One financial aspect that the rich and the poor have in common is that they all require loans. With bad credit it becomes a nightmare to secure loans. Banks and lending institutions are strict with regulations that are hard to adhere to. Lenders exist who are willing to look beyond ones credit score. They have terms and rules that are flexible and often are transparent. This financial agencies often invite people with bad credit to take loans.
Bad credit loans are simply bad loans. They offer a chance to avoid predatory lenders and scam financial agencies. However, they look transparent but have many hidden penalties and risks. For instance most bad credit loans have higher interest rates than other loans. When the bad credit loan is secured they often will ask for a more valuable collateral and the repayment period is often shorter. All these factors increases the lenders chances of paying higher interest, defaulting and ultimately loosing property of higher value.
These loans can in different forms and packages. They are often so attractive that even those with solid financial backgrounds are tempted to take them. Automobile loans often for consumers with bad credit are a classic example. One may be given a repayment period of up to five years with the car as the collateral. This is done with the sure knowledge that the cars value depreciates astronomically fast.
Loans on your title deed or car log book is another form of bad credit loans. Often advertised in your daily classifieds, these loans have a very high interest rate. Often you end up paying almost double the amount and if you do not, you lose your car or land. Payday loans also feature prominently and frankly these are just fraud. Some countries have even gone ahead to ban them completely. Remember if you have bad credit you do not meet the requirements of any loans .Bad credit loans are bad loans.
Improve your Credit Score with Bad Credit Credit Cards.
Self discipline is very critical when it comes to credit repayment routine. Improving your credit score implies that you must adhere to the agreed credit expectation and also by ensuring monthly repayments are made in full without any delay. Records are always kept so as to track the events based on repayment specifications. Your credit score becomes very poor when one defaults on repayments. It clearly reflects ones inability to manage his/her credit effectively. Repetitive defaulters are always a risk to lenders and nobody will be willing to take risk from defaulters of money owed except for those who offer financial products such as credit cards for bad credit. However, some unavoidable scenarios like health wise problems could be understood as long as you give out a notification on your credit report.
Try to avoid any mistakes on your credit report so as to improve your credit score. Maintain a habit of continuous review of your credit report to ensure it is up to date and reflects the accurate status of your account. Several lenders make their judgments based on the facts they find in the credit report. Credit report with errors will definitely lower your credit score and scare away all the lenders
It is very important that once you stop using a given account then it is advisable that you close improving your credit score. Financial analysts always advise that it is not appropriate to have several accounts that you do not have the capacity to manage them. Card account balances should always be kept to less than twenty five percent of credit limit.
Your identity to the lenders means a lot in improving your credit score. You should be in a position to expose any suspicious entries that are taking place in your credit report. Previous credit report reflects a pattern on how you carry the credit activities, therefore any surge that are not reported can land the account holder become a suspect of fraud victim. Always keep checking on any suspicious entries that reflects in the credit report. Alert the relevant lender without any delay in case you identify anything that is not usual. Keep the evidence and defend yourself.
Investing in the commodity of gold is certainly a good idea, and people generally believe that buying gold bars or gold coins is the only way to invest in this precious metal. Though it is true that buying gold physically is one of the most straightforward and easiest ways, but gold investments can be made in other ways as well, and we shall now discover some of them.
Many gold dealers supply gold bars with very low premiums, especially if you choose to buy gold online. Though you can buy gold bars from a brick-and-mortar store, but if you buy online, you can easily compare prices offered by different dealers and thus strike a great deal.
Gold Bullion Coins
Those interested in investing in gold can also consider buying gold bullion coins. Just like gold bars, you will come across many gold dealers that offer different types of gold coins for sale. Such coins can also be purchased online. Gold coins are available in different sizes and prices, so no matter what your budget is, you will be able to invest in gold through these coins.
Allocated Gold Accounts
This is a great way to invest in gold without having to worry about storing the precious metal. In this kind of investment, bank’s keep the investor’s gold and offers them a certificate. Unlike the unallocated account, allocated gold accounts do not allow a bank the right of selling an investor’s gold to fulfill its reserve requirements. When gold ira investing, or as an allocated gold account investor, you will have to pay for your gold’s insurance, yearly handling and storage costs.
Gold Mutual Funds and Gold Mining Stocks
For people who do not want to invest in physical gold, but desire some exposure to this precious metal, may consider gold mutual funds and mining stocks. Gold mining shares and stocks is a way not to invest in gold itself but in the gold mining companies. The price of gold alone does not influence the price of the stocks, and other factors like company-owned gold reserves, management etc. also have a role to play. Investing in gold mining stocks can be risky, so make sure you think twice.
The word ‘mortgage’ generally means ‘to pledge’. It can be defined as an agreement between two parties, where one party, the debtor transfers the interest in a property to the lender in return for a loan. Nowadays, the two terms ‘mortgages’ and ‘home loans’ are used almost simultaneously.
The U.K. market is deemed to be one of the most advanced and technically innovative markets for mortgages. The main players in the market are mutual organisations such as building societies, credit unions or proprietary lenders such as banks.
It has operated without much intervention of the government, but the nationalisation of one of country’s largest mortgage bank, ‘Northern Rock‘ in 2008 coupled with the recent global recession, has led to a change in the already existing trend.
While taking a mortgage, most borrowers seek the help of a financial advisors or mortgage brokers who give them the best review of the market and suggest the most appropriate option at hand as per the person’s financial position. The key considerations are generally the amount which is dependent on factors such as credibility of the borrower, the amount needed, the person’s affordability, the term of the mortgage loan, the type of interest involved, etc.
Various types of mortgages are available in the U.K. market. The major categories can be named as:-
This is a method where the repayment of capital and interest is done. It is the traditional type of mortgage where the debt is divided into repayment of capital and the payment of interest, i.e., repayment of the amount borrowed and payment of interest for the loan given.
Interest Only Mortgages:-
Here, the repayment of the capital borrowed is made only at the end of the mortgage term. It consists of a monthly payment in the form of interest.
There are various other arrangements for interest repayment such as fixed rate, variable rate, capped rate, discounted rate and fix & tracker mortgages arrangements. Of these, the fixed rate and discounted rate has been the most popular but nowadays the trend is shifting towards variable rates.
Another important concept related to mortgaging is remortgaging. It simply means fulfilling the liabilities of an existing mortgage with the help of a new one. You will need a bank account in order to take out a mortgage, and if you have a bad credit history, or a basic account such as the Ffrees Account you may run into problems getting credit.
The mortgage market in the U.K. suffered due to the global financial crisis. Mortgage lending for purchases of home, saw a decline in August but it still maintains a rough 29 percent which is still ahead of last year’s statistics.
Latest data from the actual Authorities associated with Mortgage lenders discloses of which financial products intended for residence acquisitions get fallen by 5% for you to fifty-two, 800 from the 30 days associated with September, whilst remortgage task authorized an even greater fall, my spouse and i. age., 22% for you to simply just 34, 000 financial products.
CML economist Paul Samter affirms “House invest in task has amplified by it is moribund state in the beginning with the year. inch He or she desires “a drawn out recovery practice together with in season ups and downs. inch
“Remortgaging demand has fallen absent from the a low interest rate charge setting this also is hauling straight down major financial levels general. inch. Finally, If the term of your secured loan is equal to the term of your mortgage then simply add the balance of both the mortgage and secured loan and take out a sum assured equal to both. If you have different terms for your mortgage and secured loans, then you should consider separate policies for each, if these are through the same insurance provider they can be combined on the same protection plan.
When you run a business, maintaining and improving relationships with your clients is always important. One useful strategy for strengthening business/client bonds is to host corporate hospitality events. Taking clients out will help to reinforce the relationships with existing regular clients while helping to form new partnerships.
Corporate hospitality events enable a business to get close to clients on a social level. As you get to know what makes them tick, stronger bonds are formed and longer lasting relationships can flourish.
There are many kinds of exciting events that can be organised to host for clients old and new. Depending on the nature of your business you could choose an event connected to your industry or simply a fun activity that your contacts would appreciate and be excited about getting involved in.
Of course there are extreme examples of corporate hospitality such as treating favoured clients to an exotic weekend away however events do not have to be so lavish to serve the purpose of increasing a client’s loyalty to your business. Popular choices include hosting a dinner or taking a select group of clients on an experience day – for example to the races.
Hosting a corporate event at a sporting fixture such as a football or rugby match is an attractive option. Many big name sporting clubs offer tailor made packages to suit your company with premier seating, food and drink included.
Many theatres offer hospitality packages with tickets to popular shows such as musicals, operas and the RSC. Another great option is to take your clients to a concert like, for example, the Taylor Swift tour. With many large venues offering food, drink and ticket packages to famous name concerts, there can be no better way to show your clients how seriously you take their custom.
Choosing the right hospitality event to suit your company’s needs can create lasting bonds with clients so spend some time choosing wisely. Corporate events are a great way to show the importance you place on keeping your clients satisfied and will improve your reputation as well as winning you increased business in the long term.
Filing for bankruptcy can lead to a lot more problems sometimes that you may have imagined. There is a lot of ambiguity surrounding this matter so it is important to know the options available to a person with regards to banking once he or she has been declared bankrupt.
Problems faced due to bankruptcy
Once you file for bankruptcy your credit history takes a downfall and as we all know, a lot of the high end banks run a credit check on their applicants these days before offering them an account, and if the applicant is found to have had problems paying his debt or has been declared bankrupt at some point of time, banks tend to be reluctant to sanction account to them (Although you might still be eligible for one of the bank accounts for bad credit).
If you are a bankrupt, be it discharged or undischarged, a bank account is more of a necessity to have these days even if you are trying to get your feet back financially and put your life back together, as most employers tend to transfer salaries into bank accounts directly and transactions are being carried out electronically through online money transfer and credit or debit cards. So a poor credit history can get you ignored by banks more often than not while trying to obtain an account.
Options available to bankrupts
For a person living in the UK, the best option for a bank account once you have been declared a bankrupt is the Basic Bank Account.
A Basic bank Account is an account that offers no credit facilities and is best suited for people with poor credit history. Although its must be added that there is no guarantee of you being selected for one.
Another option that is very popular among bankrupts is the Managed Bank Account. It charges a small fee to get one of these but do not worry as the amount is not a very large one. The Managed Bank Account offers facilities like:
· No credit Check
· Card for withdrawal and for payments
· Internet Banking
Thus we see that there are not many options for Bank Accounts for Bankrupts.
Who provides Bank Accounts for Bankrupts?
If you are an Undischarged Bankrupt living in the UK:
Barclays Cash Card account is the option to go for.
The Co Cooperative Bank has discontinued its services to Undischarged Bankrupts leaving Barclays as the best option in the market.
If you are a Discharged Bankrupt:
· Barclays Cash Card Account
· NatWest Basic Account
· RBS Basic Account
How to get a Bankruptcy Bank Account:
Choose the best bank account option that is most suitable for you and be sure of the fact that your credit report is accurate as it will be analysed thoroughly. If you are a Discharged bankrupt then make sure that it is clearly mentioned in your credit report otherwise your application may be declined.
Then you may contact the bank and apply for the account. Address proof and proof of identification are required at most places. You may also be asked to produce a certificate showing that you have been discharged from bankruptcy, so be prepared.
The Banking code of 2005 clearly says that the bank is bound to offer you a Basic Account if it has the provision for it and “if you specifically ask and meet the necessary qualifying conditions for one”.
Business insurance is an authoritative concept and way for people who are concerned about occurrence of any risk within their business premises and their impact on their businesses.
Risk takers prefer investing on high risky business projects and expect to receive high profits in return. On the other hand, risk adverse individual will do any means to evade risks that face their businesses. Business insurance will provide new information on new risks that emerged and the extent to which business entities can be affected by such risks. It also shows an in depth analysis of programs that have succeeded in the market, the trends of market intelligence and ways on how to make use on business opportunities and how to overcome the challenges that are associated with such business.
Business insurance covers wide business areas such as property insurance, health insurance, vehicle insurance, enterprise management of risks and other risk management practices. This insurance will cover depth analysis to a given industries including health care, transport, construction and healthcare.
There other formal insurance that have been introduced currently, this include political risks, reputation risks and new risks such as flacking. Business insurance also covers compensation of all workers within the organization. It indemnifies the employees against loss in their salaries and other personal interest within their work premises.
Business insurance will explore modern technology and all steps that are followed to facilitate management of risks within the organization. It also covers the deliverance of services and products. Business entities faces counter party risks, liquidity, reputation, strategic risks, credit risks, financial risks, re insurance risks etc. which may affect negatively the production of the organizations if not fully managed. However, these entities are indemnified against such risks through a risk pooling program.
Insurance companies play a major role in indemnifying small and large business entities against business risks. Insurance firms pull resources from different industries and small business entities and pull them together. These resources are used to control occurrence of future risks. Policy holders will be required to pay a fixed amount of income as premium payment so as to be indemnified against such risks.
Business insurance will be concerned about strategic requirements of insurers, brokers, consultants and re insurers. It is advisable that small scale business entities evaluate extend at which they face risks within their business and to formulate effective risk management strategies.
Risks are uncertainties that occur under an inconvenient time, it is difficult to evade such risks. However it essential for industries and small scale businesses to analyze business risks, evaluate them and formulate an effective strategy to control them.
If the owners of business, managers and top executives feel that they cannot identify and evaluate the risks that are facing their businesses, then they should work closely with insurance agents or brokers so as to assist them to evaluate the risks that are facing their business. Risks can lead to total loss thus fewer profits earned. Protection of risks is a core concern for every business that aims at stabilizing its cash flows in the future.