Monday, 3 August 2009

10 ways to bridge the pension gap

posted by debts.org at 23:26

New personal accounts regulations will come into force in 2012, but what can you do to make the most of your money between now and then? If, like many people in the UK, you are suffering debt problems, you may want to save money where possible for your retirement. Consider the following ten tips.

1. Employer´s pension scheme

Staying with your employer´s pension scheme until 2012 is probably the best option. If the employer´s scheme is better for you than the personal accounts scheme, they won´t have to offer the latter. If you are seeking debt advice or suffering debt problems, or even considering a debt management plan, make sure you fully understand any pension scheme you are paying in to.

2. Employer contributions scheme

If you are just being offered the chance to join an employer-backed scheme, do so, and you will get the advantage of employer contribution or the next 3 years.


3. Start saving now to avoid debt in later lifeOne major cause of debt problems later in life, is that people don´t start to save early enough to enjoy their retirement. Start saving as soon as you can to avoid debt management plans, IVAs or even bankruptcy in later life. What you manage to save between now and 2012 can be put into your personal account in the first year it opens.

4. Don´t delay with saving for retirement You may have other financial commitments right now, such as saving for a house deposit or buying a car, but start saving as soon as you can towards retirement – it comes round a lot quicker than you expect. The last thing you want at retirement age is to worry about debt or to have to seek debt advice in the UK.

5. Consider ISA allowances

One of the best tax-free ways to save for retirement between now and 2012 is to put money into a cash ISA. You can pay up to £3,000 per year into a cash ISA, and the amount you pay in can be used as a contribution into a personal account in 2012, if the total is less than £10,000.

6. A Stakeholder pension scheme to avoid debtYou can start to save in a stakeholder scheme even if there is no employer contribution, and you could begin building a retirement fund before 2012. Although a stakeholder scheme is a good way of saving, you can´t transfer these funds to a personal account in 2012.

7. Charges on savings can cause debt problemsPersonal accounts will offer a low-cost way of saving for your retirement, but excessive charges on accounts can cause debt problems. If you are currently paying high bank charges, you should look at ways to reduce these charges before 2012. Limits apply on maximum charges for stakeholder pension schemes.

8. Personal accounts not for everyoneIf you are going to retire soon after 2012, and you have no other savings, it may be better for you not to contribute to personal accounts, as your savings will replace state benefits that you are eligible for.

9. Tax-free alternatives to avoid debt problems If you are close to retiring, you could put your savings into tax-free products to run alongside your personal account. Cash ISAs, Premium Bonds or Stocks and Shares ISAs could be a good option for you. It is more important than ever these days to start saving for your retirement as early as you can. Debt problems, debt management plans, (DMPs), Individual voluntary arrangements (IVAs) and other debt solutions are more difficult to pay off when you are older and you should aim to be debt-free as soon as possible.

10. Tax relief on pension contributionsRemember that pension contributions receive tax relief at the marginal rate. This means that if you are paying tax at a high rate now, but will be paying less in 2012, your pension contributions now will be more valuable than they will in 2012, as you will get 40% tax relief, which is an incentive to pay the contributions now.

If you are suffering debt problems or you need debt advice from a specialist, regulated debt solution company, and you live anywhere in the UK including London, Birmingham, Wolverhampton, Nottingham, Stoke-on-Trent, Bradford, Hull, Liverpool, Leeds, Manchester, Leicester, Coventry, Newcastle, Slough, Gloucester, Plymouth, Southampton, Derby, Northampton, Portsmouth, Luton, Preston, Sunderland, Norwich, Bournemouth, Southend, Swindon or Huddersfield, contact debts.org on 0844 277 7999 or fill in the online form.

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Thursday, 30 July 2009

How debt problems can improve your love life

posted by debts.org at 04:04

We have all heard the old adage, “when poverty comes in the door, love flies out of the window”. But how true is that? Shared financial struggles can actually improve your love life, as couples bond more closely in their shared struggle against the universe.

1. Debt problems make you more romantic

If you are suffering debt problems including credit card debts, you may not be able to dine at the finest restaurants with your lover (or your partner come to that), or jet off on exotic holidays, but concentrate on what you CAN do. Enjoy a walk in the park or take a trip to the river and have a picnic. Without all the background noise, you might even be able to hear what your partner has to say, and guess what, you might even like it.

2. Debt problems and nights in

If you can´t afford to go out, and you are arranging a debt management plan or suffering with credit card debts, plan quality time at home. Hire out some funny DVDs, light the candles and have a good laugh (preferably before he takes his trousers off). Laughter is a great therapy and reduces stress levels.

3. Necessity is the mother of all creativity

If you are good with your hands, invent or create some entertaining activities which cost nothing. Alternatively, if a discussion about debt-relief is not the answer, play board games, cook some romantic meals together (fish fingers and chips does not count) or even get down and dirty with some DIY which will bond you closer together (especially if you overdo the superglue).

4. Work out a budget to solve debt problems

Working out your finances may not be the biggest turn-on ever, but think of the satisfaction you will both feel when you can look forward to a debt-free future. Whether you are thinking of arranging a debt management plan in London, Leeds, Manchester, Birmingham, Stockport, Liverpool, Gloucester, Portsmouth, Northampton, Rotherham, Hull or any other UK city, or you simply want good, sound debt advice, look no further than debts.org. Take time to sit down, or stay in bed, and work out your income and outgoings per month before seeking debt advice or debt help.

5. No debt problem drama required

Try to stay calm with your partner even if your debt problems or credit card problems become serious. Stronger relationships can result from weathering the storm together, and coming out unscathed at the other end. If you start to annoy each other when discussing debt relief, debt help or debt advice, walk away and leave it till later. If he continues to ignore you and sits on the sofa reading, set fire to his newspaper – that should get his attention (only joking – don´t try that one at home folks).

6. Calm down and chill out

Once calm has been restored to the home, take your time to relax and enjoy your surroundings without the help of copious amounts of alcohol. Fun as it may seem at the time, the only thing likely to rise after too much booze is your temper, and if you are already suffering debt problems, it won´t help your bank account. Keep calm, keep the conversation light-hearted and enjoy your surroundings.

7. Enjoy different hobbies

If you both find yourselves at home all day long you may get under each other´s feet. Take the time to enjoy a few hours with your friends or family without your partner, and encourage him to do the same. He may have different hobbies to you, so let him go off and play five-a-side while you enjoy a night in, or out if funds allow, with the girls. Not only will you be more pleased to see each other at the end of the day (assuming you are still in a fit enough state to get the key in the door) you will also have more to talk about, apart from debt management plans and debt advice.

8. Face the music and dance

The sooner that you and your partner face the music, and stop burying your heads in the sand, the sooner you will be debt-free. Communicate with one another in a calm way, and work out how you are going to address your debt problems, which company or debt management organisation you are going to contact and when you are going to make the first move. Once you have a plan of action, you will feel like a weight has been lifted from your shoulders, and you will see a light at the end of the tunnel. You can reduce your debts by up to 70% a month by arranging a Debt Management Plan,(DMP), an Independent Voluntary Arrangement (IVA).

9. Sweets for my sweet

Bolster your love life and make your partner feel special by reminding him of his special traits, and wonderful ways which first made you fall for him. If you can´t bring yourself to do this, or you don´t think he has any, just take him a cup of tea in bed every now and again to keep him sweet. Joking aside, a problem shared is a problem halved, and if you face your debt problems responsibly together, it can bring you even closer together as a couple.

10. Romance and credit card debts

Once you have made the solemn promise to each other not to increase the credit card debts or store card debts, stick to it. In other words, if there is something you desperately need such as a new dress, buy it. When his birthday comes around just get him a greetings card instead of a gift. That way you won´t be any worse off! But seriously folks, credit card debts and store card debts can be crippling. Once you have arranged a budget with your partner, you must discipline yourself to stick to it. When times are hard, imagine how much better off you will be, once you pay off your debts.


So if you are looking to improve your love life, or simply want some free advice about debt problems, debt management plans, or credit card debts in London, Nottingham, Manchester, Brighton, Leeds, Dudley, Northampton, Portsmouth, Stockport, Huddersfield, York, Sheffield, Bristol, Birmingham, Leicester, Hull, Southampton, Plymouth, Coventry, Luton, Telford, Bolton, Liverpool, Middlesbrough or any other city in the UK contact debts.org or fill in the online form.

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Ten ways to reduce debt forever

posted by debts.org at 04:00

The number of people now facing serious debt problems in the UK is frightening. Many of those people feel helpless and abandoned, but help is now available. Bankruptcy is by no means the only way out, and if you are suffering debt problems or credit card problems in London, Bristol, Leeds, Manchester, Birmingham, Walsall, Burnley, Nottingham, Leicester, Derby, Southampton, Brighton or any other UK city, you can get free help and advice. Firstly, remember the following:

1. Face up to your debts

You need to work out exactly how much you owe and who to. Check out the Consumer Credit Counselling Service website (www.cccs.co.uk) to help assess your debts. Credit card debts are crippling millions of people in the UK, and you need to prioritise your debts and pay off the ones with highest interest first.

2. Don´t be intimidated by debt collectors

If the debt collectors call you demanding payment, and you feel intimidated by them, contact the Office of Fair Trading who will give you free advice and guidance. You can also receive free advice from debts.org about debt management plans, debt relief, consolidation loans, claiming for payment protection insurance that has been mis-sold, and claiming for unfair bank charges and advice about IVAs.

3. Prioritise your debts to avoid serious debt problems

Make your mortgage and debts secured on your property a priority. If you fail to make these repayments it could end up in court action and/or your house being repossessed. Before you get to this stage, it may be worth speaking to a specialist debt advisory company who can explain how a debt management plan works. A debt management plan could relieve your debt problems by arranging for you to make a lower monthly payment for credit card debts and other unsecured loans.

4. Contact the right people for debt advice

If you are looking for free, confidential debt help and advice, contact The Citizen´s Advice Bureau or the National Debtline who will talk to you about your debt problems and help point you in the right direction. Debt help and debt advice is available free in Nottingham, Leeds, Bradford, Stoke, Wolverhampton, Birmingham, Leeds, Sheffield, Bristol, Bolton, Ipswich, West Bromwich, York, Oxford, Poole, Gloucester, Watford and every other UK town and city.

5. Contact a regulated debt company

If you are looking for free and confidential debt advice or debt help, contact a regulated company who specialises in debt management. Don´t allow yourself to be pressured into taking out a debt management plan, an IVA or a bankruptcy agreement that does not suit your needs and requirements. Debt is a personal problem, and every case is different and should be treated as such.

6. Bankruptcy should not be ruled out

Bankruptcy may be an option for you and there is no longer any stigma attached to it. A bankrupt can discharge debts in one year, but it is not necessarily an easy option. You could lose your home and car if you declare bankruptcy, and it could affect your chances of employment in the future.

7. IVAs and debt management plans

You may be advised to sign up for an individual voluntary arrangement (IVA) or a debt management plan (DMP) which has far less serious consequences than bankruptcy. An IVA is a legally binding agreement in which an insolvency practitioner arranges a five-year repayment plan with creditors. If that does not suit you, a DMP is less formal agreement between yourselves and your creditors which is much more flexible.

8. Consolidation with caution

It is tempting to enter into agreements to consolidate all your loans into one, and just pay a single amount back each month. This could be the perfect solution for you, but only if you stop spending and adding to your credit card debts in the meantime.

9. Look forward to a debt-free future

Look to set up a debt management plan by contacting the Consumer Credit Counselling Service or debts.org, who can organise reduced monthly payments on your behalf to your creditors.

10. Seek debt help and advice not retail therapyDon´t look at shopping as being retail therapy, as your credit card debts and store card debts will spiral out of control.

Credit card debts, house repossessions, store card debts, unfair bank charges and rent arrears are common in every town and city in the UK, including Manchester, Birmingham, Mansfield, Watford, St.Helen´s, Oldham, Derby, Dudley, Southampton, Gloucester, Liverpool, Luton, Swindon, Huddersfield, Bradford, Hull, Peterborough and Cambridge, but debt help and debt advice is now available from debts.org. Call us for free help and advice on 0800 320 0923 or fill in the online form.

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Ten ways to get out of debt

posted by debts.org at 03:16

If you ignore debt problems, and fail to seek debt advice or arrange a debt management plan, your finances can spiral out of control. You could be seeking debt advice in London, Birmingham, Liverpool, Leeds, Sheffield, Bristol, Manchester, Leicester, Coventry, Hull, Bradford, Stoke, Wolverhampton or Nottingham and not know where to turn. Before you seek the help of debts.org, try to face up to your debt problems, and consider the following:

1. If you owe money to more than one creditor, put your debts in order of priority. Any debts that could result in you losing your home, or being cut off by the electricity or gas board, should be addressed first. If your debts only consist of credit card debts, or store cards, try and pay off the one with the highest interest rate first.

2. Draw up a monthly budget, which will give you a clear picture of how much you have left each month to spend on debt repayment. Write down details of everything you spend in a month and see where you can cut back to free up some more money to pay your debts. You may be able to take advantage of a debt management plan, which a specialist debt solution company could arrange for you with your creditors.

3. Consider switching to a cheaper credit card, preferably one that is offering 0% balance transfer for a limited amount of time. If you do this, destroy your old card which will still prove a temptation to you once it is balance free. Credit card debt is one of the most common forms of debt problems in the UK.

4. Write or call the banks or credit card providers to cancel your account with them if you no longer wish to use your cards. Otherwise, when the date of the card expires they will send you another one regardless, tempting you to get into more credit card debt.

5. Always pay above the minimum required payment when possible. The more you pay, the less it will cost you in interest rates. Credit card debts in Plymouth, Southampton, Reading, London, Derby, Dudley, Newcastle, Northampton, Portsmouth, Luton, Preston, Milton Keynes, Sunderland and the rest of the UK are rising.

6. Move your mortgage if you can get a better deal elsewhere. Also look to switch your phone, gas or electric providers to free up more cash for immediate debts. Mobile phone providers are always offering cheaper deals than their counterparts, and as this is such a competitive business, it is worth shopping round for the best tariffs and deals. If you are looking for debt relief or debt solutions in the UK, or you simply want debt advice in Norwich, Walsall, Bournemouth, Southend, Swindon, Huddersfield, Poole, Oxford or any part of the UK, seek the help of a specialist debt management company.

7. If you are suffering debt problems and looking to increase your income, look for a part time job. You can also earn extra money by clearing out your house and selling unwanted goods in the local paper or at a car boot sale. Also look at buying and selling on e-bay. This is an online auction site which is accessed by millions of people.

8. Seek specialist advice about debt management plans, IVAs and even bankruptcy before setting the wheels in motion. Often, debt solution companies will contact your creditors on your behalf, and arrange for you to take out a debt management plan, meaning you will have manageable monthly payments and a debt-free future.

9. Always acknowledge your creditors and never ignore credit card bills and letters asking for money. If you bury your head in the sand, your debts will continue to grow, which could result in court action against you.

10. Seek advice from the National Debtline, the Consumer Credit Counselling Service or debts.org who can help you resolve your debt problems. If you are looking to arrange a debt management plan, an IVA or you would like free debt help and advice in Middlesbrough, Blackpool, Bolton, Ipswich, York, Peterborough, Stockport, Brighton, Rotherham, Cambridge, Blackburn, Colchester, Oldham, St. Helens or any other part of the UK, contact debts.org today on 0800 320 0923 or fill in the online form.

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