Tips for Reducing Your Debt
By financen | November 30, 2014 - 6:45 pm - Posted in Debt, Debt Relief

The hard truth about debt is that there’s no quick fix. Anything that promises you immediate freedom from debt will probably only get you into more debt in the long run. That doesn’t mean that it’s impossible to get rid of your debt and gain financial freedom, though. Follow these tips to save money, pay off debt, and start on your path to living debt-free.

1. Check into your insurance plans to find out if you can lower any of your plans. Look at your cable package – do you need everything you’re paying for? You may be able to lower the package or even get rid of it altogether. Check out all of your recurring payments to determine if anything can be lowered.

2. Learn about your debt. What exactly do you owe and who do you owe it to? Are there any mistakes on your credit reports? Getting a handle on the true state of your debt is a must before you can begin to take care of it.

3. Make a plan. How will you tackle your debt? Some people like to pay off the smallest creditors first because they get a feeling of accomplishment. Other people prefer to pay off whatever debt is charging the highest interest rate. The key is to do it in a way that’s sustainable over the long run. If you need to find out more about handling your debt, talk to a specialist.

There’s no big secret to paying off debt. Spending less, saving more, and dedicating part of your earnings to your debt is the only way to get it paid off.

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Should I use a PPI calculator?
By financen | November 22, 2014 - 7:05 pm - Posted in PPI

Many people who have been mis-sold payment protection insurance (PPI) policies are unaware that they can claim back the premiums they have paid. Millions of PPI policies were sold alongside loans, mortgages and credit cards. A High Court ruling means that banks and other lenders who have breached the regulations are obliged to pay back all fees – plus compensation – on such policies. It is now known that billions of pounds have been set aside to cover the costs of this scandal, and with an industry average payout of just under £3000 per policy, it is well worth seeing if you are one among the millions who are owed money back from the banks.

  • How Do I Know I Can Claim Back PPI?

You can claim back PPI costs if you can prove you were mis sold the policy in the first place. When you took out the loan concerned you should have been given a full explanation of your rights regarding PPI, including the right to look for the best deal. In many cases the lender implied that their own PPI policy was necessary, and in some the borrower was not even told they were paying into a PPI policy and it was just added on to the repayments.

  • PPIShould I use a PPI calculator?

The use of a free PPI calculator will give you a fair idea of the amount you may be owed. Details needed to give a more accurate figure include the name of the lender, the type of credit, the duration of the loan and its interest rate. It will only be an estimate though will be a good indication of the money you should expect back. The compensation amount will be the PPI premium, interest you paid on that premium, and a certain percentage in compensation too.

Remember, you may have more than one PPI policy on which you are owed a refund, so be sure to check all the paperwork you have relating to credit agreements past and present, and do a separate PPI calculation for each one.

  • How Best to Claim Back PPI

You are able to lodge a complaint for compensation directly against the bank yourself, or you can appoint a professional PPI claims company to do the claims process on your behalf. FreePPICalculator operate on a no win no fee basis, meaning it won’t cost you any money at all if you don’t win your compensation case. It is well worth using the PPI calculator and speaking to an advisor to see if you may have a case; they help hundreds of people win their money back from the banks, in a swift and hassle-free way.

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4 Reasons Why Getting Your MBA Makes Financial Sense
By financen | November 14, 2014 - 7:05 pm - Posted in Personal Finance

When considering whether you should get your MBA, one of the first things that come to mind is the financial cost you will have to bear to achieve this goal. Although there are a number of schools that you can get your MBA from, there is no doubt it is quite costly. However, when you take a look at the multiple reasons why getting your MBA makes financial sense, you will see that the cost is worth the benefits you will receive.

Financial Gain

Financial gainImage via Flickr by Tax Credits

By far one of the biggest changes you will see once you have achieved getting your MBA is your financial gain. Statistics shows that although the average bachelor’s degree graduate makes $50,000 per year, the MBA graduate earns up to $207,000. As you can see, the financial gain has the potential to more than triple your current earnings. That is a substantial increase, and if nothing else makes financial sense, your increase in salary does.

Return on Investment

There is an argument that there is not a good return on investment when it comes to the cost of getting your MBA. That is accurate if you attend an expensive college and are looking for a quick return on your investment. However, statistics shows that when you choose to attend a cheaper college with shorter completion times there is a great return on investment. So look at getting your online MBA. No GMAT? Don’t worry, in some cases the GMAT or GRE is waived due to other qualifications.

Entrepreneurs Profit

If you are currently a small business owner, you may be considering hiring an MBA graduate to take your business to the next level. You also may be saying to yourself, “Why am I going to hire someone else to do what I can do?” The answer is to go out and get an MBA yourself. The money you would spend on paying an MBA to get the job done is the same money you can spend on getting your degree. You have proven to be successful, and you have the drive to succeed. With an MBA, you will skyrocket your business to the next level.

Increases Career Options

In a volatile market where today you have a job and tomorrow you don’t, not to mention that jobs are hard to come by, it is good to know you have career options. With an MBA, you don’t have to worry about whether you will have a job tomorrow because you can get a job in every industry. All businesses both profit and non-profit benefit from having employees who have their MBA. There is no limit to job opportunities when you have your MBA.

From things as simple as a large increase in salary to making yourself indispensable to the business world, there are many reasons why getting your MBA makes financial. So while the cost of getting your MBA is substantial, it is clear that it the financial gains outweigh the financial costs.

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Find More Money During Retirement
By financen | November 9, 2014 - 8:20 pm - Posted in Money and Banking, Retirement

You’ve worked hard every day for decades, so you’re ready to relax and enjoy your retirement years. Retirement is a great time to focus on your interests and spend time with the people you love the most. However, unexpected expenses and higher costs can sometimes affect your retirement plans. If you’re looking for extra money, consider these ideas that work well during retirement.

  • Put Your Passion to Work

You’re done working full-time, but that doesn’t mean you can’t bring in any income during retirement. In fact, you won’t even feel like you’re working at all if you put one of your interests or passions to work.

For instance, if you miss being around your grandchildren, you can earn some extra cash babysitting for local families on weekends. If your friends and family members rave about your cheesecakes, try offering some for sale during the next holiday season.

  • Consider Reverse Mortgages

A reverse mortgage is a type of loan that was specially created for seniors in their retirement years. When you sign up for this type of loan, you will receive money each month instead of having to make a mortgage payment.

Best of all, you don’t have to make any payments as long as you continue residing in that home, and your Social Security and Medicare benefits will not be affected by the money that you are receiving.

Many borrowers love the peace of mind that comes from knowing they no longer have to make mortgage payments, and this brings a significant amount of money back into your monthly budget. money

  • Reduce Expenses

Finally, you can keep more money in your pocket each month simply by reducing your expenses. You want to be able to enjoy your life, but you can likely find some budget areas to trim while still maintaining your standard of living.

Start by taking a look at your recurring monthly expenses. Maybe you can reduce your cable bill to a more basic plan or cut long distance calls from your home phone since you normally use a cell phone. When you are able to reduce your recurring expenses, you’ll enjoy the savings every month.

When you don’t have to worry as much about finances, you will be able to enjoy your retirement instead of analyzing every dollar that you spend. Financial freedom should be one of the best parts of your golden years!

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Getting a personal loan irrespective of your credit history
By financen | November 4, 2014 - 5:25 pm - Posted in Credit, Credit report, Credit Score, Loan, Personal Loans

Sometimes we get into financial mess that may not be created by us. If you are one of them and are feeling trapped, there is an easy way to get out of this mess. Sometimes you get frightened thinking that the lenders will turn down your proposal because you are a bigger risk to their finance. Now you don’t have to go through such difficult financial situations. Recession has left its toll on many of us. People who never thought that their credit will get bad are now facing this tough situation. You can easily apply for a loan with different loan companies. You just have to do a search on the internet, shop with different companies and figure out the best deal in your favor.

What makes a loan high risk? This is that type of loan which is applied by a borrower who has bad credit and is in tremendous need of cash. Just do a search on the internet as per your requirements and you will find different lenders. Although they may not specialize in this type of loan, but they can approve your loan requirement. These lenders have a fair idea about such requirements of the borrowers. It does not matter whether you own a car or a home, to put as collateral, you still have the chances to get approved. All you need is a steady income and an active checking account, and many lenders will be willing to do business with you.

Based on the collateral that you have to put against the loan, you can apply for a bigger amount. An unsecured loan that is offered without collateral can range between $1,000 to $25,000 and you can pay it back between 1 to 25 year time frame.

creditWhen you are applying for an unsecured loan, it is obvious that the interest rate will be a lot higher considering the risks involved with it. Hence, it is better to pay back a small loan quickly than letting the interest charges kill you slowly over a long period of time. Hence, you should borrow a small amount, so that you don’t end up paying a lot in interests and fees. And once this loan is getting paid off, it will improve your credit history. Once your credit score is back up, then you can get better deals from the lenders.

Application process is very easy. You just have to get online, fill the application form and your loan will be processed. Make sure that you have fully read the terms and conditions in the contract copy to avoid any confusions at the later stage.

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