Do You Own Your Own Home Or Business

Business, Financing.

Foreclosure is a problem across the nation - do you own your own home or business? There are millions just like you were are in jeopardy of losing their home, because of foreclosure. If you have a mortgage, and you are working, struggling to survive from paycheck to paycheck you are not alone.

Foreclosure is when one is behind on the mortgage payment, when you miss two or more payments to the financing company and the bank decides to take your home from you. - you will have to move out and to another place to live, and sometimes you can even end up owning additional money to the bank even after they take your home or business. Foreclosure is going to wreck your credit, and it is going to leave you homeless. If you are unable to pay your monthly payments, you need to find a way to get your finances back on track, to catch up on those payments, and to keep your home. First, if you have already received a letter from the bank about foreclosure you should call the bank. To get your personal finances back on track you can do a few things. Find out if you can set up any payments to avoid foreclosure.

Foreclosures are not something that the bank or financing company likes to do, but must do in the case of your non payment. - ask if there is anything you can put up against the house to avoid losing your house. If you have a retirement account, if you have CD' s or any type of savings this could be the time it is going to pull you out of trouble and for you to avoid foreclosure. You need to find a place to live, and for your family to move. If you have nothing you can fall back on, and the bank states there is nothing you can do to avoid foreclosure you need to get moving on a back up plan. You need to get out of the house that is being foreclosed, and you need to take with you the stuff you can before the house is locked up by the foreclosing company.

The foreclosure of your home is going to cost the bank money, payments, in interest, and more money in the cost of having to resell your home, which is why items in the home are often auctioned off by the bank. - the foreclosure of your home mortgage, can often times include the sale of all your personal items to help the bank recoup some of their money they lost on your mortgage. A foreclosure process is actually quite a long one. If you miss more payments, the bank will begin calling your home. If you have missed one payment on your home mortgage loan, you will receive notification by the bank of your missing that payment. The foreclosure process is going to start. To avoid foreclosure on your home, get a second job.

You will not have more than three months, before the foreclosure, generally process begins not only to affect your credit, but also where you live, the items that you own, and your ability to obtain any type of help in resolving the matter. - cut back on the money that you spend when you are out on the town. Catching up on your mortgage payments for your home is something you must do to avoid foreclosure by the bank, and to avoid them taking your home. Avoid spending money on things such as a cell phone, television shows, the car, extra activities, avoid spending money, gifts and presents that is not being spent on your home.

Is It A Visa, Or Entertainment Card, Master

Business, Financing.

What do the numbers indicate on credit cards? - ever wondered what the numbers on your cards indicate? Here' s the answer. Well you might have written them down at several points, either as reference or as a security measure in case of theft, but did you ever sit down to think what they might mean?

The first number on your credit card denotes the system of the card. - if the number is 3, it means it could be an american express or diners club card or any other entertainment or travel card. Is it a visa, or entertainment card, master? Whereas a card with 4 as the first digit denotes that the card is a Visa card and a 5 means it is a MasterCard. The number on the card also denotes the system of the card. A card that starts with the number 6 means it is a Discover card.

For instance, a Diners Club card starts with 38 while, an American Express card number starts with 3The third and fourth numbers denote the currency used on the card while the rest of the numbers till the 11th give you the information on account number. - this is the configuration in an american express card. The digits from 12 to 14 is the credit card number and the last digit, the 15th is a check digit. A Visa and a MasterCard are similar in concept with some variations. These numbers offer complete information on the user' s account and one must keep a photocopy of the card with the number or write the number down safely in case of card theft at any point in time. They basically provide the same details, though the numbers and rules vary slightly.

This reference number needs to be quoted to block your cards from being misused. - the back of a card is even more configured with information and codes. If you think this is all there is to a card, you are mistaken. The magnetic strip you see on the back of your cards( also called the magstripe) is made of iron - based magnetic particles. The card is often swiped at a business center or a store when you make a purchase and it is the magstripe that needs to be read by the magstripe reader. It is however plastic like in appearance. Sometimes you may encounter problems with your card at stores or even at the ATMs where the reader fails to accept your card.

In fact, even if your card has been exposed to magnets, it can damage the magnetized strip. - this could in all likelihood be due to a dirty or damaged magstripe. So do take good care of your credit card and keep it protected from damages.

If The Decision Upholds The Claim Against You, Then The Court Order Or CCJ Is Issued

Business, Financing.

County court judgements explained - having a county court judgement or ccj issued against you will have a severe impact on your credit rating, as it signifies that you have had serious problems paying back a loan or other form of credit, to the extent where your creditor has had to take court action against you to try and recover the debt. The first you' ll hear about it is when you receive a' Claim Form' through the post, sent to you by the county court. If you get into arrears and fail to come to a repayment agreement, your creditor may decide that pursuing a CCJ is the only option.

This form will set out the details of the claim, including who the creditor is and how much they say you owe them. - if however you can' t clear the debt, then you should fill out an' admissions form' which will also have been sent to you. If you were unaware of the debt, for instance if you' d moved house and lost contact with the creditor, then repaying the full debt now will stop proceedings going any further. This form asks for information about your income and expenses, which the court will take into account when hearing your case. Once you' ve filled in these forms and returned them to the court, there will be a simple hearing carried out in private. The Admissions Form should be returned within 16 days of the postmark it holds, although if you intend to dispute or defend the claim then you can apply to have the hearing delayed an extra 14 days in order to prepare your defence. You don' t have to attend the hearing so long as you' ve completely filled in the necessary forms, or unless you wish to dispute aspects of the claim.

It' s important to note that no one is being found' guilty' or' innocent' here, the court is simply trying to fairly resolve a civil financial dispute. - at the hearing, the court will objectively review the claim and the information you' ve provided, and come to a decision about the amount of money( if any) you owe, and how it should be repaid. If the decision upholds the claim against you, then the court order or CCJ is issued. After a month, the CCJ will be entered on to the Register of County Court Judgements, and from there it will make its way onto your credit files held by the various credit reference agencies. Even at this stage you can stop the damage to your credit record, as you' ll have one month from the date of the court hearing to repay the debt in full to stop the CCJ being put on record. The presence of one or more CCJs on your credit file will effectively close off most kinds of finance to you, as most lenders will be very reluctant to advance credit to people in these circumstances.

If you have a CCJ on your record, you might be tempted by companies promising to remove it and clean up your rating. - once, you, however' ve cleared the debt, then the judgement will be marked as' satisfied' , and while this will not remove it from your record it is a lot less harmful to your credit worthiness than an uncleared ccj. Unfortunately, this is only feasible in a few cases. If this has happened then you have the right to have it removed from your records. Sometimes, the CCJ is entered on to your record by mistake even though you cleared the debt within the one month time limit. The only other ways to have a CCJ removed is to show that there was something wrong with the way in which the judgement was awarded.

In these circumstances, you can apply to the court to' set aside' the judgement and it will be removed from your file, with the whole process starting again with a new claim and hearing. - if, for example, you didn' t receive the initial claim form, and you were unaware of the proceedings, then you didn' t have the chance to defend yourself and so the judgement is invalid. Any attempt to gain a' set aside' without a reasonable argument could be seen as wasting the court' s time, with all the legal penalties that would entail. Although a CCJ against your name is harmful to your credit rating, it isn' t a criminal matter and won' t lead to further action such as repossession of your home or bankruptcy. If you receive a Claim Form through the post, it' s important not to panic. The CCJ procedure is there so that the court can help to resolve your debt in a way that is fair to both you and your creditor.

There Are Disadvantages To Having A Credit Card As A Student However

Business, Financing.

The disadvantages of student credit cards - traditionally there have been two groups of people who have always found it very difficult to get access to credit cards. These two groups would have found it next to impossible to get approved for credit cards in the past.

These two groups are listed below: � People with no, or very little income. � People with negative credit histories. - however, nowadays it is becoming easier and easier to get your hands on a credit card and accordingly, these groups are finding it easier to get access to credit cards. As more and more players have entered the market, it is now possible for almost anyone to get a credit card. The reasons for this are that the competition in the UK credit card industry has increased dramatically in recent years. Many credit card providers from the US have entered the UK credit card industry while at the same time, there are internet and other non traditional providers who are also all fighting for a share of the lucrative UK credit card market. What this means for students is that while in the past they may not have been able to get their hands on a credit card, it is now relatively easy for them to do so. As a result they are willing to lend to more and more people who in the past would have been regarded as simply too much of a credit risk.

This has many advantages for students as it means they have a means of paying for goods and services online that do not accept the more common debit cards that students have had to limit themselves to in the past. - there are disadvantages to having a credit card as a student however. The other main benefit of student credit cards is that they can use them while abroad travelling and this no doubt is a welcome convenience for the student population. The main disadvantage is that it is very easy to get into credit card debt very quickly. At the same time, with interest rates among the highest in the lending industry, any student who does rack up a high credit card debt will find the debt increasing rapidly at such a rate that it will surely be unmanageable without drastic steps. Frequently the spending limits on student credit cards are thousands of pounds and any student who spent all of this would be finding it very difficult in deed to get the money paid off.

The other disadvantages of student credit cards are dwarfed by the risk of getting into debt problems and therefore, if you think there is any chance that you will not be able to handle the responsibility of a credit card and keep your spending under control, then probably a student credit card would not be the best idea in your current circumstances. - this would enable you to build up a healthy credit record, so when you are finally ready to apply for a better credit card that comes with better offers, there is a higher chance that your application will be successful. Please remember, using a student credit card is not always a bad idea, taking out a student credit card at a time when you have no previous credit record may be a good idea.

Reverse Mortgages

Business, Financing.

Explanation on the different sorts of mortgages - interest only mortgages. On availment of interest - only mortgage, monthly amortization does not include any partial payment of the loan. Interest Only Mortgage is a means to payback a certain mortgage.

The borrower has to pay only the fixed monthly interest of the loan. - in interest only mortgage, it is a must to determine how the loan payment should be made. The principal amount of the loan is payable at one time and based on borrowers and lenders terms of agreement. Most borrowers are advice before engaging in this Mortgage to at least save consistently. The completion of savings must also be made available before the maturity of terms of mortgage arrives. The purpose of savings is to allow the borrower to come up with a lump sum to pay off the principal obligation.

Another option a borrower may do to effectively secure the mortgage is to make a conversion to a repayment mortgage. - by means of interest only mortgage the borrowers can enjoy low monthly payments. It is ideal for the type of a borrower who does not have big income at the time of engagement to the mortgage but expect an increase on the future income. And when financial condition of the borrower increases, he may pay higher monthly payments for the repayment of mortgage. Ideally interest only mortgage are good for workers who earn based on commissions or who expect high earnings in the coming year. Interest only mortgage are usually recommended by lenders and brokers but future borrower should be aware that interest only mortgage is beneficial only to particular type of person.

Investors who expect big return of investment may also effectively acquire this type of mortgage. - a borrower who cannot make a good plan for investing their savings is likewise not ideal for interest only mortgage. Financial experts advise regular wage earners who opt to choose moderate size home loan not to apply for interest only mortgage. Repayment Mortgages. In simple terms, the borrower has to pay monthly part capital and part - interest. Repayment Mortgage is a way of paying a mortgage wherein monthly repayments comprises of repaying the principal amount of obligation including the accrued interest.

In repayment mortgage, at the end of the mortgage the full amount of the debt obligation will be repaid. - to determine the applicability of this type of mortgage to a person in need, the borrower must assure repayment of the full amount of the loan at the expiration of the term. During early years of paying, the charges of the mortgage repayments consist mostly of the interest and because of this, less of the capital is actually paid off. The borrower must also consider that interest rate are subject to increases and will also affect the monthly payment premiums. This request for changes on the terms will increase the full principal obligation of the loan. In repayment of mortgage, the borrower may ask the lender to extend the term of payment in case he is unable to pay the amortization or to allow interest only payments until the borrower can update the payment.

But nevertheless, the same must be approved by the lender. - holiday payments are also given to borrowers when they cannot meet the monthly dues. Most lenders provide flexible repayment mortgages to allow the borrowers to pay more than the required monthly premiums when their financial capacity improves. Ideally, repayment mortgage is the efficient way to pay off the loan. Hence, after few years of paying your dues the monthly repayment will now consist of an increasing amount of capital and a decreasing amount of interest. When the mortgage value reduces, the amount of interest payable is likewise decreases. Tax relief will likewise decrease.

In the long run, the high equity percentages of the borrower' s property will also increases. - this means that the borrowers will unlikely experience negative equity because the mortgage prevailing balance will also reduce. Reverse Mortgages. In this type of mortgage, homeowners do not have to sell their homes, give up the title, or take on a new monthly mortgage payment. A Reverse Mortgage is a loan that enables homeowners to convert part of the equity of their home into a tax - free income. It is termed as reverse mortgage because instead of making monthly payments to a lender as with a regular mortgage, the lender is the one that makes payments to the homeowners. In order to qualify in this mortgage, the homeowner must be at least 62 years of age.

But not all can avail a reverse mortgage. - the older the applicant, the higher the loan amount can be. Elderly homeowners often use reverse mortgage as an additional source of income since most of them are already retired. Also, the home to be subjected in reverse mortgage must be the applicant' s principal residence, meaning the applicant is currently residing in that particular house for more than half a year. Payment proceeds from a reverse mortgage can be also used to pay for the applicant' s health care, home repair or modification, paying off existing debts, taking a vacation and paying property taxes or just get some cash in case of emergencies. The qualified applicant may choose to receive the money from a reverse mortgage all at once as a lump sum, as a line of credit, fixed monthly payments or a combination of both. The amount of cash one can have depends on several factors like the age of the home, age at the, its value time of closing, and interest rates.

The lump sum is the cash paid to you on the first day of the loan as immediate cash. - the mortgage becomes due once the home is passed on to the heirs. A line of credit lets you take cash advances whenever you want during the life of the loan and until you use it all up. The heirs then, had an option to pay the mortgage and keep the home or sell the home and pay off the mortgage. The homeowner can never owe more than the value of the home in which time the loan is repaid. They can keep any excess sales proceeds.

Some Family Budgets Are Designed By Experienced Financial Planners And Agents

Business, Financing.

Planning a family budget for every day and not just the rainy days - one of the aspects of family life that people rarely enjoy dealing with is to set a family budget. One family member might see entertainment as a fundamental part of the budget, while another views it as a luxury that isn' t needed. It can be an arduous task filled with disagreement.

Finding a common middle ground and sticking to it will guarantee financial success. - the aim is to strike a balance between income and expenses. A budget is essentially a summary of lists of intended expenses and expected incomes. Setting up a family budget can be different from one family to another based on their specific needs. And not all family budgets are set in place by the family while sitting at their kitchen table. While one family might feel content to save a certain percentage of their income to buy a car another would be satisfied with the idea of keeping their older vehicle and dedicating those funds to an annual family vacation. Some family budgets are designed by experienced financial planners and agents.

When you set out to set a family budget it' s imperative that you consider all of the financial needs and goals of each individual and also the family as a collective whole. - but the intention is always the same, planning for present expenses and also preparing for the unexpected. Therefore it' s important to include the cost of items such as: Children' s college funds. Retirement savings. Saving for a new home or home improvements. Saving for the unforeseeable, such as car repairs or loss of employment. Naturally the adults will have the last say as they are generally the ones contributing the income to the running and maintenance of the household.

Every conceivable expense needs to be calculated as you work through the process to set a family budget. - children' s needs have to be addressed as well, including the possibility of having to purchase items such as prescription eyeglasses or braces. There are professional financial planners who are highly experienced in working with people to set a family budget. If you don' t have a medical insurance plan to help supplement the cost of these items, they can take a fairly good bite out of your budget. They generally do charge for their services and if you are trying to save money they can be viewed as either an investment or perhaps just an expense if you feel you can handle the process on your own. These can be either low - cost or no - cost and the information is extremely valuable. Another alternative might be to research any workshops in your area that are designed to help when it comes time to set a family budget.

Going through the motions to set a family budget can save you a substantial amount of money over time. - with a reasonable budget in place, money worries can be a thing of the past, it just takes some planning and dedication. No one likes to fall short in the financial department and not be able to provide for their family.

Make Sure You Are Applying For The Right Type Of Business Loan

Business, Financing.

How to apply for a bank loan - many small businesses will visit banks hoping to receive a loan to get their business off the ground and of those only a few will walk out with a check. Its no real secret that in order to get a business loan from most banks, you have to be able to show that you really do not need their loan. Most financial institutions are over cautious when it comes to lending money to new businesses due to the historically high failure rate of new businesses.

While bank may be interested in financing businesses, their main concern is the ability to repay the money and insuring the business owner has sufficient collateral and liquid assets to help meet expenses during downturns in the business. - you must walk into the office with air of confidence, not to be confused with arrogance and dress professionally looking like a potential business owner and a person of integrity who is capable of accepting responsibility for their actions. While they may be reluctant to hand money out for a new business there are some thing a business can do to promote a favorable decision and walking into the loan officers office on your knees with your hands folded in a pleading position is not one of them. Check your credit report before applying for a loan and work to clear out any negative items it may contain. There are different types of business loans available, some for equipment and some for operating capital and they all have different criteria, which must be met. This can take some time so starting on it early can have it cleaned up to more accurately represent your credit worthiness at the time the application is submitted.

Make sure you are applying for the right type of business loan. - regardless of the type of loan you apply for, be prepared to offer specific reasons why the money is needed. You may qualify to borrow money for new equipment or upgrades but not qualify for an operations expense loan. It will not be enough to state the money will be used for business expenses. Many bank will not ask for the use of each and every penny of the loan but generalizations about the use of the cash will not be looked upon favorably. You will have to break it down into specific amounts for specific purposes. Even with these three issues being addressed there are other factors that will play into the banks decision such as the type of business you are starting and your experience in running that type of business.

For example, if you managed a video store for several years and want to open a restaurant, the business aspect of running the store will be a plus but having little or no experience in food service willl be a negative on your application.

Because They Have Bad Credit

Business, Financing.

Bad credit mortgages are possible - there' s a secret i want to tell you. Although every one would like to live in a house or at least a great condo or townhouse, not every one thinks they can. Bad credit mortgages exist and having one won' t rip you off.

Why? - they paid their bills late, didn' t pay back a loan, borrowed too much money or even declared bankruptcy. Because they have bad credit. When these things happen, some people believe a bank or creditor will never give them a bad credit mortgage. Banks give out mortgages to people with bad credit all the time and they' re not all high interest rip offs. They' re wrong. Home ownership is up but so are personal bankruptcies.

Lenders are very willing to give bad credit mortgages to prospective homeowners. - how is this possible? With higher interest rates lenders are more willing to take risks. To keep up their revenue and profits, lenders seek out people with bad credit. As people got new mortgages and refinanced old ones during times of low interest rates, there are not enough people around when interest rates rise. And why not? As I showed above, it is possible to get a bad credit mortgage.

The actual house is their collateral so they' re much less risk than loans without collateral. - here' s what to expect. While the traditional amount is 20% of the home purchase, lenders will take anything in between. The lenders will probably want a down payment. Of course, anything below will probably require home mortgage insurance, which can be 1% of the loan amount. Another thing to expect is you' ll probably have to pay higher interest rates.

It' s best to avoid this but if you can' t, it' s much better to get the mortgage than not. - if you' re more of a risk, which is what your bad credit rating says, the lenders need to be more compensated for that risk. There are different types of mortgages. While this extra cost will hit you initially, when or if you improve your credit rating you can always refinance and get better interest rate. The two most popular forms are fixed rate mortgages and variable rate mortgages. Variable mortgages the interest rate changes with the national interest rate. Fixed rate means that the interest rate you are given will stay the same for the entire mortgage period.

Besides these two, they' re tons of variations of the two. - the first one is self explanatory, interest only means your payments only cover the interest charges on the loan and reverse mortgages pay you money but slowly you lose equity in your home. No down payment loans, reverse mortgages and, interest only loans more. It is best for retired people who want an easy way to get money out of their homes. With all these flexible plans, it is easier to get a mortgage that fits you. There are more options today than ever. Another aspect of getting a home mortgage loan with bad credit is home equity loans.

The interest rate you' d expect is higher than if you had better credit. - if you have a down payment you can immediately get a home equity loan for the value of your down payment. Since your home is collateral, the interest rates won' t be too high. Having one payment at a much lower interest rate than credit cards or payday loans is much easier. With a home equity loan, you can pay off your other outstanding loans and improve your credit. Once you have a home mortgage loan, you can improve your credit and improve your finances. It is possible to get a mortgage with bad credit.

It' s been proven. - these bad credit mortgages offer home ownership to those who thought they wouldn' t qualify. So if you have bad credit and want to get a home mortgage don' t wait any longer. You will pay higher interest rates and might have to put money down, you will have your house and your house can let you improve your credit. You can get a bad credit mortgage today.