Debt Consolidation Loans, Personal Loans, Debt Consolidation Help, Bank Accounts UK

The rising debt problems amongst students is causing major concern as the total debt figures are mounting and a majority is failing to cope with the credit crunch. The situation gets even worst as the new polices adopted by lenders not to extend credit limits and loans.

So what exactly students should be doing to ease the debt burden

Know your work rights

You are entitled to earn a minimum wage of 5.52 if you are 22 years and older or 3.40 if you are under the age of 18 , as of the latest October 2007 legislation.

Under these rules your must not accept anything below the limits set forth by the Government.

If you face any abuse or feel being forced to work under the given limit you must consult law enforcement agencies such as the national minimum wage hotline 0845 6000 678

Adding an extra income

You can also take a part time job to minimize your debt burdens. If you are lucky you might even find a relevant part time job in the career you might want to pursue later on after your studies. You can look for such job adverts appearing in your college or university message boards, student magazines, newsletters etc. to start with.

Taking control of your future debts

Never go to a bank to get a loan, it’s better getting in touch with your college or university for funding help. They can either provide you a loan directly or point you in the right direction to secure a loan on a discounted student rate.

Tax refund options

A lot of students are not aware of certain concessions made by the Government such as tax free allowance. You should ask your employer to provide you the correct student forms they can submit to the tax department to get concessions on your tax rate.

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More than seven million people in the UK keep a current account secret from their partner, according to research. It’s long been known that debt and finances are a main cause of fighting and problems between couples, but this new research shows that the problem goes much deeper than that. Abbey National bank discovered 12% of the population now keep a secret account in their latest survey, with the highest proportion belonging to those in the 25-34 age bracket. There seems to be a lack of trust when it comes to money in many relationships, which can breed from many reasons. Read the rest of this great post by JDRoe herebank account, bank accounts uk, debt, Savings & Investment, seceret bank accounts

Christmas is an ultimate test for many of us to show our real money management skills, as Christmas pushes the spending pressures to the limit. Its the time of the year when people really cross the line and get in to insane purchase agreements, and endup with horrendous expenses beyond their credit limits, or high interest loans, defaults, and higher purchase orders. There are simple things you can do to avoid the ever increasing debt burden that you already have. Start Planning Early Start buying all your Christmas gifts and favours early to avoid last minute rush. Impulse buying mostly occurs when people don’t take the time to look around and compare prices. Make A Budget Its always a good practice to set limits and plan how much exactly you want to spend on each person. Avoid Debts and Credits All expenses on Christmas are non productive, although we have a lot of sentiments attached to it which are far beyond any prudent money management tactics. But we must try spending cash savings only rather than using Credit Cards or acquiring loans. Save Online There are many shopping comparison websites, just do a simple search on any search engine and you will find hundreds of them offering price comparison, Discount Voucher Codes and even Cash Back. Don’t Be Shy When shopping on the high streets, take your time to have a good look around and try finding discount deals and bargains. Just Be Yourself The simple truth about debt savviness lies in ‘Being Yourself’ and setting up a limit for what your Santa can afford. Remember what you do this year and learn from the mistake that you make so that you can have a better Christmas next year. budget 2008, Christmas, Credit Cards UK, Debt Consolidation, debt consolidation UK, debt management, personal loans, Savings & Investment

With so many options to get in to debts such as credit cards, prepaid cheques, store card, store credit, quick personal loans, a long list of debts can pile up within no time. Acquiring credit cards and store cards is advisable to build a good credit score but the key is to always pay back and get out of credit ASAP.

You often find yourself in a situation when you feel strangled by debtors, before you clear one bill another credit bill is waiting at your door step, and its easy to miss your repayments and damage your credit history.

Schedule Your Debt Repayments

Its should be the first and foremost priority to make a list of your monthly repayments. Keep a diary, mark it on your calender, make a note in your mobile phone or computer or adopt any better way it can work for you.

Taking up Debt Management

You can opt to contact a debt management company which can loan you enough money to pay off all your outstanding credit and schedule a single monthly repayment to the company. This option is only advisable to people who find it hard to keep up with multiple repaymets.

By doing this you can surely minimize the pain and effort it takes to manage your debts.

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If you find yourself tied up and burdened with debt problems and you hardly see a way out. We exactly know the feeling of being in debt; its so nerve wrecking that you might not see the options still open to you. There may be simple debt consolidation solutions right under your nose and you never thought about them.

In this article we will try to highlight some alternative options for debt consolidation which might still be available to you.

Debt Consolidation Help from Credit Counselling Organizations

Most of these organizations which are non profit can be trusted to find a remedy to your debt situation. Some of these organizations are charities setup to help people facing hardship and desparity.

Here are a few of them
www.cccs.co.uk
www.debts.org.uk

Debt Consolidation Help from Family

If you loan some money from a family member then the credit terms can be far more lenient than a bank. But at the same time its far more delicate and you must pay back on time and save you personal relationships.

Debt Consolidation through an Insurance Policy

If you have an insurance policy you can opt to withdraw some amount to sort out your debt problems and pay it back later. Once the debt problems are solved you can always top it up later provided you see a prospect of future income. counselling, credit, debt, Debt Consolidation, loan

The word debt immediately send shivers down the spines of many people as it is associated with sleepless nights and the worry of covering re-payments while covering daily living expenses. With today’s credit card mentality debt seems to have become the norm, almost everyone has a credit card or some kind of loan.  It can be difficult to judge if a situation is worth getting into debt for, so now the concepts of ‘good debt’ and ‘bad debt’ has developed. Good debt refers to situations where it is worth getting into debt for and may even ultimately improve your financial position. o Education is an investment which can lead to improved job prospects.  It is worthwhile researching options such as courses with placements or employer funding to reduce the financial impacts.  There is financial help for students including low interest student loans, student banking and scholarships. o Getting a mortgage is also considered an investment whether it is your home or a property you want to rent out.  Think carefully about how much you can afford to pay back each year.  Many people make the mistake of setting the payments too high in order to pay it off as quickly as possible, only to struggle to keep up. o Buying a car is complex as it can fall into the bad as well as good debt category.  The value of the car will continuously depreciate so it should only be purchased if it is truly needed.  Once again it is important to think carefully about what you can afford and buying a good quality car within that price range. o Taking out a loan to fund repairs and improve your home is sensible it if it adds value to the property. If used intelligently, loans and credit cards can be a useful tool for improving your life, but often the younger generation see credit cards as an entitlement.  In this case credit cards and loans are often used to cover daily expenses such as food and clothing, which tends to lead to overspending and not much to show for it.bad credit debt consolidation, bad debt UK approval tips, debt, Debt Consolidation, debt consolidation UK, help, Savings & Investment

Preparing for university is an exciting prospect; it brings with it independence but also financial pressure regardless of whether you are a mature student of a school leaver. As a graduate I have experienced the financial difficulties of being a student first-hand. There have been times when as a student I was comfortable and times when I was forced to move back home with my parents and survive on as little as £20 a week.

Student Loans

Many students rely on student loans for financial support throughout their education. This is a low interest loan from the Students Loans Company which does not need to be repaid until you are earning over a set amount. It is wise to get a loan from the Student Loans Company over any other lender as their loans are exclusively for students and work out much cheaper (www.slc.co.uk). There are two types of loans available, an assessed or non-assessed loan depending on your situation. If you are from a low income household you may be eligible to a higher loan amount than the standard non-assessed loan. To receive this higher assessed loan there will be additional procedures to inspect your eligibility, but it can be worthwhile. A lump sum is usually paid into your ban account around the start of each term. One of the mistakes I made as a student was splurging at the start of each term and then finding myself broke towards the end. One of the most important disciplines I learnt during university was to control my spending.

Employment

There is employment which is student friendly and employers who are willing to give you shifts around your timetable. These are commonly positions in retail, fast food restaurants and bars. They do not necessarily pay well, but they do provide many students with a steady and reliable source of income. During my first year of university I worked in a retail store as a sales assistant and I did not have a problem keeping up with the demands of my course. As I started my second year I found I needed to devote more time to studying, so I found myself having to temp during half term holidays and the long summer break doing data entry. There are temp positions available for students, some of which may even give you experience in an area which would be beneficial for your career. Many courses will encourage placements which compliment your studies. Some placements are paid and may even lead to a secure job offer for when you graduate.

Socialising

Student nights are big business for bars and clubs, they offer cut price drinks and entry for students. The majority of my free time was spent socialising in student nights and university societies, so much so that I was shocked at how expensive a normal night out was after I graduated. If you drive friends around make sure you ask everyone for a contribution towards petrol money. There will be people who take advantage and frequently ask for lifts, so you must make it clear that you are not always available or prepared to be the designated driver.

Spending

As a full time student you are eligible for discounts in many high street shops, cinemas and restaurants. In many locations such as London there are also travel discounts. Make sure you look up all the discounts obtainable for students. Keep a record of all you expenses, even for little things such as news papers, chocolate bars and drinks. This will help you to budget effectively and notice just how much those little expenses add up to. Have a debit card as opposed to a credit card to avoid falling into debt. If you have a credit card do not carry it around, keep it indoors to use only in emergencies. Do not use credit cards for everyday expenses.

And a few additional words of wisdom….

• If you do find yourself experiencing financial hardship, do not struggle alone. Universities have services for students who have financial difficulties; it is simply up to you to talk to them.
• Local Education Authorities will cover some tuition fees for students from low income households.
• Many universities will have modules which run evening classes which may benefit students who work during the day.
• Get creative with sandwiches and packed lunches, it will save you a small fortune. Eating out is a massive drain on your bank balance.
• If you have children, disability or condition you may be eligible for more financial support. Enquire at your Local Education Authority or at your university for more details.

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Are You Receiving the Right Income?

Thats what you need to ask yourself.

Knowing a few simple facts can help you secure more money than you currently earn. The tiny steps given in the article can make a huge difference only if you believe in the saying

“penny earned is a penny saved”

There are many people in the UK who are not receiving the correct income, mainly because they are unaware they are entitled to it. By amending this you could have a higher income and avoid further debt. Many tax allowances can be claimed up to six years afterwards, so it is worth checking to see what you could still be owed.

Tax Credits

Child Tax credits allow tax relief for parents with children under 16 up until March 2003.

There are situations which qualify for tax relief such as for people who were widowed before April 2nd 2000, maintenance responsibilities.

Pension Credits are available for those who are 60+, and are variable depending on income.

If you or your partner is over 65 you may be eligible for Saving Credits. This amount is a bonus for those who have reasonable savings.

Working Tax Credits are available for those who have a low income. There are several circumstances which can qualify you for this benefit, so it is worth checking. There is help towards childcare as part of working tax credits. If you are part of a couple, you can not claim tax credits as a single person.

Child Tax Credits can be paid to people who are responsible for a child or young person (aged up to 19 and still in full time education).

For full information on Tax Credits call: 0845 300 3900

Financial Support

If you are unable to sign on for work due to personal circumstances you are eligible for income support.

If you are able to work but work less than 16 hours a week you are eligible for income-based job seekers allowance.

Education Maintenance Allowance is available for those who have children over 16 who are continuing their education. The amount is based on household income, for more information call: 0808 10 162 19.

Council Tax Benefits can reduce your council tax bill in a number of circumstances.

Housing Benefit (rent rebate) is generally available for people who are on a low income and paying rent.

Disability Living Allowance is a benefit for disabled people who are considered to need help with care, mobility or both. It can be claimed by those who apply before the age of 65.

Attendance Allowance is for adults over the age of 65 who need care or have a disability.

Carers Allowance is available for those caring for someone with a disability. If you are claiming carers allowance there are restrictions on the amount you earn.

Claiming More Income

Any working adults living with you should contribute a reasonable amount towards household expenses. This includes relatives or grown-up children who are staying.

It is worth checking with your local tax office to verify you are paying the correct amount of tax.

If you are ill or have been made redundant it is worth checking if you have insurance or payment protection on your mortgage or loans.

You may want to consider renting out a room in your home to boost your income, although you will have to check how this will affect any benefits you are receiving or the amount of tax you pay.

There is a ‘rent-a-room’ scheme which may be able to help for most circumstances. For more information on eligibility contact your local tax office.

Specified jobs do not have their income considered, for instance you can work as a childminder and still claim Income Support. For more information contact the DWP (Department of Work and Pensions).

Council tax is calculated according to the value of the property and the number of adults who reside there. The status of the adults may qualify for council tax reductions, so it is worth checking to avoid paying too much.

contributing writer: Teenum Chudha

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Here is a quick list of some great tips to remember while you look for a low interest loan.

Debt Consolidation Loan’s interest rate dosent have to be always high

Its a common misconception that people usually assume that if they apply for Debt Consolidation Loans, they will be charged very high interest rates, or will have to agree to very difficult terms and conditions, especially when they have a bad credit rating. But this is not the case. You can apply for and get Debt consolidation Loans at a lower rate of interest, provided that you know how to put your collateral to good use and you shop around for the best interest rates, and not go for the first offer you have received.

The following are the things you are required to do in order to find low interest rates for your loan. They are:

• Find the total amount of the debt you want to consolidate.

• Find the lowest amount you can get by with.

• Calculate the level of your debt, to know if the value of your collateral can cover the entire amount.

• Once you have determined the amount you want to borrow, its time to select your collateral.

• Collaterals can be your property or even your car, gold, silver or any possessions with a quick cash conversion potential.

• Your house or car are of high value, so if you borrow less amount of the value of your collateral, there is a very good chance of the bank offering you low interest rates. These collaterals also have a good resale value, in the case you are not able to make your payments of time, and the bank needs to foreclose.

• The most important step is to find the right lender. You will find all sorts of banks offering you debt consolidation loans, but it would be better to check out small banks and finance companies, which may need your business and are willing to offer you low interest rates. Larger chain of banks or finance companies have too much business and they don’t need your business, so they would not offer you low interest rates on the debt consolidation loans. The best time to check out these small finance companies is when they are having promotions. They will offer you a good package of interest rates during their promotion. Even if they don’t have any such thing going on, they will refer you to some more lenders, who may offer you the interest rates of your choice. The Main Emphasis in this article is that you have to look around, check all small or large chain of finance companies to find your desired rate of interest on the debt consolidation loans you need to borrow

Use comparision sites to find the best loan deals online

Using the internet you can do some in depth research within no time. Websites such as moneysupermarket.com, seek4finance.co.uk offer loans from all major UK lenders, where you can compare rates prior to applying for a loan

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Its not everyday you get to hear this.

“PRINCE Charles’s personal bank details have been stolen, they include his vital account number, sort code and national insurance number.“

(The People Newspaper, United Kingdom - issue 24 June 2007)

The Prince’s secret details are believed to have been on a laptop computer stolen from an accountant’s car. The accountant works for payroll firm Moorepay which handles wages for Charles’s Duchy of Cornwall estate.

If you think you are a “smooth operator” in all your bank dealings, we still suggest you keep this quick checklist as a guide and reminder to being a prude bank customer.
The 1^st mistake is not going through your bank statements when you receive them. If your balance is minimum, you could be charged a fee, or if there is a problem in the statements, you could have it rectified immediately.

The 2^nd mistake is very common and has to be avoided. Discarded bank statements or deposit slips can easily lead to identity thefts. Therefore, shred the discarded documents or tear them into small pieces even if they are thrown in trash cans.

The 3^rd mistake is, is related to the second mistake. If you review your bank statements in office, during work, don’t forget to put it back in your bag or purse after reviewing it.

The 4^th mistake is, in order to save time, people usually sign their checks in advance. Please sign or endorse your checks inside the bank, even if it takes a long time. Its not worth loosing your money.

The 5^th mistake is to set and use an easy password. Try and choose a non typical password, not like your date of birth or your number plate. Also change your password every two to three months. And never write down your password, except in the privacy of your own home or bedroom.

The 6^th mistake is paying unnecessary fees. Various banks charges fees for various services, but not all. Therefore, check out all the banks and their charges before you open your personal account.

The 7^th mistake is doing online banking & transactions in public places. Using WiFi in hang out places offers you to go online and log on. This could prove dangerous as, anyone could access your account details using WiFi.

The 8^th mistake is using ATM machines, and walking out of the ATM cubicle openly, specially when you are not feeling safe physically. Most important of all, never write down your pin number anywhere, especially on your ATM card.

The 9^th mistake is assuming that since you have a personal account in a bank, you have to take a loan from that bank only. That’s not the case. You can shop around in other banks and check out their loan offers as well. Maybe they will offer you a better loan plan.

The 10^th and the final mistake is that you do most of your banking transactions online. Develop a good relationship with your bank manager and the staff. It will help you in the future incase you ever have a problem.

Its not all that difficult when it comes to securing your bank information, being careful and staying aware of what’s going on in your account is the key. Identity theft and bank errors have made it essential that you watch your step and follow simple precautionary measures.

Bonus Tip:Even minor changes in bank policies can create issues, causes confusion headaches and resolving them can cost your precious time and money. We suggest you make it your habit to “always read the small text”, take your time scrutinizing and understanding bank policies and ask questions before you sign any contracts.

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