How to settle debts after foreclosure Problem: "I have a debt of $300, 000 while attempting to build a real estate empire. My creditors have tapped my 401(k), and have drained my other savings. I have been trying to pay up through several low interest rate credit cards and now have run balances on 11 cards approximately. Eventually, I got late with a payment and then interest rates rocketed high. I lost my home in foreclosure 6...more
Solicitors role in property purchase I am often asked about the role of a solicitor in the process of purchasing a property in the UK and this article aims to explain just that. Conveyancing The legal process involved in the purchase of a property is called Conveyancing and this is usually carried out by a solicitor or sometimes a licenced conveyancer. As soon as your offer on a property is agreed by the estate agent / seller of...more
How to Become Debt-Free - Part 1 Use cash for all your purchases and only buy your car and house on credit. Before you buy anything ask yourself 'do I really need this?' Don't just buy something because it's on sale.Spend less than what you earn (at least 20% less).Stop using credit cards to survive until the next paycheck. Don't ask for an advance on your salary to get through the month.Save money for an emergency fund to avoid acquiring new debt with unexpected expenses.Get educated on your usual monthly spending habits. Draw up your monthly budget before getting paid, to avoid buying unnecessary stuff on payday.Don't get tempted into buying the latest gadgets. You don't have to buy the latest cellphone, game stereo, car, furniture, etc. every few months while your current items are still in good working order.Have a realistic budget with some breathing room. It's no use putting your whole salary towards debt repayments and the emergency fund, with no extra cash for the occasional social/recreational activities. You are not supposed to remove yourself completely from society until you are debt-free.Don't leave home on an empty stomach. You are bound to stop at a...more
How to Become Debt-Free - Part 2 1. Depending on your family size, consider moving into a smaller apartment. In the process you can also sell unnecessary items that are just taking up extra space. You will save on rent and utility bills. Try to move closer to work as well, to save on the ever increasing fuel price.2. Get a lower...more
The Most Important Steps in Your Debt Elimination Process Start by admitting that you have a problem with debt.Acknowledge that you need to do something about it.Consult a debt counselor for help to get you out of debt.Identify a suitable debt elimination system or program that will fulfill your financial situation best.Use the best...more
Debt Counseling - Pros and Cons Pros:You are showing your creditors that you are serious about alleviating your predicament. They will work with you and your debt counselor to reach a mutual agreement.Debt restructuring will be done with your remaining income, after deducting your basic essentials, such as transport, food, clothing, rent, utility bills, etc.While under 'debt review' your creditors cannot institute legal proceedings against you for debt repayments. A debt distribution agency will handle your 1 monthly payment for distribution to all your creditors.If a creditor did not do the necessary checks to ascertain that you earn enough money to repay your debt, they could be charged with reckless lending and that particular debt might even be scrapped.After debt counseling your credit record is 'wiped clean', allowing you to qualify for credit in the future. If you file for bankruptcy your credit history will count against you in future applications.You will have no more sleepless nights, stress and a lack of concentration at work.You will learn how to budget and be a better steward of your finances, which will aid you long after debt counseling.Cons:While...more
How to Know You Need Debt Counseling The biggest mistake you can do is to leave applying for debt counseling for too late.Financial trouble is often indicative of the following symptoms:You always have more month left than money -...more
Debt Counseling Obstructions The National Credit Regulator (NCR) previously commissioned a research project, conducted by the University of Pretoria Law Clinic, on the shortcomings in the debt restructuring process.The debt counseling...more
Debt Elimination Questions Answered - Part 1 Will I be listed on the Credit Bureau?Yes, once the debt application is completed. All your credit providers will be notified as well. What do you mean by the payment pro rata basis?This...more
Purchase the Englander Pellet Stove For Its Beauty and Durability If you have a rather large space in order to heat, but you want to heat that area with as much efficiency as possible, then purchasing the Englander Pellet Stove is your perfect...more
Struggling With Debt? Consider These Options National Debt Relief ProgramStruggling With DebtThere are many different and amazing, as well as quite simple little things that anyone of you could do to try and change your current debt condition...more
Are debts shameful? The old image of the steadfast Brit, almost psychopathically unwilling to share details of his or her private life, seems to be fading. According to a new survey, Brits are now willing to discuss that private of private...more