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£1,200 could be saved on interest through a personal loan, finds Alliance & Leicester

Consumers with debts held on store and credit cards could save as much as £1,200 by switching to a personal loan, Alliance & Leicester has found.However, just eight per cent of the population is thinking about taking this option, the bank discovered.Alliance & Leicester Personal Loans found that by moving £5,000 of debt from cards to a personal loan the average consumer could save £1,213.56 in interest payments over three years.
Andy Bayes, head of personal loans, Alliance & Leicester, commented: “It is worrying that so many people with expensive debts are ignoring their financial situation and not thinking about ways to reduce them and save money. Consolidating all debts onto one personal loan will not only save money, but offer a repayment discipline and offer reassurance by clearly setting out an ‘end date’ for their debt.””Debt consolidation to a low-rate loan is a sensible and viable option for many of today’s borrowers who yearn to be free of their debts. Looking to review finances in the New Year is one resolution that shouldn’t be broken.”

Posted in loan, personal loan, debt consolidation loan, loan calculator, consolidation loan, loan rate, consolidate loan | Comments(0) August 2007



Advice and loans to help crack debt

A combination of advice and specialised credit could help lift the burden of debt.
While personal debts have been mounting in recent years, credit is still reasonably cheap meaning that there is a good chance of putting any financial problems right. Low interest rates mean that affordable debt consolidation loans are available to help people who may have over-extended themselves. As well as additional loans, specialist advice is also on offer for those unsure about how best to deal with their problems. “The first stage is to do a personal budget listing your income and all essential outgoings to keep the roof over your head,” a spokesman for National Debtline suggests. “This includes mortgage, rent, fuel, council tax, water, phone, housekeeping, travel.”This will allow an adviser to look at your whole financial position and look at what options might be suitable for you.”Personal debt in the UK topped £1 trillion last year.

Posted in Uncategorized, loan, debt consolidation loan, consolidate loan student, consolidation loan, consolidate loan | Comments(0) August 2007



Loan purposes ‘more diverse’

There has been an increase in the number of people taking out loans for weddings and plastic surgery, according to new research.January is traditionally a busy month for Britons taking out unsecured personal loans for debt consolidation and holidays.However, research from Abbey reveals a 32 per cent increase in loan applications for weddings during the first two months of the year as well as more loans being taken out for a wider variety of purposes. Most notably, the number of people taking out loans in order to have cosmetic surgery was up by 50 per cent on the month, making it the fourth most popular reason for borrowing. There was also a ten per cent increase in the number of loans taken out to cover the costs of funerals. “It’s surprising just how many people are borrowing for different needs,” said Paula Ickinger, head of personal loans marketing at Abbey. “Only two or three years ago, the number of people borrowing for cosmetic surgery would have been very few and far between, but now it’s become a regular occurrence.”

Posted in Uncategorized, loan, personal loan, debt consolidation loan, loan calculator, consolidation loan, unsecured loan, loan rate, consolidate loan, unsecured personal loan | Comments(0) August 2007



Debt consolidation grows as Christmas costs cripple consumers

Britons could take out debt consolidation loans to the tune of £4.8 billion between January and March 2007, Sainsbury’s Bank has warned.January is traditionally a peak month for taking out personal loans to consolidate debt, and this year is unlikely to be an exception, with only 52 per cent of people telling Sainsbury’s Bank they expected to clear their Christmas spending by the end of January.As many as eight per cent of people expect the costs incurred over Christmas to keep hanging over them for at least 12 months.Consumer group Credit Action yesterday revealed Britons are suffering record debt levels with almost ten per cent of the population showing signs of financial stress.
At the end of 2006, one person was falling victim to insolvency every minute of the working day, a 66 per cent increase on the same quarter in 2005, according to Nick White of uSwitch.com.Total UK debt stands at £1,268 billion for 2006 – 217 per cent higher than 13 years ago.

Posted in loan, personal loan, debt consolidation loan, loan calculator, consolidation loan, loan rate, consolidate loan, bank loan | Comments(0) August 2007



Student Loan Consolidation Limits Eased

The Education Department agreed yesterday that student borrowers who are still in school may consolidate their government-guaranteed loans — a step that clears the way for students to lock in today’s low interest rates. The guidance sent out by Assistant Education Secretary Sally L. Stroup put the department’s seal of approval on a legal interpretation that a small number of lenders had adopted in response to fears of some college seniors and others nearing completion of their education that they would miss a chance to capture rates that are near historic lows Students who have already graduated or left school have long been allowed to consolidate their loans, or even a single loan, into a single, fixed-rate note, and there has been a rush to do so this spring, before the deadline. Most federally guaranteed student loans carry a variable rate tied to the three-month Treasury bill. The rate is adjusted annually based on the rate on the last T-bill auction each May. Last year, that rate translated to a 2.77 percent interest rate for the student borrower still in school or a recent graduate. But with interest rates rising, the new rate July 1 is expected to be nearly two percentage points higher. When a student consolidates his or her loans, the new note will carry a rate that is a weighted average of the rates on all the loans included in the consolidation.

Experts cautioned students to think things over before rushing to consolidate.” This is one of a lifetime of financial decisions that students will face. Students must weigh their options — a grace period or the opportunity to fix a low interest rate,” said Martha Holler, a spokeswoman for Sallie Mae, the big education finance company. For example, students are entitled to a six-month grace period after they leave school before they have to start making payments. Consolidation eliminates that. Also, some lenders have been willing to take consolidation applications and in effect sit on them until the end of the grace period, thus giving the student the benefit of the grace period and the previous year’s rate. With in-school consolidation, which the department dubs “early conversion to repayment,” that will not be allowed.” A lender may hold an application only for the period of time necessary to receive and process” the necessary loan documents, the department said. However, a borrower may request an in-school deferment, so that he or she does not have to start making payments until after graduation or leaving school.The governments own Direct Loan program had no bar to in-school consolidation, and thus is not affected, a department official said.

Posted in Uncategorized, student loan, loan, student loan consolidation, debt consolidation loan, consolidate loan student, loan calculator, consolidation loan, college loan, college loan consolidation, college student loan, loan rate, student loan debt consolidation | Comments(0) August 2007