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Managing Debt - What Should You Pay Off First?

A new financial year will start the next month, time to get a reality check - how much you owe, how much you have already paid, what is the size of the emergency cushion, and how much wealth you have built. The soaring cost of living is a highly contributing factor to pushing you over the edge, but you cannot ignore the fact that changing your spending habits can prevent you from falling into the web of debt.

Steps to take first

Experts suggest that you identify how much you owe, to whom you have to pay and how much you need to pay each month. Not to mention, your priorities will be your mortgage payments or rent, car loan payments and other secured loans. You are at risk of losing your property when you fail to pay off these debts.

Then look at the expenses including small personal loans from a direct lender in the UK and find out how you will manage to pay them.

Does your budget have a scope to clear all of them?

Can you make a minimum payment only?

Is it possible to pay down more than the bare minimum?

Do you want to consolidate your debts?

Is there any way to choose a different payment plan?

If you are unable to keep up with payments because your financial condition has turned upside down, think of claiming a benefit. For instance, if you have lost your job, you should apply for unemployment benefits. Seek if you are eligible for other benefits to help you pay off your debts.

Create a budget

Once you have identified the exact amount of debt you owe, you should create a budget. Cut back on your discretionary expenses to smoothly pay off your debts especially mortgage or rent, car loan or any other secured loans.

If you find that your budget has the scope for making payments on big debts but not other debts like credit card bills, you should talk to your lender immediately. Do not forget that these debts are to be paid off in a lump sum. If you do not clear the dues at once, the debt will quickly add up.

Talk to your lender

Talk to your lender and discuss what options you have. It is vital to talk about your financial difficulties before getting into a debt spiral. There is no guarantee that your lenders will be able to propose to you a plan that works for you, but taking them in confidence will let you escape the negative consequences of non-payment.

They might revise your repayment plan. In this method, if you choose to make minimum payments, the total interest you will end up paying will be quite high as it will continue to accrue on your unpaid balance. Assess carefully whether the proposed payment plan is actually worthwhile. You can also take out debt consolidation loans.

However, it is crucial to bear in mind that consolidation is not always a feasible option. You must have a good credit score to qualify for it. Not always are they the best idea as they can result them in a secured loan. If you fail to pay off your debt, you will lose your secured asset.

Seek a “breathing space” scheme

You can apply for this scheme if you are seeking debt advice or receiving mental health crisis treatment. The scheme lasts for two months. You will have enough time to know what to do with your debt.

What if there is no chance of paying off debt?

It is no wonder that you are up to your neck in debt. If you notice that there is no prospect of paying off the debt, you should consider the following alternatives:

Bankruptcy

It seems easy, but it is not. An official will be appointed to repay your outstanding debts from your estate. Do not assume that by filing a bankruptcy, you can beat the debt payments. You can even lose your house if you own it.

The bankruptcy will affect your credit score for at least six years, though all your debts will be written off within one year of filing it.

Individual voluntary agreement (IVA)

Your insolvency practitioner will talk to your lenders to accept payments over a certain period of time. If the deal is clinched, interest rates on unsecured loans will be frozen.

The bottom line

Once you have fallen into debt, it can be quite tricky to pay it off. However, there are certain ways to deal with them. You should create a budget and see how much you can actually pay off. Talk to your lenders to see if they can put you on another repayment plan. Consider consolidation loans. If your budget does not have the faintest scope to pay off your dues, you should consider applying for either bankruptcy or IVA.

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How Do You Keep Your Debts At Their Lowest This Festive Season?

In the hustle and bustle of the festive season, it is natural to get caught up and lose hold of finances. However, you may engage in the preparations and decorations and remain loyal to finances. Do not forget the budget barrier before planning the spending. Otherwise, you may end up in debt soon after the festive season.

The Christmas season is expensive, including gifts, home renovations, buying new apparel, furniture replacement, guest room preparation, dinner, and entertainment. You may soon run for cash without proper planning.

Well, Christmas is almost here. You can still do some quick fixes to your planning and avoid financial loss. The blog lists the best strategies to avoid neck-deep debt this festive season.

Ways to Minimise Debts in December Festivities

If you have figured out everything and just financing the final shopping, step back and improvise. Are you exceeding the budget? Does spending more may impact other liabilities? Questions like these may haunt you later. It is better to improvise and choose the next best move to finance the rest of things. It will help you spend responsibly and avoid debt. Let’s quickly check the tips:

1)      Identify the existing debts

Having a clear idea about debts will help you decide the budget. It will help you set a realistic budget for the festive preparations. Identify both high and low-interest debts that your profile reveals. Do not skip any debts as a pending electricity bill payment.

This is because analysing every pending debt will help you know the total amount you must pay on debt. Next, check whether you can pay some now. If yes, you must do so now. It is because the festive season may add to it and make it challenging for you to pay.  Paying some debts or consolidating will free some cash and increase your savings.

2)      Reduce extra expenses for December

Individuals usually spend most of the year on extra expenses without realisation. Yes, you may not know that you are spending unnecessarily more.

Symptoms of the same include- dining out over 3-4 times a month, spending on passive subscriptions, spending more on shipping costs instead of buying it from the supermarkets, paying extra utility subscriptions for limited consumption and many more. However, now, you must cut these expenses. It will help you reduce the liabilities towards the month’s end.

3)      Avoid using overdrafts and credit cards too much

You may feel the need for small cash frequently within this time; avoid using overdrafts. Individuals unaware of the fee use overdrafts. However, the bill you may receive later may shock you. Likewise, credit cards are synonymous with celebration expenses and festivities. It may seem comfortable, but it may ruin your financial budget.

 You may buy gifts, furniture and new items to update your home. However, the high-interest rate and other costs may increase the overall bill costs. What if you struggle to pay it as a one-off payment the next month? It may lead to penalties, and costs may rise further.

Avoid this by choosing affordable means to counter your short-term requirements. Some external financial facilities help you finance the need without overarching costs. Additionally, you do not need someone's guarantee to finance small cash needs. Yes, you may get loans without a guarantor from a direct lender for your needs. It grants you the individual to take over finances and helps you counter conditions like immediate repairs and replacements without worries.

4)      Try meaningful and DIY presents

Purchasing gifts for your loved ones and friends accounts for most of your Christmas budget. Individuals spend around 30% of their budget on Christmas gifts and chocolates. Christmas is indeed a festival of gifts and chocolates. However, you must seek affordable options to reduce gifts-related expenses.

One of the best ways to reduce gift expenses is by preparing DIY gifts for everyone. It helps you reveal the best of your creativity and reduce the costs of buying expensive gifts. Try something that you are good at. It could be chocolate making, cookie baking, cake preparation, or preparing the finest cuisines for dinner. You can also try crocheting a piece for your beloved members.

Things like these make your Christmas celebration unique. It also attracts appreciation from your lovely family members and friends alike. However, DIY mechanisms may require you to have all the materials in advance. What if the cake batter overbakes? What if you need to create it once again?

Here, you must have sufficient ingredients to begin with quickly. If you encounter any such situation and cannot find money quickly, facilities like easy cash loans may help. It is the quickest way to get cash and finance the need. It will help you arrange the required materials quickly and start.

Bottom line

These are some ways to reduce the possibilities of debt after the festive season. However, the expenses and the debts depend on individual financial management and income. Always analyse the income and draw out a separate budget for Christmas festivities. It will help you meet other expenses and liabilities without worries.

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Gone are the days when an individual had to travel here and there to avail of a loan. It consumed a lot of time of theirs. In this modern era, the online technology has changed a lot and made getting a loan quite comfortable for them. The best example of it is doorstep loans with no credit checks from direct lender like Easyadvanceloan. These sorts of loans are available at the home of the loan applicants and the process does not involve credit check. However, a responsible direct lender always assesses the credit scores of the aspirant before approving the loan application.

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Best money loans to pay off your debts

The weight of debt can be excessive to manage, causing difficulty, worry, and stress sleeping. Discovering the best loan to settle bills can be hard. However, some loans can help ease the stress of debt more than others. These loans have advantages and disadvantages that you must consider.

So do your research to get the best one for your requirements. There's sure to be a loan that's right for you, whether you require help with money immediately or for a longer amount of time.

What are a few money loans to clear your debts?

Payday Loans

 If you require cash quickly to pay off bills, payday loans can be a great option. These short-term loans are indicated to help you spend for unforeseen expenses up until you earn money once again. So they must just be used as a last choice.

Most of the time, you'll require proof of income and a legal ID to get a money loan. Based on your income and other aspects, the company will then choose how much money you can obtain. Keep in mind that the time you need to repay a payday advance loan is generally brief, just a few weeks.

Payday loans can be handy in particular circumstances. However, you must take care of getting one. Before you secure a loan, make certain you understand all of the conditions and terms, and obtain what you can repay.

Doorstep Loans

If you want off your debts quickly, doorstep loans may be the best way to pay off your bills. These loans are made so that individuals who require cash quickly can get it without needing to handle a regular bank or service.

Sometimes doorstep loans are also called loans like provident so don’t get confused. Somebody from the financing business will come to your home to speak with you about your loan alternatives and offer you the cash you need.

In general, you may want to request a doorstep loan today if you're having difficulty paying your bills and require a simple and quick method to return on track. With low rates and versatile terms for repaying the loan, it could be simply what you require to get your finances back in order.

Debt consolidation loans

Individuals with many high-interest bills can get help from debt consolidation loans. You can integrate all your debts into one loan with these loans.

Debt consolidation loans have interest rates lower than credit cards or other high-interest loans. This implies you can save money on interest payments and use more of your money to settle the loan's initial amount.

Debt consolidation loans can make it much easier for you to make your monthly payments. You need to worry about making one payment monthly, so you do not need to track many due dates and payment amounts.

A debt consolidation loan might be a great option for you if you have high-interest bills. Simply ensure to research for the best rates and terms before you sign any loan offer.

Loans for Unemployed

It can be difficult to get a loan that will help you pay it off if you are unemployed and have a lot of debt. Individuals in this circumstance do have some options. One option is to get a guarantor loan, which requires another person to promise to pay back the loan if you can't.

A credit union loan is another option, which might be simpler to get than a regular bank loan. Most of the time, cooperative credit unions have lower interest rates and more flexible terms for repaying loans. Some lenders provide loans that are made specifically for individuals who are unemployed or on benefits.

These loans for the unemployed typically have simplified application processes that consider alternative factors, such as skills, assets, or future employment prospects, allowing for faster approval and access to funds. Obtaining a loan while unemployed can offer financial stability during a challenging period and help cover immediate expenses or consolidate existing debts.

Balance Transfer Credit Card 

If you have a lot of credit card debt with high-interest rates, a cost-transfer credit card may be an excellent idea.

With this loan, you can transfer your credit card debt to a new charge card with a lower interest rate. This can help you settle your bills quickly and save you money on interest fees. Before you look for these cards, you must make sure to thoroughly check out the conditions and terms.

You might end up with even more debt when the unique rate ends and the interest rate goes up if you do not.

No Guarantor Loans

You might be able to get no-guarantor loans from a direct lender if you require a loan to pay off your debts. Since they do not have anybody to back them up, these loans are for individuals who can't get a traditional loan.

The lender will look at your credit rating and financial background to choose if you are a good credit individual when you get a loan with no warranty.

Firstly, the absence of a guarantor requirement eliminates the need to search for someone willing to vouch for your loan, saving time and potential complications. Secondly, the streamlined application process ensures a quicker turnaround time, enabling you to access funds promptly and begin addressing your debts.

It's essential to do your research and compare various lenders. Search for lenders with clear terms and good credibility and conditions.

Prior to you signing anything, make certain you understand all the fees of the loan. If you understand them thoroughly and take money in an accountable method, no-guarantor loans can help you pay off your debts.

Conclusion

When the economy is difficult and unsteady, it can be difficult to track money. With the help of a money loan, you can make one low-interest plan to settle all of your debts. Money loans can help you track your money and leave debt much faster.

With these loans, you can easily and quickly settle many high-interest debts and get your expenses back on track. Cash loans have low-interest rates and versatile payment plans, and they can aid with various types of debt.

Some loans can help you leave debt. It can be from credit cards, student loans, or something else. Money loans also let you arrange payments and get regular reports on your funds, so you can track them. With the help of money loans, you can settle your debt and keep it under control. You can begin building your financial future.

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No credit check loans from direct lenders are those loans that do not involve a hard credit check. These loans are aimed at those who have very bad credit rating. You can avoid losing credit points by using no credit check loans.

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How to get money when i can't avoid home improvement?

Homes are the abodes of peace. If anything goes wrong with it, then you might have a problem with the part of 'peace' because it will be broken into 'pieces'.

Jokes apart, we need strong financial support to maintain, repair or renovate our home. Yes, making a fund or saving some cash under the bed is not always possible. That is why we often look for other ways to collect the money.

In this article, you will learn how we can make money or get some for making home maintenance and repair at the right time.

What  are the ways we are looking at to get money for home improvement or maintenance?

Before we go on to tell you about the points in a brief, you must consider your earning as a vital point here. Remember that your income is the only thing helping your family or your business run smoothly. It is advisable not to use it in larger amounts and think of alternatives, which you will learn now by scrolling down:

You can take the help of part-time or freelance jobs if the work is not urgent 

There might be projects in your home which still have some time. Maybe the repair work you are looking at is not that urgent, and you can buy yourself some time to collect money and pay off the costs.

That, however, does not mean you will ignore a major issue. Speak to a real estate professional if it is a dangerous problem or if you cannot determine whether it is a risky issue.

Earning part-time or freelance can get you extra money, which you will only use for your home renovation or repair costs. You can choose to work for a few months and collect the money for the project. Or you can earn the money and pay your renovators in instalments if there's an emergency project.

Take out an unsecured loan

The same logic of earning part-time/ freelance can be used to take out a loan. You might also choose a payday loan to take the money out today and then repay the amount on your next payday. 

If you worry about loan approval, then do not worry. You can get high-acceptance payday loans from direct lenders in the UK. Sharing your income proof will get you this loan within a day. You may also repay this loan using your freelance or part-time work income. A loan might again help you in emergencies super-effectively. 

Use a cashback credit card

A cashback credit card is very impressive when you use it. You make a purchase using it, and you will be rewarded each time with an amount of money as cashback. You can definitely get cashback offers when you are buying renovation services or making investments like buying building materials in bulk.

If nothing works, just use your savings 

Let's say you cannot make payments for your home renovation using any of these options. In that case, you can use your savings.

Nevertheless, you can still use parts of your savings and couple them up with any of the points mentioned above to make a smarter move. Think about it and make your move.