You may be finding it difficult to make ends meet and feel as if your money is being stretched as far as it will go. However, cash isn’t the only asset you have. For most of us, the most valuable things we have to offer are our unique skills and specialisms, which could mean so much more to other people. There is value to be extracted from a skilled person whose talents are not required in their own life, but could be priceless to someone else. But how do you turn your skills into a money saving method?
This is where some online research can really help. It’s possible to find dedicated websites where you can exchange unwanted items, goods and services online in a barter exchange system, which more closely resembles basic trading without the need for currency. Usually these online listings are all assigned a monetary value for the sake of clarity and ensuring fairness, but no money has to change hands. You’re not limited to trading physical items, and instead these sites are increasingly being used by people swapping services. Read More
Managing your own debts, credit rating and so on can be tricky for some people. If you own a business, it’s probably essential for you to take on some more complex debts, so this is a whole other challenge. Taking it another step further is where even the most organised business owners can come unstuck: handling debts owed to your business by other companies. This area is a minefield and can often feel completely out of your own control. Even if you prepare for the possibility of having debts not repaid on time, it ultimately depends on the other party, even though the consequences might be felt by your own business. To an extent, commercial debt recovery agents can offer a highly valuable service to businesses in exactly this position.
It’s not just banks and loan companies that end up spending much of their time and effort chasing up money that’s owed to them by debtors. Unpaid debts can affect many types of businesses, especially where the customer has had the products or services on credit. Establishing some trust with clients before offering this is crucial, but in many cases there are simply unforeseen circumstances involved. Financial trouble with one company can trigger a chain reaction as a series of debts cannot be paid on time. This can cause no end of problems for businesses who find themselves unable to keep cash flow running properly due to the failings of a customer they trusted to pay on time. Read More
Financing a business through borrowing money is different to taking out loans for personal use, which we will focus more on today, and we’re particularly thinking about people having trouble with a bad credit history. There are a few ways you can build up your credit score again, and different products are available to you from banks although some will be more suitable than others depending on your situation.
There are two different types of loans, secured and unsecured. A secured loan is for a vehicle or home. If you should fail to pay on the loan, the lender will reclaim or repossess the asset. Because they are secured by a physical asset, they are not as difficult to get as unsecured loans.
Loan to Value Ratio
With any car finance or mortgage applications, the lender wants to know that they can get their investment back out of the asset. They will not lend the funds to purchase a car or home until they know the value of the property that will be used as collateral. The closer the borrowed amount is to the actual value, the higher the “loan to value” ratio is. People with excellent credit can typically borrow up to 100% of the value of the asset. Those with less attractive credit can expect to only borrow up to 80% of the asset’s market value. When you are applying for bad credit mortgages, plan on either putting more money down or finding a home that is being sold for less than the market value. Read More
Imagine this worst case scenario for a moment – hopefully it’s not something you have first-hand experience with. The bills are piling up on your doorstep and your creditors are knocking at the door. Unfortunately, you don’t have any money to pay off your debts. Though you seem to be at a dead end, there’s still one stop-gap measure you can use: bankruptcy.
Keep in mind, though, that there are many conditions and responsibilities associated with bankruptcy. It is only an appropriate course of action if you really are desperate to end your cycle of debt. If you’re considering it as an option, you need to be sure of the facts.
In order to be declared bankrupt, either you or your creditor could request for the Courts to make your bankruptcy order. For self-requested bankruptcy, you’ll need to fill out a couple of forms: the petition and the statement of affairs. After completion of the forms, you can pass your bankruptcy petition to your local county court. You’ll also have to pay some fees when you submit your petition. Read More
When you file for bankruptcy protection, you are required to claim all of your unsecured debts. Bankruptcy, however, does not allow the debtor to claim outstanding pay day loans in their filings. Although these loans may be considered small personal loans, they are not viewed as unsecured debts.
What Exactly Is A Pay Day Loan?
Pay day loans, which are often referred to as cash advance loans, are a unique type of lending instrument that has gained popularity in the last 10 years or so. In most cases, the borrower does not have to be approved to receive a loan. The borrower must simply provide proof of income to qualify.
Because these loans must be repaid in less than 30 days, they do not fall under the regular banking regulations that other small personal loans do in the finance industry. In addition, because these loans are backed by a personal check, or your next pay check, they are technically a secured loan. Since these loans are secured by your next pay check, or the fact that you have left a personal check at their business for deposit in the event you do not repay, they will not qualify as unsecured debts in the bankruptcy court. Read More
Bad credit can cause serious problems for you when you need to borrow money. Whether you just need some cash for a short-term problem or are trying to buy a new car, your low credit scores can cause lenders to turn you down time and time again. However, regardless of your credit history, you need to be discerning about who you choose to do business with too. Dealing with a better lender will help you keep your finances under control.
When you’ve never taken bad credit loans before, you might be a little nervous about the process. Here are some of the things to look out for when choosing a lender, and examples of good practice that you should find reassuring if you come across them.
The lender will want to know about your employment history and will collect some personal information about you. The loans are typically deposited directly into your bank account and the payment will be automatically withdrawn from the same account on the agreed-upon date. Make sure all these areas are agreed in writing properly, so there are no issues later. Transparency is a sign of a trustworthy lender, and they will be looking for the same from you.
Before agreeing to take out any loan you should know the interest rate, when the payment is due and what the total cost of borrowing the money will prove to be. Reputable companies offering bad credit loans will clearly advertise their fees. They will not try to slip in extra charges but will be completely honest about all the associated fees. Look for bad credit loan lenders who have marked prices so you know exactly what the cost of borrowing the funds will prove to be. Read More
Do you have debt problems? If so, welcome to the club. Debt has become a part of life for most of us in the UK. It’s nothing new that borrowers, especially those on low incomes with high levels of debt, are falling behind. Rising utility bills, unemployment and unexpected shocks such as divorce were also blamed for causing 7.7 per cent of mortgage borrowers some serious financial difficulties in recent research.
Since the economic downturn of 2008-2009 all over the world, people have naturally been reminded of the potential consequences of letting debt get out of hand. As the global economy has recovered, most countries have been forced to take a look at their spending and prioritise getting their debts organised. Individuals and businesses have also learned to develop their skills at managing money amid the threat of another widespread economic disaster, but are we really able to move on entirely for a life based around debt if we still want to succeed in business and our personal lives? Read More
If you find yourself struggling or unable to make your repayments, a debt management program may be a great option for you. As critical as it may sound, it is simply managing what you owe through a well designed program.
For a nominal fee, there are many financial institutes, banks and organisations that specialise in a debt management program, which can offer you a plan. They will combine all your existing payments into one manageable repayment. This is not a debt consolidation loan, rather your manager works out a plan with your lenders to see how much they will allow you to pay, and how much money you have to pay off.
If your debts are a result of personal financial liabilities as a sole trader, look for specialised debt consolidation agents. Your solicitor and company formation or registration agent should have more information regarding the details of your venture and should therefore be present during the negotiation.
Although a debt management plan is not a loan, in many cases it might require one to consolidate and manage all existing ones. Read More
Starting a new business can be challenging. Entrepreneurs face various challenges while starting or planning to initialize new business. Among the major challenges faced by the entrepreneurs is the inadequacy of funding. Most people are willing to start businesses, they even come up with the business idea, but fail at the implementation point due to lack of financing. Who can help you finance a new business? Is a question many entrepreneurs spend time trying to solve. How well they can answer the question determines the success of their business, if they succeed in setting up one.
The UK government have various forms of assistances for businesses. Grants, to begin with, are offered for specific activities. Such activities include investment and innovation. The amount given for investment may be determined by the location of the business. It may also be defined by the chances the business is likely to create for employment. Grants are aimed at encouraging business setups at specific locations. Innovation grants, the so-called research and development schemes, are aimed at promoting investigations and new ideas generation.
Another form of business assistance availed by the UK government is in the energy and environment schemes. The grant is given to the organizations that use environmentally friendly tools and energy-saving equipment. Read More
Starting a new small business is an excellent move, especially if you have this very great idea for a business venture, and you are tired of the boring and taxing routine that comes with a 9 to 5 office job. But establishing your company can be a struggle as well, especially if you have limited sources of funds or none at all. The money will always be a constant factor, and the lack of it will certainly hamper your dreams of becoming an entrepreneur. But like the adage says, when there’s a will, there’s a way. If you are having problems on financing a new small business project, there are lots of ways to work around it.
The small business sector is responsible for keeping the economy afloat. That fact points out that the small business industry is a steady market and a stable source of livelihood. That means that even after the recent economic slide a country has experienced, a significant number of small to medium size businesses are popping up because there are getting the start up funds.
The best way for financing a new small business start-up is to save up for the initial capital. That means you do not need to give up on your job yet. One huge advantage of staying in your current job and saving up is that you get to cover yourself and your loved ones with insurance policies, a feature not immediately present if you are still a young business owner. Saving up also equates to you living frugally and drop other unnecessary and unessential expenses from your list of financial activities. Read More