Month: May 2016

Debt Relief – Are You In Need Of Advice and Information Regarding Debt Relief

Are you in such a situation that you find it impossible to pay the monthly installments on all your loans. If this is the case then you may be in need of advice and information regarding debt relief. However you should keep in mind that although debt settlement does not ruin a person the way bankruptcy does, it definitely has an adverse impact on your credit scores. This is the reason that you should try and repay your loans in full. In order to decide whether you really need a debt relief program it is best to consult professional debt counselors. Many settlement companies provide financial guidance free of cost or for a nominal fee. As an alternative you can approach one of the many debt relief networks. These networks are non profit organizations and have the debtors’ best interests at heart.

These debt relief networks analyze your current financial situation and plan a budget for you in such a way that you can repay your loans in full over a reasonable period of time. However if they realize that you are not in a situation to ever repay the loans in full, they may help you find a legitimate settlement company. If you wish to handle the debt settlement procedure yourself, they will provide you advice and guidance to do so.

Under a debt settlement program you can approach the creditors yourself or through a settlement company. The creditors then assess your current financial situation and gauge your actual paying capacity. They then decide on a payable amount which is sometimes as low as 50% to 60% of the original loan amount. The better you are at negotiating, the lower will this amount be. This negotiated amount can then be paid off as a lump sum or in the form of equated monthly installments. In order to further reduce the burden of loan you can consolidate the various high interest loans with a single low interest loan. This will also make the repayment more manageable. Another option is to offer some collateral as security against the unsecured loans and convert them into secured loans with lower interests.

IVA and Bankruptcy Loan and Information!

Have you been finding it very difficult to deal with multiple debts and are considering going for bankruptcy? Before choosing this option, it is advisable you gather all the information about bankruptcy. Bankruptcy has serious implications. It has long term effects. Hence seeking prior information can help one deal with the situation well.

One can find IVA and bankruptcy loan and information from scores of experts. There are many financial experts offering this advice online too. These experts will help you figure out if you really need an IVA, or should consider going bankrupt.

If you are experiencing creditor pressure or fighting bankruptcy fears, you might need IVA.

What is an IVA?

IVA stands for Individual Voluntary Agreement. An IVA is a government backed, legally approved solution to your debt problems. Introduced as a part of the Insolvency Act of 1986, IVA is an agreement with your creditors which helps reduce your monthly payments, freeze interest rates and write off your debts in time (generally less than five years).

There are numerous advantages of an IVA:

o It will help you reduce monthly payments

o Freeze interest rates

o Avoid bankruptcy and legal action

o Wipes off debts to a large extent

A good IVA should:

o Must contain an honest declaration of your assets and estimation of future earnings

o Must yield high return to creditors

Online IVA & bankruptcy help can save a person from the unnecessary hassle of running around. A person can easily get IVA help online and make a quick decision. Online bankruptcy advice can also provide an insight into the serious implications f bankruptcy.

Bankruptcy is ordered by a court and means that you are legally freed from your debts. However, the borrower will have to sell most of the possessions, including house and car, to help pay off as many debts as possible. Bankruptcy has a social stigma attached to it. You may be prevented from taking certain jobs as a result.

The greatest disadvantage of bankruptcy is that a borrower’s credit score is at stake. It may take many years to reestablish the credit score. Being declared bankrupt has long lasting consequences which can affect your life for many years. Hence, one should opt for this only if all other means have failed.

You may wonder if IVA’s make a better option?

An IVA is arranged by an Insolvency Practitioner who will negotiate with your creditors to allow you to pay off as much of your debt as possible, within a set time frame, which is normally five years. Any debt remaining after that time is then written off by the creditors.
Being relatively new, IVA’s don’t carry the social stigma of bankruptcy and do not entail handing over your possessions to the control of an official receiver if you are declared bankrupt.

All Is Not Lost – Financial Assistance Information Is Easy To Find

While the economy may be a mess, there is money in the coffers to lend, to grant, and to move around. If you are an individual in need of funding for a new venture like a business or a home, or a college education, or to catch up on student loans, credit card debt, or medical bills, you can find the financial assistance information you need online.

There are small business loans available, especially for women. Investors know that if the business plans are solid, an investment in a woman’s business start up is a wise move. Woman and minority owned businesses have the advantage in today’s commerce and if she is also a shrewd business woman, there is very little risk at all. Venture capital is put into the start up, and is paid back in the first year’s profits.

1st time homebuyers are another demographic that is still able to access capital. It is in the best interests of the community, the banks, and the economy to have new home owners on the landscape. For this reason, these buyers are able to find options such as grants that pay their down payments and their closing costs, fixed rates that will automatically adjust if rates go down, and more. Even low income families can buy a new home with help from the right benefactors.

The next great adventure you may be considering embarking upon is a college education. It will make you more competitive in the work place and simply make finding a job a lot easier. Over the past decade, college costs have risen by leaps and bounds. With this has come arisen a myriad of private and public, non profit and for profit, businesses and organizations dedicated to helping students by offering tuition assistance. Special programs exist for special demographics, like minorities, single mothers, and veterans. Some financial aid programs have also been developed for those who have been unemployed for a long time and for those on Welfare.

Of course, you may be seeking financing for a far less adventurous reason. Perhaps you are financially comfortable but have been hit with a family emergency. Whether you have a special needs child who needs equipment and medical care, an elderly parent in the hospital, or a family member who has been diagnosed with cancer, the results can be financially devastating. Long term medical care and prescription medication for cancer patients, terminally ill patients, or someone dealing with a chronic illness can be very expensive. When you need help financing your medical bills, you will find that there are service providers that can help you make the finances work and still leave you with a few dollars in your wallet.

Another big problem facing today’s society is foreclosure. Of course, the goal is to avoid this, but if your credit is less than perfect and you cannot make the payments, it is difficult to know what to do. Single parents, elderly individuals, unemployed heads of household, and more have found themselves in this position. Banks have realized that the foreclosure wave still is not over and are more and more interested in working with current home owners on refinancing their homes. With these services available, you do not have to lose your home.