Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

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Compare Debt Consolidation Loans

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What is a debt consolidation loan and how can it help me?

Debt consolidation loans are simply personal loans or secured homeowner loans that allow you to combine, or ‘consolidate’, all of your existing debts such as credit cards and other loans into one easy-to-manage payment plan.

The main benefits of a consolidation loan are:

• Reducing the number of creditors from several to only one.
• Your loan pays all other debts safeguarding your credit history from future negative marks.
• Can reduce the amount of interest you pay – e.g. loan APR can be lower than your credit cards.
• One creditor means one repayment which makes life easier and debts manageable.
• You may be able to repay the loan over a longer period helping you take control.
• Avoid costly late payment fees from multiple creditors.

There are several benefits to consolidating your debts with a debt consolidation loan. But remember, what you borrow is still a debt and must be repaid in a timely manner. If you plan your repayments in advance and make a concerted effort to pay your monthly bill on time, every month, you should be able maintain a healthy credit history or improve it before it becomes adverse.

What types of debt consolidation loans are available?

The two most common forms of debt consolidation loans are personal loans and secured homeowner loans. The main difference between the two is one is an unsecured loan requiring no security and the other uses the equity in the borrower’s home as collateral. So, even if you aren’t a homeowner you can still obtain a personal debt consolidation loan.

Personal Debt Consolidation Loans

• This loan type usually comes with a higher APR (Annual Percentage Rate) compared to a secured loans, depending on how much you borrow and your current credit history.
• Also known as an unsecured loan, it’s available to both homeowners and tenants.
• Loan amounts vary per lender and can range from £1,000 to £25,000.
• Shorter repayment periods (1 to 10 years).
• Ideal if you have no security such as a home or property.

Secured Debt Consolidation Loans

• Typically lower APR compared to personal loans.
• Your home is used as collateral allowing you to borrow more than a personal loan.
• Also known as a homeowner loan – amounts range from £5,000 to £100,000 or more.
• Longer repayment periods – can range from 5 to 25 years or more.
• Better chance of successfully obtaining a consolidation loan since the home is used as a security.

Most people may prefer not to borrow to get themselves out of debt as it feels like yet another creditor to contend with. However, it’s certainly the lesser of two evils especially considering the high rates of interest so common with credit cards, store cards, and other unsecured loans. If you are already succumbing to the stress of multiple bills arriving at your home and creditors harassing you on the phone, a debt consolidation loan may just be the ideal solution for you.

Whether you already have bad credit or are at risk of damaging your credit, now is the time to take control of your finances. By consolidating your debts into one easy-to-manage repayment, you are much more able to focus on your debt both financially and psychologically. In addition, a healthier credit history means obtaining credit and better rates in the future if, for example, you plan on obtaining a first mortgage or to remortgage your property.

Searching for the best rates for your circumstances can be a difficult task. You can apply to multiple websites and hope to receive the best quote. Keep in mind, some lenders may perform a credit check even before they give you an answer and this can adversely affect your credit score even more. If you’re unsure where to search for the best deals, you’ve come to the right place.

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Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available debt consolidation loan in today’s competitive market. Apply Now to save time and money.

Published on September 17, 2007

Council Tax Bills In England Set To Rise By 3.9%

Council tax bills are expected to rise by an average of 3.9% in April. Costs of policing and employing more Community Support Officers have risen sharply thus affecting the decision to raise the tax. Local Government Minister says there is no excuse for this tax increase because councils could be saving as much as £1.5bn by simply cutting waste and reinvesting in local services... Read More
February 29, 2008

Will Personal Insolvencies Rise As Spending Surpasses Average Income?

Now that the credit crunch is firmly affecting the UK, personal insolvencies are expected to rise in 2008. Consumers prior to the last quarter of 2007 were able to access credit cards, loans, and mortgage products almost irrespective of their credit history. Living costs and expenditures on non-essential items are outweighing average earnings leaving many UK homeowners unable to make repayments and relying dangerously on credit cards bail them out... Read More
February 5, 2008

PPI Profits Sustain Personal Loan Market

Payment Protection Insurance offers huge profits for lenders who sell this product. PPI is a type of protection for the mortgage, loan, or credit card borrower in the event they become unemployed or for some reason cannot make their repayments. However, PPI is expensive and limited in its cover whilst many buyers often are unable to claim on it. The FSA is levying heavy fines to firms that mis-sell Payment Protection Insurance... Read More
February 1, 2008

More People Live In Fear Of Bankruptcy Or Repossession

Recent reports by experts and analysts reveal a real 'frenzy of fear' amongst many UK consumers. Due to the current credit crisis, rising mortgage costs, increasing inflation, and rising utility bills, homeowners and consumers alike are finding it difficult to manage. Home repossessions and bankruptcies are expected to rise this year and some say the 'fear' could be a good thing for consumers to tighten their spending... Read More
January 31, 2008

Northern Rock Looks Set To Be Nationalised

The threat of nationalising Northern Rock has shareholders worried. Investors were warned last week they could lose their invested money if the bank is sold. David Cameron is criticizing ministers for the takeover, saying the nationalisation of Northern Rock would be a final blow to Gordon Brown's economic credibility. ... Read More
January 16, 2008

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Personal Loan Centre - Tips & Information

• Debt Consolidation – What You Should Know
• Understanding Credit Reports
• Bankruptcy Explained
• Understanding County Court Judgements - CCJs
• Free Credit Report - What Does Yours Say?