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Have the resolve to be a Winner in 2009
Most people make resolutions out of habit or tradition, but nearly a third genuinely hope to change their behaviour. Sadly, however, over half falter in less than three months. With many resolutions for 2009 targeted at sorting out financial problems this is worrying.
A survey by Gocompare. com indicates that, of the 43 per cent of people now making New Year resolutions, most have pledged to sort out their finances and pay off their debts, including credit cards and personal loans.
Nearly half plan to reduce loan and credit-card costs; 42 per cent want to save money on outgoings; 41 per cent intend to invest in the stock market; 15 per cent plan to save more in a deposit account; and 10 per cent to invest in a pension.
It’s not surprising that sorting out financial problems is the top priority for many people, given the economic climate, but a very special effort will be needed this year to avoid being amongst the majority who fail to achieve their goals. The good news is that it is do-able so go for it and have A Very Happy New Year!
December 31, 2008 at 10:55 am | personal loan | No comment
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The top ten credit myths – and the truth behind them
1. Previous occupants of my address affect my credit rating – Nope, as long as you didn’t share a financial connection
2. Credit reference agencies help make lending decisions – Nope (and yep), they only hold your credit report but this info is used by lenders to help them make the decision
3. Past debts don’t count (some people do believe this) – Nope, they do, and some stay on your record for at least six years. Even a missed payment stays on for at least 3 years.
4. If you’ve never borrowed, you’ll get the best deals – Nope, lenders prefer to see that you can manage debt and make regular, full repayment of all your personal loans.
5. I could be on a credit blacklist – Nope, they don’t exist. Credit reports do not take account of race, religion, gender or where you live. But they obviously do indicate your creditworthiness but each case is individual and there is no blacklist.
6. Friends and family living at my home affect my credit rating – Nope, unless you share a financial connection with them
7. Repaying your credit cards in full depresses your credit score – Nope, quite the opposite. Late and missed payments do the damage.
8. It doesn’t matter how many credit accounts you have – Nope, it does. If it looks as if you’re trying to borrow a lot in a short period of time, lenders may think you’re desperate for money or even suspect fraud.
9. You only have one credit score – Nope , each lender uses a different system for judging your creditworthiness.
10. Items in your credit history stay on file forever – Nope, most information about your credit history is held for between three and six years.
December 30, 2008 at 3:08 pm | Loans General Info | No comment
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Pay-day loans – damned if you do, damned if you don’t
A pay-day loan does what it says; it lends you money till your next pay-day. A godsend you might think if you are in dire need. But interest charges can be crazy – an annual rate of up to 2000% is possible.
Of course these are short term loans so the annual rate does not really apply, unless of course you end up borrowing every month. According to the British Cheque Cashers Association, a typical pay-day loan is £88 for 28 days with a £12 charge. So you pay back £100 – an interest payment of 12%. That doesn’t sound unreasonable until you discover that it would amount to around 430% APR.
But there is another way of looking at pay-day loans. If you are running up an overdraft which would cost you £30 at the end of the month, paying £12 to borrow enough to avoid it seems like a good idea. The key to it all though is never to miss paying back the pay-day loan on time. Some can charge you a very high flat fee (up to 60% of your loan). Also, don’t get so reliant on these loans that you are taking one out every month. If you have got into this situation you would probably be better off with a personal loan or consolidation loan.
December 28, 2008 at 10:48 am | Bad Credit Loans, Debt Consolidation, personal loan | No comment
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Don’t resolve your debt problems with a high interest loan
Bringing together all your debts into a single consolidation loan can be the answer to affording your regular monthly repayments which over time have become unmanageable. But you need to take some care when choosing your consolidation loan provider.
In a difficult financial climate there is a growing number of organisations appearing in the media to offer solutions. Often the ones spending the most on advertising are the ones charging the highest interest rates. Although you do need to be sure you find a reputable provider, it is worth investing time into shopping around to find lesser-known lenders who may offer better rates. Smaller companies will have to work harder to find customers which is why they may have to set lower interest rates.
So remember, although you may have found yourself in financial difficulties, you are still a valuable customer.
December 27, 2008 at 12:48 pm | Debt Consolidation, personal loan | No comment
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Don’t care about saving, might start next year
According to research from Alliance and Leicester almost 14 million of us failed to save anything in 2008 and one in seven say they aren’t concerned about it.
Perhaps more surprisingly 31 million Britons (around 64% of respondents) did manage to put at least some money away during this very difficult year and one in five of these people said they had been shaken by the financial situation.
Ten percent of Britons plan to start saving for the first time in the new year to build some reserves against the future and cutting down on spending is the third most popular new year’s resolution – behind exercising and dieting.
Chances are that most incomes will go towards meeting existing commitments such as mortgage repayments, utility bills, personal loan payments and so on, leaving little to save.
December 25, 2008 at 10:30 pm | personal loan | No comment
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No interest?
According to Jonathon Loynes, chief European economist at Capital Economics, the Bank of England’s monetary policy committee could reduce the interest rate to 0% in the near future. He claims there are no insurmountable technical obstacles to this.
The government has set 2% as the target inflation rate and it reached 4.1% last month so there is some incentive to keep dropping the interest rate.
Sadly the continued drops in the interest rate have not been reflected in the rate for personal loans which has tended to rise as loans become scarcer.
December 24, 2008 at 4:50 pm | personal loan | No comment
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It’s the bank statement, shall I open it or will you?
I don’t want to worry you but, as a nation, we owe £1,500,000,000,000. If you want to speak it, its one and a half trillion pounds – try it, it’s very scary.
What’s worse, it doesn’t look as though we can pay it back based on growing repossessions and missed mortgage payments. The average household in the UK with personal, unsecured debt, such as personal loans or credit cards, owes £22,190. If you include mortgages, the average household debt is £59,715.
Just focusing on Gordon Brown’s bail outs, which amount to some £500,000,000,000, reveals that we are paying about £8,000 each to rescue the banking system. You can’t help asking yourself, ‘Would they have done that for me?’
£20,000,000,000 of the bail-out money has gone directly to the Royal Bank of Scotland – which made a net profit of £7.5 billion in 2007. Mmmm. You know that advice about not getting yourself into debt beyond your means to repay and also the sound principle of putting money away in the good times against possible adversity?…
If all this depresses you, look at it another way. That personal loan you took out to buy yourself a nice new car is only a pittance compared to the debt mess Gordon Brown is in, and he’s an experienced chancellor of the exchequer and a very, very prudent man. What chance have you got if he can’t manage his finances?
December 23, 2008 at 11:16 am | personal loan | No comment
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On the Street where you (probably) don’t live
The Times Online has published the 10 most expensive streets in England and Wales. Whilst most of us might be struggling to get a mortgage, worrying about negative equity or our creditworthiness for a personal loan, it’s unlikely that residents in these streets will have such worries:-
NORTH: Runnymede Road, Newcastle Upon Tyne. Average price: £1,135,625 (Alan Shearer and Kieron Dyer have lived here)
YORKSHIRE & THE HUMBER: Kent Road, Harrogate. Average Price: £1,173,373 (Attracts wealthy families as well as premiership footballers. Buyers will wait years for the right house on this road to come up for sale)
NORTH WEST: Congleton Road, Alderley Edge. Average price: £1,684,166 ( Home to Cristiano Ronaldo and Peter Crouch, it is the haunt of many premiership football players, pop stars and Coronation Street actors)
EAST MIDLANDS: Beeston Fields Drive, Nottingham. Average price: £972,214 (Owners tend to be entrepreneurs, sport agents and CEOs. Jane Torvill, the ice skater, bought a house here after winning her Olympic gold medal).
WEST MIDLANDS: Wellington Road, Birmingham. Average price: £945,500
EAST ANGLIA: Brooklands Avenue, Cambridge. Average price: £940,714
SOUTH WEST: Panorama Road, Poole. Average price: £4,158,333 (This is a road of two halves – on one side lie mansions with a harbour view, whilst the other side has smaller houses and apartments with no view. Harry Redknapp, manager of Tottenham Hotspur football club, has lived here.)
SOUTH EAST: East Road, Weybridge. Average price: £2,805,000 (John Lennon, Cliff Richard and Tom Jones have all lived here, and it has its own tennis and golf club.)
GREATER LONDON: The Vale, Kensington and Chelsea. Average price: £4,677,500
WALES: Llantrithyd Road, Vale of Glamorgan. Average price: £752,083
December 21, 2008 at 8:28 pm | Home Equity Loan, personal loan | No comment
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In tough times, who you gonna call?
There is no doubt that it is not so easy to get a loan these days. Even a few months ago lenders were falling over themselves to offer you quite amazing amounts at relatively low interest. Now the rates are significantly higher and many loan companies are simply trying to avoid lending.
This is the time to look for help if you need a loan. Let someone who understands the market search out the best deal for you. You may be surprised at the terms that can still be achieved. One of the easiest ways to do this is to use the services of personalloansmadeeasy.co.uk. All you do is fill out a simple online form and they will do all the work for you – and it’s FREE!
If you’re looking for a home loan, car loan, holiday loan, commercial loan, secured loan or a consolidation loan, they are truly useful (if you want to chat you can call them on 08844 560 7703)
They will find you a professional loans company that can help you get the loan you need for any purpose, even if the high street banks have turned you down. And if you’ve had credit problems in the past, or have no proof of income they can still help.
In tough times like these it makes a lot of sense to get experts on your side and working for you. Give them a try – there’s no commitment and no charge.
December 20, 2008 at 11:30 pm | personal loan | No comment
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Financial advice from those nearest to God?
As net borrowing soared to £16 billion in November and the Government hurls more and more cash back at us with instructions to spend, spend, spend, the Archbishop of Canterbury questioned whether increased spending was the right way to tackle the downturn – he said it was like “the addict returning to the drug”
So now we have not only German Finance Ministers telling Gordon he’s wrong but also the head of the Church of England. Whatever next – a British Prime Minister who is as comfortable speaking from the pulpit as he is from the despatch box in the House of Commons?
To be fair to Dr Rowan Williams, two years ago the chances of dour, tight-fisted Chancellor Gordon crop-spraying recklessly borrowed cash across the population and yelling at us to spend it NOW were as likely as Scrooge presenting a life-size turkey to Tiny Tim. It just somehow doesn’t feel right does it? You have an uneasy feeling about it. As if Gordon’s scruples and morals might have been jettisoned in favour of cultivating the hero worship of the world he is saving.
Cue the highly moral Dr Williams.
The archbishop told BBC Radio 4’s Today programme that the country had been “going in the wrong direction” for decades by relying on financial speculation to generate wealth quickly rather than “making things”. The downturn, he added, might force people to rediscover the need for patience if they want to build sustainable wealth.
Mmmm…don’t recall the archbishop actively opposing this kind of wealth generation before it all went wrong (but I may have missed it). And you have to ask how much he knows about drug addiction, or getting a mortgage, paying bills etc etc.
So whilst it’s nice to watch the comfortably-off debate concepts of Keynesianism and morality, we lesser mortals must focus on meeting the financial costs of the religious festival traditions whilst , at the same time , fending off our regular creditors. Neither the archbishop’s ‘patience’ nor Gordon’s 2.5% VAT cut is likely to help us in the here and now – but a personal loan wouldn’t go amiss.
December 18, 2008 at 6:51 pm | Loans General Info, personal loan | No comment
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