When times are hard save money with a life insurance comparison

January 27th, 2012 No Comments

A colleague of mine at work has recently had the news that her partner is about to be made redundant and like so many people her age had been spending virtually all their combined income without saving anything for a rainy day. I suppose they are relatively fortunate that she still has a job and that he’s quite prepared to do anything to bring in some money and believes he can pick up some temporary shift work in a factory but it won’t make up for the shortfall. They were faced with a scenario of having to save a few hundred pounds a month if they were to remain with their heads above water and stay solvent so they have had to sit down and analyse their entire spending to see what could be cut back on, what could be cut out all together and what they needed to prioritise like rent.

There were a few quick wins; Sky was cancelled as was gym membership and direct debits to lottery syndicates etc. Charities have been shelved temporarily as have anything that wasn’t vital. She then used the comparison websites to source better deals on the home insurance, car insurance and a life insurance comparison. In most cases she was able to save a few pounds to chip away at her shortfall.

Source: http://www.lifeinsurancecomparison.uk.com/blog/2012/01/26/when-times-are-hard-save-money-life-insurance-comparison/

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Mortgage insurance quotes, get as many as many as possible!

October 28th, 2011 No Comments

When I met my wife to be she was a tenant living in a friend’s property. We hit it off immediately and I knew that she was the person I was looking for. Fortunately for me she felt the same and we were married the following year. Since I remember both my parents had educated me about money, the need for saving, insurance and above all the need to get a career that would provide an income sufficient that would be able to support a family. My father had always dealt with a financial adviser and he was the man who provided us with our mortgage insurance quotes that were very reasonably priced as I was taking it out at quite an early age. In recent years my wife and I have had a couple of children and my own business has flourished allowing me to delegate many of the mundane tasks to others allowing me to enjoy the fruits of success that I had planned for all those years ago. Clearly the education I received has enabled me to make the right decisions I have needed to or at least provided me the tools to know to spot an opportunity when it occurs.

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Mortgage Protection Cover is an essential and its not as expensive as I thought

October 20th, 2011 No Comments

I have always had mortgage protection cover, since I first bought my house in the late eighties. I have taken a bit of a step back in my career after a few years near the top, I realised I was not going to get any higher and that I did not have the right work life balance. Inevitably less responsibility means less salary, so I have had to cut my cloth accordingly. I have been through a thorough review of all my outgoings to see what savings could be made. The internet has been my salvation and has saved me an absolute fortune. I managed to save myself over twenty pounds a month after visiting the mortgage protection cover website and taking out a new policy with them. I am positive that any money saved will be funnelled into paying for something else, but it saves me getting into debt elsewhere. I always go back to my current provider to see if they can beat the quote I was able to get online, but in this instance (and most instances), they were unable to do so, so I switched. They have no qualms about putting up my premiums, so I have no qualms about switching.

Source: http://www.mortgageprotectioncover.uk.com/blog/

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Peer to Peer Lending offers better Returns

October 11th, 2011 No Comments

Peer to peer loans are not a new concept. Instead, this type of loan has been around for many centuries. It has recently become popular again though. This is due to the need to get a loan for reduced or better insurance rates. It has also come about more often since the subprime mortgage crisis when many loans became harder to obtain due to restrictions on certain borrowers.

There is one thing that is quite similar with peer to peer lending and banks. Both do not want high risk clients; therefore, peer to peer options require good to excellent credit scores. A person with CCJs or bankruptcy in the recent past will not be able to get a loan.

Those who use peer to peer lending UK know that it is possible to get over an 8% return with this type of loan. The return is for the individual giving out the loan. The way peer to peer lending works is that the lender is part of a group of lenders that have savings. The savings are pooled into an account used to lend money to a borrower.

The borrower comes along and states how much they need in a loan. If the borrower’s background and credit history support the loan and the funds are available they will be lent. The interest rate is chosen based on current rates and the fair trading rate. In other words, an interest rate that is too high will make it difficult for the borrower to consider the loan; therefore, the lenders try to keep the rates down to an affordable amount. Read the rest of this entry »

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The Benefit of Comparing Mortgage Insurance Quotes

September 28th, 2011 No Comments

When I bought my house 17 years ago the person in the building society arranged everything as at the time my knowledge of personal finances was scant and I accepted everything that was told to me. Over the years I have attempted to gain a greater knowledge of everything I spend money on to try and be more financially literate. Since the advent of personal computers and the internet it’s been possible for everyone to get quotes for everything that they buy online. Mortgage insurance quotes are available at the touch of a button as are car insurance quotes, mobile phones and foreign exchange rates. Its only when you realise how much these companies have profiteered from me and everyone like me in the past that you realise that the only thing you can do in retaliation is take your money elsewhere as soon as possible as to put this off even for one month is letting them get away with it for longer. As I now have the skills to make an informed choice I intend to help others to do the same.

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Is Mortgage Protection Cover a Financial Safety Net you have Overlooked?

September 27th, 2011 No Comments

My daughter has been working in London and for years she has rented accommodation as the cost of buying a home was beyond her. Fortunately we have been able to help her with a deposit and she recently purchased her first home and has her foot on the first rung of the property ladder. As the economic outlook is rather uncertain I insisted that she took out some mortgage protection cover which would provide some financial cover should she lose her job, a cover I have had in place since I was advised to do the same at a similar age. Fortunately I have never had the necessity to call upon it, however, no one knows what is around the corner and I would felt guilty of hypocrisy had I not suggested she put something in place and something bad had happened to her. Hopefully, like myself, she won’t have the occasion to call upon the policy but a financial safety net will have been put in place which protects her finances in the years ahead.

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The UK towns with the highest levels of personal debt

June 16th, 2011 185 Comments

The Consumer Credit Counselling Service (CCCS) is a registered charity that provides free, anonymous debt advice to more than 500,000 people a year. It has released new figures showing which areas had the highest levels of personal debt in the UK in 2010.

The average amount of personal debt for CCCS clients last year was £19,338 – that’s based on credit cards, personal loans and other unsecured borrowing. Mortgages are not included.

The town with the highest average debt was Slough, whilst the Shetland Islands had the lowest level. Nine of the 10 postcode areas with the highest average debt were either in London or the South East, with Crewe in Cheshire representing the North in 7th place.

In the Shetland Islands, people in debt owed an average of £12,278, whereas residents of Slough, the town made famous by groundbreaking cringetastic comedy The Office, owed an average of £24,946. That’s pretty much equal to the average annual income for people working in the UK.

Watford was just behind Slough, with an average figure of £24,783. Debt in the Hertfordshire town rose by 5% in 2010, despite the UK average falling by 10% between 2009 and 2010. Belfast was the only other place in the UK that experienced a comparable increase.

Here’s how the top 10 stack up:

  1. Slough, Berkshire £24,946
  2. Watford, Hertfordshire £24,783
  3. Sutton, Surrey £24,489
  4. Kingston upon Thames, Greater London £24,169
  5. Guildford, Surrey £23,945
  6. Harrow, Greater London £23,633
  7. Crewe, Cheshire £23,177
  8. Stevenage, Hertfordshire £23,076
  9. Tonbridge, Kent £23,031
  10. 10. Chelmsford, Essex £22,708

Whether or not you live in one of these towns, if you’re having trouble managing your finances or you’ve borrowed more than you can afford, you should get some professional debt management advice as soon as you can.

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3 Reasons to take out a Personal Loan

June 13th, 2011 59 Comments

A personal loan can provide a little financial breathing room for any large purchases, life change, reducing debt, or fixing a collapsed roof. Depending on your credit, you can be eligible for short or long terms, and for small or large amounts of money. Never take out a personal loan for unnecessary items or services, because if you don’t need it, then don’t buy it. However, you can improve your financial status while helping you out of a bind. Here are five good reasons to take out a personal loan.

1) Lower Interest Rates – Personal loans offer lower interest rates. When life hits you with an unexpected large purchase, or you are buying a car, paying for college education or medical bills, a personal loan will likely garner you a lower interest rate than your credit card would. Additionally, folks use a personal loan for debt consolidation. Combining several debts together leaves you with just one bill with a specific amount of time (term) to pay off your debt.

2) Improve Credit Score – If you are in the process of rebuilding your credit, making on-time payments to a personal loan will cause your credit score to rise gradually. If your credit score is really low, you may need a cosigner or a secured personal loan. Eventually, a higher credit score (650 or more) will help you get lower interest rates for future loans and credit cards.

3) Get Used to Credit – The loan process can be long and arduous. You must do your research to compare bank and interest rates in addition to completing an application for approval. But, establishing credit relationships can only enhance your financial profile. Once a bank has evidence that you can handle a small loan responsibly, they are more likely to extend a larger loan when the time comes for a mortgage or auto loan later in life.

This was a guest post by OaklandBankingRates.com, a site that provides the latest Oakland Mortgage Rates, finance information and more.

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Answers You Should Have When Seeking a Business Loan

April 11th, 2011 61 Comments

It is unnerving to seek financing from a banker, whether you’re an old hand at business or a young entrepreneur. When you are looking at business cash options to fund your business, your first stop might be the bank, but be prepared to answer some penetrating questions. Other types of lenders, like merchant lenders, may want to know the basics, like how much you need, but will work with you to figure out how to repay the loan.  A bank, however, will assume you are the expert and will want you to convince them that you know what you’re doing. A misstep in answering these questions can cost you the loan.

Why do you want the money?

A banker wants to hear a reason that sounds reasonable. If you’re in the restaurant business, a good reason might be that your present capacity is too small to serve your clientele and to reduce wait times you’d like to add more space. This shows that you are not building just to get a bigger space, but that you already have the demand to back it.

How much do you need?

You had better have some hard numbers and a good idea of what terms you desire for repayment. Otherwise, it shows you really haven’t researched the purpose for your loan all that well and puts entire argument for the loan at risk. Know how much you need and have a good idea of a good repayment schedule.

How do you intend to repay the loan?

A banker wants to know how much money you project to make by using the loan to enhance your business. They want to see that you are thinking about future profits from this loan, not just consumption or vanity expansions.  This will mean you need to have some good financial statements available to show how the loan will impact your numbers and how you expect to generate sufficient profits to repay the loan.

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Alternative Financing Services

March 23rd, 2011 159 Comments

Invoice discounting is a very flexible way through which a business may source for funds. The business may not be seen to be credit worthy by the bank but alternative lenders may still give it a financial consideration. These businesses are able to give out some of the invoices they may have in the debtor book and in turn get funding for running of their activities.
This method of financing is also very cost effective. They help the SMEs to be able to manage their cash flows in a convenient and efficient manner. Continuity is very necessary in your business and you do not have to panic anymore.
There are specialists who take care of this kind of service. They help the company to find a possible funder. These are extended even to business sectors and industries such as construction that traditional banks may not consider to be worthy of funding. Invoice factoring services and instructions to SMEs in any industry help them to find what suits them best.
You can take up these alternative funding strategies and get your business on its feet always. No matter where a business is situated, there is always a chance of a service provider nearby.

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