Originally posted 2012-02-29 07:51:31. Republished by Blog Post Promoter

Repairing your credit the right way can be a gateway to better loans and more accomplishments. Many people feel the negativity that poor credit encompasses when they are turned down for loans and rentals. You can work on repairing your credit successfully by yourself one step at a time. Research is your friend in determining the right approach to repair your credit. The tips below are there to help you make the right decisions and aid you in credit repair.

Set up a plan to eliminate your debt(cant pay credit cards). You should look at how you can budget around your income to make this happen. You should be realistic and not try to solve your debt problems in a hurry. Try to focus on one thing at a time to eliminate your debts.

A store credit card with a small limit may be your best start to credit repair as long as you don’t forget to regularly ask for credit reviews and credit limit increases. Most credit issuers will look over your account on a yearly basis and grant increases then, but if you need to up your credit score fast, call and ask for an increase. While most credit issuers won’t welcome calls on a weekly basis, calls on a monthly basis can speed things up.

An important tip to consider when working to repair your credit, is to be sure that you hang onto all of the good standing status for any accounts that you can. This is important, because if it comes down to it, going further in debt on one account is much better than ruining the record of two accounts.

Don’t fall for the credit repair companies scams, they make lofty promises that they can’t fulfill. It is a fact from the Federal Trade Commission that they have never seen a legitimate credit repair company. You will be better off saving your money and repairing your credit yourself with a little hard work.

If you are trying to repair your credit, you do need to use your cards somewhat. Allowing a card to sit without any new purchases can hurt your score, even with a long-standing account. Making small frequent purchases and then paying them off right away is better than not using the card at all.

Remember that a secured card is better than nothing when it comes to rebuilding your credit(how to get out of credit card debt). A secured card means that you’ve given the company the same amount of money that you will have a credit line for. This gives security to the lender in case of you defaulting and it allows you to start building a positive credit history. Save up your money and apply.

If you have been frustrated and felt discouraged about your bad credit score, take these tips and use them to change that. These tips can help stop the freefall of your credit score and start making your score rise. Keep your focus on improving your score and you’ll be just fine.

Originally posted 2010-02-03 23:33:14. Republished by Blog Post Promoter

There is a constant debate over the use of the twp main types of small business loans and which is more useful. In truth they both have their place, and rather than argue over the attributes of each, businesses are wise to use a combination of both at opportune times during their growth.

Small, or new business owners may not fully understand what the differences are, and some, new to the business financing realm may not even know what equity financing is. The term equity is bandied about in personal loans regarding the value of assets versus outstanding loan amounts placed on it, and equity is acquired much the same way in businesses. However, equity lending is not done on a personal level so understanding how the equity can be used to fund a business is something all newcomers should understand.

The Two Sides of a Coin

Debt Loans:

Debt lending is the side of business financing almost everyone is familiar with. It is a straightforward loan that works much the same for businesses as it does for personal loans. It is a set amount of money "mortgaged" on the business or is other variable assets set to play out over a period of time and charged an interest structure for repayment.

Debt lending has many qualities that make it an attractive form of business financing the first of which is the all important build up of credit for good performance in repayment. The downside of debt financing is that it requires repayment that can take away from a business’ profits, usually requires collateral in the form of business assets, or personal assets to secure the loan, and perhaps the most difficult aspect of debt financing of all: debt lenders are notoriously conservative. It is up to the business owner to prove the value of their company, their ability to repay a loan, and the financial prospects of their company.

Another positive value of a debt loan vs. an equity loan is that the interest paid on a debt loan is tax deductible. Perhaps an even bigger incentive to choose a debt loan is that debt loans offer lenders no control over the way the business is run.

Equity Loans:

Equity loans are far less understood by many business owners. These types of loans can be made by private investors as well as banks, and do not involve payment structures or interest because, hang on to your seats—you don’t have to pay them back! Whoa, before you go dancing off to your local finance institution to plunk down a request for equity financing here’s the catch: Equity financing is an exchange of financing in exchange for a piece of your company. You are selling off part of the value of your company.

This is basically like taking on a partner, although some financing is offered without actual control, you will be paying an equal amount of the profits of your future business profits to your new "partner."

Whether equity financing comes with an active or silent partner many business owners are reluctant to sell off part of their future profits. Another downside is that since there are no "payments" as in debt financing there is nothing to deduct on your businesses tax filings.

Another aspect to take into consideration is that equity financing, often known as venture capital, is usually only offered if a business can prove it has the potential to use that money to create an explosive growth so that its performance escalates, thereby providing a great return on investment for the lender.

Which Type of Financing to Choose

Equity financing can be difficult to obtain in some situations. New businesses usually neither have the equity built up, nor the track record to judge a business’ performance to obtain such a loan. That however, is also the problem for new businesses when applying for a standard debt loan. Chances are, if you have a strong business plan, good concept, and any equity value at all in the form of inventory, building, or equipment you can find private investors that might be easier to obtain than bank debt financing.

Equity finance companies are also more competitive and aggressive. They can take more chances because the potential for payoffs are greater. With debt financing the return on investment is a set figure—no less, no more than the original contract. With equity financing if the business really takes off the financer stands to reap great rewards.

One argument is that debt financing, if at all available, offers business owners the most security, less potential loss over time, and no loss of control over company direction or operation. It would seem that it is the best choice in all situations, and yet businesses big and small who understand both forms of financing well know that there are times when equity financing simply makes more sense.

If you do not have enough profit to repay a debt loan, equity financing makes good sense. It can offer you the means to expand or implement new procedures to maximize your income potential where you can then apply for a more standard type of loan. Startups with a dynamic business plan have the most to gain from equity financing. They very often cannot afford to repay a debt loan, but will in the foreseeable future have massive profits.

Established businesses that find themselves stagnated and in need of a boost of cash to expand may not be in a position to pay monthly payments on a debt loan either. They may also find banks even more reluctant to lend money on the chance they will improve than they are willing to finance a startup. In those cases an equity loan works excellently.

Once a company, regardless of its duration is capable of acquiring and maintaining payments on a debt loan it should seek that type of financing. Even venture capital lenders will shrink away from a company that never grows to the point where it can afford to take on a debt loan. Companies that are ever expanding and always on the edge of fiscal stability will look like risks to either side of the coin so it is important to have lengthy periods of time where the business is operating in a healthy profit margin before attempting to get further loans of either type.

Each individual businessman will have their own ideas of the perfect combination of debt and equity financing. Businesses using both to their maximum benefits are well on their way to a solid future. Instead of thinking about the issue as debt VS. equity financing, business owners should think of it as debt AND equity financing for a secure future.

Corey Pierce is the CEO of BusinessFinance.com that since 1995 has been one of the internet’s largest resources for business owners in search of business loans. BusinessFinance.com has developed a business funding system that matches a businesses owner’s need for capital to the approval requirements of over 4,000 business lenders. Find out more about getting your business loan approved at: => http://www.businessfinance.com

Article Source: ArticleSpan

Originally posted 2010-02-20 03:52:52. Republished by Blog Post Promoter

Though the new credit card rules were put forth in 2009, many of the biggest consumer protections won’t go into effect until February 22nd. So, what are these big consumer protections? Here are some of the highlights:

- A card holder reserves the right to opt out if the terms of his or her account changes. His or her account will be closed based on the old terms and he or she will be given 5 years, if they choose to opt out.

- People under 21 cannot get a credit card unless they have an adult co-signer or they can show proof of enough income. The new laws have also included some extra protection for students, going as far as to specify the amount of yards a credit card company must be away from the campus in order to make any sort of offer.

- Companies will now give card holders at least 21 days to make any monthly payments. This should stop credit card companies from arbitrarily moving up or changing due dates in order to collect late fees. – Card companies are now required to disclose to the card holder the consequences of making a minimum payment every month. Companies will finally tell their card holders how much time it will truly take to pay off, how much interest they are looking at, and more.

- In the event that a card holder has multiple accounts, payments that exceed the minimum payment will be applied to accounts with higher interest balances first.

If you are thinking that these new laws are the answer to your prayers for finding a solution to credit card debt, you may not be thinking about the big picture. It sounds wonderful that they are giving you the option to close your account if the terms of service are changed but, how likely are you to go without a credit card? Credit card debt statistics show that the dependency Americans have on credit cards has only grown—and a change in interest rate just might not be enough to make you break things off with your MasterCard.

If you truly read into these rules, you can see that many of them are going to cut profits for the credit card companies, also. So, if they can’t collect late fees or extend the terms of payment for card holders, will they just take it as a loss? Doubt it. Credit card companies will want to protect their profits. They will find another way to make money—and one avenue they will most likely take is to use harsher tactics to collect debts. The need for a St. Louis Missouri or Fairview Heights Illinois bankruptcy attorney to provide credit card debt help may not be over.

If you need help with your credit card debt help now, these laws are probably a little late. Contact the best bankruptcy attorney in your area to find out if Chapter 7 or Chapter 13 bankruptcy in Missouri and Illinois could be the solution to credit card debt for which you’ve been looking.

Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” You can request a free copy at http://www.castlelaw.net

Article Source: ArticleSpan

Originally posted 2012-02-08 01:58:39. Republished by Blog Post Promoter

For individuals that are searching for instant credit card approval, why hold off until the mail comes? For individuals who are searching for one way to secure credit quicker and in a less difficult approach, instant approval credit cards stands out as the great selection. Just what are these credit cards and just how do you become involved in obtaining them? Actually, it is quite simple to benefit from these types of services. Moreover, virtually all credit card agencies are generally offering this support.

Just What Is The Service?

Instant approval credit cards are basically what they seem like. They are a chance for you to ultimately key in your personal details and then to receive the benefit from having an instant response. You will definitely know within a few minutes, most of the time, in case you qualify for the credit from the start. This enables you to get answers quickly rather than waiting around days or even weeks to get an answer in the mail. This can be a good way for you to secure the credit you’ll need now so as to gain immediately from it.

How Does It Function?

Securing instant credit card approval is easy to do. In other words, you need to simply provide your personal details. Among the most popular strategies to accomplishing this is by using an instant credit card approval on the internet. This enables you to perform all of the work on the internet, scaling down the hassle and the time a lot more so. All you should do at this time is to input your personal details straight into the system. Then, the computerized network will pull up a credit history for you, take advantage of the details offered there, and make up a decision about whether to supply you with credit or otherwise not. You’ll get a response straight away.

How Could I Work With This?

There are various ways that you can use this kind of support. To start with a lot of people which are searching for credit will still be getting credit card applications on their mail. If you receive one of such offers from the mail, it is quite straightforward for you to profit from them. Basically, you will be able to look at these messages, see whether the credit card deal is the right one for you and then use the internet to acknowledge the offer they have presented to you. Usually; these types of credit mailings aren’t assured if you do meet the criteria or otherwise not. They are usually a pre screening technique. Whatever the case, you will need to insure that the actual credit card offer is what you want it to be. Lastly, you will be able to get instant credit card approval online by simply entering your data on the net.

One more typical method to acquire the instant credit card approval which you are right after is to merely go on the web, try to look for credit card offers from several merchants and then to apply for the credit card. There are numerous ideal internet sites developed which can provide you with excellent offers for various credit cards. Drop by and come up with the choice as to which could be the perfect offer to suit your needs. Enter your personal details. They’ll then do a credit check, quickly, and come back with a deal available for you. You possibly can take the offer and acquire your credit within a few minutes.

It Is An Opportunity

Instant credit card approval opportunities are an excellent tool to acquire. Not every credit card businesses can provide for instant approval, but most do. However, the buyer need to realize if they are obtaining the offer that is certainly right for their requirements. And then, they can acquire the credit that will help to boost their lives, enable them to obtain the thing important and it will let you benefit over and again quickly. The instant credit card approval on the internet is a way to get what you look for immediately.

To make a decision if a Student Credit Cards certainly is the correct solution for you, Robert Alan recommends that you simply visit CreditCardAssist.com

Originally posted 2010-02-07 05:29:18. Republished by Blog Post Promoter

It’s not difficult to carry out debt settlement negotiations yourself, but it’s quite often best to have a third party do it for you, and the best credit counseling agencies will often do it for you for a very low price.

There are lots of good, and even excellent debt settlement companies of course, but there are also a great number of bad, to very bad ones, and if you end up with one of those, you’ll not only spend a lot of money, but you might get next to nothing in return.

If you’ve already decided that the debt settlement route is the way to go, then I’d recommend either going with a BBB (Better Business Bureau) affiliated credit counseling agency, or doing it yourself.

The biggest problem that most people face when carrying out the negotiations themselves, is their mindset, and they often don’t understand that what’s good for them, is often not what’s good for the creditor.

Below Are 6 Pointers That Should Help You Negotiate With Creditors.

1) If you believe that you can bully a lender into lowering his interest rate and eliminating legitimate fees then you’re mistaken.

Despite what you might have read or heard, creditors aren’t required to help you, and the best way to deal with them is in with a calm, positive, and straightforward approach.

Do your best to create as positive an impression as you can, because it will bring about the best environment for negotiations.

2) Do your homework before you phone a creditor.

Try to see the negotiation from the creditor’s point of view, and write down all the questions that he’s likely to ask, and then think about all the possible replies. The worst thing that you want to happen during the call is that you become flustered or frustrated, and appear to be groping for answers. Be prepared to counter any unhelpful plan that the creditor suggests, but do so in a helpful and constructive way, and if you can offer any creative ideas that will leave the door open for future discussions, then so much the better.

3) Don’t expect the lender to be particularly sympathetic about your situation.

You got yourself into your present situation, and what you’re wanting to do will cost him money, and maybe a lot of it. Bear in mind that the person that your talking on the phone to has already heard every sob story in the book, and launching into yours will most likely just cause him to roll his eyes, and mentally disconnect. Stick to the facts and offer something tangible, something that makes business sense and will convince the lender that by helping you, he’ll be helping himself.

4) Try to negotiate as near as possible to the end of the lender’s fiscal month.

A fiscal month normally consists of full seven day weeks, and the most commonly used system by most companies is the 4-4-5 calendar. This means that the first two months of a quarter have four weeks and the last month has five weeks.

The reason for wanting to negotiate as near to the end of the month as possible is that most creditors much prefer to resolve outstanding issues before the first day of their fiscal month. It’s something which enables them to keep their bill processing clean throughout their bill consolidation process.

Don’t be in a hurry to play the bankruptcy card.

It might well force the creditor into making concessions, but it will also completely change the atmosphere from one of cooperation, to one of confrontation.

If the lender tells you to go ahead and file for Chapter 7, then you’ve most likely lost all chances of future negotiation with him.

Bankruptcy might of course be your best answer, but it will also destroy your credit rating for around seven years, and you should only consider it as a last resort.

6) Before threatening bankruptcy, it might be a whole lot better to remind the lender that the whole bureaucratic process of debt recovery is both time consuming and expensive, and mention that it most often leads to debt negotiation.

Tell him that you’re more than ready to compromise right now, and ask him to please reconsider. Suggest that perhaps it would be better to reach an arrangement sooner, rather than later.

The author of this article was a film producer, and award winning film sound editor for many years. One of his primary interests is economics, and one of his websites -> http://get-financial-help.org is for people with bad credit that need a loan. The cost of an extended list of lenders is extremely small, and anyone not getting a loan within 60 days gets a full refund.

Article Source: ArticleSpan

Originally posted 2010-03-02 00:29:25. Republished by Blog Post Promoter

Now you’re probably wondering how you’re going to reduce debt by paying the minimum and not the maximum. I can understand that but bear with me and I’ll explain. There are three crucial strategies that make this debt reduction plan work.

First strategy is to find a bit of extra money in your budget somewhere, let’s asssume you’ve found $50 a month. Second thing is to apply the minimum payment rule to your nasty old credit cards (debt cards) and store cards. Third strategy is DO NOT USE YOUR CREDIT CARD AT ALL. Ask yourself, is this about reducing debt or creating debt, yes it’s about reducing debt. Remember if you don’t have the cash then you can’t afford it.

Alright, you’ve got your $50 a month to put towards debt reduction, now we want to show you how to reduce debt, so let’s create an imaginary person and let’s call her Sue. (Wonder why I thought of her?). Sue has three credit card debts, $4000, $3000 and $1000, and a $2000 store card that she’s paying off. So how on earth is $50 a month saved from, in Sues case, careful food shopping going to help her reduce debt?

Simple answer is Sue is going to take that $50, add it to the minimum ($50 is 5% of $1000), payment of her smallest debt, $1000, and pay the new total of $100 every month until the debt is reduced, then gone completly. She’s going to stick with her current minimum payments are on her other cards, she’s not going to pay the reducing minimum that the credit card company calculates each month. Some credit card companies charge a minimum of 3% – the rats – they’re just doing that to trap you longer, don’t fall for it.

OK, so on this debt reducing plan that first $1000 is going to take 10 months to pay, but then it’s gone for good. Sure we haven’t included interest charges, so let’s add another month to the payment time to allow for that, so eleven months. Remember Rome wasn’t built in a day, and your debts won’t be gone in a day either, but you’ll begin to see the plan come together in this next step.

Reduce Debt – Reduce Debt – Reduce Debt

Now Sue’s going to take the $100 she was paying on that $1000 credit card and pay that on the next smallest debt. That would be the $2000 store card, which after 11 months of original minimum payments of $100, now has a balance of around $1000 (I’ve added an extra $100 for the interest just to keep it simple). So card 2 with its new balance of $1000 is now being paid off at the rate of $200 a month, the original minimum which was $100 at the start of the whole process, and the additional $100 from card 1. So this card will be paid off in 5 months.

Let’s move on to ‘debt card’ 3. Now this started with a balance of $3000. Original minimum payment of $150 a month for 16 months (11 to pay the first card and 5 to pay the second) will have reduced the outstanding amount to $1600. So now Sue will take the $150 original minimum she’s been paying for the past 16 months and add the $200 she was paying on card 2, so $350 a month in total. So 4 and a bit months to pay this off, let’s call it five.

So let’s review. 21 months of this debt reduction plan have gone by, a total of $6000 has been paid off. What happens when Sue attacks the next debt of $4000? After making the original minimum payment of $200 for 20 months it’s nearly paid off, let’s add two months of payments to allow for interest. So in 22 months she has reduced debt by $10,000. Brilliant!!

But is this so great, wouldn’t Sues debts be paid off if she had just continued to pay the minimum on her cards anyway? Well no, she wouldn’t be much better off and the reason for that is that the minimum payments of 3-5% that the card companies charge are not for your benefit. Paying down debt like this makes debt reduction an almost impossible task for you. You will remain a payment slave to the ‘debt’ card companies forever! Take the $2000 credit card payment Sue had, if she had continued to follow the ‘debt card’ companies debt reduction technique and paid the minimum on that card she would still be paying the card off 30 years later. Yes you heard right 30 years!! This is not a great debt reduction plan is it? And she’d have paid over $8,000 in interest alone. That’s at 19.8% which is at the low end for this type of credit.

How long do you think those other loans are going to take? Quite simply if you stick with the minimum required to reduce the debts on your cards you’ll still be paying them when you’re collecting your pension. In fact your pension will be paying them. So stop creating debt and start the repairs to your financial health by reducing debt starting today. Good Luck.

Sue Young of income-while-you-sleep.com has coached many people in the skills of ‘How To Reduce Debt’, she knows that increasing income packs a powerful punch in this process. To learn how you can earn 5 separate income streams visit Income While You Sleep, and to find out more about debt free living visit Kill Debt Now.

Article Source: ArticleSpan

Originally posted 2010-03-26 13:15:04. Republished by Blog Post Promoter

Competition is fierce among credit card companies to own a piece of your debt. Advertisements abound from these companies, each jockeying to offer you a better deal on refinancing your credit card debt. Mortgage debt, also, is a target for those in the debt acquiring business. But, when is refinancing your debt good for you and not just a benefit to the lender? Melrose Park bankruptcy lawyers can advise you further on this, but for now, here are some general guidelines:

It’s a good idea to refinance your home:

– If you can refinance your home for the same amount of time left on your original mortgage or a lower interest rate and without overwhelming additional fees, then do it.
– If you have a bank loan and can refinance with another bank loan with all of the above conditions included, then do it.
– If you can refinance your home for substantially less than its market value and come out with substantial cash to apply in other areas, then do it.

It can be a good idea to refinance your credit card debt:

– If you can refinance your credit card balances for a lower interest rate and have all the other terms of the loan are comparable, then do it.
– If you are not in default in your mortgage or in financial trouble and a refinance on your home to pay off high interest credit card debt has tax advantages, a lower interest rate on the mortgage and the loan is for the same of less than the length of time left on the original loan, then do it. A word of warning though, DO NOT refinance your home solely to pay off credit card debt unless there are advantages for the cost of the mortgage as well.
– If you can transfer your credit card debt to another company for less interest and no fees associated with the transfer, then do it.

Don’t make the following mistakes in refinancing:

Don’t let a tenacious creditor talk you into refinancing to satisfy their debt. These folks are trained in the art of intimidation and they’re very good at it. However, their parent company is often reluctant to pursue debt through the court system and they’re left only left with the option to intimidate. This debt can be negotiated better through a credit counselor or by contacting the debtor directly.

Don’t refinance your credit card debit with a loan you have secured with tangible property, such as your home or vehicles. You may be putting these previously unencumbered assets into jeopardy if you have to default on the credit card balances or declare bankruptcy.

And above all, don’t rush into anything. Carefully consider your options, decide if any action is going to be for the good and then, proceed with caution. Melrose Park bankruptcy lawyers can offer you more advice and suggestions than are listed here, so contact one of them for more complete information. Even if bankruptcy seems to be an option on your horizon, contact Melrose Park bankruptcy lawyers before you make any major changes to your present financial situation.

When faced with overwhelming debt and the possibility of bankruptcy, Melrose Park bankruptcy lawyers can offer advice and help get your financial situation back under control.

Article Source: ArticleSpan

How Cash For Homes Services Work

Originally posted 2012-02-28 03:57:26. Republished by Blog Post Promoter

If you are on the search for a new house, but you cannot sell your current home, it’s a general cause for frustration. There are plenty of people who are trying to move and are having difficulty attracting buyers to their home for sale. In consideration of this, you might want to consider using some of the many cash for homes services available.

These services are actually not all that uncommon. You may have seen some of the sell home for cash advertisements on billboards or in local listings. These are ideal for people who just cannot seem to sell their house at all on their own or with the help of an agent.

If you are not familiar with these types of services, you are probably wondering how they work. Generally, you are selling your home to an individual who is very experienced with real estate or is willing to put extra work into making your home more sellable on the market. They will give you the amount that the house is worth in cash.

There is a lot of benefit in the agreement for the individual that is buying the house from you. They buy your property for a lower price and then begin to invest in it. When the house has become more profitable, they can sell it for a higher price than what you were paid. In general, you will be able to finally sell your house while the service is going to gain profits from reselling the house in the future.

Some people claim that this is not fair because the service is going to make more profits off of selling your house than you initially will. Yet, it is important to take some consideration what the general situation is of those who are using these services. Generally those who are using the services have houses that may not be able to be sold to the public. In these situations, the seller will take any amount of money for the house as long as it can be sold.

If your house is in decent condition when you sell it, you will be more likely to get a better price from the service. Many of these services are used for selling houses that are in the worst condition possible. Houses that will need repairs, more work, and additional changes before they will be profitable are usually sold with these methods. Individuals who have homes that are in actual sellable condition will have an improve d chance of making more money off of the sale.

Likewise, it is a good alternative to having to use a real estate agent. Sometimes the work of an agent can only go so far in helping you to sell your home. If you have not had any success while working with them, you may need to consider using other services.

In general, the use of cash for home services is a decent way to sell your home if you have not been able to handle it yourself. If this is the only method that you can use to sell your home, it is more than reasonable. If you are interested, you should contact a local service to help you learn more about how to sell your home and what you can expect to experience during the process.

How You Could Benefit From Debt Management

Originally posted 2010-03-03 02:22:18. Republished by Blog Post Promoter

Falling into debt is a life changing experience that can affect not only the person who owes but also the whole of the family. Many individuals owe money at some point in their lives whether this is through using credit cards, using home shopping catalogues or by taking out a loan. For many repaying never becomes a problem, but for many more debt takes over their life, often through no fault of their own and they spiral deeper and deeper down. Many struggle on in a never ending battle of receiving red letters and threats of being taken to court and juggling bills around in despair that something will come along and allow them to catch up. This very rarely happens unless specific steps are taken towards becoming debt free. One way of breaking free of your debt worries if by looking into the many choices of debt management with the help of a specialist company.

Choices for debt management

There are several options for debt management which you might want to consider. There are pros and cons to weigh up and your situation, for example how much you owe and to whom, will need to be taken into account when choosing the best option for your needs. You might want to consider a debt management plan, a debt consolidation loan or an IVA. When considering any of these options it is essential that you get the correct and help and guidance. A specialist debt management company will be able to offer impartial advice to help you choose the debt management solution that could be more suitable for your personal situation and help you to stick to your chosen plan.

An Individual voluntary arrangement

An IVA can be an alternative to bankruptcy and is far less restrictive. In simple terms the IVA is an arrangement made between those in debt and their creditors. The arrangement involves the debtor repaying a percentage of the debts owed over a specific amount of time, which is usually around 5 years. The IVA is made under an insolvency practitioner and when the IVA has reached its term any debt that remains outstanding is written off.

Debt consolidation loans

A consolidation loan could be a good choice if you are paying a high rate of interest to your creditor/creditors. By choosing a consolidation loan with a much lower rate of interest and spreading the repayments over a longer term you could save money each month, just have one creditor to pay back and be free of debt when the term of the loan has been reached.

A debt management plan

If you cannot get a loan due to bad credit history then you might want to consider the debt management plan. Your debt manager would work out with you how much you have coming into the home and going out. You would then come to an agreement that was affordable for an amount you would be able to pay back each month. The manager would negotiate with your creditors and if accepted you would pay the agreed monthly instalment to the manager and they would pay 100% of this money to your creditors each month.

Oliver Wingrove is a debt management specialist. If you need help with debts and want to know more about entering into a debt management plan or you simply have IVA questions that you would like answers to, contact us. We provide free and impartial debt advice and by taking that step you could become debt free and begin living life without stress and worry of debt.

Article Source: ArticleSpan

Originally posted 2010-03-12 20:19:39. Republished by Blog Post Promoter

Are your credit card bills piling up and threatening to pull you under? Perhaps you should consider Texas bankruptcy as a way to hit the restart button. There are many reasons that can lead to filing for bankruptcy. Some reasons include emergency medical expenses, credit card debt, loss of employment, and divorce. Many of these life events create financial difficulty as well as a tremendous amount of worry and stress. Whatever reason leads you to making the decision to file Texas bankruptcy, you shouldn’t feel ashamed, there are many people in your situation.

We all want to have the best credit possible, but sometimes having good credit can be a difficult task. If you’re carrying a burdening amount of debt that you can’t pay off, the first step to financial recovery may be making an appointment with a qualified lawyer who specializes in Texas bankruptcy. Your local bar association will be happy to provide you with a list of lawyers who have years of experience in Texas bankruptcy. In addition to what the bar association recommends, contact your friends or relatives who have used bankruptcy lawyers in the past.

Your bankruptcy lawyer will determine the type of Texas bankruptcy you should file. There are two types of personal bankruptcy: Chapter 7, which erases most of your debts, and Chapter 13, which creates a debt repayment plan. Your paperwork and financial records will be reviewed by your lawyer and the determination will be made as to which type of bankruptcy is right for your situation.

Filing for personal bankruptcy immediately puts a stop to events such as utility shutoffs, evictions, repossessions and many types of lawsuits. For individuals who have been constantly struggling to stay afloat, this is a relief beyond compare. Filing for bankruptcy will also keep your creditors at bay and a court order will stop wage garnishing and creditor harassment. You will no longer be afraid to answer the telephone or open your mail.

Using the services of a lawyer who is knowledgeable with Texas bankruptcy will assure you the proper legal representation you need. The burden of all that debt will be lifted and you can look forward to a fresh financial start.

Many individuals feel humiliated at the thought of filing for bankruptcy. In this day and age, there is no reason to feel that way. It’s more damaging to ignore your outstanding debts and do nothing to remedy the situation. Filing for bankruptcy will allow you to take control of your finances and your life.

When faced with overwhelming debt and the possibility of filing a Texas bankruptcy, an experienced attorney can help get your financial situation back under control.

Article Source: ArticleSpan

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