Money Minute: Wednesday 8 January

With the current economic climate, many self-employed business owners are getting into debt due to lost work and revenue. A question that’s often asked is whether a person who is self-employed applies for an IVA (Individual Voluntary Arrangement) or a CVA (Company Voluntary Arrangement).

The process of consolidating debt refers to putting together many loans into a single loan and then making only one payment for that loan. Many financial experts and companies advocate debt consolidation to those consumers who have multiple credit cards and almost all cards are maxed out on their limit. If you opt for consolidation you will have to focus on only one loan instead of keeping a track of several loans at the same time. On the plus side this loan would cost much lower than all other loans put together.

When a debtor settles his debt with his creditors for an amount which is less than the actual amount then the process is called settlement. The reduced amount can be negotiated with the creditors. Usually about 40% to 60% of the original amount can be reduced through this process. You can personally approach the credit card company and ask for a lower rate of interest so that you can pay off your loan. Under such conditions the creditors lower the interest rate and increase the tenure of the loan for their customers so that the repayment of debt comes within the means of…

Most consumers who turn to debt relief programs are those who have tried all possible ways to bring down their balance on their own but have failed. With the interest rates increasing every day and increasing amount of financial charges and fees being applied on the account the balance just does not go down. This article aims at explaining the benefits a consumer can get from getting a debt consolidation company to help them in doing it. Using this program can give you several useful tips to handle debt and they also help you to attain a life free of credit cards and debt.

Credit counseling can be of great help for those who have to shoulder a lot of debt. An overwhelming amount of debt can make your financial situation troublesome and this where you can use some advice from a credit counselor. There are various types of debt relief options offered by various credit counseling companies.

Are you feeling like you are drowning under all of the bills that you have like your credit cards, your car loan, house payment and a variety of other things that you simply didn’t think would get you to where you find yourself right now? Most people do have some sort of debts but there are those though that feel that they are so overwhelmed by it that they might have to consider bankruptcy or debt consolidation because there is nothing else they can do. Before doing that, you should try to get your finances back in order…

Debt is a common concern for most Americans. With so many relief methods available it becomes difficult for a debtor to chose the relief program which will be the most effective for them. The following steps will help you compare settlement and consolidation and helps you determine which program will be more beneficial for you.

With rampaging inflation, wage stagnation and the threat of increased mortgage costs, increasing numbers of people may find themselves facing up to unmanageable levels of debt. We look at how long it might take to resolve serious debt problems using a protected trust deed.

Are you in debt and find yourself unable to climb out of the financial money pit that you find yourself in? This is a common affliction among many people throughout the world. The amount of debt some individuals have is so high that they are unable to actively discern how to work through it under their own power.

So you’ve fallen behind on your credit card account, with no sign of help in sight. The lender will attempt to bring you back up to speed, but if you’re in a situation that can’t be resolved in a timely fashion, they will send your account on to a collection agency who will work to collect the money you owe. Before you get that first call demanding repayment, make the decision ahead of time to be proactive about your precarious situation and be prepared to handle the caller with confidence.

Settling your debt with your creditors is a viable option when it comes to getting out of debt. So how do actually settle your debt you may be wondering? There is a skill when negotiating and you should have an outcome in mind before you start negotiating with creditors.

Home equity loans are loans that you can take out using the equity of your house as collateral. You can ask an appraiser to make an estimate on the value of your house and compare the numbers to your mortgage. If there is more value to the house than you owe to the bank for your mortgage, you have the possibility of getting a home equity loan.