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As the economy remains under serious strain, companies and individual consumers alike are finding methods for securing finances against potential losses. US families are rearranging their monthly budgets and reducing their spending. Companies, on the other hand, want to do everything they can to retain their customer base since the customer is the reason they exist. The customer is a crucial element and it only makes sense to keep them happy. However, one industry has chosen to take different measures. Many credit card issuers have chosen strategies that have created much controversy.

Of course, this new turn does not mean that credit card companies do not wish to keep their customers’ business. Nonetheless, their primary concern is collecting the financial funds that they provided to consumers over the last few years… Continue reading

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With the current economic situation and the credit crunch, there are a large number of people who are unable to pay off their debt and are filing for bankruptcy. When one is unable to pay off the debt, there are several ways to deal with the situation. One of the alternatives is filing for bankruptcy. In the case of bankruptcy, the debtor is freed from the debts and can make a fresh start. While this may seem like an attractive proposition, there are many drawbacks and implications of bankruptcy which are unfavourable. Someone can be declared bankrupt either voluntarily or involuntarily. In the latter case, it would be the creditor who would report someone bankrupt. Creditors can file a bankruptcy petition against someone who owes them a minimum of ?50.

Bankruptcy… Continue reading

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When debts get out of hand, borrowers resort to various ways to regain control over finances. There are many ways to control debt problems. One such way is to go in for debt management plan. Debt management plan consists of a series of steps which can help overcome debt problems quickly. When things get worse, borrowers even consider bankruptcy.

It must be remembered that bankruptcy should always be considered as the last option. Bankruptcy has long term implications associated with it. Bankruptcy debt management plan can also prove to be very useful. An IVA can be availed of by anybody who is under constant harassment from their creditors. Seeking advice from a team of professional advisers will help you make a right choice. An IVA helps you reach an agreement with… Continue reading

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Credit card bankruptcy can occur as a result of not making your minimum repayments on any debts outstanding on your credit cards. Banks and lenders may consider legal action, such as bankruptcy, if you’re unable to make satisfactory arrangements to repay your debts.

If you’re drowning under huge amounts of credit card debt and falling behind in your payments or even struggling to keep up with minimum repayments each month, then it’s tempting to simply declare bankruptcy.

The main catch-cry for any company advocating credit card bankruptcy is that all your debts are wiped clean and you can simply start again.

The reality is much harsher. Bankruptcy does more than just damage your credit score. It also affects how and what you spend during your bankruptcy period. Did you know that your bankruptcy… Continue reading

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Issuing invoices has it’s downsides for a business such as generally having to wait for payment. Your business could have secured a lucrative contract, undertaken all the work, but still have a long wait to receive payment for the goods or services you have supplied.

This can sometimes put your company in a difficult financial position. You might have bills to pay, your own suppliers to pay, or you might just need the cash to grow the business.

Factoring can be a solution for your businesses cash flow problems such as the ones described above.

What actually is Factoring?

Factoring is finance based on the value of the invoices you have issued to your customers. A Factoring company can often lend up to 90% of the value of your invoices.

Factoring is more flexible than… Continue reading

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Every time the Bank of England’s (BoE’s) base rate goes down, the price of some existing loans and mortgages - known as ‘tracker’ loans and mortgages - will change immediately. After all, they’re called tracker loans and mortgages because they track the base rate.

Lenders may also drop the cost of their new loans and mortgages - and of their existing SVR (Standard Variable Rate) loans and mortgages - but they don’t have to. The base rate isn’t the only factor in lenders’ calculations. When they’re figuring out how much to charge for credit (from fixed-rate mortgages to debt consolidation loans), they also look at the state of the economy, the availability of credit from the BoE and from other lenders, the probability of other lenders going bust…

Basically, when banks are… Continue reading

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