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There are always times in everyone’s life when they feel themselves struggling financially, and in the last two years probaby more than ever before.
The main reason for this is that due to the recession many people’s jobs and as a result their income has been affected by a number of factors. Many people in numerous industries such as the manufacturing and finance industries have lost their jobs. When one partner loses his or her job there can be less than half the usual amount of money coming into the home.
Even those lucky enough to have kept their jobs have seen reductions in pay due to taking a cut in working hours or the cut in the number of over time hours. Some people have been only too pleased to take a cut in wages to at least have a job when the recession ends.
This situation is nothing to be ashamed of and many people are in the very same situation and it is not their fault. Others like yourself are hard pressed financially at present.
Acting like an ostrich will do nothing to alleviate your situation. Face up to the situation, grab the bull by the horns and do something about it.
For those who do not own their property the only help available is a debt mangement plan as loans are not available on an unsecured basis at present. Debt management plans can only be considerd as a last measure as they have serious long term effects on your credit profile.
Homeowners are in a strong position and can readily obtain a debt consolidation loan which combines all outstanding debts such as credit cards, hire purchase, and so on and replaces all the bits nd pieces of debts with one low interest debt consolidation loan. A homeowner debt consolidtion loan is in fact a secured loan and therefore has a low interest rate.
Massive monthly savings can be made with these homeowner debt consolidation loans, as the interest rates are low if the debt consolidation loan applicant has clean credit. If the credit rating is poor there still is availability of bad credit loans at higher rates of interest and the maximum loan is about 25,000 compared to much more than this for clean credit debt consolidation loan applicants.
Even these loans usually have a better rate of interest than many credit cards and therefore are well worth considering even for homeowners with far from perfect credit ratings.
The savings for homeowners can run into hundreds of pounds or more a month when you compare 8% or even 10% rates of interest to your high interest credit cards which can have rates in excess of 40%. These low rates only apply to status debt consolidation loan applicants.
If you are thinking of taking out a debt consolidation loan you are best to contact a homeowner loan broker who can give you a quote and guide you every step of the way.
Looking to find the best deal on debt consolidation loans, then visit www.championfinance.com to find the best advice on debt consolidation loan for you.
Tags: Finance, Finances, homeowner loans, loan, loans, Mortgage, mortgages, remortgage, remortgages
Posted in Finances · November 15th, 2009 · Comments (0)
Due to the current recession many individuals think that bad credit loans no longer exist.
This lack of complete understanding of the situation regarding bad credit loans does make sense as after all it was to some extent due to the lax lending and slack underwriting criteria connected with bad credit loans includiing the advancing of bad credit self certification secured loans, mortgages nd remortgages which helped precipitate the current economic climate.
It is certainly a fact that bad credit loans now as in the past are not available to those who do not own their property, but simply rent it from a local council or housing association or a private individual. Even tenants with a good to an excellent credit rating find it difficult to obtain loans of any kind at the best of times, and since the recession the situation has become more and more dire.
However for homeowners the situation is different. Until 2007 it was fairly easy for a homeowner to obtain a bad credit secured loan up to a maximum 75% LTV, even with extremely poor credit. Some homeowners who were on the verge of having their property repossessed were saved at the last moment by receiving a bad credit loan.
Even although these secured bad credit loans are not so readily available now as they were two years or so ago they are still in the market in a more restricted fashion.
Bad credit secured loans are available at between 60% to 70% LTV for homeowners with minor credit problems.
For homeowners with C.C.J’s , defaults and mortgage arrears there are still two bad credit secured loan lenders who will consider looking at advancing a bad credit loan to homeowners with extremely bad credit files, and they accept unlimited adverse points.
The maximum LTV for these bad credit loans is 50% and the maximum loan is also restricted to a maximum loan amount of around 23,000.
Nevertheless these bad credit loans can help homeowners who are really struggling and have fallen into bad debt often at present through no fault of their own. Therefore the bottom line is that there are bad credit loans out there but are not so readily available now.
Looking to find the best deal on bad credit loans then visit www.championfinance.com to find the best advice on bad credit loans for you.
Tags: bad credit loan, bad credit loans, homeowner loans, property, property prices, Real Estate, remortgages, secured loans
Posted in Real Estate · November 14th, 2009 · Comments (0)