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Posts Tagged ‘Scottish debt advice’
Thursday, August 26th, 2010
New research shows that many self employed people are unable to repay their debts.
Companies are reporting that many of the self employed are not in a position to enter into a Debt Management Plan (DMP) and repay their debts as over half of callers had a negative surplus (the difference left over when deducting household expenditure from your income) and therefore no money to start repaying their debts.
DebtFC says that many of the self employed people contacting them are from the service industries such as hairdressing, building trade and taxi driving. Providing services that people are likely to cut back on when tightening their belts, this category of self employed are particularly vulnerable in an economic downturn resulting in many being unable to repay their debts.
While many self employed are struggling with debt, ironically some people are finding self employment to be the solution to their personal debt problems. One woman who had contacted the DebtFC for help and advice with her debt problems because she had lost her job started a small cleaning company which allowed her to earn enough money to enter into a Debt Management Plan and start repaying her debts again.
The credit crunch has resulted in a lot of people carrying out work that they would have previously paid other people to do. This has left many self employed people without work and unable to maintain their debt commitments.
Entering into a Debt Management Plan or Scottish Protected Trust Deed when you are self employed can often be complicated, depending if you are a sole trader or have a limited company or a partnership. It is important that anyone who is self employed and who is struggling financially should contact DebtFC on 0800 007 5307 or email info @debtfc.co.uk for free debt advice and help as soon as they realise they have a problem.
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Wednesday, March 17th, 2010
To become debt free
Take a list of how much you owe on credit, store cards and the minimum amount you are required to pay on each. Don’t overlook other ongoing bills such as nursery fees or Hire purchase.
Now add to that list car loans, personal loans, and any secured loans including balances and payments. Lastly add in your mortgage payments and balances.
Don’t panic. If you have never performed this exercise before, it might make you feel a little stressed out. But don’t worry. You can do this.
To become debt free
It is time to get your spending habits under control. This might mean cutting back on purchases you don’t need. Decide today that you are not going to live beyond your means any more. Once you embrace this idea with your whole heart you might be surprised how liberating it feels.
To become debt free
Referring back to your list of debts, arrange the accounts in order of their balances from lowest to highest. Most likely at the top will be your credit and store card balances, followed by, personal loans, car and secured loans, and finally mortgages.
To become debt free
Consider where you can produce even a little extra money for funds to pay off the house. It does not require a lot of planning upfront. Your vision of mortgage freedom is more attainable than it might seem.
Here is a simple example. You might want to give up one fast food meal a week. If you spend £15 less per week for restaurant meals, you can save £60 per month. £60 is all you need to begin to pay off your mortgage fast.
To become debt free
Begin your plan by taking the lowest balance at the top of your list and adding the £60 you saved to its minimum payment.
Suppose the balance is £1000 on credit card number one and the minimum payment is £15. Simply add £60 to the minimum payment for a total of £75 each month until the balance is paid in full. It is important to continue making at least the minimum payments on all other debt.
With each payment, your balance will decrease but it is instrumental to this plan to still pay the £75. You are accelerating the payoff each month.
Don’t give up because you’ll be glad you persevered when your mortgage is gone.
To become debt free
Waste no time beginning card number two once the first credit card balance is gone. Use the £75 you are paying on card one and add it to the monthly minimum payment for card two.
To become debt free
Continue the process with credit cards three and four until all credit cards and store cards are paid in full.
Then begin on personal loans, car loans, one at a time. As you see balances decreasing, keep in focus your goal to become mortgage free.
To become debt free
Now the fun really begins. Instead of eating one fast food meal a week, you took the £60 and started the ball rolling toward mortgage freedom. You added the £60 you saved to the first credit card minimum payment. Then you added the monthly payments you made on the first credit card to the second card and the second to the third and so on. After the credit cards were paid off, you added the total to store cards and then to car loans.
In a short period of time you have become entirely debt free, leaving you only with the need to pay off your house.
To become debt free
By now you have truly accelerated your plan to pay off a house. Let’s suppose by the time you finish paying off credit cards as well as all other loans that you have gradually worked up to applying £1000 per month to reducing your debt.
Remember the only additional money you began with was the £60 saved from eating out one less time per week. Now you are going to begin to use the additional £1000 to pay off your house. Let me illustrate.
If you have a £250,000 mortgage at a fixed rate of 6.5% for 30 years, your principal and interest payment would be £1,580. Take the £1000 you are using to pay down your other debts and begin to apply it to your mortgage each month.
Make certain to instruct your mortgage company to apply the additional payment of £1000 to principal.
In other words, you are going to make the regular monthly payment of £1,580 plus an additional £1000 to principle for a total payment of £2,580.
Now with the extra £1000 applied toward your mortgage payment, you will watch as you pay off the house in less than a dozen years.
Tags: ayrshire debt free advice, Bathgate debt free, Beith debt free advice, credit card arrears, debt free, debt free advice, Debt Free Direct, debt free for life, debt freedom, debt help, Debt help Falkirk, debt help Glasgow, debtfc, Edinburgh debt free, fairlie debt free advice, glasgow debt free, livingston debt free, livingston debt freedom, mortgage free, mortgage interest, pay off mortgage, scotland debt free, Scottish debt advice, scottish debt free advice, scottish debt freedom, west lothian debt free
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Monday, March 15th, 2010
The measures include:
• Repayments will clear the highest rate debt first. At present, most lenders, other than Nationwide, apply payments to cheap debt first (such as a balance transfer) meaning expensive debt (such as spending) is trapped accruing interest at a rate of knots.
• Lenders will be forced to explain the impact of only making minimum payments in big and bold language.
• The minimum payment on new accounts will always cover at least interest, fees and charges, plus 1% of the debt.
• Consumers will have the right to choose not to receive credit limit increases and the right to reduce their limit at any time.
• Borrowers will get more time to reject increases in their interest rate. Even now, if your lender hikes the APR, you can refuse it, though you’ll no longer be able to spend on the card
• Lenders will send annual statements detailing all charges.
• Those in financial difficulties will be protected through a ban on increases in their credit limit as well as the ban on increases in their interest rate
Tags: credit card, credit card APR, credit card debt, credit card interest, credit card law, credit card statement, financial difficulties Glasgow, financial difficulties livingston, financial difficulties Scotland, financial difficulties west lothian, free debt centre, Glasgow credit card debt, Glasgow debt advice, livingston credit card debt, livingston debt advice, new credit card measures, Scotland credit card debt, Scottish debt advice, west lothian credit card, west lothian credit card debt, west lothian debt advice
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Wednesday, February 17th, 2010
Loan and credit card debts of £18,650 was paying £1400 per month contacted DebtFC, Livingston, West Lothian and entered a protected trust deed, now paying £160 per month over 36 months.
Amount of debt written off £ 12,890
Welcome Finance Loan 10,000.00
HSBC CC 2,000.00
ABBEY BANK ACCOUNT 1,500.00
BOS BANK ACCOUNT 1,500.00
ABBEY CC 500.00
BOS CC 500.00
BARCLAY CARD 750.00
3 MOBILE 400.00
NATWEST OD 1,500.00
Total owing 18,650.00
Contact debtfc at info@debtfc.co.uk or call 0800 007 5307
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Monday, February 8th, 2010
DebtFC provide a range of debt solutions, we don’t just offer Protected Trust Deeds or Debt Management Plans and we won’t offer you a debt solution unless we feel it is the best solution for you.
We know how difficult it is to cope when you feel that your whole money situation is out of control.
We know how difficult it is to deal with creditors that constantly call you at all hours and won’t take no for an answer.
That is what we are here for call us now on 0800 007 5307 and we will contact your creditors and take the pressure away from you.
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Saturday, February 6th, 2010
If you have missed paying your rent your landlord may threaten to evict you. Receiving a notice is the first stage in this process. The type of notice you receive will depend on the type of tenancy you have. If your landlord is a housing association or local authority, you should receive a notice called NPRP (this stands for “Notice of Proceedings for Recovery of Possession”). If you have a private tenancy, the notices are called a “Notice to Quit” and an AT6. By serving a valid notice upon you, your landlord becomes entitled to take you to court at the end of the notice period. You cannot be evicted just because a notice has been served upon you. Your landlord requires a court order to evict you.
Tags: Bathgate eviction, broxburn eviction, debt advice glasgow, East calder eviction, Eviction advice Ayr, eviction advice Edinburgh, eviction advice Falkirk, eviction advice glasgow, Eviction advice Shotts, eviction advice Stirling, Fauldhouse eviction, livingston eviction, Mid Calder eviction, rent arrears advice, rent arrears advice glasgow, rent arrears advice livingston, rent arrears advice scotland, rent arrears scotland, Scottish debt advice, Scottish eviction, west lothian eviction, Whitburn Eviction
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