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Consolidate Debts Loans
Want to get out of debt, consolidate your debt, get a better loan or just learn some top money and debt rescue tips? We have financial advice here that will help you achieve your dream of being debt free. Absorb all the info on site and join our blog for frequent updates tips and news. Pay Debts BlogDebt Consolidation can help you (part 2)
Running in circles - Not clearing or consolidating debt I came across a cash strapped student who had run up a rather 'modest' (in my humble opinion) overdraft, some three years earlier, she complained to me that although she was paying an amount every week, and a lump sum in when she could, it was climbing higher and higher. I fact, her modest overdraft that at one time had been £150, had reached the astronomical level of £2,000. I found this hard to swallow and asked to view all the paperwork in an attempt to get to the bottom of this state of affairs. What I found was this; she had carefully budgeted and decided she could only afford to pay back £5 every two weeks. Her bank had said nothing to her on the matter at all and allowed the situation to continue. Each week, they were charging her £20 for being over drawn, plus interest her meager £5.00 per fortnight was a mere drop in the ocean! She had not realized it but, that £5.00 per fortnight was a complete waste of time! Her bank was charging an astronomical amount of interest, bank charges, and the like. She had no hope if this continues of ever being debt free. You need to know-with all debt what level, cost and penalties you are occurring in order to decide what to do about them. In this student's case, on her behalf, I was able to negotiate with the bank, to freeze the interest charges for her for a set period of time so she had a chance to pay it off completely. If you find that you are being charged an extremely high rate of interest, try to negotiate a freeze on it. They may just agree. Now do you have your list ready of high-low interest rates on borrowings and debt? Fantastic, now you have a judgment to make. If all your debt fall in the low to medium category, you can choose to add them all up, (The weekly or monthly payment amounts) and divide them but the amount that you worked out earlier-remember? The figure you calculated that you will be able to use to pay off the debts. E.g. you have 12 monthly payments of £20.00 each = £120.00 Part 3 >>Next Page
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