.
In research conducted by Engage Mutual, 88 per cent of the Britons who share their finances with a partner state that they are willing to make monetary sacrifices to keep up a certain standard of living for their significant other. The study revealed that about one out of five are ready to work extra hours in order to provide their loved ones with the things that they want. Meanwhile, just under a third (30 per cent) are looking to cut back on buying luxuries for themselves, with the taking out of a loan another possible way in which to help them to give what their partner wants.
The survey also indicated that seven per cent of those in a relationship would be willing to borrow money, whether this be through a cheap personal loan, credit card or other means, to support their partners' wishes. Meanwhile, some 21 per cent state that they are prepared to withdraw funds out of a savings account.
In addition, findings from the firm revealed that men are most likely to make financial sacrifices. More than a third (35 per cent) of males are ready to go without buying new clothes and other luxuries, in comparison to 25 per cent of women. Meanwhile, four per cent of females would consider ending a relationship, if they felt that they were under pressure to stop buying things for themselves in order to provide for their partner.
Karl Elliott, 3GB spokesperson for Engage Mutual, said: "It is encouraging that rather than taking on further debt, people are prepared to work longer hours and cut back on spending in order to treat their partner. Increased financial pressure could put strain on some relationships. However, as this research shows, preparedness amongst couples to support each other financially shows that the population are prepared to go without themselves in order to provide for their loved ones."
The research also unveiled that 41 per cent of people from the north-east of England are willing to forgo clothes and luxuries in order to save more money to help keep their other half content. Those in the midlands are most likely to give up a night out on the town to cut back on spending, as such people account for 28 per cent of those from the region. Consumers living in Yorkshire, however, are the least prepared to do this, with only 12 per cent prepared to stay in to save cash.
Engage Mutual also pointed to research carried out by the Telegraph and uSwitch indicating that disposable income has reached its lowest point in a decade. And with the festive season just a few weeks away those who find that they are struggling to save money to help provide for their loved ones may find that a loan could be an answer to financial problems.
However, should consumers consider getting a loan, they may be advised to be upfront with their significant other. A recent study carried out by Cater Allen Private Bank earlier this week indicated that 30 per cent of consumers are keeping a financial secret from their partner, ranging from having a personal loan to a clandestine savings account. Managing director Richard Dunn reported that such secrecy indicates consumers are unwilling to talk about money, despite the fact that such discussions with loved ones can often act as the first step in people getting back on their fiscal feet.
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Sunday, February 17, 2008
Basement Renovations 'Add Both Space And Value To A Property'
Refurbishing a basement can be an effective way for homeowners to increase the amount of space they have in their homes, an industry expert has reported.
According to Alan Tovey, director of the Basement Information Centre, getting such renovation work done can not only contribute an extra room to people's property but also boost the value of their home. He added that such a move could be particularly useful for those with a small garden who wish to increase the amount of space in their home. By getting an extension above ground level, the director reported that consumers will discover that they will have "virtually no garden" and could well end up decreasing the value of their home.
However, by fitting an underground basement, beneath the garden, it was suggested that homeowners can not only keep their outdoor space but have also more room indoors, with a home loan one possible way of funding such work. He also claimed that renovated basements are often used for a variety of purposes such as a wine cellar, games room or an extra bedroom.
He said: "We get lots of calls on refurbishing old basements and what we term retro-fit basements - putting basements under gardens. So there's quite a bit more activity going on. Refurbishment is [popular because] the cost of moving is much higher; people prefer to stay where they are ... If they've got an existing cellar with limited headroom, they're sitting on something which probably doesn't have a lot of value - and spending some money on it to increase the headroom will increase the value of that space."
In addition, the director stated that retro-fit basements are "virtually" limited to those living in city centres, particularly in London. Meanwhile, findings from the Basement Information Centre reveal that having a basement fitted underneath an existing property, on average, costs 2,000 pounds-2,500 pounds per square metre. As a result, getting a cheap loan could be one way to pay for such work, in addition to meeting other areas of financial expense such as mortgages and household bills.
Mr Tovey added that those looking to convert an existing basement which already has adequate headroom should find the process quite "straightforward", as such homeowners will just have to add waterproofing. However, consumers with rooms which lack space will have to underpin the foundations of their property to help them lower the floor. As a result such work "clearly adds to the cost", he claims, for which applying for a homeowner loan may be one way in which to meet such expenses.
As a result, applying for a loan for the purposes of renovation may see consumers not only presented with a more aesthetically pleasing home but also increase the value of their property. Earlier this month, Ceri Thomas, editor of Gardening Which?, reported that the winter months provide an opportune time for homeowners to consider doing work on their gardens. She claimed such moves could range from redesigning the whole layout of homeowners' outdoor space to bringing in new plants like hardy cyclamen, pansies and violas, with a cheap home loan a possible means of financing such projects.
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According to Alan Tovey, director of the Basement Information Centre, getting such renovation work done can not only contribute an extra room to people's property but also boost the value of their home. He added that such a move could be particularly useful for those with a small garden who wish to increase the amount of space in their home. By getting an extension above ground level, the director reported that consumers will discover that they will have "virtually no garden" and could well end up decreasing the value of their home.
However, by fitting an underground basement, beneath the garden, it was suggested that homeowners can not only keep their outdoor space but have also more room indoors, with a home loan one possible way of funding such work. He also claimed that renovated basements are often used for a variety of purposes such as a wine cellar, games room or an extra bedroom.
He said: "We get lots of calls on refurbishing old basements and what we term retro-fit basements - putting basements under gardens. So there's quite a bit more activity going on. Refurbishment is [popular because] the cost of moving is much higher; people prefer to stay where they are ... If they've got an existing cellar with limited headroom, they're sitting on something which probably doesn't have a lot of value - and spending some money on it to increase the headroom will increase the value of that space."
In addition, the director stated that retro-fit basements are "virtually" limited to those living in city centres, particularly in London. Meanwhile, findings from the Basement Information Centre reveal that having a basement fitted underneath an existing property, on average, costs 2,000 pounds-2,500 pounds per square metre. As a result, getting a cheap loan could be one way to pay for such work, in addition to meeting other areas of financial expense such as mortgages and household bills.
Mr Tovey added that those looking to convert an existing basement which already has adequate headroom should find the process quite "straightforward", as such homeowners will just have to add waterproofing. However, consumers with rooms which lack space will have to underpin the foundations of their property to help them lower the floor. As a result such work "clearly adds to the cost", he claims, for which applying for a homeowner loan may be one way in which to meet such expenses.
As a result, applying for a loan for the purposes of renovation may see consumers not only presented with a more aesthetically pleasing home but also increase the value of their property. Earlier this month, Ceri Thomas, editor of Gardening Which?, reported that the winter months provide an opportune time for homeowners to consider doing work on their gardens. She claimed such moves could range from redesigning the whole layout of homeowners' outdoor space to bringing in new plants like hardy cyclamen, pansies and violas, with a cheap home loan a possible means of financing such projects.
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Will Bankruptcy Lead To You Losing Your Home?
The main thing you need to really understand is it depends all on the type of bankruptcy you are going to try and file. Lets say you have a lot of debt that you can't handle beyond the mortgage. You want to get rid of all of that debt too.
You, at that point you go and file for a Chapter 7 bankruptcy which is also known as the Liquidation bankruptcy. This Chapter 7 Bankruptcy will liquidate all of your assets and then giving all of the money gotten by selling them to your creditors.
So at very best you will just delay the selling of your home with a Chapter 7 Bankruptcy anywhere from 1 month to 4 months. This is not a good option if you are trying to keep your home.
On the other hand lets say you are a 3 to 5 months behind on the mortgage payments and the interest fees, late charges and all the other fees you are getting are to much for you the average Joe to get paid back so the loan is current again and you don't want to lose your home.
Then Chapter 13 Bankruptcy might be a better option for you. You see a Chapter 13 Bankruptcy or also known as the personal reorganization bankruptcy. Is made to be different then the Chapter 7 Bankruptcy. With Chapter 7 Bankruptcy you will be able to settle your debts fairly quickly, like 3 to 4 months.
A Chapter 13 on the other hand will lay out a plan for about 3 to 5 years to give you a fresh start. When you file for a Chapter 13, you need to make sure you are honest and open with all debt that you owe to any creditors. Which all types of lenders include credit cards, loans, student loans, car loans, etc.
They will then set up a monthly payment plan. The thing that some would want to do is try to pay it off as soon as possible, which would work if you can make the payments. The purpose of this is to show that you can be successful in your payments throughout this time.
So it would be in your best interest to get the monthly payments as low as you can get them. Even if it means that you need to get the 5 year payment plan. The last thing that you want to do is be negligent on any of the monthly payments because if you do, you could end up getting your house anyway.
Once you're done all debt that you owe will be gone and it will be time to start your financial life over with a clean slate. So lets go over everything we talked about. If you are behind on your mortgage payments between 3 to 5 months and you don't have the capital to bring the loan current and you feel that bankruptcy is on the way then Chapter 13 might be your best option.
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You, at that point you go and file for a Chapter 7 bankruptcy which is also known as the Liquidation bankruptcy. This Chapter 7 Bankruptcy will liquidate all of your assets and then giving all of the money gotten by selling them to your creditors.
So at very best you will just delay the selling of your home with a Chapter 7 Bankruptcy anywhere from 1 month to 4 months. This is not a good option if you are trying to keep your home.
On the other hand lets say you are a 3 to 5 months behind on the mortgage payments and the interest fees, late charges and all the other fees you are getting are to much for you the average Joe to get paid back so the loan is current again and you don't want to lose your home.
Then Chapter 13 Bankruptcy might be a better option for you. You see a Chapter 13 Bankruptcy or also known as the personal reorganization bankruptcy. Is made to be different then the Chapter 7 Bankruptcy. With Chapter 7 Bankruptcy you will be able to settle your debts fairly quickly, like 3 to 4 months.
A Chapter 13 on the other hand will lay out a plan for about 3 to 5 years to give you a fresh start. When you file for a Chapter 13, you need to make sure you are honest and open with all debt that you owe to any creditors. Which all types of lenders include credit cards, loans, student loans, car loans, etc.
They will then set up a monthly payment plan. The thing that some would want to do is try to pay it off as soon as possible, which would work if you can make the payments. The purpose of this is to show that you can be successful in your payments throughout this time.
So it would be in your best interest to get the monthly payments as low as you can get them. Even if it means that you need to get the 5 year payment plan. The last thing that you want to do is be negligent on any of the monthly payments because if you do, you could end up getting your house anyway.
Once you're done all debt that you owe will be gone and it will be time to start your financial life over with a clean slate. So lets go over everything we talked about. If you are behind on your mortgage payments between 3 to 5 months and you don't have the capital to bring the loan current and you feel that bankruptcy is on the way then Chapter 13 might be your best option.
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Learn About Biweekly Mortgage Payments And There Benefits
People with desires to purchase a home can view several various methods that are ready to use that help them to pay off large loans according to a payment system that fits their specific financial circumstances. There have been several types of mortgages created and implemented throughout the last few years that cater to a variety of customer needs and desires. Every mortgage lender wants to please as many customers as possible and therefore offers and wide variety of mortgage payment plans.
Usually the most normal method of completely a home loan is on a month to month schedule that lasts for a time period of about twenty to thirty years. Every month the home buyer makes a specific payment toward the loan and the gross amount of borrowed money decreases slowly over the years. This payment plan is the most popular way of paying off a loan and usually fits the financial needs of almost any customer.
Many companies that give out loans realize the need for clients to make loan payments on a monthly schedule and help to accommodate any financial concerns or questions throughout the process. In order for home buyers to be accepted on this kind of a payment system they usually have to make somewhat of a large down payment before the loan contract is legalized. Enormous down payments can be the determining factor of whether or not a person will purchase a house.
There exist several other options that consumers can use to help them complete a home loan and eliminate their debt at a much quicker pace. One of the rarest ways of paying off a mortgage is through the payment of cash toward a home. This type of payment hardly ever occurs in todays complex financial world unless the home buyer is extremely rich and financially stable for the future.
If you are a consumer with a some additional salary bonuses, however, and you have great ambitions to quickly pay off their mortgage loan, there is an option that is available that will reward them for making more frequent and quicker payments. This type of an option is classified as a biweekly mortgage payment system and is offered by many new financial institutions in todays business world. A biweekly mortgage payment requires some effort on the part of the customer to learn about, but is pretty simple and plain to completely understand.
The rules of a biweekly mortgage payment are basically that consumers make loan payments on a more frequent schedule, which is every two weeks to be precise. The money that is paid in the middle of the month does not go directly to the lender, however, but to an intermediary business that holds on to your money until the real payment is actually made. When the real mortgage payment is due, then the financial business will release the saved payment to the lender along with the second payment that you make at the end of the month.
This procedure assists in reducing the amount of borrowed money that you have over a quicker time period and looks better on your credit history.
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Usually the most normal method of completely a home loan is on a month to month schedule that lasts for a time period of about twenty to thirty years. Every month the home buyer makes a specific payment toward the loan and the gross amount of borrowed money decreases slowly over the years. This payment plan is the most popular way of paying off a loan and usually fits the financial needs of almost any customer.
Many companies that give out loans realize the need for clients to make loan payments on a monthly schedule and help to accommodate any financial concerns or questions throughout the process. In order for home buyers to be accepted on this kind of a payment system they usually have to make somewhat of a large down payment before the loan contract is legalized. Enormous down payments can be the determining factor of whether or not a person will purchase a house.
There exist several other options that consumers can use to help them complete a home loan and eliminate their debt at a much quicker pace. One of the rarest ways of paying off a mortgage is through the payment of cash toward a home. This type of payment hardly ever occurs in todays complex financial world unless the home buyer is extremely rich and financially stable for the future.
If you are a consumer with a some additional salary bonuses, however, and you have great ambitions to quickly pay off their mortgage loan, there is an option that is available that will reward them for making more frequent and quicker payments. This type of an option is classified as a biweekly mortgage payment system and is offered by many new financial institutions in todays business world. A biweekly mortgage payment requires some effort on the part of the customer to learn about, but is pretty simple and plain to completely understand.
The rules of a biweekly mortgage payment are basically that consumers make loan payments on a more frequent schedule, which is every two weeks to be precise. The money that is paid in the middle of the month does not go directly to the lender, however, but to an intermediary business that holds on to your money until the real payment is actually made. When the real mortgage payment is due, then the financial business will release the saved payment to the lender along with the second payment that you make at the end of the month.
This procedure assists in reducing the amount of borrowed money that you have over a quicker time period and looks better on your credit history.
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This Is How You Can Get A FHA Mortgage
There exist several various kinds money that you can borrow for a house which are readily available to consumers with ambitions of getting a home, but they should first look at what type of mortgage will work the best with their financial situations. Customers must understand what type of salary they are earning and the different options that will allow them to quickly pay off the loan. One kind of loan that was created just recently was what many companies refer to as a reverse mortgage.
This kind of unique home loan is not regarded as a certain sum of lent out money but rather a type of payment method that rewards the buyer rather than the lender. Reverse mortgages were designed only a few years ago and were made to help people who have retired and stopped working, but still have to make monthly mortgage payments. The federal government created the first reverse mortgage and implemented it into action throughout America.
With the establishment of these kinds of loans comes the fact that these specific home loans are somewhat easy to acquire if you meet the age requirement and the benefits are well worth the complex process of going through the federal government. Reverse mortgages, once they are obtained, allow homeowners to receive cash from the amount of equity that builds up from the market value of the house. The federal government converts the built up equity into cash that the buyers can use to pay off the mortgage once they are retired and no longer work.
In addition, an extra type of loan is one that has adjustable rates, which have interest rates that are fixed for the first few years of the loan, but then they change for the remainder of time that it takes for the buyer to pay the rest of the loan off. The interest rates change depending on how the current property market is doing, whether it is very successful or if it is failing. This can be a risk for some people but can save you quite a bit of money if the property market is doing very well.
Customers who do not desire to worry about all the potential risks of the previous type can acquire a mortgage that has fixed interest rates. These types of mortgages have fixed interest rates that are the same at the beginning of the loan period and also at the end. Home buyers do not have to worry about the fluctuations of the housing market and take the risk of losing more money.
Another type of home loan is described as a FHA mortgage, or a Federal Housing Administration mortgage. This particular mortgage comes directly from the federal government and aims to specifically help customers who are first time home buyers or who have very low incomes. FHA mortgages must be applied for through federal agencies, which provide minimum financing fees and very low interest rates for people who want to own a home.
These FHA mortgages are marvelous to get, but you should first qualify for them and you can only have one FHA mortgage at a time.
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This kind of unique home loan is not regarded as a certain sum of lent out money but rather a type of payment method that rewards the buyer rather than the lender. Reverse mortgages were designed only a few years ago and were made to help people who have retired and stopped working, but still have to make monthly mortgage payments. The federal government created the first reverse mortgage and implemented it into action throughout America.
With the establishment of these kinds of loans comes the fact that these specific home loans are somewhat easy to acquire if you meet the age requirement and the benefits are well worth the complex process of going through the federal government. Reverse mortgages, once they are obtained, allow homeowners to receive cash from the amount of equity that builds up from the market value of the house. The federal government converts the built up equity into cash that the buyers can use to pay off the mortgage once they are retired and no longer work.
In addition, an extra type of loan is one that has adjustable rates, which have interest rates that are fixed for the first few years of the loan, but then they change for the remainder of time that it takes for the buyer to pay the rest of the loan off. The interest rates change depending on how the current property market is doing, whether it is very successful or if it is failing. This can be a risk for some people but can save you quite a bit of money if the property market is doing very well.
Customers who do not desire to worry about all the potential risks of the previous type can acquire a mortgage that has fixed interest rates. These types of mortgages have fixed interest rates that are the same at the beginning of the loan period and also at the end. Home buyers do not have to worry about the fluctuations of the housing market and take the risk of losing more money.
Another type of home loan is described as a FHA mortgage, or a Federal Housing Administration mortgage. This particular mortgage comes directly from the federal government and aims to specifically help customers who are first time home buyers or who have very low incomes. FHA mortgages must be applied for through federal agencies, which provide minimum financing fees and very low interest rates for people who want to own a home.
These FHA mortgages are marvelous to get, but you should first qualify for them and you can only have one FHA mortgage at a time.
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How Tighter Credit Conditions Affect Getting A Reverse Mortgage
If you are 62 or older and looking for some help with medical or retirement problems and you are thinking about getting a reverse mortgage but your credit is almost maxed out. You really don't have to worry. A reverse mortgage is different then a regular mortgage in the fact that is not determined by your debt to availability ratio. Because you will not have any payments as long as you live in the home.
The best way to see if a reverse mortgage is right for you is to understand what they are. They are back by the U.S Department of Housing and Urban Development or HUD for short. It is a safer plan for older Americans that own their home or only have a little left on it.
Many seniors use it to help with SSI, pay off bills or improve retirement. For most people their home is there biggest of not only investment they have. They can make it their nest egg.
What is a Reverse Mortgage? A reverse mortgage is a loan backed by the FHA that lets those who own there home and are older to convert their equity in their home to cash. You have been paying on your mortgage all your life and have been building equity. They also offer you no repayment of the loan as long as it is your main home unlike the traditional mortgage that needs monthly payments.
What do I Need to Qualify for a Reverse Mortgage?
To be able to get a reverse mortgage you need to be 62 years old or older, own your home or have a low enough balance on it to pay it off when you get your loan, and it must be the home you live in. You also have to have a counseling session on the loan before you can get it.
What is the Difference Between a Reverse Mortgage and a Regular Equity Line of Credit? When you go for a regular equity line of credit or second mortgage you have to have the income and debt ratio to get the loan, you are then required to start paying monthly payments, 30 days after you use the loan. A reverse mortgage is different in that regardless your debt or income it is available to you if you meet the few guidelines that are listed in the previous question. You also don't have to make any payments as long as you live in that home.
You still have to pay all property taxes and insurances like everyone else. That would be nice to get a loan and all you have to worry about is the utilities.
How much can I get with a reverse mortgage? Right now all you can get is just over $300,000. HUD is trying to pass a bill in congress that will raise that to $600,000. Of course you have to have that much in your home, you can not get more then what your house is worth
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The best way to see if a reverse mortgage is right for you is to understand what they are. They are back by the U.S Department of Housing and Urban Development or HUD for short. It is a safer plan for older Americans that own their home or only have a little left on it.
Many seniors use it to help with SSI, pay off bills or improve retirement. For most people their home is there biggest of not only investment they have. They can make it their nest egg.
What is a Reverse Mortgage? A reverse mortgage is a loan backed by the FHA that lets those who own there home and are older to convert their equity in their home to cash. You have been paying on your mortgage all your life and have been building equity. They also offer you no repayment of the loan as long as it is your main home unlike the traditional mortgage that needs monthly payments.
What do I Need to Qualify for a Reverse Mortgage?
To be able to get a reverse mortgage you need to be 62 years old or older, own your home or have a low enough balance on it to pay it off when you get your loan, and it must be the home you live in. You also have to have a counseling session on the loan before you can get it.
What is the Difference Between a Reverse Mortgage and a Regular Equity Line of Credit? When you go for a regular equity line of credit or second mortgage you have to have the income and debt ratio to get the loan, you are then required to start paying monthly payments, 30 days after you use the loan. A reverse mortgage is different in that regardless your debt or income it is available to you if you meet the few guidelines that are listed in the previous question. You also don't have to make any payments as long as you live in that home.
You still have to pay all property taxes and insurances like everyone else. That would be nice to get a loan and all you have to worry about is the utilities.
How much can I get with a reverse mortgage? Right now all you can get is just over $300,000. HUD is trying to pass a bill in congress that will raise that to $600,000. Of course you have to have that much in your home, you can not get more then what your house is worth
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Does A War Vet Get a VA Mortgage?
The business of giving out borrowed money for houses to different clients has turned into a greatly successful industry and has helped business to become profitable and gain a lot of income throughout the last several years. As time goes on and as more companies are created, mortgages continue to become more complex and different in order to attract the wants and needs of different types of home buyers. No matter what your circumstances are right now, there are home buying options that are available in the form of various payments plans and systems.
Borrowed money for houses comes in many different forms and provide help to the needs of the enormous amount of people who are interested in buying a house. Many people fail to realize, however, all of the different options that are available for them to use and implement into their own financial system. A little bit of research, time, and effort would go a long ways in educating customers about the many different types of mortgages that companies now offer to people.
An example of this kind of lack of education deals with clients who do not have a good credit history or simply a low income salary. Most of these people live in apartments, condos, or other housing institutions that require rent payments or leases and they fail to recognize that there are many opportunities for them to actually buy a home. They often think that their low income salary automatically disqualifies them from the option of purchasing a house through the acquisition of a mortgage loan.
The fact of it all, however, is that people who belong at the lower end of the financial line have just as big of chance of buying a home as do middle and upper class citizens in the United States. There are special loans called FHA mortgages and reverse mortgages that cater to the home buying needs of people who do not earn a lot of money. These unique home mortgages require very small down payments, have minimum level interest rates, and carry hardly any purchasing fees that most other mortgages require.
A second type of a home loan that clients often forget about is called a VA mortgage, and caters to the needs of war veterans who have fought for the United States. There are literally thousands and thousands of American war veterans living in this country today who are struggling financially because of all the necessary employment that they missed out on. They are bitter against the government because they do not realize how to secure financial aid for their crucial circumstances.
These types of home loans are created to assist veterans get a home when they get back to the country with the least amount of financial stress and pressure as possible. Just like FHA loans, VA mortgages require hardly any fees, low down payments, and the lowest interest rates that are available in the home buying market. If you are a United States war veteran than you do qualify for a VA mortgage and should apply for it immediately.
VA loans can help client take control of their finances and also help secure a war veterans monetary affairs.
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Borrowed money for houses comes in many different forms and provide help to the needs of the enormous amount of people who are interested in buying a house. Many people fail to realize, however, all of the different options that are available for them to use and implement into their own financial system. A little bit of research, time, and effort would go a long ways in educating customers about the many different types of mortgages that companies now offer to people.
An example of this kind of lack of education deals with clients who do not have a good credit history or simply a low income salary. Most of these people live in apartments, condos, or other housing institutions that require rent payments or leases and they fail to recognize that there are many opportunities for them to actually buy a home. They often think that their low income salary automatically disqualifies them from the option of purchasing a house through the acquisition of a mortgage loan.
The fact of it all, however, is that people who belong at the lower end of the financial line have just as big of chance of buying a home as do middle and upper class citizens in the United States. There are special loans called FHA mortgages and reverse mortgages that cater to the home buying needs of people who do not earn a lot of money. These unique home mortgages require very small down payments, have minimum level interest rates, and carry hardly any purchasing fees that most other mortgages require.
A second type of a home loan that clients often forget about is called a VA mortgage, and caters to the needs of war veterans who have fought for the United States. There are literally thousands and thousands of American war veterans living in this country today who are struggling financially because of all the necessary employment that they missed out on. They are bitter against the government because they do not realize how to secure financial aid for their crucial circumstances.
These types of home loans are created to assist veterans get a home when they get back to the country with the least amount of financial stress and pressure as possible. Just like FHA loans, VA mortgages require hardly any fees, low down payments, and the lowest interest rates that are available in the home buying market. If you are a United States war veteran than you do qualify for a VA mortgage and should apply for it immediately.
VA loans can help client take control of their finances and also help secure a war veterans monetary affairs.
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It Is Getting Harder To Find Debt Solutions
Current changes in the debt solutions industry equates to borrowers needing help and solutions finding it more difficult to get out of their debt burden. For the past months, as the credit squeeze becomes even tighter, institutions have supposedly firmed up their guidelines to approving Individual Voluntary Agreements.
Even though it is one of the common ways used to get out of debt, the number of IVAs agreed has been gradually and steadily declining even though the statistics say that there are more people getting into financial troubles, and there doesn't seem to be a slow down in site. For many people, the IVA represents the final resort before filing for bankruptcy but the Debt Resolution Forum states that credit card companies and banks are doing all that they can to block IVAs, unless they get both increased payments from borrowers and smaller fees from the debt solutions companies and the IVA providers.
In order to have an IVA granted, at least 75% of the creditors must agree to it, however, since banks have been recouping as little as 10% of their outstanding debt through IVAs, a large number of them have been refusing to accept the agreements. But, the financial institutions are fast to mention that they are not intentionally hurting the IVA process. IVA providers to this day are still charging what they call a specialist fee for what has become a very commoditised product. The cost of the average IVA is approximately $15,000. But we have reason to believe that it should fall to nearer $11,000 due to the lower administration charges now being incurred.
Hover disagrees with the DRF claim that the banking sector has rejected more IVAs claiming that approval rates are remaining steady at about 80%. But, in 180 degree contrast to the opinion stated by the DRF, TIX is under the impression that IVAs would be taken out by more over extended borrowers if there were lower fees. However, the pressure to reduce these fees are forcing debt solutions companies to also reduce their budget in place for advertising, and due to this they have seen a fall in conversion rates..
As a negative result, not only are they seeing their incomes decrease, many debt solution companies are concerned that good and honest advice about debt management is so scarce and hard to find for borrowers, and are pleading with the banks and credit card companies to thing again about their no prisoners attitude to accepting IVAs.
With over a quarter million people reaching out to the debt charity Consumer Credit Counselling Services since the beginning of the year, which is almost 25% greater than the same time frame last year, it is now increasingly obvious that there are several people struggling under the stresses of unmanageable debt. In order to help the people who are truly in need, the banks and the whole insolvency industry must come to a middle ground and find a solution.
78204
Even though it is one of the common ways used to get out of debt, the number of IVAs agreed has been gradually and steadily declining even though the statistics say that there are more people getting into financial troubles, and there doesn't seem to be a slow down in site. For many people, the IVA represents the final resort before filing for bankruptcy but the Debt Resolution Forum states that credit card companies and banks are doing all that they can to block IVAs, unless they get both increased payments from borrowers and smaller fees from the debt solutions companies and the IVA providers.
In order to have an IVA granted, at least 75% of the creditors must agree to it, however, since banks have been recouping as little as 10% of their outstanding debt through IVAs, a large number of them have been refusing to accept the agreements. But, the financial institutions are fast to mention that they are not intentionally hurting the IVA process. IVA providers to this day are still charging what they call a specialist fee for what has become a very commoditised product. The cost of the average IVA is approximately $15,000. But we have reason to believe that it should fall to nearer $11,000 due to the lower administration charges now being incurred.
Hover disagrees with the DRF claim that the banking sector has rejected more IVAs claiming that approval rates are remaining steady at about 80%. But, in 180 degree contrast to the opinion stated by the DRF, TIX is under the impression that IVAs would be taken out by more over extended borrowers if there were lower fees. However, the pressure to reduce these fees are forcing debt solutions companies to also reduce their budget in place for advertising, and due to this they have seen a fall in conversion rates..
As a negative result, not only are they seeing their incomes decrease, many debt solution companies are concerned that good and honest advice about debt management is so scarce and hard to find for borrowers, and are pleading with the banks and credit card companies to thing again about their no prisoners attitude to accepting IVAs.
With over a quarter million people reaching out to the debt charity Consumer Credit Counselling Services since the beginning of the year, which is almost 25% greater than the same time frame last year, it is now increasingly obvious that there are several people struggling under the stresses of unmanageable debt. In order to help the people who are truly in need, the banks and the whole insolvency industry must come to a middle ground and find a solution.
78204
'Preventative Measures Needed' To Avoid Financial Woe
In failing to take adequate security precautions, many homeowners leave themselves open to financial strain, new figures show.
According to a study conducted by LV=, leaving expensive items on display through the windows of their homes could see some 15 million consumers making themselves an easy target for thieves. And with the festive season approaching, the insurance company reported that having costly presents and decorations visible may mean that they are at higher risk of being a victim of crime. Consequently should the worst happen, many could find that their ability to manage their finances as they look to make payments on utility bills and loans - in addition to replacing stolen items - is hampered.
However, money management difficulties through a lax attitude to security could become even more pronounced for those living in the West Midlands. More than three-quarters of people from the region admit to displaying their valuables for all to see. Research from the firm also showed that the typical home has more than 25,000 pounds worth of contents. However, with a tenth of homeowners claiming that it would cost between 6,000 pounds and 12,000 pounds to replace the items visible in their homes from outside, a cheap personal loan could be one way to meet the cost of purchasing such goods.
Overall, televisions are the most likely item to be on display, as some 59 per cent of homes have such a product viewable from the outside of their property - a total value of 5.9 billion pounds. Meanwhile, 44 per cent of consumers have computers and games consoles at an estimated worth of 4.8 million pounds on display.
Commenting on the study, Martin Milliner, spokesperson for LV=, said: "There is a temptation to leave curtains open in December to show off Christmas trees and decorations. However we would urge homeowners to take preventative measures especially in December by closing curtains or blinds to hide their belongings.
"Simple things, such as putting valuables and jewellery boxes out of sight from the street and breaking up boxes so it's not obvious when you have bought new expensive items can make your home less attractive to burglars. Burglaries cost householders millions of pounds each year in damage to property and the cost of replacing lost items, not to mention the significant upset and stress of coming home and finding your house has been ransacked."
He added that burglaries are often carried out by "opportunist criminals who see a quick way of making a fast buck". According to Mr Milliner, thieves are more likely to target homes if they can spot expensive items, such as high-value electrical goods. Consequently, consumers looking to replace such products may find that a low cost personal loan can help them to get back on to their feet.
As a result, those concerned about the security of their property may not only wish to move items such as televisions and computers away from the prying eyes of outsiders, but also to have locks and alarms fitted. Research carried out by Alliance & Leicester Personal Loans earlier this week indicated that the average homeowner is willing to invest a total of 8,500 pounds into making their home safe. One in five state they are prepared to have door and window bars installed, while 68 per cent claim that they are considering buying a high-tech alarm system. Consequently, applying for a personal loan could be one way in which to help meet the expense of having such work done.
78176
According to a study conducted by LV=, leaving expensive items on display through the windows of their homes could see some 15 million consumers making themselves an easy target for thieves. And with the festive season approaching, the insurance company reported that having costly presents and decorations visible may mean that they are at higher risk of being a victim of crime. Consequently should the worst happen, many could find that their ability to manage their finances as they look to make payments on utility bills and loans - in addition to replacing stolen items - is hampered.
However, money management difficulties through a lax attitude to security could become even more pronounced for those living in the West Midlands. More than three-quarters of people from the region admit to displaying their valuables for all to see. Research from the firm also showed that the typical home has more than 25,000 pounds worth of contents. However, with a tenth of homeowners claiming that it would cost between 6,000 pounds and 12,000 pounds to replace the items visible in their homes from outside, a cheap personal loan could be one way to meet the cost of purchasing such goods.
Overall, televisions are the most likely item to be on display, as some 59 per cent of homes have such a product viewable from the outside of their property - a total value of 5.9 billion pounds. Meanwhile, 44 per cent of consumers have computers and games consoles at an estimated worth of 4.8 million pounds on display.
Commenting on the study, Martin Milliner, spokesperson for LV=, said: "There is a temptation to leave curtains open in December to show off Christmas trees and decorations. However we would urge homeowners to take preventative measures especially in December by closing curtains or blinds to hide their belongings.
"Simple things, such as putting valuables and jewellery boxes out of sight from the street and breaking up boxes so it's not obvious when you have bought new expensive items can make your home less attractive to burglars. Burglaries cost householders millions of pounds each year in damage to property and the cost of replacing lost items, not to mention the significant upset and stress of coming home and finding your house has been ransacked."
He added that burglaries are often carried out by "opportunist criminals who see a quick way of making a fast buck". According to Mr Milliner, thieves are more likely to target homes if they can spot expensive items, such as high-value electrical goods. Consequently, consumers looking to replace such products may find that a low cost personal loan can help them to get back on to their feet.
As a result, those concerned about the security of their property may not only wish to move items such as televisions and computers away from the prying eyes of outsiders, but also to have locks and alarms fitted. Research carried out by Alliance & Leicester Personal Loans earlier this week indicated that the average homeowner is willing to invest a total of 8,500 pounds into making their home safe. One in five state they are prepared to have door and window bars installed, while 68 per cent claim that they are considering buying a high-tech alarm system. Consequently, applying for a personal loan could be one way in which to help meet the expense of having such work done.
78176
Homeowners 'Look For Financial Security'
Millions of Britons are looking for financial stability, new research shows.
In a study conducted by Abbey, an estimated 5.1 million, or one in three, homeowners claim that if they had to remortgage their property immediately then they would choose to fix the rate of interest payable for a period of five years or more. According to the findings, some 2.5 million people would opt to keep mortgage payments consistent for five years, while 1.1 million look for a ten-year deal. Meanwhile, some 1.5 million would like to see their rate stay consistent for 15 years. And in making sure interest rates remain at a consistent level, many homeowners could find their monthly payments stay the same, which in turn could help them to meet other areas of financial demand that they might face such as loans, utility bills and credit cards with greater ease.
The study also indicated a fall in popularity for the once well-received two-year fixed-rate deals. Over the summer, more than 40 per cent of respondents stated that they would choose this type of product. However, this level has now dropped to 12 per cent.
Commenting on the figures, Nici Audhlam-Gardiner, head of mortgages for Abbey, said: "For most of us our mortgage is the biggest financial commitment we make so it's understandable that we want to know just how much we're going to have to fork out each month. You never know what's going to happen in the future, but at least if you've committed to a long-term fixed deal, you know where you are going to stand with your repayments. Borrowers need to be sure however that the deal they take out is right for them and that they understand the different types of mortgages available before signing up to anything."
Out of the total 8.8 million Britons stating that they would like to fix their mortgage payments about two-thirds (65 per cent) claim that they want to know exactly what their monthly outgoings are. In doing so, many people could find that they are able to draw up budgets more effectively and pay off loans with greater ease. The study, in which more than one reason could have been selected, also indicated that about half of homeowners believe that the Bank of England will increase interest rates within the next two years. With such moves potentially placing pressure on many consumers' finances, their ability to make repayments on mortgages, secured loans and other demands on their finances could decrease. Meanwhile, three per cent of those surveyed report that in the past they have been "stung" financially by a variable or tracker mortgage deal.
For people worried that a rise in the base rate will place further pressure on their spending, using the equity built up in a property to take out a secured loan could be an advisable way in which to relieve financial anxieties. Speaking earlier this year, Katie Tucker, product specialist for John Charcol, reported that remortgaging could see homeowners save hundreds of pounds on their monthly mortgage payments, especially for those consumers who are coming towards the end of fixed-rate or discounted deals. She added that such a move could also help consumers free up money to make home improvements.
78175
In a study conducted by Abbey, an estimated 5.1 million, or one in three, homeowners claim that if they had to remortgage their property immediately then they would choose to fix the rate of interest payable for a period of five years or more. According to the findings, some 2.5 million people would opt to keep mortgage payments consistent for five years, while 1.1 million look for a ten-year deal. Meanwhile, some 1.5 million would like to see their rate stay consistent for 15 years. And in making sure interest rates remain at a consistent level, many homeowners could find their monthly payments stay the same, which in turn could help them to meet other areas of financial demand that they might face such as loans, utility bills and credit cards with greater ease.
The study also indicated a fall in popularity for the once well-received two-year fixed-rate deals. Over the summer, more than 40 per cent of respondents stated that they would choose this type of product. However, this level has now dropped to 12 per cent.
Commenting on the figures, Nici Audhlam-Gardiner, head of mortgages for Abbey, said: "For most of us our mortgage is the biggest financial commitment we make so it's understandable that we want to know just how much we're going to have to fork out each month. You never know what's going to happen in the future, but at least if you've committed to a long-term fixed deal, you know where you are going to stand with your repayments. Borrowers need to be sure however that the deal they take out is right for them and that they understand the different types of mortgages available before signing up to anything."
Out of the total 8.8 million Britons stating that they would like to fix their mortgage payments about two-thirds (65 per cent) claim that they want to know exactly what their monthly outgoings are. In doing so, many people could find that they are able to draw up budgets more effectively and pay off loans with greater ease. The study, in which more than one reason could have been selected, also indicated that about half of homeowners believe that the Bank of England will increase interest rates within the next two years. With such moves potentially placing pressure on many consumers' finances, their ability to make repayments on mortgages, secured loans and other demands on their finances could decrease. Meanwhile, three per cent of those surveyed report that in the past they have been "stung" financially by a variable or tracker mortgage deal.
For people worried that a rise in the base rate will place further pressure on their spending, using the equity built up in a property to take out a secured loan could be an advisable way in which to relieve financial anxieties. Speaking earlier this year, Katie Tucker, product specialist for John Charcol, reported that remortgaging could see homeowners save hundreds of pounds on their monthly mortgage payments, especially for those consumers who are coming towards the end of fixed-rate or discounted deals. She added that such a move could also help consumers free up money to make home improvements.
78175
Older People 'Under Financial Pressure'
Thousands of older people across Britain could be putting themselves under unnecessary financial pressure, a new set of figures indicates.
In research conducted by the London School of Economics (LSE) for the British Gas/Help the Aged Partnership, pensioners could be losing out on a total of some 50,000 pounds over the course of their lifetime by not claiming all the money they are entitled to receive. According to the company, about half of all the country's older citizens are eligible to claim enough cash to cover their heating costs and be lifted out of 'fuel poverty'. And as a result of getting such help with their finances, people may find that they are in a better position to meet other demands on their spending such as mortgages, credit cards and loan costs. Overall, the LSE suggested that a total of 4.5 billion pounds in unclaimed benefits for older people is lying in government coffers.
Pointing to the typical case of unclaimed benefits, it was suggested that a 65-year-old woman who does not make the most of what she is entitled to is losing out on some 25 pounds per week. Consequently, such a consumer could be receiving more than 30,000 pounds over the remainder of her expected lifetime. In turn, this is a figure that could greatly reduce the constraints on many consumers' finances, whether this is related to making loan repayments or paying off credit cards.
Meanwhile, getting an extra 50 pounds per week would equate to yet more in additional benefits. However, the study also uncovered that about one in three pensioners do not know where to go to seek help with benefits - a statistic that may indicate that many older people may struggle in receiving advice with their personal finances.
Commenting on the LSE findings, Anna Pearson, spokesperson for the British Gas/Help the Aged Partnership, said: "Our recent research revealed that more than one million older people cut back on food to cover their heating costs. With individual pensioners possibly eligible for up to 50,000 pounds, our message to older people is - you've got to claim it to gain it."
As a result, the partnership has called on the government to bring in an automatic benefit payment scheme for older people, as well as putting more money into face-to-face financial advisory programmes.
Similar concerns were echoed earlier this year. According to Helen Wanless, senior press officer at Age Concern, one in three Britons aged 60 and above are unaware that they are able to receive pension credits. She added that many people found the claiming process to be too complicated, although getting such money could well provide help with money management for many people. According to the Commons public accounts committee some 1.6 million of the over-60s could be missing out on about 2.1 billion pounds which is waiting to be claimed. Consequently, Ms Wanless urged that the government must do more in boosting consumers' awareness of such a product. However, even after receiving credits should consumers discover that they still have problems in managing their finances, applying for a cheap loan could be one way in which to provide help with spending.
78153
In research conducted by the London School of Economics (LSE) for the British Gas/Help the Aged Partnership, pensioners could be losing out on a total of some 50,000 pounds over the course of their lifetime by not claiming all the money they are entitled to receive. According to the company, about half of all the country's older citizens are eligible to claim enough cash to cover their heating costs and be lifted out of 'fuel poverty'. And as a result of getting such help with their finances, people may find that they are in a better position to meet other demands on their spending such as mortgages, credit cards and loan costs. Overall, the LSE suggested that a total of 4.5 billion pounds in unclaimed benefits for older people is lying in government coffers.
Pointing to the typical case of unclaimed benefits, it was suggested that a 65-year-old woman who does not make the most of what she is entitled to is losing out on some 25 pounds per week. Consequently, such a consumer could be receiving more than 30,000 pounds over the remainder of her expected lifetime. In turn, this is a figure that could greatly reduce the constraints on many consumers' finances, whether this is related to making loan repayments or paying off credit cards.
Meanwhile, getting an extra 50 pounds per week would equate to yet more in additional benefits. However, the study also uncovered that about one in three pensioners do not know where to go to seek help with benefits - a statistic that may indicate that many older people may struggle in receiving advice with their personal finances.
Commenting on the LSE findings, Anna Pearson, spokesperson for the British Gas/Help the Aged Partnership, said: "Our recent research revealed that more than one million older people cut back on food to cover their heating costs. With individual pensioners possibly eligible for up to 50,000 pounds, our message to older people is - you've got to claim it to gain it."
As a result, the partnership has called on the government to bring in an automatic benefit payment scheme for older people, as well as putting more money into face-to-face financial advisory programmes.
Similar concerns were echoed earlier this year. According to Helen Wanless, senior press officer at Age Concern, one in three Britons aged 60 and above are unaware that they are able to receive pension credits. She added that many people found the claiming process to be too complicated, although getting such money could well provide help with money management for many people. According to the Commons public accounts committee some 1.6 million of the over-60s could be missing out on about 2.1 billion pounds which is waiting to be claimed. Consequently, Ms Wanless urged that the government must do more in boosting consumers' awareness of such a product. However, even after receiving credits should consumers discover that they still have problems in managing their finances, applying for a cheap loan could be one way in which to provide help with spending.
78153
Britons 'Wary' About Financial Future
The country's financial optimism has hit a record low, new research shows.
In the latest consumer confidence survey conducted by GfK NOP, the public's outlook in regards to Britain's general economic wellbeing continued to fall over the course of this month to stand at -10, a decrease of two points from research conducted in October. During the same month in 2006, the overall index was at -7. As a result, the score is now at its lowest point since March 2003.
Across all six of GfK NOP's indices a fall in optimism was noted. In particular, the index judging consumers' views about their personal finances over the last 12 months, which could include opinions ranging from the availability of UK loans and savings accounts to budgeting and credit cards, was found to stand at zero. Consequently, the index had decreased from the two points recorded in October, the same figure also recorded in November 2006. Going forward, people's opinions on how their personal finance situation will fare during the coming year retained a positive score at +9. However, this is a fall of four points from the previous month.
The public's opinion about the country's general economic wellbeing over the past 12 months fell to -32, three points below the same time last year. Meanwhile, the forecast about future prospects also saw a decrease, now standing at -21. In addition, the study also indicated a fall among those believing that now is a prime time to save money as currently the index stands at +35. Although the statistic is still some four points above November 2006 figures, it also represents a decrease of three from last month.
Meanwhile, the index judging whether now is a good time to make a major purchase dropped by two points over the course of November to stand at -7, eight points below figures recorded in the same month last year. In turn, this could impact upon consumers' willingness to apply for a loan to finance buying a car, carrying out home improvements or any other area of large expense. This is the lowest that the index has stood in over a decade, when in December 1995 a score of -9 was recorded.
Rachael Joy, spokesperson for GfK NOP's consumer confidence team, claimed the drop in Britons' financial confidence was in part due to the troubles experienced by the wider economic markets, in which a number of loan lenders have withdrawn their cheap products and increased the rates of interest on the loans that they are still offering. She said: "This month we have experienced a number of factors that have made the consumer wary about both their financial future and the general economic situation of the country. With petrol prices racing past 1 pound a litre, food prices on the increase and the prospect of higher mortgages and loan fees on the horizon resulting from the credit crunch, even the most optimistic seem to view their glass as 'half-empty'."
Consequently, with such drops in economic confidence noted, those Britons who are worried about their capacity to manage their money in the coming months may wish to consider applying for a loan to help supplement spending. Such a borrowing product could be particularly helpful for parents, after recent research from the Children's Mutual indicated that many mums and dads are finding their finances are coming under pressure due to the costs of supporting their grown-up children in going to university and getting on to the property ladder. As a result, a cheap low rate loan could be one way in which to provide aid with money.
78150
In the latest consumer confidence survey conducted by GfK NOP, the public's outlook in regards to Britain's general economic wellbeing continued to fall over the course of this month to stand at -10, a decrease of two points from research conducted in October. During the same month in 2006, the overall index was at -7. As a result, the score is now at its lowest point since March 2003.
Across all six of GfK NOP's indices a fall in optimism was noted. In particular, the index judging consumers' views about their personal finances over the last 12 months, which could include opinions ranging from the availability of UK loans and savings accounts to budgeting and credit cards, was found to stand at zero. Consequently, the index had decreased from the two points recorded in October, the same figure also recorded in November 2006. Going forward, people's opinions on how their personal finance situation will fare during the coming year retained a positive score at +9. However, this is a fall of four points from the previous month.
The public's opinion about the country's general economic wellbeing over the past 12 months fell to -32, three points below the same time last year. Meanwhile, the forecast about future prospects also saw a decrease, now standing at -21. In addition, the study also indicated a fall among those believing that now is a prime time to save money as currently the index stands at +35. Although the statistic is still some four points above November 2006 figures, it also represents a decrease of three from last month.
Meanwhile, the index judging whether now is a good time to make a major purchase dropped by two points over the course of November to stand at -7, eight points below figures recorded in the same month last year. In turn, this could impact upon consumers' willingness to apply for a loan to finance buying a car, carrying out home improvements or any other area of large expense. This is the lowest that the index has stood in over a decade, when in December 1995 a score of -9 was recorded.
Rachael Joy, spokesperson for GfK NOP's consumer confidence team, claimed the drop in Britons' financial confidence was in part due to the troubles experienced by the wider economic markets, in which a number of loan lenders have withdrawn their cheap products and increased the rates of interest on the loans that they are still offering. She said: "This month we have experienced a number of factors that have made the consumer wary about both their financial future and the general economic situation of the country. With petrol prices racing past 1 pound a litre, food prices on the increase and the prospect of higher mortgages and loan fees on the horizon resulting from the credit crunch, even the most optimistic seem to view their glass as 'half-empty'."
Consequently, with such drops in economic confidence noted, those Britons who are worried about their capacity to manage their money in the coming months may wish to consider applying for a loan to help supplement spending. Such a borrowing product could be particularly helpful for parents, after recent research from the Children's Mutual indicated that many mums and dads are finding their finances are coming under pressure due to the costs of supporting their grown-up children in going to university and getting on to the property ladder. As a result, a cheap low rate loan could be one way in which to provide aid with money.
78150
Mortgage Advice In A Real Time Of Need
My husband was a war reporter working in Iraq. Every time he went away I worried and stressed that something would happen but he always assured me that he never took any chances. I was fotunate enough to be able to run my own small business from home which kept me busy during the day and also meant I was there for the children after school.
Even when he was away my husband would deal with all the household finances from his laptop. When we bought our first house and he was reporting from the Falklands, he searched out mortgage advice on line and arranged our mortgage from a distance. He continued with an insurance policy that he had taken out many years ago, so as far as I was concerned everything was covered.
The day I was told of his death I was inconsoleable. The usual neccessities were dealt with and it obviously took some time for myself and the children to come to terms with what had happened. I believed all the finances to be dealt with but had begun to recieve letters from my mortgage lender saying there was a problem with the repayments.
My brother sat me down one day to help me sort it out and we opened the dreaded letters together. The insurance letter, which I thought was a standard payout, turned out to be no such thing. Because of a loophole in the policy and the fact that my husband was in a no-go area at the time, the insurance company decided they would not pay out.
The mortgage lender had got wind of this which meant no life cover and no mortgage cover! I was two months behind with the repayments and they were threatening to repossess my home. Where would I go with my children? How would I get my business back on its feet after neglecting it for the last few months? How would I support my children?
My brother was there to help. Having taken mortgage advice himself recently, he put me in touch with the right people. My main priority right now was keeping a roof over our heads but how was I going to do this with such a drastically reduced income?
My mortgage adviser came out to see me, talking to me like a real person and not a business opportunity. We went through my personal circumstances. Due to the lack of attention I had given my business recently, I had run up debts on top of my mortgage arrears. After shopping around with mortgage lenders, my mortgage adviser was able to secure me a mortgage specifically tailored to the needs of a self employed person. It encompassed a debt consolidation arrangement, business protection and proper insurance cover.
With these concerns now dealt with in such a professional manner, I was now free to concentrate on getting my family and my business back together. As soon as I am ready to do so, my mortgage adviser will be helping me to deal with will writing so that my children do not have to face these difficulties again.
78126
Even when he was away my husband would deal with all the household finances from his laptop. When we bought our first house and he was reporting from the Falklands, he searched out mortgage advice on line and arranged our mortgage from a distance. He continued with an insurance policy that he had taken out many years ago, so as far as I was concerned everything was covered.
The day I was told of his death I was inconsoleable. The usual neccessities were dealt with and it obviously took some time for myself and the children to come to terms with what had happened. I believed all the finances to be dealt with but had begun to recieve letters from my mortgage lender saying there was a problem with the repayments.
My brother sat me down one day to help me sort it out and we opened the dreaded letters together. The insurance letter, which I thought was a standard payout, turned out to be no such thing. Because of a loophole in the policy and the fact that my husband was in a no-go area at the time, the insurance company decided they would not pay out.
The mortgage lender had got wind of this which meant no life cover and no mortgage cover! I was two months behind with the repayments and they were threatening to repossess my home. Where would I go with my children? How would I get my business back on its feet after neglecting it for the last few months? How would I support my children?
My brother was there to help. Having taken mortgage advice himself recently, he put me in touch with the right people. My main priority right now was keeping a roof over our heads but how was I going to do this with such a drastically reduced income?
My mortgage adviser came out to see me, talking to me like a real person and not a business opportunity. We went through my personal circumstances. Due to the lack of attention I had given my business recently, I had run up debts on top of my mortgage arrears. After shopping around with mortgage lenders, my mortgage adviser was able to secure me a mortgage specifically tailored to the needs of a self employed person. It encompassed a debt consolidation arrangement, business protection and proper insurance cover.
With these concerns now dealt with in such a professional manner, I was now free to concentrate on getting my family and my business back together. As soon as I am ready to do so, my mortgage adviser will be helping me to deal with will writing so that my children do not have to face these difficulties again.
78126
Money Problems Are 'More Pronounced Towards Christmas'
More people could be struggling in their ability to handle their finances, new studies have shown.
In research released by Chiltern, the proportion of their income that consumers could afford to pay back to creditors on areas such as store cards and loans during November stood at some 17 per cent, a decrease of one percentage point from figures noted during the previous month. Findings from the firm also showed a slight rise in living costs over the course of November. During the month such expenses accounted for 83 per cent of consumers' income, up from the 82 per cent noted in October. However, with the rate that they are contractually obliged to pay back remaining consistent, money management may become more difficult for a number of Britons.
Commenting on the figures, Joanne Gill, spokesperson for the debt management consultancy, said: "Our research shows that six million people in the UK are struggling with their finances and one million admit to being seriously overstretched - these figures demonstrate that predicament very clearly. Debt is a source of constant stress for many families as they juggle their credit commitments to maintain their minimum payments and spiral further into debt. It is particularly pronounced at this time of year as people feel under pressure to enter into the festive spirit whether or not they can afford to."
According to the firm, a "key indicator" of consumers developing problems with their finances is when at least a quarter of their salary is going towards debt repayments. Another such sign is the use of credit - whether this is through a secured personal loan or plastic card - to pay for essentials such as transport and food. Meanwhile, people are also reported to be developing "debt stress" if they are only able to make the minimum amount of repayments on credit and store cards, as well as having at least four debt commitments.
Consequently, people worried about their capacity to meet various demands on their finances were advised to draw up a list of all the money that they have coming in on a regular basis, such as wages, benefits and maintenance payments. Ms Gill then suggested that people should create an expenditure chart, tracking their payments on mortgages, utility bills, secured loans, food and other spending commitments. After subtracting the total of the former from the latter, should people they find they have a negative balance, Chiltern urged them to seek out help with their finances.
Meanwhile, with the festive period rapidly approaching, those who are already struggling to manage their money may wish to take steps to rein in their spending, with the application for a consolidation loan one possible way in which this could be done. Consequently, many Britons could find that applying for a low-cost loan as a means of consolidating debts could help them get to grips with their expenditure. Such a loan may see borrowers clear off debts owed to a number of creditors quickly and leave them with a single low-rate monthly repayment.
As a result, an application for a debt consolidation loan may especially be advisable for young people as a recent study carried out by iva indicated that about one in four of those between 18 and 24 are struggling to handle their finances. In addition, it was suggested that 1.2 million children currently in school will discover that they will have money management problems in the next five years. Overall, the insolvency publication suggested that 16 per cent of Britons have debts which they feel unable to pay back. As a result, the provision of monetary education in schools was urged to help people manage their spending and to compare loans and other financial products effectively in later life.
78117
In research released by Chiltern, the proportion of their income that consumers could afford to pay back to creditors on areas such as store cards and loans during November stood at some 17 per cent, a decrease of one percentage point from figures noted during the previous month. Findings from the firm also showed a slight rise in living costs over the course of November. During the month such expenses accounted for 83 per cent of consumers' income, up from the 82 per cent noted in October. However, with the rate that they are contractually obliged to pay back remaining consistent, money management may become more difficult for a number of Britons.
Commenting on the figures, Joanne Gill, spokesperson for the debt management consultancy, said: "Our research shows that six million people in the UK are struggling with their finances and one million admit to being seriously overstretched - these figures demonstrate that predicament very clearly. Debt is a source of constant stress for many families as they juggle their credit commitments to maintain their minimum payments and spiral further into debt. It is particularly pronounced at this time of year as people feel under pressure to enter into the festive spirit whether or not they can afford to."
According to the firm, a "key indicator" of consumers developing problems with their finances is when at least a quarter of their salary is going towards debt repayments. Another such sign is the use of credit - whether this is through a secured personal loan or plastic card - to pay for essentials such as transport and food. Meanwhile, people are also reported to be developing "debt stress" if they are only able to make the minimum amount of repayments on credit and store cards, as well as having at least four debt commitments.
Consequently, people worried about their capacity to meet various demands on their finances were advised to draw up a list of all the money that they have coming in on a regular basis, such as wages, benefits and maintenance payments. Ms Gill then suggested that people should create an expenditure chart, tracking their payments on mortgages, utility bills, secured loans, food and other spending commitments. After subtracting the total of the former from the latter, should people they find they have a negative balance, Chiltern urged them to seek out help with their finances.
Meanwhile, with the festive period rapidly approaching, those who are already struggling to manage their money may wish to take steps to rein in their spending, with the application for a consolidation loan one possible way in which this could be done. Consequently, many Britons could find that applying for a low-cost loan as a means of consolidating debts could help them get to grips with their expenditure. Such a loan may see borrowers clear off debts owed to a number of creditors quickly and leave them with a single low-rate monthly repayment.
As a result, an application for a debt consolidation loan may especially be advisable for young people as a recent study carried out by iva indicated that about one in four of those between 18 and 24 are struggling to handle their finances. In addition, it was suggested that 1.2 million children currently in school will discover that they will have money management problems in the next five years. Overall, the insolvency publication suggested that 16 per cent of Britons have debts which they feel unable to pay back. As a result, the provision of monetary education in schools was urged to help people manage their spending and to compare loans and other financial products effectively in later life.
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Christmas Has 'Extraordinary Impact' On Finances
Concerns about the turmoil witnessed in the financial markets is to see many Britons attempt to rein in their spending in the build-up to Christmas, a new set of figures indicates.
In a study carried out by Cornhill Direct, just under a third (30 per cent) of consumers state that they are going to spend less money during this festive season as a result of the recent credit squeeze. Following the event, a number of financial providers have increased the rates of interest attached to their loans and other borrowing products, in addition to withdrawing a number of offers.
Pointing to research conducted during last Christmas, the insurance company revealed that the typical person spent some 2,114 pounds during the yuletide period, a fall of 4.1 per cent from the 2,200 pounds recorded in 2005. Overall, the largest area of spending was on presents, where an average amount of 1,059 pounds was spent relatives, friends, work colleagues and other people, with a low cost loan one possible way of funding such spending. Meanwhile, 445 pounds 21p and 193 pounds 66p was spent on festive food and Christmas parties respectively. Further research from the firm also revealed that just over 34 pounds was splashed out on wrapping paper last year and 92 pounds on new outfits.
Meanwhile, about one in three Britons claim that they go into the red every Christmas, whether this is via overdrafts, loans, credit cards or other means. Furthermore, financial problems appear to be even more pronounced for the ten per cent of these consumers who state that they are still making repayments on debts 12 months after overspending during the festive season. And as a result of events such as the Northern Rock collapse, the global credit crunch and the base rate of interest staying at 5.75 per cent, the firm suggested that spending could be set to fall even further this Christmas.
Commenting on the study, Simon Coughlin, a spokesperson for Cornhill Direct, said: "It seems extraordinary that one day in the calendar can have such an impact on people's finances." However, he warned that unless homeowners take sufficient security precautions with their property and ensure that they amend their insurance policies, many may come under even more monetary pressure. Pointing to official crime statistics, Mr Coughlin stated that levels of domestic burglary rise during the winter months. As a result, he reported the need for people to be "even more security conscious than usual", as the cost replacing items that have been stolen during Christmas could impact on their ability to make home loans and mortgage repayments.
Consequently, both those looking to reduce pressure on their spending in the run-up to Christmas and people replacing stolen items may wish to consider a cheap low rate loan as a means of helping them to get to grips with their money. For the former, using a loan as a means of debt consolidation could leave borrowers with more disposable income, while for the latter a cheap loan may provide an effective means in which to fund purchases. Applying for a loan may also be particularly helpful for those concerned how they will manage finances as the festive season approaches. Earlier in November, research by Nationwide showed that just 14 per cent of people saw this month as an ideal time to make a large purchase, with a loan one way in which to help with spending.
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In a study carried out by Cornhill Direct, just under a third (30 per cent) of consumers state that they are going to spend less money during this festive season as a result of the recent credit squeeze. Following the event, a number of financial providers have increased the rates of interest attached to their loans and other borrowing products, in addition to withdrawing a number of offers.
Pointing to research conducted during last Christmas, the insurance company revealed that the typical person spent some 2,114 pounds during the yuletide period, a fall of 4.1 per cent from the 2,200 pounds recorded in 2005. Overall, the largest area of spending was on presents, where an average amount of 1,059 pounds was spent relatives, friends, work colleagues and other people, with a low cost loan one possible way of funding such spending. Meanwhile, 445 pounds 21p and 193 pounds 66p was spent on festive food and Christmas parties respectively. Further research from the firm also revealed that just over 34 pounds was splashed out on wrapping paper last year and 92 pounds on new outfits.
Meanwhile, about one in three Britons claim that they go into the red every Christmas, whether this is via overdrafts, loans, credit cards or other means. Furthermore, financial problems appear to be even more pronounced for the ten per cent of these consumers who state that they are still making repayments on debts 12 months after overspending during the festive season. And as a result of events such as the Northern Rock collapse, the global credit crunch and the base rate of interest staying at 5.75 per cent, the firm suggested that spending could be set to fall even further this Christmas.
Commenting on the study, Simon Coughlin, a spokesperson for Cornhill Direct, said: "It seems extraordinary that one day in the calendar can have such an impact on people's finances." However, he warned that unless homeowners take sufficient security precautions with their property and ensure that they amend their insurance policies, many may come under even more monetary pressure. Pointing to official crime statistics, Mr Coughlin stated that levels of domestic burglary rise during the winter months. As a result, he reported the need for people to be "even more security conscious than usual", as the cost replacing items that have been stolen during Christmas could impact on their ability to make home loans and mortgage repayments.
Consequently, both those looking to reduce pressure on their spending in the run-up to Christmas and people replacing stolen items may wish to consider a cheap low rate loan as a means of helping them to get to grips with their money. For the former, using a loan as a means of debt consolidation could leave borrowers with more disposable income, while for the latter a cheap loan may provide an effective means in which to fund purchases. Applying for a loan may also be particularly helpful for those concerned how they will manage finances as the festive season approaches. Earlier in November, research by Nationwide showed that just 14 per cent of people saw this month as an ideal time to make a large purchase, with a loan one way in which to help with spending.
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