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Tag: debt payment

05 Oct

Made Redundant and Need to Make Money Fast? Make Extra Money and Write-Off Debt with a Debt Solution

by Arbitrage Bands | in Debt Consolidation, Debt Payment, Debt Settlement | on October 5, 2016

For the first time since 1991, Britain has officially entered a recession. A 2016 forecast by the Ernst & Young ITEM Club predicts that the next 12 months will see the largest contraction in GDP since 1946. The number of people that were made redundant reached an 11 year high in November 2015 and this is set to worsen considerably during 2016. The CBI believes that unemployment could exceed 3 million.

When someone has been made redundant, finding a way to make money fast becomes a priority. However, get rich quick schemes don’t work, but a good business idea and hard work can turn being made redundant into a positive. Those that have been made redundant would be well-served by managing their outgoings and identifying a suitable debt solution.

Overcome Money Problems or Write-Off Debt with a Debt Solution

If struggling with money problems following being made redundant, seek to write-off debt with a debt solution. Although it will result in bad credit, a debt solution can help free-up cash to cover essential household bills. Debt solutions worthy of consideration include: debt management plans, Individual Voluntary Arrangements, going bankrupt and Debt Relief Orders. Always talk to a debt counsellor before proceeding.

Switch from a Repayment to Interest-Only Mortgage to Assist with Money Problems

After being made redundant, it is important to identify ways to reduce outgoings and make money available to cover household bills. A short-term solution is to switch from a repayment mortgage to an interest-only mortgage. In the current climate of low interest rates, this could reduce a £100,000 mortgage to a monthly repayment of just a few hundred pounds. Talk to lenders to see if this is possible.

Make Extra Cash Writing Articles with Google AdSense

People that have been made redundant and are prepared to do some research can make extra cash writing for web sites or blogging. Most writers and bloggers make money from business advertising. Google AdSense is utilised to select the most relevant adverts for the article content. Readers are always searching for consumer bargains, solutions to money problems and ways to write-off debt.

Make Money Fast Displaying Car Adverts with Get Paid to Drive

Individuals that have been made redundant can make money fast by displaying car advertisements. Make extra money, in the region of £200 to £800 each month, for driving. There are certain companies that offer get paid to drive clients a free car. This would help reduce outgoings significantly for people that have been made redundant. The only real negative are that the adverts are rather colourful.

Individuals that have been made redundant are likely to encounter a number of challenges, but it is largely a question of prioritisation. Check to see what benefits are available and talk to a qualified debt counsellor to identify a suitable debt solution for any money problems. Those that choose to write-off debt will find that money problems diminish and household bills become more manageable.

Tagged debt payment, debt solution, make extra money, make money fast
01 Oct

How to Prioritize the Payment of Debts: Tackle Money issues, Council Tax, Secured Debt, Unsecured Debt

by Arbitrage Bands | in Debt Payment, Debt Settlement | on October 1, 2016

Prioritising the payment of debts is one of the most important things someone with money issues must do. Unfortunately, those with money issues tend to pay small, unsecured debts before secured debts. Some even miss council tax payments and face imprisonment. Organising the payment of debts is important as it helps those struggling with personal debt avoid house repossession and imprisonment.

Council Tax Payments

Although they aren’t a secured debt, ensuring that council tax payments are made punctually is an absolute priority. If someone with money issues fails to pay up on the date the payment is due or contact the council to tell them when a payment can be expected, they will issue a reminder, requesting payment of any council tax arrears within 7 days.

Should council tax not be paid within a further 7 days, the local council can ask the Magistrates Court to issue a liability order. This allows them to garnish council tax arrears directly from wages or benefits or use the services of the court bailiff. The Magistrates Court can send people to prison for non-payment.

If money problems have occurred as a result of redundancy or ill health, check to see if council tax is still payable. Others may wish to check that they are in the correct council tax band as this could help alleviate money issues and help reduce personal debt. Council tax arrears cannot be written off by a debt solution.

Secured Debts and Rent

Payments of debts that are secured on the family home are the next priority. Secured debts include the mortgage and any loan registered at the Land Registry as a second charge. This includes homeowner loans and secured debt consolidation loans. The payment of debts that are secured is important as it can lead to house repossession. A priority debt for non home owners is the rent as it can result in eviction.

Household Bills

The payment of debts is important, but so is covering critical household bills, such as food and heating. Whilst it isn’t possible for water to be cut-off, this isn’t the case for gas and electricity. If struggling to pay the gas and electricity on time, call the utility provider and offer a nominal payment.

Unsecured debts

The payment of debts that are classified as unsecured debts, whilst still important, should be regarded as a non priority debt. Unsecured debts include: credit card debt, unsecured loans, personal overdrafts, mobile phone bills, catalogue debts and store cards.

Those with money problems should see if it is possible to pay creditors a reduced monthly repayment. Alternatively, people with unsecured debts could pursue a debt solution, such as a debt management plan or an Individual Voluntary Arrangement.

Before making a decision regarding the payment of debts, make a list of all incomes and expenditures. A person with debt problems should prioritise personal debts in the order outlined above. Unsecured debts should be tackled with a debt solution should there be an income shortfall.

Tagged council tax, debt payment, money issues, secured debt, Unsecured Debt

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