Loans To Take Or Forsake Stop Dodging Your Creditors And Seek Their Help Building Treands In Atlanta Uk Loan Protection Insurance Can Give You Peace Of Mind And Security
Learn when to take up loans and when to forsake them.
Most of us are paying for some kind of loans. The fresh out of school kid is paying for his study loan, the guy next door is paying for his car loan and the married couple is paying for their housing loan.At some point of our life, we find that taking a loan is inevitable.
So, when do we take up one and when do we say no?
A good starting point would be to ask yourself what is the purpose of the loan. It could be for a new business you are thinking of starting, an MBA you would like to pursue, a car you are mad about, a house your kids would love or that Italian sofa your wife keeps yakking about.
For that new business
Make every effort to determine the profitability of your business (you need the profits to pay off your loan, right?). Talk to your lawyer if you are inexperienced in this. Business ventures should be made with care.
For that MBA
For the career minded, if you are thinking of taking a loan to further your studies (eg. MBA), do some planning. Determine what is the salary difference for those with an MBA and those without. You would need a pay raise to pay off that loan! Check with your employer whether they provide study loans (if they do, they usually have interest rates lower than the banks).
For that sleek convertible
For the car you are mad about, think twice I would say. If you are going to take a huge loan just to get that sleek convertible that your friends are going to wow about, forsake it. After a few months, your convertible would have lost its wow factor and you? You would be strapped with a loan that is going to take you years to repay. Not to mention the amount of money you would have saved for your retirement if you hadn’t taken up that loan.
For that house by the beach
For the house that your kids would love, talk to them. Tell them what they would have to forgo if they want that house. Be it toys, dresses or that latest mobile phone. Give them a week to think about it. Most kids would would go for the mobile phone.
For your wife
For your loving wife’s Italian sofa, offer her something else of equal value but not as useless as an overpriced piece of furniture? Say, get a comfortable normal priced sofa, but invest in a better bed (you spend more time on your bed than your sofa, right?). Still, you shouldn’t be taking loans for furniture. They would have worn out in 2 years but you would still be stuck with your loan. Discuss with your wife what you can afford and what you can’t.
The 3 Golden Rules
1. Before taking a loan, always determine the purpose of that loan. Getting a loan is the fastest way to get cash, but is it worth that long term commitment?
2. If you have taken the loan, repay it as soon as possible. Never take up a new loan to pay for a previous loan or your credit card debts. It adds on and on and doesn’t help the least bit. Seek financial advise if you are twirled in this vicious cycle.
3. Once you have repaid your loans, always think twice before taking up huge loans again.
Some loans are inevitable. Like the housing loan that we need so we can afford a shelter over our head. Take that loan but only for a decent house, not that house by the beach. You can have that when you have accumulated enough wealth to afford it.
Even on graduation, I was literally reeling under the huge loan that I had taken. I knew that with my college degree, I would be able to get stable employment as well as a hefty salary. Then my first credit card arrived on the scene. I did not even bother to check how much it would cost.
Within two years of working as an executive assistant, I was already drowning in credit card debt and have not been able to pay off my mortgage and insurance premiums. I even coined a nickname for myself, debt delinquent.
Avoiding one’s creditors is something that many people resort to. If they can’t reach you or find you, you’re safe, right? WRONG! But I have found that it is much better to sit down and have a chat with the lender to see what options are open to you.
If only I had taken the time to talk to any one of my creditors, I would have been given a chance to pay them off instead of filing for bankruptcy. Some of us do learn the hard way.
The point is that you will have to repay the loan eventually. Your bank will want some of the money that you spent on your holiday sprees. The lender that you are dealing with might just introduce some options to make it easier for you to make repayments. They are not as evil as you think they are. In fact, lending institutions can save you from falling into poverty — or bankruptcy at least.
Your credit card issuer will mostly likely give you amnesty, if you promise to pay them back with a span of time. If you try hard enough, you would be able to eliminate the late payment fees. By talking to them, you will have a lot more options on how to settle your balance than by hiding out in the mountains until you think they have surely forgotten about you.
But during this time, your credit card accounts might be closed as they do not want you accumulating more debt while trying to pay off your balance.
If you have unpaid loans from various institutions, they will almost certainly advice you to join a debt management program or refer you to a debt counselor. It would be a good idea to consolidate all your debts if you are currently making payments on a number of different loans.
With consolidation, all of your debt will fall under one loan. You will no longer have to wonder whether you missed out on any loan installment as there will only be one every month. Do not worry so much about your credit score at this time, focus on paying off your debts. That poor credit score can wait till you are debt-free. You can start fixing it then. Just one point to remember is that student loan consolidation works differently and it does not affect your score.
Reaching out to creditors gives them the impression that you want to pay them back and you’re willing to do it on terms that are beneficial to both parties. In a way, this will please your creditors as they will realize that you are a borrower who makes an effort to settle his debts.
So how are the building trends in Atlanta? It is good to talk about the new and positive trends that buildings have to offer over those that existed before. Our building engineers seem to focus on the items that do not improve the lives of the buildings occupants. If you look carefully the same mistakes seems to occur over and over. That is, from one building to another. We are going to talk on some few building trends which we will wish people might follow and improve their building trends in Atlanta some day.
Which type of question will a building engineer ask when he or she looks at a unique roofing style or system, how bad does the roof leaks? If it does not leaks, but how but how bad does it leaks? Every elevation of the roof and every architectural pitch change is one source of water leakage. The thing is that, no one is saying, a roof should be without a style. But, a professional should be consulted before roofing any complicated style or building trends followed. A roof warranty should not be given until the roofing system has proven itself for one year to be free of water leakage. This will weed out incompetent so-called professionals in the building industry.
Questions such as Do you really think this building is not going to need the windows washed according to national safety? Do you really think that this story-building is not going to need a place to store paper products? It will be good to avoid such questions or conversations from people by bring in a building professional who knows the building trends in Atlanta.
In some buildings you will find expensive revolving roof sits in the front facing the street. Surprisingly this door is the least used to the main body of pedestrian traffic. If you look carefully the entrance leading from the parking deck is a standard metal door that will always need repairs because of the heavy traffic. We will not even talk of the cold that comes blowing in when the door is open.
Every building engineer knows that using a wooden bed will always need maintenance or repairs, but they also know that the sand bed system is nearly maintenance free. It will be good to consult these building engineers to reduce the cost of bed maintenance. What do you usually say when you take a look at a beautiful landscape? Special care is being given to the plants to be green. Who did the designing? Did a home inspector inspect the design which was made? To have the right answer of these questions, try to meet a professional designer or a building engineer.
It will be good to start a new trend, if you want to construct a comfortable home. Get a seasoned building engineer who is constructing and designing modern homes not homes of yesterday.
Start out with a concept in mind. Then sit down with an experienced contemporary architect who can help you put your ideas on design paper.
Make sure that you are able to communicate with your architect easily.
Ground-breaking new trends are needed, as a lot of people, especially the younger generation is demanding it. This will make your building to be easily marketable when it comes time to rent it out or sell it.
UK loan protection insurance gives you an income each month so you are able to continue paying your loan repayments and not get into debt if you were to come out of work through an accident, sickness or unemployment.
The cover will begin to payout from between the 31st and 90th day of being out of work and would then continue to provide you with a tax free income for between 12 and 24 months depending on the provider. It is essential that you do shop around for the cover because it varies greatly between providers; the exclusions vary as does the cost of the premiums. Buying the cover with an independent provider will mean that you get the cheapest premiums possible which can save you a lot of money and along with this they will give you the key facts so that you can determine if the policy is suitable.
Some of the most common exclusions include if you are self-employed, are retired, working part time or if you suffer from a pre-existing medical condition at the time of going for the cover. There can be additional conditions set out by the provider so it is imperative that you do read the small print.
UK loan protection insurance is usually offered at the time of taking out the loan or credit card and is sometimes even pushed alongside the cover without making the consumer aware that there are conditions which could mean a policy would be useless. This was highlighted in 2005 when the Financial Services Authority began an investigation into the sector which resulted in fines being handed out to several well known names on the high street. The payment protection industry is also currently under review by the Competition Commission who recently announced that high street lenders are raking in as much as 80% from selling the cover alongside cheap loans.
One change which will be seen for the better is the introduction of comparison tables in March 2008, the tables will show the consumer how much the cover will cost and also make them aware that there are exclusions in all policies. The tables will also ask a series of questions which will then lead to the consumer being able to make the right decision regarding which type of payment protection would be the most suitable for their circumstances.
While some changes for the better have been made clearly many more still need to be made if the cover is to become more transparent. For now the only way to buy a quality product along with the key facts attached so you are able to make an informed decision as to whether UK loan protection insurance is suitable is if you stick with an independent specialist. Always be sure to read the small print with any policy that you are considering taking out as this is what led to the majority of mis-selling and a loss of faith in payment protection products. It is important to remember that it is not the products which are at fault but those selling them without the necessary experience which were to blame..
|building, business, card, consumer, cover, credit, creditors, debt, engineer, exclusions, good, house, loan, loans, maintenance, mba, pay, payment, people, protection, roof, sofa, time, trends, uk, wealth building, wife|