You’ve closed your mortgage account with your bank and suddenly you get a bill for Mortgage Exit Administration Fees (MEAFs). Nobody wants a bad credit report, so you pay the fee. Sometimes these fees can be quite large and banks are actually supposed to give a refund, but, like many businesses, if you don’t ask you won’t get your money back. Costs were especially high in 2007 when the Financial Services Authority (FSA) got involved. When banks were unable to validate the increased fees, the FSA decided that refunds must be made available.
You can get help of debt consolidation when you face difficulty in managing your multiple bills. Debt consolidation program is a procedure by which you can pay off your debts easily. It is a process by which you can replace your several loans with one monthly payment. When you are in any financial problem, a debt consolidation program can help you keep control of your situation and get you out of your debt problems.
At one point or another, nearly everyone is faced with the task of sending money overseas to someone for any number of reasons. Whether you’re sending to a relative in need or having a friend purchase something for you unavailable where you live, sending money is sometimes unavoidable. However, the prospect of paying high fees can be a turn-off for some. Luckily, there are ways you can do to reduce, or in some cases even eliminate, the fees associated with tranferring money for any reason.
Bankruptcy is a legal designation ordered by a court of law whereby a person or a company who is not able to pay back debts owed to creditors has their financial obligations wiped clean after the liquidation of any assets they may own.
While this seems like a simple way to deal with financial problems, going through a bankruptcy should always be a last resort, as the complications of the process far outweigh any short term relief from outstanding debts. Years of financial problems associated with a bankruptcy could be avoided by taking some proactive steps to pay down your debts and keep your credit rating intact.
First, start by making a budget. You need to determine where your money is going, so you are able to utilize what income you have to your advantage. This is where you figure out just how much you can spend versus what you need to provide to your creditors to cover your debts. Once you have a better idea of how much money you have to work with, you need to put the brakes on any unnecessary expenditures which could be eliminated from your budget. This is also the time to stop using your credit cards and eliminate adding any additional debt on to what credit you may have left.
Once you have a better picture of your current financial obligations, contact your creditors and attempt to work out a different payment plan which can help you avoid getting further into debt. Oftentimes, credit card companies, student loan providers and mortgage companies are willing to work with you in times of a financial crisis if you are having difficulty in meeting your obligations. The key here is to do this as soon as possible before you get too far behind and your debts are turned over to a collection agency. Communicating with your creditors when you have a problem can often times result in a loan forbearance which can assist you in getting back on your feet financially.
Sometimes in cases where your monthly income is not enough to support current living expenses and debt obligations, you may want to consider a consultation with a debt reduction agency, who can assist you in negotiating with your creditors and combining all of your monthly debts into one payment. While this may give you additional breathing room, there is a price in the form of more accumulated interest and service fees associated with using a credit counseling service.
Whatever path you decide to take in order to tackle personal debt, avoiding the trap of bankruptcy is your best bet to keeping your hard earned credit rating and giving you financial freedom.
Believe it or not, there are literally millions of dollars in forgotten or abandoned assets sitting in various banks across the world waiting to be claimed by their rightful owners. Money in these accounts could be left over from forgotten checking and savings accounts, pensions, and other interest-incurring accounts.
Many people now adays are considering IVA’s and have seen the ads on television. However, I have a word of warning for you, IVA’s should only be considered as an alternative to bankruptcy.
The advantage of an IVA is that you get to keep your property such as your car, house, etc.