Control Your Debt and Regain Control of Your Life!

Control Your Debt

If you’ve amassed a lot of debt, you’re probably feeling a little lost in the world right now. You may be wondering how and when your life started to spin out of control.

The fact is the loss of control you feel right now is a direct result of the accumulated debt and poor financial decision making you’ve been perpetuating by avoiding responsibility when it comes to your money. In order to regain a sense of balance and control of your life you need to take charge of your finances and debt right now. The first step in doing this is to set up a chart or graph that shows you directly where your money has been going. Get all of your bills, loans, credit card receipts together and add it all up and list exactly what you spend your money on and how much of it you spend towards those particular purchases.

Once you’ve done that you will have a picture of your spending habits right in front of you telling you what you might be doing wrong. From this chart or statistical graph, calculate how much money you could and should save by eliminating wasteful spending and spur of the moment purchases. Ask yourself ‘Did I really need to buy that?’ and that will tell you what to cut out of the budget you’re about to create. Creating that budget is the next step. Devote more money to high interest loans and credit card debts. Allocate more of your income to these bills and less of your money to needless and wasteful purchases. Give yourself a cash allowance for everyday needs and stick to it. And that cash allowance should be relatively low.

Next, see what material items you might be able to sell. Take that money and immediately put it towards paying off your debt. Try to “downgrade” the larger purchase items, such as your car, buy trading or selling it and getting a different vehicle that is far less expensive. Money saved is money earned. Finally, be patient. This is a process that isn’t going to solve your money problems in one night. It will take many months of disciplined spending and budgeting, along with wise financial decision making when it comes to your spending.

Give yourself monthly, semi-annual, and yearly targets or goals. Chart how well you are doing when it comes to achieving these goals. By holding yourself accountable, you’ll soon feel a lot better about yourself and your financial standing and that’s when you will start to take back control of your life! Owing money to someone leads to a feeling of helplessness. A person can easily feel powerless and extremely vulnerable when they know that someone is holding an IOU marker over their heads. Regain a sense of empowerment. Make it important to yourself to not owe anyone anything, or at least as little as possible.

If you want to be in control of yourself, take back control of your finances now! If you have credit agreements taken out before April 2007 there is a new unenforceable credit agreement claim which is becoming more and more known about here in the UK. It is possible to have your credit finance agreements –agreements such as credit cards, store cards, secured and unsecured loans, car finance agreements, and those with payment protection insurance ( PPI) ‘audited’. They may not comply with the terms of the 1974 Consumer Credit Act and if they do not they are unenforceable credit agreements. This means you can claim to have them written off. That is the balance completely cleared. For no fee a solicitor with handle your claim. This is on a no-win-no-fee basis so it is risk free.

The Debt Crisis and How We Got Here. How you can solve your personal debt crisis.

We are in a state of crisis when it comes to debt we’ve accumulated. Many people are asking the question ‘how did this all happen?’ While you might think the answer is complex and difficult to understand it’s really not. Almost like a maths formula, the debt crisis that we now face played itself out in the form of an equation in which the final answer added up to less than zero and tons of debt. Here’s how it works. World wide companies and large corporations sit atop the global financial pyramid.

As most of the global economy is run on a capitalist idea of financial gains and large profits, those companies want to show just how well they are doing and how much money they are making so that investors will put even more money into those companies. So, they have a huge incentive to show the highest margins of capital profit every few months.

Unfortunately, there’s only so much actual physical money that they can make. In order to increase profits beyond a realistic number, they begin to loan money out and start counting the money that is owed to them as money that they have already made. Then, when they go to large money lending banks that lend money to big businesses, they produce the balance sheet that says they have the money, so borrowing more and more is okay because they have money coming in to pay the bank back.

The banks know how much they can profit from the interest on those large corporate loans, so they willingly lend out the money. But who are the businesses and corporations relying on to owe them these incredible amounts of money? Answer: the bottom of the financial pyramid – the overwhelming majority of citizens, like you and me who borrow money that they cannot possibly afford to pay back. It used to be that if you couldn’t show how you would pay back a loan, there was no way you could get a credit card or bank to lend you the money.

That changed when lenders not only lowered standards and but knowingly loaned out money to people even they knew could never pay it back. But it looked good on paper and on the balance sheet to have so much money supposedly coming in. So they did it. Now many of those citizens who borrowed more money in a year than they earn in 10 years are left drowning in debt. Everybody at the bottom of the financial pyramid owed money to the part of the pyramid that was immediately above them. When bottom couldn’t support the top, the pyramid crumbled. The enormous amount of money that was lent out should not have been, and most of the money that was eagerly borrowed should not have been either. What is the solution for you?

If you have credit agreements taken out before April 2007 there is a new unenforceable credit agreement claim which is becoming more and more known about here in the UK. It is possible to have your credit finance agreements –agreements such as credit cards, store cards, secured and unsecured loans, car finance agreements, including those with payment protection insurance ( PPI) ‘audited’. They may not comply with the terms of the 1974 Consumer Credit Act and if they do not they are unenforceable credit agreements. This means you can claim to have them written off. That is the balance completely cleared. For NO FEES a solicitor with handle your claim. This is on a no-win-no-fee basis so it is risk free. Many people like me, have found this to be the perfect solution to there debt problems.

How to Keep Debt Out of Your life

Debt

It’s common knowledge that economies around the world are suffering. It’s no different in the UK and it’s time to turn things around before they get out of hand. People may not be able to turn the economy around in a day or change the way the global finances are dealt with but it is well within one’s reach to look at home first and find a solution to your own personal financial situation. And that starts with tackling personal debt. Here are ten tips on how to get your personal debt under control and conquer the beast that’s been attacking your pocket.

1. Pay off your highest interest debt first. If you have a car loan that has a higher total of money owed to it that your credit cards, throw more of your monthly income at that first. Chances are it is a multi-year loan with a higher interest rate than your credit cards. And if you can pay that off sooner than is scheduled by paying more money towards the principal, you have a good chance of saving a lot of money that would have otherwise gone to paying interest on that loan.
2. Keep your credit card debt at a consistent level. This will require you to use your credit card less than you may be accustomed to, but it is a sound way to handle not building up more debt while eliminating debt in another area of your finances.
3. Use cash instead of credit cards. Budget in a certain amount of cash to be spent per week, and try not to withdraw more cash than that per week. By breaking it down into a weekly budget and only allowing yourself a minimal amount, you’re more likely to stick to your cash budget and not overspend.
4. Cut back on the vices. Whether its cigarettes or coffee, cut down and see how much you’ll save.
5. Put aside your spare change. You’d be surprised at the end of the year at how much that spare change will add up to.
6. Eliminate some of the expenses you already have. It might be a luxury that you enjoy but if you can do without it that money can be reallocated towards something more beneficial.
7. Don’t buy something unless you need it. It’s amazing how much money we spend on frivolous materials that are either hardly used or that we don’t even use at all.
8. Watch your energy bills. Using less electricity and gas can add up to a large amount of money saved over the course of the year.
9. Set up a weekly budget, a monthly budget and an annual budget. Be certain to check it often and see if you are staying on course. This is a way to hold yourself accountable and is likely to help you stick to your financial plan.
10. Be smart, control your impulses and make wise financial choices.

They will pay off.

Financial Agreement Claims – Help for Families During the Credit Crunch

Are you feeling the pinch during the credit crunch? Help may be at hand in the form of a new finance claim. This new and fast growing financial claims allows customers to audit any finance agreement taken out since April 2007 to assess whether it has issues which could make it unenforceable. All agreement must follow the rules laid down in the 1974 Consumer Credit Act. Many agreements fail to do this. This means you may be able to wipe out your credit card and loan balances. It doesn’t matter if you are in arrears or following a debt management plan or IVA. You can still claim.

The types of agreements which are potentially unenforceable are;-

• credit card agreements
• store card agreements
• car finance agreements
• higher purchase agreements
• unsecured loans
• consolidation loans

You need to find a reputable financial claims management company to act on your behalf. How do you find one from the ever increasing number? And what do you look for?

Up front fees

This is a sore point for some people who wonder why ‘upfront fees’ are charged at all. The vast majority of financial claims managers charge fees in order to carry out a full and detailed audit. These range from around £195 to £495. Basically this is to look at your agreement in detail and assess it for breaches. There is a great deal of work involved. The process takes up to a year at the moment. The rational behind this is that the companies need some form of liquidity as every business does. The fees are refunded if your agreement is found not to be unenforceable. Some companies take a small administration fee.

BUT NOW YOU CAN CLAIM FREE! YES NO FEES AT ALL! Call 0845 475 5435

Auditing – Don’t be mislead

Your agreement must be obtained from your lender before you have a definitive answer as to whether you have an unenforceable contract or not and this will cost you £10 usually. Some companies offer this free and some request £1.00 which is the minimum fee stipulated under the data protection act. It is only after a full audit that you will know if you have a claim or not. Some companies mislead clients by saying they offer a free audit when in reality they ask the same preliminary telephone questions that all companies ask to establish if it is worth considering a full audit or not. For example was the agreement taken out prior to April 2007? What is the balance? Different companies claim for different balance amounts. Who is the lender? Some have more of a reputation for writing unenforceable agreements than others. This is not a full audit. As far as I know there is no company out there yet which offers a solicitors audit – free.

Successful Claims

The majority of companies have been in business for over a year now. Some will be ‘introducers’ for other main companies. They should be able to tell you how many successful claims they have achieved and the length of time it took to achieve the results.

Back end fees

Some companies charge fees at the completion stage of your claim. Be sure to ask if this is the case for you. Some charge 30% while some charge a fix amount of £1000. Most companies don’t charge any fees.

Other fee structures

I have come across some peculiar fee structure whereby some companies offer to handle your claim for you paying them six months credit card repayments. Others offer to take over your debt for you and leave you debt free in six weeks. I would not take these seriously. There are plenty of straightforward ways to clear your cards for a reasonable fee, no misleading promises of a free audit and certainly no back end fees.

Time scales

The process is a long one relying on the co-operation of your lender which of course is not likely to be forthcoming. The legal to and fro-ing will take up to a year. There is no way to avoid this so claims of speedy conclusions, at the moment, are false. The lenders use all sorts of tactics to delay matter for example refusing to send the copy of the agreement to your claims manager but only dealing with you and completely ignoring the requests made by your solicitor.

Be patient, persist and it will pay off in the end.

Mortgages and secured loans can also audit.

Your claims management company and ‘audit’ any mortgage offer, current or redeemed going back 12 years.

Your solicitors will look extensively at all the different aspects of the agreement

• Mortgage Indemnity Guarantees
• Unfair early redemption penalties
• Sub Prime mortgage agreements
• Payment Protection Insurance Policies
• Secret commissions
• Miscalculated APR’s
• Unfair charges
• Unfair Terms and Conditions
• Any form of ‘unjust enrichment’ by the lender
• Overpayments

Where your agreement is deemed as ‘unfair’ in any way you may be entitled to compensation. Levels of compensation will be assessed by the level of unfair treatment you may have received. In all cases the solicitors will seek to recover monies that may have been over paid or charges that have been unfairly levied whilst also seeking damages from the mortgage provider for wrong doing.

Bankruptcy? No!

Bankruptcy

Because of the manner in which the banks and lenders solicitors drew up the finance agreements we signed, I.e ignoring the law as laid down by the Consumer Credit Act 1974, it is possible to take your lenders to court and apply to wipe out the entire balance. The fact is that the banks and lenders did not adhere to the very strict and complex terms which were required to be written into the contract by the 1974 Act.

This law was designed to protect us, the consumer from the whims of the lenders with regard to interest rates rises etc. It has been found that 80% of credit finance agreements are not valid contracts because they don’t comply with the very strict terms and conditions of the act and this actually makes them unenforceable contracts which is why you can apply for a wipe out of the debt.

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