Tuesday, 4 August 2009

Top 10 hints for house buyers

posted by debts.org at 23:48

1. Shop around to avoid future

Take your time to look around before arranging a mortgage, and don´t feel as though you are wasting anyone´s time. There are still around 10 potential buyers for every new property on the market and it pays to be cautious and avoid any debt problems later on, when you realise you are paying far too much for your mortgage.

2. The low cost of borrowing

The low cost of borrowing and the devaluation of the pound has been one factor behind the recent improvement in the property market. This has resulted in a lot more foreign investment. Don´t over borrow, even if you think you can afford it at the moment. Buyers can suffer a lot of unnecessary debt problems by biting off more than they can chew so be cautious, however the market is performing.

3. Improvement but not recovery

The housing market may be showing signs of recovery, but complete recovery is some way off. Be cautious when investing in property and always take professional, legal advice before signing on the dotted line. You may suffer debt problems or even need to arrange a debt management plan if you credit card debts or store card debts, so think carefully about your whole financial situation before borrowing more cash.

4. Low sales figures and falling prices

The optimistic viewpoint shared among most estate agents, which is obviously the one they want you to hear, is not shared by everyone. Some consultancies state that low sales figures and falling prices in certain areas of the country paints a more accurate picture of what is happening outside London, so don´t be tempted to borrow more money than you can afford, only to find yourself saddled with debt a few years down the line.

5. Bargains for buyers

Buyers can undoubtedly pick up bargains if they shop around, but getting a mortgage is another matter altogether. Find the best mortgage deal for you before choosing the house you want, avoiding disappointment later. If you are suffering debt problems or would like information about a debt management plan, or have mortgage arrears, you can contact a free debt advisory company in the UK.

6. Can I get a mortgage?

Getting a mortgage is harder now than ever, and you can virtually forget it unless you have between 15 and 20% deposit to put down and a top notch credit rating. If you can find between 20 and 40% deposit, you are in a great position to bag a bargain. Even if you do have a sizeable deposit, don´t overspend, as you will still have to make the repayments and could end up seeking debt advice rather than mortgage advice.

7. Property auctions and house repossessions

If you have some spare cash or perhaps have inherited a sum of money, visit a property auction. Prices at auction for houses is normally about 30% lower than at the estate agents and properties sold at auction are often repossessed houses. Prices are so much lower because banks want a quick sale which could benefit you. But be careful. Don´t snap up what appears to be a bargain but may need thousands spending on it that you don´t have. Irresponsible buying at auction can result in debt, house repossession and even bankruptcy.

8. Economic crisis and property

The economic crisis has hit the property market hard, and new builds have been very badly affected. Investors were the hardest hit who hoped to realise a quick profit on their properties but instead saw a quick loss. Don´t buy off-plan unless you are 100% certain of a quick turn around and a quick profit. Off plan investors have lost millions in the past two years, and are now suffering major debt problems and house repossessions.

9. New homes discount

If you are considering buying a new property, you can get some bargains which have been taken back from investors who could not keep up their mortgage payments. You may be able to find a new build for up to 15% less than the original asking price but, again, don´t be tempted if it is out of your budget. Thousands of debt management plans every year are arranged for people who borrow more than they can afford and end up with credit card debts and store card debts on the top of mortgage debts

10.Shared ownership

Shared ownership schemes are now available from housing associations, which have bought properties from developers, and are offering them to first time buyers. Take your time to look into the terms and conditions of shared ownership before committing yourself, but it might be the perfect way to get your foot on the property ladder.If you are suffering debt problems during the credit crunch, debts.org can help you arrange a debt management plan, an individual voluntary arrangement, bankruptcy or we can help you reclaim unfair bank charges or early mortgage completion fees or mis-sold payment protection insurance in any city in the UK, including Liverpool, Leeds, London, Sheffield, Bristol, Bradford, Hull, Nottingham, Wolverhampton, Sunderland, Eastbourne, St Helens, Crawley, Oldham, Blackburn, Sutton Coldfield, Eastbourne, Northampton, Mansfield, Portsmouth, Reading, Luton, Preston, Milton Keynes, Sunderland, Norwich, Walsall, Swindon, Huddersfield or Stoke on Trent. Call us free on 0844 277 7999 or fill in the online claim form.

Labels: Blackburn, Crawley, Eastbourne, Luton, Mansfield, Northampton, Oldham, Portsmouth, Preston, Reading, St Helens, Sunderland, Sutton Coldfield, Wolverhampton

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Monday, 3 August 2009

Seven ways to deal with mortgage arrears debt

posted by debts.org at 23:59

Debt problems can become serious debt problems within just a few months if you are in arrears with your mortgage. Here are seven ways to reduce the risk of home repossession and give you a debt free future:

1. Pay off arrears quickly

Start to repay your mortgage arrears as quickly as possible as arrears can lead to extra charges, which will increase the amount you owe. If you arrange to pay off mortgage arrears quickly, you will have more money in the long run and you can avoid serious debt problems.

2. Extra mortgage payments to avoid debt problems

If you can make extra mortgage payments, then do so. You can avoid serious debt and serious mortgage debt by paying a bit extra each month to pay off your arrears. Your mortgage lender will probably be in agreement with this, as long as you are making an effort to clear your debts.

3. Include the arrears in the mortgage

You may already have a debt management plan arranged, and you may be facing up to more debt with mortgage arrears. Ask your lender if he can add your mortgage arrears to your total mortgage balance, which will spread the arrears over the period left on your mortgage. This will mean that your monthly payments will increase, but will give you some breathing space. You can get free advice from debt management companies about re-mortgaging, bankruptcy, debt management plans and individual voluntary arrangements.

4. Extend the mortgage to solve debt problems

If you have a repayment mortgage which you have been paying back for a long time, you could ask your lender to extend the term to 25 years again for the remaining amount. This means your monthly payments will reduce but you will be making them for longer, possibly into retirement. Make sure you understand the implications of extending the time of your mortgage before signing anything. This is not an easy way out as the money will still have to be paid back at some stage.

5. Delay mortgage arrears to help solve immediate debt

If you are suffering debt problems, and struggling to pay your mortgage arrears, ask your mortgage lender if you can delay paying arrears for a certain amount of time. Debt problems in the UK are increasing and you should talk to an independent debt advice company if you are struggling to make ends meet.

6. Payment holiday for mortgage debt

If you have an interest only mortgage, you may consider taking a payment holiday if your lender will allow it. This means that if you have an endowment policy which is linked to your mortgage, ask the endowment company if you can stop paying in for a limited period of time.

7. Selling your endowment policy

If your endowment policy has been running for several years, you could use the amount in the policy to pay off your mortgage arrears. You can cash in or sell the policy after taking advice from the mortgage lender and the endowment policy company. Make sure it is worth your while, as, if you cash in your endowment policy early, you could be losing out on a much bigger cash sum when it matures. Thousands of people get into serious debt every year in the UK by cashing in endowment policies early, only to find there are other ways to solve their debt problems.

If you are suffering debt problems and feel there is nowhere to turn, or you want some friendly and professional advice about debt management plans, individual voluntary arrangements or bankruptcy, or if you want to reclaim unfair bank charges in Liverpool, Leeds, Peterborough, Middlesbrough, Lincoln, Grantham, Burnley, Manchester, Poole, Sunderland, Huddersfield, Mansfield, Nottingham, Ipswich, Telford, Milton Keynes, Derby, Northampton, Portsmouth, Luton, Preston, Telford, York, Stockport, Brighton, Hull, Bradford, Wolverhampton, Scunthorpe, Carlisle, Swindon, Stoke or any town or city in the UK,contact debts.org free on 0844 277 7999 or fill in the online claim form.

Labels: Bradford, Brighton, Derby, Hull, Ipswich, Luton, Mansfield, Milton Keynes, Northampton, Nottingham, Portsmouth, Preston, Scunthorpe, Stockport, Telford, Wolverhampton, York

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Top ten house repossession tips

posted by debts.org at 23:56

House repossessions hit a 12-year high in 2008, with over 200,000 home owners more than three months in arrears with their mortgages. If you want to avoid mortgage debt or house repossession, consider the following ten tips:

1. Flexible mortgage terms

Make sure you understand your mortgage terms to avoid debt problems later on. Most mortgages have some flexibility built in, so if you pay any extra in advance, you should be able to pay a reduced mortgage when things are difficult financially, or you may even be able to take a payment break.

2. Check the benefits you can claim

If you are unemployed and suffering debt problems or seeking debt advice in the UK, you should make sure you are getting the benefits you are entitled to. Also check if you have been paying mortgage payment protection insurance which could cover your mortgage payments for up to a year. If you have been mis-sold payment protection insurance you can reclaim the money paid with the help of a debt advice company. Also check with your benefits office to see if you are entitled to any help from the government with your mortgage repayments.

3. Check your budget before contacting your lender

Draw up a budget and note all of your outgoings and income before you contact your mortgage lender. Use an online mortgage calculator or online budget calculator to help you. If you are in need of free debt advice or information about debt management plans or individual voluntary arrangements, you should contact a regulated debt solutions company.

4. Face up to your mortgage debts

Keep in touch with your mortgage lender, and never ignore letters or phone calls. There are several options available to you if you are having problems paying your mortgage, or if you are suffering serious debt problems. The longer you leave it, the less sympathetic your lender will be, so act quickly when your debt problems start or you miss the first mortgage payment.

5. Consider your mortgage options to stay out of debt

Your mortgage lender may be able to offer you low cost alternatives to your current mortgage, such as reduced monthly payments for a set period of time or extending the term of your loan. You may even be able to take a mortgage payment holiday if your lender agrees to it. Address your debt problems as quickly as you can, or serious debt problems could follow. Debt advice is free in the UK with regulated debt help companies.

6. Mortgage arrears fears

If you fall into mortgage arrears, contact your lender immediately. If you have missed a couple of payments and you receive a letter from your lender, respond to it as quickly as possible. By failing to reply, you will be more likely to suffer house repossession. Always try to negotiate with your lender before they start legal action. You have nothing to lose by speaking directly to your lender.

7. House repossession and keys

Don´t hand the keys back to the lender and walk away. You will still not be free of debt. Seek independent advice first from a regulated debt company. Your debt problems could get worse and your name will appear on the mortgage repossessions register if your house is repossessed, which could affect any mortgage application in the future. If you can sell the house, then do so. Remember that if the house is repossessed and sold at auction, if there is any shortfall before the price it reaches and the money you owe, you will still be liable to pay that sum back. The lenders legally have 12 years to get the money back from you.

8. Mortgage court case

If the case against you goes to court and you don´t come to an agreement with the lender, make sure you turn up. The lender is likely to be at court to try and get an order of possession, but if you present an acceptable offer to repay your mortgage arrears, proceedings could be stopped by the judge. If you can´t afford to pay the full amount back, then make a reasonable offer to clear your mortgage arrears, and you may be in luck.

9. Your rights and the bailiffs

Bailiffs have to give you seven days to vacate your premises and can use reasonable force to enter the premises. Remember that the lender may have the legal right to repossess the house, but not the contents, so an agreement must be reached with them as to when you can collect your goods.

10. Beware sell to let schemes

Schemes which offer to buy your house and rent it back to you can leave you with serious debt problems. Always read the small print and make sure you can afford the rent. You could end up being evicted if you default on the rent payments. Smelling desperation, sell to let companies will also be offer you a price which is far less than your house is worth.

If you are falling behind with your mortgage payments or have mortgage arrears or serious debt problems, contact debts.org free on 0844 277 7999 or fill in the online claim form. If you want to reclaim bank charges, claim for mis sold payment protection insurance or PPI, or arrange a Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA) in London, Liverpool, Burnley, Luton, Dudley, Derby, Reading, Plymouth, Southampton, Preston, Milton Keynes, Sunderland, Bournemouth, Southend-on-Sea, Newcastle, Middlesbrough, Oxford, Poole, Blackpool, York, West Bromwich, Peterborough, Stockport, Brighton, Slough, Gloucester, Watford, Rotherham, Cambridge, Exeter, Sheffield, Bristol, Hull, Bradford, Wolverhampton, Coventry, Stoke, Leicester or any other town or city in the UK.

Labels: Blackpool, Bradford, Brighton, Bristol, Cambridge, Exeter, Gloucester, Hull, Peterborough, Rotherham, Sheffield, Slough, Stockport, Watford, West Bromwich, Wolverhampton, York

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Thursday, 30 July 2009

Top ten debt management tips

posted by debts.org at 04:15

Debt management, debt relief, debt solutions and financial planning to help you through the credit crunch are all available in cities throughout the UK, including London, Birmingham, Manchester, Liverpool, Leeds, Sheffield, Nottingham, Reading, Derby Northampton, Plymouth, Southampton and Burnley.

Before contacting a debt management company, to discuss unfair bank charges, setting up a debt management plan, claiming back mis-sold payment protection insurance or mortgage exit fees, look through the following information to help solve your debt problems:

1. It is easy to ignore mounting debt problems and credit card debts by either not opening your mail or throwing your statements in a drawer somewhere and forgetting about them. Take the bull by the horns and work out a proper monthly budget. Deduct all your outgoings and debts from your monthly income. If there is any money to spare increase debt payments on the debts with highest interest or secured loans such as mortgage. Identify the areas where you can cut back to reduce further debt.

2. Even if you debt problems at this stage are minor, cut back now on non-essentials to avoid serious debt problems in the future. Small changes which you may not have considered previously can have a major long-term impact on your finances. If you normally eat out during your lunch break at work for example, take a packed lunch instead. This could save you over £120.00 per month. And if you like a tipple after work with your colleagues, reduce the number of times per month you go out. And leave the credit cards at home.

3. Arrange internet banking so you can review your statements regularly and check what is coming in and what is going out. Check all of your direct debits and standing orders are correct and still need to be paid. If you are still paying out for gym membership you no longer use, and mobile phone contracts no longer valid, then contact the bank immediately to cancel payments.

4. Check your credit rating at least every 6 months to make sure there are no errors on your credit report. This can seriously affect your application for more credit in the future.

5. If you are looking for debt advice for credit card debts in London, Birmingham, Leeds, Newcastle, Sunderland, Nottingham, Reading, Leicester, Coventry, Hull, Wolverhampton, Preston, Peterborough, Stockport or any city in the UK, you can contact a specialist debt counselling company for help and guidance.

6. Always pay off more than the required minimum on your credit card debt. Mounting interest will make it virtually impossible to pay off in a reasonable amount of time otherwise. And cut up the card to make sure you are not tempted to spend more.

7. You can save hundreds of pounds a year by switching mobile phone companies, utility suppliers, banks, landline, broadband and by getting a water meter installed. If you are looking to reorganise your finances or you want debt help or debt advice from a specialist debt help company, contact debts.org for free guidance and help.

8. Once your finances are back in order, possibly with the help of a debt management plan which you can arrange in London, Leeds, Wolverhampton, Dudley, West Bromwich, Slough, Brighton, Gloucester, Exeter, Nottingham, Liverpool, Bolton or any town in the UK, you can start to look forward to a debt-free future.

9. Before cashing in any insurance policies you may have, check if there is a way to reduce your monthly repayments, as you may lose out if you have been paying in to any scheme for a long period of time. Debt management, credit card debts, debt relief and advice about mis-sold payment protection insurance, unfair bank charges and early payment mortgage fees can all be claimed back. Speak to a specialist debt help company who will give you free advice and help.

10. Save as much money as you can afford after you review your budget and clear your debts. If you are experiencing debt problems, credit card debts or if you face repossession or want to claim back unfair bank charges, payment protection insurance which was mis-sold or would like more advice about a debt management plan, in London, Leeds, Liverpool, Manchester, Birmingham, Burnley, Leicester, Hull or any other part of the UK, contact debts.org for free advice on: 0800 320 0923 or fill in the online form.

Labels: Brighton, Dudley, Exeter, Gloucester, Liverpool, Nottingham, Slough, West Bromwich, Wolverhampton

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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.

Labels: Birmingham, Coventry, Hull, Leeds, Leicester, Newcastle, Nottingham, Peterborough, Preston, Reading, Stockport, Sunderland, Wolverhampton

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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.

Labels: Birmingham, Coventry, Hull, Leeds, Leicester, London, national debt line, Newcastle, Nottingham, Preston, Reading, Sunderland, Wolverhampton

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