Warning: Late repayment can cause you serious money problems. For help, go to
Isle of Man customers can receive free help and support by going to https://www.gov.im/oft/
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It is never too early to start making just a small contribution to your savings. You can open a regular savings account from just £1. Don’t forget you can put money into an ISA for tax free savings on your interest. But the sooner you start saving the better, even if it’s just a little it can make a big difference.
Consolidating your debts just makes them more manageable, it may not necessarily solve your problems as the interest rates could be higher – Even if the advert says ‘free debt consolidation’. Stepchange.org is a charity that specialise in debt consolidation and they advise “not to consolidate your debts without a thorough examination of your situation and to find out if it will really help you. We also strongly advise against consolidating your unsecured debts with a loan secured against your property because this would put your home at risk if you fall behind on payments.” For more information you can go to their website here.
“Records of unpaid debts and bankruptcies stay on your credit file for a minimum of six years.” Call Credit are experts in managing consumer data. If you’re not sure about your credit score or how it works they can help. Their website can be found by clicking here.
Plenty of people believe that if they save every penny it will help them become financially stable. Whilst taking care of your outgoings and savings can put you in a good financial position, it is nearly impossible to save if you are on a very low income. Why not try doing an online course? Reed.co.uk offer course discounts (and some freebies). They say “There are many great reasons to start studying, from increasing your expertise and enhancing your career opportunities, to boosting your confidence and self-esteem. Whether you’re looking for employment, are working towards a promotion, or simply want to enhance your knowledge, a little learning can take you a long way.”
The debt to pay off first, should always be the one that charges you the most interest.
It’s never a good idea to have too many cards, as you could be tempted to use them. When you cancel a card your credit score takes a little hit, so it will make a big difference if you cancel all of your cards at once. Try cancelling each card over a steady period, so the impact is not too great.
On the surface this could seem like a good idea, the reality is not so good. Don’t forget that you do have to pay that money back and the more you borrow the higher your repayments. The Money Advice Service offer a budget planner, try it here and you might be surprised at your outgoings.
Although it does hurt your credit score if too many outside agencies like landlords, lenders or even potential employers – you can still check your own score. Noddle offer a free credit report and credit score, so you can look at it whenever you feel like. Take advantage of firms who can offer a soft credit search quotation service. This may sound complicated but it is quite simple. You provide your details and will get a decision back informing you of the likelihood of you being approved, without hurting your credit score. You can then make an informed decision before deciding to proceed with your application. Pogo Loans are proud to offer a personalised quotation service that uses a soft credit score facility.
Research from the HSBC says most of us don’t take our pensions seriously until we reach our mid 30s! Currently the full state pension is £155.65 a week and you will need 10 qualifying years of working to be entitled to get it. This is below £10,000 a year, can you pay all of your bills each month with that amount? For more information from Citizens Advice click here.
First time buyers are increasingly opting to use this method of mortgage payments, the truth is you are really only paying the difference between the house price and the current value. This method of payment does not lower your mortgage debt, ultimately the amount will stay the same.