Banking Group Launches New Mortgage Scheme For First-time Buyers – Mortgage Advice

First-time buyers are finding themselves in a predicament with falling house prices as the housing market becomes more affordable. Expert opinion is they are being squeezed out of home ownership by the very large deposit they are required to have in order to secure their first mortgage. Saving up to £25,000 for a deposit takes a lot of effort and you need to have the commitment to save that much money each month for a deposit. Lloyds Banking Group was recently rescued by taxpayer’s money when the government stepped in after they acquired the ill-fated HBOS (Halifax and the Bank of Scotland). Today they have released an innovative mortgage product aimed at first-time buyers looking to get on the property market.

Now is a good time for first-time buyers to buy their first home. It is a ‘buyers market’ and buyers can negotiate some great deals with sellers that are eager to sell. Property prices now stand at 2004 prices which make them excellent value and the fall in house prices is possibly nearing the bottom. The best time to buy a home is when the market is nearing the bottom of a falling market before house price stabilise and then start to rise which they will do one day in the near future.

This new product from is a good deal for adults who are fortunate to have parents that are able help them purchase a new home. This is a niche mortgage product and unfortunately is not suitable for buyers where their parents are unable to help them financially. This will limit the number of people this mortgage will be available to help. The mortgage market remains an unfair battle ground as lenders battle to find more ingenuous ways to lend money without risk to their balance sheets.

They are offering a very attractive mortgage deal for first-time buyers and an exceptionally low mortgage rate for a 95% mortgage; you would expect these interest rates for a 75% mortgage scheme.

Here is their lending criteria to secure a first-time buyers 95% mortgage:

1. Mortgage for 95% of the property value
2. A 5% deposit required
3. Parents or guarantors will need to deposit 20% of the purchase price of the home into a Lloyds Savings Account for the next 3 ½ years. They have not announced the interest rate for their saving account yet. There will be a legal charge over the money deposited a savings account and the deposit is locked away for 3 ½ years.
4. Income required is between 2 ½ times income to 5 times income. It is dependent on the type of job, time in employment, other financial commitments, whether or not you are a customer already, etc.
5. A £99 activation fee and a valuation fee based on the house price is required to start the application process.
6. This mortgage is portable which means that you can move from one home to another without any penalty.
7. There is no ‘Higher Lending Fees’ which is normally added to a mortgage over 75% loan-to-value.
8. There is a Penalty fee of 3% of the outstanding mortgage for the first two years and then a 2% fees for the third year if you were to sell the house and repay the mortgage early.
9. This product allows up to 10% overpayments each year and after the first twelve months you are allowed to under pay the mortgage if required by any overpayments previously made.
10. The interest rate is fixed from 4.39% to 4.89% for the next three years depending on the product fee you pay.
o 4.39% has a product fee of £995 which can be added to the mortgage.
o 4.49% has a product fee of £495 which can be added to the mortgage
o 4.89% has no product fee

This scheme works like this:

The house is valued at £100,000; the first-time buyer finds a 5% deposit of £5,000 plus valuation fees, solicitors’ fees, search fees and other disbursement fees. The parents or guarantors agree to deposit 20% or £20,000 into Bank Savings Account for the next 3 1/2 years minimum. After the three and a half years if the value of the mortgage has dropped to below 90% of the value of the home purchased then the parents or guarantors are free to move their money.

Their commitment to the legal charge placed over their savings money ends to the mortgage lender. The parents will remain tied into the mortgage until the value of the mortgage has dropped to below 90%. So parents could be tied in for a long time if house prices continue falling and the housing market does not recover soon.

If you take a repayment mortgage over 25 years for £95,000, after three years you would have paid back around 6% of the capital borrowed. So after three years your mortgage balance would be £89,300 and your parents would then be released from their legal commitment to the mortgage.

This is a great opportunity for first-time buyers to take advantage of in the current climate. First-time buyers are essential to the housing market returning to normality. Other products offered in the past required the parents, guarantors and grandparents to provide a legal charge over their own home and this placed them at total risk of losing their home as well.

Always take ask to speak to a Mortgage Adviser before committing to a new mortgage and ask as many questions as you need to in order to fully understand your new mortgage product. Mortgage Brokers who use the ‘whole of the mortgage market’ are the best. They will be able to provide you with the best mortgage for your circumstance from the whole of the mortgage market. Furthermore, they will be able to provide you with full ‘Advice and Recommendation for your new mortgage.

Beware Of Debt Settlement Companies! Debt Settlement Is A Highly Questionable Practice!

So you have may have heard or read about Debt Settlement. Perhaps not?

So what is this mysterious term and what does it mean? Ok, it’s not that complicated and some would argue its self explanatory. Settle your debt. Right? Not so fast my friends. Debt Settlement professes to settle debt and potentially can but the players the companies and the tactics by which it is often achieved are QUESTIONABLE to say the least.

As an attorney licensed and practicing in Florida, New York and New Jersey and with a huge focus on Consumer Debt Relief, I am receiving more and more clients who were once signed into an alleged debt settlement program or had already paid exorbitant amounts of money to such companies and their debt was NOT settled. Furthermore, many of these practitioners fail to inform the client that there are IRS TAX CONSEQUENCES when a debt is forgiven or settled (Over a certain Dollar amount) and worst of all the companies “specializing” in debt settlement are often taking loads of money up front from the debtor, before performing any work, which is often against FTC and State Law. The worst violation I have encountered thus far is the companies that promise to eliminate all unsecured debt (credit cards, medical bills) and don’t inform the client that the proceeding is merely a negotiation and not a legal one, that the creditor and credit card company and or debt collection agency do not have any obligation to talk to your settlement company, let alone actually settle the debt for less than is owed, and yet still many (not all) of these clandestine companies sign up thousands of unassuming hard working every day Americans on a daily basis.

I am not certain of the merits of debt settlement. For one, the debtors credit is already shot at that point and two the negotiation can be achieved and handled by the debtor themselves without having to pay out money to get rid of debt (Counter-productive in so many ways). It is not as if the settlement company has any formal expertise (perhaps former car salesmen as the exception) or need to follow any formal template or system. The solution to TRUE, LEGAL AND REAL debt relief is working through an attorney licensed and specializing in consumer debt relief.

With an experienced attorney one has the ability to view their financial hardships and debt in a total and comprehensive fashion and not in a bubble or vacuum of credit card debt alone. One is able to address and tackle the CAUSE and not the symptom and view and potentially address ALL DEBT both secured and unsecured including credit cards, medical bills, tax liens and mortgage dent and foreclosure if and when applicable. This allows for a plan of action that is comprehensive and does not give the debtor temporary relief or a false sense of security or small pieces of good news while ignoring the 800 pound gorilla sitting right next door! Perhaps the debts are so outrageous that the client is better suited for bankruptcy. Moreover, even if the debt is exclusive to credit cards alone and the client does not want to or cannot qualify for bankruptcy, an attorney can accomplish the same settlement if not with better and more effective results at far less than the cost of a debt settlement company.

Bold statements? No!
The empirical data shows that the settlement companies “fees” including processing and monthly are so large and unfair that they have put the debtor more often than not into a deeper financial hole. An attorney must give a retainer agreement and layout in plain English up front what he or she is doing for the client and how much it will cost. A good attorney will not even take money or start a case if they see that the client’s desires are not legally possible. Also, a credible attorney will NEVER make promises or guarantees about success let alone promise total elimination or settlement or throw out any numbers like the settlement companies promise about at least 50 to 80% reduction in principal. There is also the all too common problem of multiple debtors and credit cards and the inability of the company to get ALL the creditors into a settlement and worse the failure of the settlement company to contact the true and actual creditor making sure the party they are “negotiating” with is the true debt holder and not a third party collection agency without authorization to issue settlements! What about the credit card companies and savvy banks who issue a settlement subject to reserving the right for a deficiency judgment? In English…we will let you pay off the balance and reduce it by 25% but we still reserve the legal right to sue you and come after you for the 25% at a later time. Often these judgments can stay in affect for 20 years and lead to wage garnishments, liens and writs of possession! An attorney will make sure that any such settlement RELEASES the client from any future deficiency judgments. Most importantly the attorney has a huge trump card and bargaining chip. The credit card companies know that the attorney can eliminate their client’s debt legally and in FULL by assisting their client with bankruptcy or LITIGATING AND SUING THE CREDIT CARD COMPANY, BANK AND COLLECTION AGENCIES. Sue, litigate you say? How, why, what? Questions…answers…

There are a myriad of different laws on the federal and state level that govern lenders and specifically credit card issuers for example to list the more common:
* The Truth in Lending Act (TILA)
* State Unfair and Deceptive Acts and Practices (UDAP)
* The Fair Credit Reporting Act (FCRA)
* The Fair Credit Billing Act (FCBA)

Dozens of additional statutes and laws designed to PROTECT THE CONSUMER and govern the credit card companies! One slip up on any of these laws and a competent attorney can litigate and sue the credit card company for such a violation or for example for not offering the client the necessary notices of increases in their APR (annual percentage rate), or for unexplained late fees, or for mailing statements and bills late. The list goes on.

Thus, in my opinion DEBT LITIGATION is a FAR SUPERIOR and a more successful methodology to tackling credit card debt versus signing with an unknown debt settlement company, especially when the creditors are not even willing to bend. You get the best of ALL worlds and solutions with a consumer advocacy attorney. He or she goes into battle with countless armor and weapons ready to fight the debt at its root. The client has an experienced and effective counsel at their side and the attorney is equipped and licensed to challenge ALL of the client’s debt even if it means litigation, if necessary as alluded to above (Sometimes even making money for the client in restitution). Furthermore, by hiring an attorney to handle their debt, the client is not “losing” their opportunity for debt settlement, as the attorney can and if appropriate and more efficient often will negotiate, provided it brings the same or better results and that all the legalities and ramifications are addressed, such as no deficiency judgments and explaining the IRS tax consequences. Finally, an attorney can and often will drop the ultimate bomb and simply end it all painlessly and effectively by filing bankruptcy on behalf of the client if and when appropriate. (For another conversation as to when bankruptcy should be explored and employed).

In summary, you are being bombarded on TV and RADIO about “magical” debt elimination programs or hearing and reading of debt settlement. BEWARE there are many unscrupulous folks and companies out there praying on those in debt and who are desperate often promising false things and taking loads of their hard earned money and doing no work.

Are there legitimate settlement companies and players? Absolutely! Without any “if” or “buts.” Just like not every attorney or doctor is reliable and honest. I am not judging the industry but here to educate the uninformed or curious as to the process, players, the pros, cons and alternatives.

Whichever way you slice it, debt is an ugly game and the faster and cheaper it takes to get out of it, the better. Make sure the methods used and players engaged in them are legal and that you are not digging a deeper hole for yourself. Make your decisions on facts and law and not emotion, out of sheer desperation or based on cunning and false advertising. Know your rights and remember while debt is a stressful matter, there are multiple laws in place to 1) protect you and 2) offer recourse and even potential restitution.

Consult with an attorney who knows how to use these laws and who will protect you. Any reasonable law firm should offer a free and comprehensive consultation.

Debt Consolidation Advice – Finding Best Debt Company That Does Debt Negotiation, Credit Settlement

By my own count, there are some 7 different ways available which have been identified by experts as the basic options to debtors by which they may seek to get out of debt. Those options range from bankruptcy, debt settlement, debt consolidation, and loan modification programs, to credit counseling and the “do-nothing” approach.

In today’s American economy, there are two related options which consumers seem increasingly to be turning to in attempting to resolve their debt problems. They are the debt negotiation and debt consolidation advice options. That is, consumers hire and rely on debt settlement companies to process their cases for them.

How Do You Tell the Good Companies from the Bad Ones?

In this regard, a common question often asked by debtors who seek to undertake the task, often goes like this: how do I find best debt company that does debt negotiation or settlement and is legitimate and reliable, and not a fraud?

Hiring any debt relief company is just like hiring any professional to do a job for you – there are GOOD ones and there are BAD ones, and hence you’ll just need to do your homework.

There are So Many of these Companies to Sort Through Today

By one recent study done by one reputable internet investigation site, there are an estimated 4,000 companies in the United States today that offer debt negotiation, credit settlement and/or debt consolidation advice. Each one of these companies are out trying to out-do the other — through constant advertising bombardments and claims on the Internet, radio and TV, newspaper ads, etc — that their own particular brand of services is purportedly the most excellent and highest quality of all. Consequently, finding a truly good or the best debt company by a consumer under such circumstances, is not at all an easy task. So, how the heck can the average person tell the good ones from the bad ones?

Hence, it is critically important that you choose the right company. Like any other industry, there are good companies, and there are bad companies.

So, how the heck can the average person tell the good companies from the bad ones?

Researchers at one reputable at the above-mentioned online internet review site who conducted a major in-depth study on this vital issue, sought a definitive answer to this issue of how to find debt company that’s the best that does debt negotiation and credit settlement. Or, how to tell the very best companies from the bad ones?

They came up with the following answer: simply use some 9 carefully chosen “Key Relief Evaluation Criteria” or KDREC in evaluating the right debt settlement company to hire.

They are:


1: A check to ascertain membership of, or accreditation by, one (or more) of the recognized accreditation institutions for the debt
relief industry.

The best debt settlement or consolidation companies are usually accredited with either one or the other of these:

a) The Association of [Debt] Settlement Companies (TASC); or
b) Association of Independent Consumer Credit Counseling Agencies (AICCCA); or
c) National Foundation for Credit Counseling (NFCC)

2. The Reputation of the company. Includes the Dependability Factor. How long has the company been in business? Is this a
company you can trust?

3. Variety of Solutions. Does the company only offer ONE debt relief solution? Or are they well-versed in a number of options?
Having a variety of choices means they can find the right debt relief program that fits your specific needs.

4. Cost. How does the debt relief company get paid? The best ones will earn their money from a percentage of what they save
you; that way, they only get paid if you save money.

5. Does the Company Readily Offer or Volunteer Some Information and Free Counseling

6. What Does a Background Check on the Company Reveal About Experience, Quality of Personnel, etc – on certain issues of law,
credit, policy, etc?

7. Are There Reviews from Respectable or Objective professionals, journals or Review Media or Organs on the Company’s Services

8. Does the Company Offer Lessons or Programs Tactics for Staying Out of Debt?

9. Provision for Fees & Payment Schedule Modification In Case of Emergency?


Experts say that you should first whittle down all the companies you can find and narrowed them down to a manageable number, say to a dozen or so. Thereafter, just to be really sure that you are sure to have the very best settlement company, you may now apply a second and final set of criteria to the initially selected group to try pick the very TOPMOST and best one you should go with out of the whole pack. Criteria such as these:

The SECOND 9 Criteria
==Written guarantee by a company for overall savings.
==Service affordability for the average person.
==Secure website.
==Evidence of large amount of savings to clients.
==Has company successfully reduced millions of dollars of consumer and small business debt.
==Customer satisfaction response times..
==Does company help protect clients’ credit standing.
==Is customer reasonably able to speak with their debt negotiator whenever they want or was necessary.
==Flexibility of the program based on what a customer may have available on a monthly basis.

Properly done, employing these criteria should immediately give you the very best debt company that does debt negotiation and credit settlement, and provides the best debt consolidation company that’s absolutely reliable and almost guaranteed to eliminate any debt settlement fraud for you.

To conclude, let me repeat. It cannot be emphasized enough, picking the proper debt settlement or consolidation advice company that’s competent and reliable, is the whole KEY. With the right one, it can help you have a much better deal, you can save some 40-60% on your debts. But it takes, however, a little time, a great deal of patience, and, most especially, some considerable research to be able to get the best one of such companies.

If you do your “homework” by following the above-outlined tips in picking the company to use, you’ll dramatically reduce, even completely eliminate, the chances of getting scammed and ripped off. And most importantly, you’ll increase the chances of getting the proper financial help and settlement you need!

The Good News

The good, even BETTER news, is that actually certain reputable online review organizations have already done the kind of detailed evaluation work on debt relief companies of the type we’re talking about, using exactly the same selection criteria outline above. They comprehensively studied, evaluated, graded, scored and ranked the companies in the debt relief industry and came up with a finalist list of Top One Dozen Companies, as well as the topmost one in the country.

Find Online Auto Loans for Good Or Bad Credit Individuals in 7 Steps

Being on the lookout for a good ideal on an auto loan if you have questionable or bad credit can become a long waiting game. The chances of a really low rate for people with a FICO score under 600 being advertised in a newspaper or on TV are slim-to-none.

A better idea is to take a more proactive approach with finding auto loan deals that work for any credit situation. By aggressively going after what you need rather than just sitting back and hoping for the best, you will have a 10 times better chance of getting it.

The truth is, there are many auto loan lenders out there who specialize in working with borrowers with a full range of credit scores, from good to bad. You just have to know how to prepare yourself for finding them and then applying.

If you want to find online auto loans for good or bad credit individuals, here are 7 steps to getting what you want:

1. Know your limitations and choose the right car:

You may have your eye on that hot new European import, American muscle car, or sleek Japanese sedan that is sitting on the dealer lot that you pass by every day. And to be sure, there are of course no rules written anywhere that say you can’t qualify for a loan to buy the car of your dreams right now.

However, if your credit score is below 600, a more realistic approach for you at this point would be to set your sights on a car that is not quite so expensive. Going after a lower-priced car means a smaller auto loan amount – which will increase your chances of getting approved significantly.

2. Understand your FICO score:

You may not enjoy looking at your credit report, especially if you have a low FICO score. However, taking the time to look at your report now will pay off later. That’s because when you do, you will have the chance to prepare explanations regarding any particular items that a would-be lender might flag as undesirable. And, it also gives you the opportunity to spot any errors in your report that you could get removed at this point.

3. Talk to a friend who is in a similar credit situation to you about their preferred lender:

Think about your circle of friends: know anybody with credit problems who also owns a car? It just takes a quick phone call or e-mail to find out whether they can point you in the direction of a reputable bad-credit lender.

4. Start your online search:

Even if you get suggestions from your friend about a good lender, still take the time to increase your list of candidate car loan lenders by doing an online search of your own. Keep your eyes peeled for “bad credit auto lenders” and “any credit OK auto lenders.” This is how they refer to themselves, and they are looking for customers like you.

5. Compile a list of 5 bad credit online auto lenders:

Make sure your search yields you at least 5 solid-looking lenders. More choices means more opportunities to get approved at the lowest-possible rate for your situation.

6. Contact at least 3 of them:

Now, set aside an hour or so and contact at least 3 of them. If you like what you hear, go ahead and apply to all 3.

7. Move on if the offer does not meet your interest rate or payment needs:

Each time you get an offer, be sure to move on to the next one if you suspect you can do better in terms of the interest rate. Remember, you always have other options. No matter what, make sure to follow through in applying to all 3 lenders.

Take these 7 steps to finding online auto loans for good or bad credit individuals.

Fixed Rate Mortgages – Past, Present and Current Market Status

Mortgage loans and fixed rate mortgage history:

The fixed rate mortgage can be understood as a type of mortgage for which the interest rate has been “fixed”, or made “constant”, for the entire length of the mortgage term. Simply, it a mortgage loan with a constant interest rate, which does not change over the entire tenure of the loan. Mortgage loans are traditional types of loans, and have been in existence since centuries. In the past, moneylenders and “lords” (Europe 16th to 18th century) offered home mortgage loans to “needy” people, often the pheasants and laborers.

However, the middle class families too “borrowed” money to satisfy their financial needs, and later repaid the amount. In such cases, the lender generally decided the “final” fixed interest mortgage rate to be charged for the credit amount lent. The rate of interest was more or less standard, and did not change, but it was at the discretion of the moneylender to “decide” and “fix” the net chargeable home mortgage loan amount, since there was no “controlling authority” which “decided” which moneylender should charge what interest rate, and what kind of benefits the debtors should avail from the creditor, apart from the “loan” facility.

So, to summarize the mortgage loans scenario of the past, the loan procedure and working was not “standardized” or streamlined. There was little or no authority to question the creditor about “fair practice” or “ethical trade” related issues. The rule was quite simple. The moneylender was rich and had surplus money, and was ready to offer some amount at a particular rate of interest. It was for the borrower to decide how badly the credit facility was needed, and whether it was possible to accept the terms and conditions. If “yes”, the lender would give the money, and the borrower repaid the home mortgage loan rate amount as per convenience.

Mortgage and fixed rate mortgage status now:

Things are different now. Democracies and republics play the part of deciding how fixed interest mortgage rate and credit finances should be lent, and recovered. And since the governments are composed of “common people”, financial market has been greatly influenced by how creditors should lend their money, and what kind of protection the debtor should have while paying back the money borrowed. There are regulations in place, along with checks and counter checks, which balance the market economy, and ascertain that creditors do not “harass” their debtors, and also help the lenders to recover their capital in case the debtors fail to redeem. It has to be a two way street, a path which can be used by both the creditor as well as the debtor, in a harmonious manner.

Mortgage and fixed rate mortgage current market conditions:

As far as the current mortgage indices are concerned, mortgage rates are indicating yet another strong move higher this week. This is owing to the focus amongst bond investors, who have strong concerns regarding the budget deficits and inflation. Even with the prevailing market conditions, mortgage rates still remain well below the 6 percent mark. The rates do not pose an impediment to deserving borrowers. The Federal Reserve currently has a $1 trillion deficit in terms of outstanding mortgage payments, and if this deficit is catered to, it is possible to bring the mortgage rates down.

No further announcements are likely to take place before June, this year, by the “Federal Open Market Committee” meeting. Mortgage rates sharply increased last week, indicating that the average 30-year fixed mortgage rate increased up to 5.65 percent. As per the national survey, the average 30-year fixed mortgage is associated with an average of 0.44 discounts, as compared to its origination points. The average 15-year fixed rate mortgage rose to 5.06 percent, and the average jumbo 30-year fixed rate rebounded back to 6.68 percent.

As far as the average adjustable rate mortgages are concerned, the rate decreased to 5.01 percent while the 5-year ARM jumped to 5.20 percent. Everything said and done, the mortgage rates still remain significantly lower as compared to what they were a year ago. At this time last year, the average 30-year fixed mortgage rate was availed at 6.52 percent, indicating that a $200,000 loan would ideally carry a monthly payment of $1,266.77. With the average rate remaining stable at 5.65 percent, the monthly payment for the same loan amount would be $1,154.47, suggesting a savings of $112. 30 per month.

Reduce Your Credit Card Debts With Credit Card Debt Settlement

In our present situation, our economy is facing a tough time. Though it might come as a surprise, but the reality is that, this condition does not shock people anymore. This is not breaking news or making the headlines. You may ask, why? Well, for starters; debts are the reason why our economy strives, which we individuals benefit from. Consumers are very much accustomed to being in debt to the point of shunning away the responsibility of paying them.

Why do people have debts?

For starters, let us identify why we obtain debts; not just one or two debts but multitude debts. As time went by, generation after generation progressed and are continuously advancing towards a very innovative industry – both economically and financially.

Business corporations, advertisements and all sources of media had put up an impression on most of us. There are a lot of dictations on what is acceptable, what’s not acceptable, what we think is best for someone else. Pressure can be felt everywhere we go and from each person we mingle with.

In addition to the pressure, unexpected occurrences also add up to the many factors why we acquire debts; from inevitable changes in our economy (e.g. recession, retrenchments, bankruptcy, etc.) to unexpected happenings to our plain lack of ability to control our spending routine.

Researchers have also concluded that aside from natural occurrences, one of the main reasons why consumers accumulate debts is due to the fact that we never get satisfied with what we already have; we covet more and more things even though we do not have the capability to buy – resulting to debt increments. Whenever we gain a lot of credits, the harder it is to get out of the situation, making it really complicated to resolve.

Introduction of Debt Help Techniques

There are a lot of secrets to overcome one’s debts; secrets which can help you accomplish a debt-free life. However, the sad part is that we really do not have much idea what they are. Any person with debt has some alternatives, but not all of us know how to discern and take advantage of such alternatives.

Debt help techniques are present for our use. These techniques come in all forms, each with its own strategy and services to offer. The key to finding out which debt help technique can help you the most is to make out some possible cause and effect we can get from each method.

The Debt Settlement Method

One of the various types of debt help is known as debt settlement. A debt settlement method is done by undertaking a process of negotiation between debtor and creditor. Through this negotiation, they will more likely come up with a resolution that is agreeable to both parties. With the help of this method, debtors will be able to obtain a reduced total amount of existing debt which he/she only has to pay once every month, given that it be repaid on or before the stipulated date.

Credit Card Debt Settlement – A Debt Settlement Program

For people dealing with huge amounts of debt, they can either opt to do a personal debt settlement or go for the aid of a debt settlement program.

It is understandable that credit cards have become a “basic necessity” to an individual’s life since times are tough and credit cards can give us instant gratification whenever we want it, regardless of the time and the situation we are in.

Credit card debt settlement is a service offered by debt settlement with a main objective of giving some leverage and relief to debtors suffering major debt crisis. That is why people having insurmountable credit card debt seek support through credit card debt settlement.

It is known to be the fastest and most efficient way of clearing out credit card bills. What’s great about credit card debt settlement is that interest rates can go down as low as 50-70% off your previous rate.

How does it work?

Everyone is granted a credit card debt settlement service when they really need one. When you are under this program, some, if not, most creditors agree to write off as much as 30-50% of your total debts. It can even go higher, depending on your creditor’s decision. All it takes is a formal agreement between you and your respective creditor.

Work Out What You Can Afford With an Auto Loan Interest Calculator

Before you even think about buying a car, you need to think about how you are going to finance this expensive purchase. Most people are not lucky enough to be able to buy their cars outright, thus take out car financing either through the dealership, a bank, a credit union, a building society, or a specialist e-lender. When you work out what you can afford to pay each month, you will know what kind of car you are able to buy. An auto loan interest calculator takes the hard work out of figuring out just what that amount is, and are available on a number of websites. All you have to do is enter your financial details into the online calculator and it will bring up the figure you can afford – it really is that easy!

Most comparison sites and the websites of the e-lenders themselves offer an auto loan interest calculator so the first thing to do is to visit one of those sites. Each one is slightly different but the following example is fairly typical. Firstly, you will have to enter the price of the car. Even if you don’t know what car you want, you should know roughly the amount that you are willing to spend on your car. The next step on the auto loan interest calculator is to enter the amount that you can put down as a down payment. You don’t necessarily need a down payment and you can leave this section blank but do bear in mind that some lenders won’t approve you if you have no money to put down at all, and you are more likely to be offered a lower interest rate if you make a down payment. Any money you offer is collateral, meaning you will be perceived as less of a risk, and therefore a more favourable loan candidate.

The auto loan interest calculator will then require you to enter in the length of the term you would prefer. You can work this out from the amount of money you can realistically afford to pay each month. If you only have a small amount, you are looking at a longer term to give you the time to pay it all off. If you are able to afford to pay a reasonable amount each month, you may want a shorter term so that you end up paying less in interest over the course of the loan and of course, own it fully in a shorter length of time. Next, the auto loan interest calculator needs the interest rate of the loan – generally, if you have good credit it will be around 6% and if your credit rating is low it may be 10%. Remember, this is just an estimate so that you can work out roughly what you can afford so don’t worry too much about getting the figures spot-on. The amount you are financing will need to be entered into the auto loan interest calculator next – remember to take into consideration any down payment you will be making. Once all that information has been entered into the auto loan interest calculator, simply press ‘calculate’ and your monthly auto payment will be revealed.

An auto loan interest calculator can be a valuable tool when working out just what you can afford when you come to buy a car. Simply log onto the Internet and you will find many sites offering this service.

4 Nonsense Loan Fees Charged by Some Mortgage Brokers

Here in Essex County there are virtually hundreds of Windsor mortgage brokers that can assist you with a mortgage loan. Just open our local Yellow Pages and have a look. Some agents are offering special mortgage rate programs, others refinancing, and others home equity loans. But sometimes when you really drill down into these loan programs, you may find what I like to call “nonsense fees” popping up.

While the majority of Windsor credit unions, lenders and mortgage agents are honest and often provide a positive experience, it’s very important that you be aware of some of the dishonest tactics you may encounter when you refinance or seek a Windsor home loan program.

If you live in Windsor, it’s no doubt you’re very aware of the troubled times we’re facing. Businesses are closing, layoffs and job losses appear in the Windsor Star almost daily. At the time of this writing, Windsor’s unemployment rate is 13.6%! With all of Windsor’s economic circumstances, choosing a mortgage broker who understands how to successfully work with our city’s unique challenges, and who doesn’t charge additional / extra fees, is crucial for positive loan outcome. In fact, avoiding unnecessary fees can save you thousands of dollars over the course of your mortgage loan. To be forewarned is to be forearmed….

Many of the nonsense fees you’re about to learn, are additional fees that are simply not necessary (in most cases). They can be fees completely made up or added by a Windsor mortgage broker who is simply trying to make more money from your refinance or mortgage loan, and sadly at your expense! It’s easy to conceal many of these fees within a complicated mortgage/refinance contract. And unless you have a lawyer reviewing every dotted “I” of your loan agreement multiple times, nonsense fees can be easy to miss.

Nonsense fees are created at the mortgage broker/agent level, and are completely at the discretion of the mortgage broker you choose to work with. Some Windsor mortgage brokers can get really creative with their fees. Here are just a few creative nonsense fees I’ve seen in the past:


  1. Lender Charges
  2. Document Processing Fees
  3. Retainer Fees
  4. Application Costs

The above listed fees can add up to hundreds, even thousands of extra dollars, and when you’re finished paying, you may end up paying more for a mortgage or refinance loan then you should have!

If you see any of these fees, call your Windsor mortgage broker or agent out on them. For instance, ask why you’re paying a lender fee, if your mortgage agent is already being paid by the lender for the same thing? Otherwise, your mortgage agent is basically charging double what he/she should be – in other words, double dipping.

A Few More Unfair Mortgage Loan Tactics That Could Cost You Thousands!

Mortgage Penalties: If your existing mortgage loan has a prepayment penalty, some lenders or Windsor mortgage brokers will offer to “handle” penalties when you refinance, just to keep your deal. What they often fail to mention is that you’re actually still paying them anyway. Some mortgage lenders will figure those penalty fees into the interest rate that they offer you. So not only are you actually paying them, you’ll pay interest on it as well.

Lender Tied Selling: Dishonest mortgage loan tactics are one thing; this next point pretty much crosses the line into being on the border line of illegal. If you have a Windsor mortgage loan with a particular lender, chances are you may have a credit card account or maybe even a line of credit with that same lender. Sometimes, when a lender learns that you may be refinancing your loan with a different financial institution, you may be told that your credit card account or credit lines may be closed if you refinance your Windsor mortgage loan with someone else. This is called Tied Selling and is considered illegal.

Monthly Interest Compounding – Some Windsor mortgage brokers or lenders will compound the interest on your refinance or mortgage loan monthly instead of twice a year, while offering you a slightly lower interest rate. This results in you paying much more interest in the long run.

Remember, cheap Windsor mortgage loans or refinancing options aren’t so cheap if it winds up costing you a whole lot more in the long run. Take the time to really understand the fees that any Windsor mortgage brokers put in front of you.

Scottish Debt Solutions – Trust Deed, Debt Management and Bankruptcy

Personal debt affects millions of people across Britain and at present there is an estimated 1,000,000 people struggling to manage their credit commitments. Over the next 5 years these people will try to find ways to pay their loans, credit cards and other unsecured debt. For a large percentage it will be an arduous task which will need professional help.

It’s important that when people are in debt they seek help as soon as they realise they can no longer manage their finances. This could mean the problem is resolved before it becomes too severe and the only options are a Trust Deed, IVA or Bankruptcy. There are a number of UK debt solutions which help thousands of people each year. In this article we have focussed on the Scottish debt solutions. The legal system in Scotland is different to England, Ireland and Wales which is why the debt solutions are not the same.

Recent statistics released have shown that the worst cities in the UK for personal finance were Glenrothes, Kirkcaldy & Livingston all of which are based in Scotland. It is more important than ever for the people of Scotland to know what help there is available for their debt problem. There is always a solution to debt, and in some cases there maybe two or three options available.

Scottish Debt Solutions

Debt Management Plan – The Debt Management Plan is an informal plan where the person in debt would repay all of the money they borrowed over a longer period than originally agreed. It’s predicted that across the UK 500,000 people are in a debt management plan right now, with 300,000 in a for profit debt management plan. The Debt Management Plan can be stopped by either party at any time.

Protected Trust Deed – This is a formal agreement which usually lasts for 36 months. The person in debt will repay a percentage of the money they borrowed over the term of the Protected Trust Deed. So long as the creditors agree to the solution and the person in debt continues to make their monthly contributions then the rest of their debt will be written off. Should the person in debt fail to complete the Protected Trust Deed they will most likely face Bankruptcy.

The criteria to enter a Protected Trust Deed is:-

– Unsecured Debt of at least £10,000,
– Disposable income each month of £100 and a return to creditors of at least 10%.

Each year around 9,000 people enter a Protected Trust Deed. The Protected Trust Deed is similar to the English, Welsh and Northern Irish Individual Voluntary Arrangement (IVA).

Sequestration – This is the Scottish equivalent to Bankruptcy. The Sequestration will last for one year, afterwhich the person in debt will be discharged. If the debtor is able to make a contribution towards their debt, then this will happen for 3 years. At the end of the solution any debt will be cleared, however a default will last on the person in debts credit file for 6 years.

(LILA) Low Income Low Asset – This is a new route into Sequestration (Bankruptcy). This solution was was launched back in April 2008 for people who have a low income and low / no assets. The solution enables people earning minimum wage, no asset worth over £1,000 and unable to meet any other debt solution the option to enter the LILA. You cannot enter a LILA if you own a house. The equivalent scheme for England, Wales and Northern Ireland is called Debt Relief Order (DRO).

Debt Support Trust is a not for profit debt advice charity that provides telephone and internet based debt advice. The charity values include

– Care

– Transparency

– Reliability

– Support

Guaranteed Auto Loan Approval For People With Bad Credit

When you are hit by bad credit and still need a car loan, the guaranteed auto loan approval is the best way to get behind the wheel of your own used or new car. With thousands of online lenders willing to provide you a guaranteed auto loan approval without a credit check, the process is simple and easy.

Before you set out shopping for the guaranteed auto loan approval, it is essential that you understand the significantly higher interest and finance costs attached to these types of loans. The rapid depreciation on your car has a higher element of risk for the lender and this leads to the higher costs.

A major advantage with online lenders is that you enjoy a number of facilities to pick the right lender and find the best offers possible. Shopping for guaranteed auto loan approval calls for patience and extensive research. Auto loans are a competitive business and many new players are entering the fray almost every day. Therefore, finding these new entrants and driving a hard bargain with them will work to your advantage. To stay afloat, the newbies need business and they are often times more willing to flex a bit to accommodate your expectations.

It is important that you carefully design your monthly payments against the guaranteed auto loan approval in relation to your income and disposable cash you have every month. A car loan calculator available from the internet is a useful tool to consider different combinations and varying attributes. Managing your monthly payments assumes greater significance particularly when your credit scores are not healthy enough.

Some websites also offer quotes from different lenders so that you can compare the numbers on a single screen. These websites are also considered safer to deal with since the security aspect of the website is monitored externally. Considering a substantial down payment of say 20 percent will help you bring down the loan value and correspondingly the monthly payments. Pegging the tenure of the loan to 24 or 36 months will further bring down the finance cost and interest charges on the guaranteed auto loan approval and this in turn, will be reflected in your monthly payments.

More importantly, the guaranteed auto loan approval will help you shop for the car with a pre-approved loan. Often times, this is a very helpful measure since you have abundant clarity on the type of car you are looking for and the accessories you must have. The car dealers’ sales personnel will therefore not be in a position to overwhelm you with all those ‘irresistible’ offers.

The guaranteed auto loan approval will also help you rebuild your credit report and bounce back to healthy levels. This can happen when you diligently plan your monthly payments over the entire tenure of the loan and do not allow any defaults. 6 months to a year after you have availed the loan, when your credit score improves, you can also refinance the loan through a different lender, bringing down the interest and costs and thereby the monthly payments.