Posted by admin on Aug 3, 2011 in Debt Management, Featured Articles, Finance | 1 comment
If you can no longer afford your monthly repayments to your unsecured lenders as originally agreed, you should find a debt solution that could get you back on top of your debts as soon as you can.
A debt management plan may be one such solution. Entering into debt management could allow you to pay back your debts at a realistic rate – and could give you an affordable path out of debt.
What is a debt management plan?
A debt management plan is an informal agreement between you and your unsecured lenders in which you, or a professional debt management company, ask them to accept lower monthly payments that you’re confident you can afford.
Therefore, agreeing a debt management plan could make life a lot easier by giving you a new repayment plan tailored to your current circumstances. Furthermore, you could regain control of your unsecured debts without the need for a loan.
How does a debt management plan work?
Basically, if you can no longer afford your monthly repayments towards your unsecured debts, you could ask your lenders to accept lower payments. If your lenders agree, you could make a reduced monthly payment – to just one company, who will then distribute it amongst your lenders as agreed.
If your lenders accept your plan, they may also agree to freeze/reduce interest and waive other charges on your debts, which means they won’t continue to grow as you’re repaying them.
How could a debt management plan affect me?
On the one hand, a debt management plan could offer a realistic, clear way out of debt with monthly payments tailored specifically to you.
But on the other hand, a debt management plan will show up on your credit history for six years, which can affect your ability to get credit for six years – so it’s important to talk through your options with a professional debt adviser before making a decision.
Plus, if your lenders don’t agree to freeze interest, making smaller payments over a longer period can cost you more in the long run – and you’ll have to wait longer for the day you’ll be debt-free.
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Posted by admin on Apr 27, 2010 in Featured Articles, Retirement | 4 comments
Our birthdays are age milestones and important in our life but there are also milestones for retirement. The first one is at age 59 1/2 when you are then able to get penalty free withdrawals from your traditional IRA and the same goes for Roth IRA owners, as long as you have owned it for five years or more.
At the age of sixty-two, you will run into the social security dilemma. At this time you will decide when to start claiming this income. If you claim at this age, you will lower your benefits by twenty-five percent and each year you wait, your benefits will grow by eight percent.
When you get to sixty-five, Medicare will then be a benefit of your and that just might be the best gift ever. But don’t miss the enrollment deadline. Then at seventy and a half, if you are a traditional IRA or 401 owner, minimum distributions are required. Be sure to start this two weeks before the deadline to make sure the transaction is done in time.
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Posted by admin on Apr 27, 2010 in Featured Articles, Finance | 0 comments
It is an important thing to do, to keep an eye on your finances during a divorce. Most divorces are challenging and complicated and because of this, there are details that can slip by. It is up to you to protect your financial health at this time and it is wise to have an attorney with you. It is also good for you to know the laws in your state in the case of a divorce and how these laws can effect your assets.
Generally, in most states whatever you and your spouse acquired during your years of wedlock, are subject to division and the exception to this would be any inheritances that took place. Any assets that were acquired before you were married and gifts that you gave each other are exempt also.
There are some community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin and the laws here says that almost all assets will be equally divided. Just don’t get the idea that you can hide an asset or bring it up later as this will cause a omitted asset penalty and the court will redivide everything.
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