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Which Debt Solutions Are Most Effective?

When the only light at the end of the tunnel appears to be an oncoming train of financial devastation, debt recovery solutions may seem impossible. With so many apparent options, what is the right thing to do? The answer is easy: What works best in your situation?

While the answer is easy, it’s a process to identify the best method. Because every situation is unique, only you can decide what will pull you out of this desperate situation quickest and without a bank robbery felony charge.

Pay Highest Interest Rates First?

Some people say to start with the highest finance charge when looking to pay down debt. But what if that is your biggest debt that takes the biggest portion of your monthly budget…like your mortgage?

Even with today’s low interest rates, someone could be struggling with a high interest rate mortgage. After all, a homeowner can only refinance when the bank deems them a good risk. If finances have been bad for the past few years, there may have been no chance for refinancing.

The housing market might show signs of recovery today; however, plenty of people still suffer with a mortgage that isn’t commensurate with the value and could never sell it for what they borrowed. Repossession rates have been high.

If you don’t have a high rate mortgage, or any mortgage, you may want to start paying down debt by reducing extraneous spending and paying extra on the highest interest rate loan or credit card. This could save hundreds of pounds over the course of the loan or debt and allows for the payoff to be measured in months rather than years.

If you do have a mortgage that could stand a lower interest rate, paying off high interest credit cards or loans may increase your chances of a bank approving a refinance. It’s a win/win.

Snowball Debt Payments?

If you find yourself in a situation where your most difficult and pressing debt burden is your highest interest rate, such as your mortgage, and there is no way to pay more than you already are, you may want to consider the debt snowball method instead.

If you have a small loan or bill that you just pay a small amount each month, reduce your extra spending money and apply it to that bill. You’ll only free up a small amount once it’s paid off, but that amount can then be applied to the next bill. The concept of debt snowball is that you pay off smaller items first so that budgeted amount can be applied to increasingly bigger bills until you are able to pay large amounts on bigger debt burdens.

Time for Drastic Measures?

When finances are critical and there truly is no way to budge in any direction, it’s time for some serious action. You might find that holding a big yard sale and selling items on Gumtree or similar websites may draw in cash that is desperately needed.

If you live alone you may want to consider renting a room so you can share utility and rent expenses. If the option exists, you might want to consider giving up a costly apartment and rent something cheaper or even move back home with parents or other relatives. During this time, use other debt solution strategies to pay down debt. You can explore various debt solutions at Consolidated Credit.

Don’t Be Afraid to Ask for Help!

Out-of-control finances may seem overwhelming and depressing with no possible solution. Before throwing in the towel, consider asking for help.

Do you know someone who seems to have good money management skills? Does your place of worship offer counselling or other services that you could utilize free of charge? Does your company offer employee assistance?

Take time to seek help. Sometimes all it takes is a new perspective to generate ideas on how to tackle the problem and develop a game plan.


Taking Steps to Improve Your Budget

Proper budgeting should be near the top of any person’s priority list. Elaine McPartland from Consolidated Credit explains that a few simple steps are all you need to follow to keep within your means.

If you’re like millions of Americans, there’s a good chance that money is at least a little tight right now. The worldwide economic collapse caused consumers around the world big financial trouble, with unemployment, reduced hours, pay cuts and increases in costs. As a result, many consumers have turned to credit in order to try and get by until their situation improves. Slowly but surely, you fall further and further behind as your credit card bills increase with your rising balances.

In order to improve your budget, you need to make sure your financial outlook is in balance. Your income, debt, expenses and savings all need to be balanced in order to maintain a healthy financial outlook. So how can you tell if your budget is out of balance?

In general, debt payments should not take up more than 36% of your income. This includes all of your debt payments, including your mortgage. Unsecured debt, such as your credit cards, should use up no more than 10% of your income each month. Your savings should also be around 10% of your monthly income. Following that, you simply need to make sure that your other expenses don’t use up more money than what you earn.

If your debt load is high, there’s a good chance that you are struggling to stay ahead and you have little money left over for savings. In order to improve your financial outlook, you need to reduce your debt load. Short of paying off your car or selling your home, the easiest way to do this is to reduce your credit card debt load. The less credit card debt you have, the lower your minimum payment requirements each month. This can go a long way to improving your budget outlook.

In order to reduce your credit card debt load quickly, you need to implement a targeted debt reduction strategy or look into options for debt consolidation. If you have cash flow available in your budget, you can use that money to make extra payments on one credit card debt at a time until each debt is paid off. Each debt that’s paid in-full will free up more money in your budget for debt reduction. You gain cash flow and momentum in order to eliminate all of your credit card debt as quickly as possible.

If you don’t have the cash flow available or your debts are too high to use a debt reduction strategy within your budget, then you need to reduce your debt using an alternative method.  Debt consolidation allows you to consolidate multiple credit card debt payments into a single monthly payment at the lowest interest rate possible. With low interest, you save money each month on added interest charges and pay less each month to improve your budget. Since the interest is so low, you can actually get out of debt faster even though you are paying less each month.

Tenancy Agreement – Property Investment Project

Tenancy agreements are of utmost importance for both the house owner and the tenant. They make sure that landlords can claim authority over the place once the due date of the agreement comes to an end. As soon as a tenant reaches the position as to where they are no longer legally authorized to put up in the apartment or house, they are either asked to quit the house by the landlord or the agreement is renewed under mutually agreed terms and conditions.

The tenancy agreement doesn’t come in any particular format but should state that if after the due date, the tenant refuses to leave the place of dwelling; the landlord can seek justice from the court of law by obtaining an order for possession and thereafter have the tenant lawfully evicted.

Tenancy guarantor, on the other hand, is a lawful agreement whereby a guarantor agrees to pay the rent in case the tenant fails to clear the dues. He takes the responsibility on behalf of the tenant, and the agreement can be lawfully used by the landlord in case of any damages to the property. In most cases, it’s just a way of saving the property from rental arrears.

The Property Investment Project is a great help to those landlords who face a tough time in gaining possession over their property due to some rude and unethical tenants. Their efforts are aimed at landlords who seek justice from the court of law in such instances. The site is a kind of personal experience of the owner and he makes every possible effort to make others aware of the kind of dire consequences they can face as landlords. The details of the contracts are mentioned in the blog with options to downloading them as per needs and requirements.

There is also an option to directly contact the owner of the site and seek his advice and suggestion on any property related matter. The blogger also welcomes all kinds of suggestions to improve the content of the blog, or for that matter update them in accordance with the latest happenings. Check out if you plan to let or sublet a property.

Essential tips for buy-to-rent properties

Rent Properties, PropertyThere are several tips you need to follow if you’re going to buy properties for rent or leasing. The most major factor you need to consider while doing this is the location. Always choose an area which always near a commercial centre, schools, factories etc. Once you have selected the property you wish to buy it is always essential to go and have a look at it. This may help you understand the market value.

It is always important to consult a financial adviser before you buy any properties. They may give the best advice regarding the current market trend and value. You should get a proper survey for your property once you buy it. Then decide whether the property may require any renewal or repair if you find any it is always better to do them instantly. Finally you can look for tenants who may agree with all your terms and conditions.

What do lenders require while extending lease

Lease Property, Real EstateThe lenders need to be very careful before they extend their lease. It is always better to consult a legal advisor before extending the lease. The lease agreement should be proper in order to avoid future problems. The lenders have all rights to increase the lease rate after the leasing period gets over. They may either change the lease agreement to a different person or extend the agreement to the same leaser.

It is essential to consider the pros and cons before extending the lease agreement. Always make sure it is advantageous before you make changes in the lease agreement while extending it. The lenders may look into the credit history of the leasers and their financial background to avoid problems in the future. They may also sometimes look for the personal background of the leaser sometimes. However leasers should also take necessary steps to prove their credits to their lenders.

Finding a perfect free lease agreement

Real Estate, Lease PropertyMany people prefer leasing their homes which will enable them to purchase it in a future time after the end of the lease period. While entering into a lease agreement the legal documents must be accurate and it should bind both parties and must contain all the necessary clauses included. There are many online sites which offer free lease agreements. It can be downloaded and printed for use. These ready to sign documents are generally prepared by well qualified legal professionals.

There are many types of lease documents and you can choose what you need. Different types of lease agreements are there for different types of property. Care should be taken to check and make sure all the clauses are included. Consult a legal advisor or get it approved before signing the documents. The perfect free lease agreement will minimize the expenses, save time and provide the necessary documents ready to be finalized.

How does a lease purchase work?

Lease Property, Real Estate,A lease purchase agreement is a unilateral agreement wherein the purchaser will decide either to buy the property or not by the end of the lease agreement. An agreement is made between the buyer and the seller to lease the property for s particular period of time at the end of which a sale is made or the purchaser decides to leave the property. The buyer has to make an upfront payment and then pay rent every month which will be part of the purchase price he has agreed to make.

The house owner has an added benefit as the house will for sure be taken for the price fixed while leasing even if the prices of the land fall during the lease period. The tenant on the other hand has the option to either buy or leave the property after the lease period. The legal lease documents must be made to avoid confusion at the later period.

Tenant agent for residential property

Residential Property, Real EstateRenting out your home to the right person for the right rent is a huge task. To identify the right person is a Herculean task as you never know how they will react after getting the home. Moreover the credit check and security check must be performed to identify whether the tenant has any bad debt or bad tenant payment history. People with busy schedule will find it hard to spend so much time on background checks on tenants so it is always advice able to ire a tenant agent. The agent will do all the checks, and find the right tenant and even do all the legal procedures for a fee.
Here again you must be very careful in hiring the right tenant agent. Look out for someone who is registered with the association of tenant agents and related communities. He must have wide experience in this area and must be a trusted person in the society. Check out his customer list and personally verify his creditability by making a few calls to his customers.

Tips on how to rent an apartment with a bad credit

Apartment, Bad CreditRenting an apartment is no easy job these days, especially in big metros. When you an excellent record of rent payment, great job or good credit, the search might be easier. But what happens when you have bad credit even though your rent history and permanent job status is good. Many tenants refuse even to accept application from people with bad credit. The person with bad credit should be very careful while hiring or renting an apartment as it might get him into more serious trouble if he isn’t careful. So how can he rent without much hassle?

Check out for tenants who ignore credit checks. Online classified or Craig list. Ask the tenant for the criteria for rentals. If credit check isn’t in the list then your search stops there. If in case you still don’t find an apartment, then try to get recommended by a friend or maybe get it co-signed by someone who can trust you. In many cases the security deposit is hiked for bad credit tenants.

How to choose a good letting agency

Letting Agency, Real Estate, PropertyHiring a letting agent might be a good choice as many of us think it is. It might be good but not at all times. The kind of trouble the tenants run into because of bad letting agents is annoying. So if you decide to handle a letting agent then be very careful in choosing the right person for the job. So, how to choose a good letting agency or a letting agent? First make sure the firm or the individual is a registered agent with the Association of Letting Agents, National Association of Estate Agents or the Royal Institute of Chartered Surveyors.

Make sure the letting agents are well trained and are capable of meeting the industrial standards. The years of experience also counts and check for their creditability by getting referred by people who had already received their services. They must be able to conduct reference checks on tenants or at least hire people for this purpose. Rent and holdings policy, fees, legal expenses, etc must be decided well in advance and don’t rush up to strike a deal. Check whether the agency has professional indemnity insurance before hiring them for your job.