With so much hype about becoming debt free, many families and individuals have avoided taking out loans that are useful to their life situation. While it is best to ensure the debt is manageable, when loans are used wisely it can help improve life by providing the opportunity to buy homes, get a car for transportation or pay for education. The key is using the loans wisely and making a plan to repay the funds.
Only Borrow Needed Funds
The first key of using a loan wisely is borrowing only the funds that are needed rather than as much as the lender will provide. This is particularly true of student loans, which might offer more than the cost of tuition and other school related expenses at the time of the loan.
When more is taken out than needed, it becomes tempting to spend the funds in unnecessary items, which ultimately results in paying more due to interest. Read more…
Did you know that as well as being able to raise finance through a log book loan you could potentially claim back thousands if you were mis-sold PPI. Millions of people within the UK have been sold PPI incorrectly, most were not eligible to have, claim on or use PPI if needed.
PPI or Payment Protection Insurance was sold by the biggest high street banks and lenders during the process of applying for personal finance to cover a car purchase, mortgage, general loan or credit card. Banks routinely mis-sold the policy because of the huge profit margins involved but have now been hit with multi-million pound fines, with Lloyds alone setting up £3.2 billion pound provisions to cover the compensation they expect to pay for mis-selling PPI in 2012.
You can find out very easily whether you could claim back £3000!
The average claim for being mis-sold PPI is around £3000 and with millions of people in the UK able to claim it’s time to check your statements, policy documents and application details to see if you have been paying for PPI without knowing or accepting it.
The best way to find out if you have been paying for PPI is to check your statements and policy documents for extra charges either monthly or upfront as part of the application for finance. You
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The irony of the last few years is that when mortgage rates were high and housing over-valued, customers were lined up around the block to sign on the dotted line. Now, with a 3.88 percent fixed rate on a 30-year mortgage waving in the wind lenders are having trouble finding customers. A deal that good may never come back again, as the economy rebounds, but that doesn’t matter when high unemployment, tighter lending criteria, and just plain homebuyer fear rules the housing market. Gone are the years when a piece of property was seen as a solid investment. Many buyers and banks are seeing it for the risk it can bring also in overleveraged debt and falling prices. However, in the last recession, it has become obvious to the public that they carried more than their fair share of the risk while the banks got a huge bailout and few negative consequences for their actions.
Refinances Also Affected
New home sales have plummeted, but the market for refinancing is also taking a hit for a variety of reasons. E
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Industry experts have pointed out that some homeowners who want to sell their properties and want to try and recoup some of the money lost through falling property prices could actually benefit financially by selling their home online rather than through the traditional and expensive route of using an estate agent. This could be especially beneficial given that estate agents have reported that their sales have slumped to an average of less than one property per week. These days selling your home through an estate agent could mean having your home left unsold on estate agents’ books for ages, and when it does eventually sell having to pay thousands of pounds in commission even though the value of the home may have fallen between when you put it on the market and when it actually sold. However, by selling online homeowners could save themselves a small fortune and enjoy having greater control over the sale of the home.
One industry expert stated: ‘The agent doesn’t really need to be there. For m
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— Admin @ 12:36 pm — 
February 14, 2012