Your Debt Threat

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Article by Teri Miller

What Is Credit Card Debt Relief?

With the state of today’s economy, almost everyone knows someone suffering under some financial burden.

Relief programs and help options are available to alleviate this financial crisis. These relief programs are designed to provide financial assistance. For people drowning in credit card debt, the programs exist to make debt settlement possible and more manageable.

Credit card debt relief programs were created to help individuals unable or having difficulty paying monthly debt requirements. Financial hardship is recognized today by all the large credit card companies and almost all provide some program for credit card debt relief. Debt relief solutions are for people who are having difficulty being able to make ends meet.

What Is Debt Consolidation?

Under the concept of debt or loan consolidation, all of your existing debts are combined or “consolidated” into another single loan. The new creditor sends a check to settle any existing debt to your credit card companies. With these companies now paid in full, you can now concentrate on paying just the one new loan. In short, you acquire a new loan to replace all your other debt and so need to make only one payment monthly.

Individuals who have multiple existing debts, especially those with high interest rates, benefit greatly from this type of debt relief program. A disadvantage to debt consolidation is the longer repayment period required to offset the reduced monthly payments. By negotiating well, you can secure an attractive loan and greatly improve your financial picture.

3 Other Debt Relief Options

1. Debt settlement provides another avenue for credit card debt relief. Debt consolidation reduces the “payback ratio” for your credit card debt. You can often negotiate paying as little as 40 cents for each dollar owed. Lately, some credit card companies have gone as lower as 25 cents for each dollar owed. So you would need to pay only 00 on ,000 of credit card debt. These same companies can sometimes spread the settlement payment over 2 – 4 months. What you can negotiate depends upon your hardship and your negotiation skills.

2. Credit card balance transfers provide additional options. You transfer your credit card debt from one lender to a different lender who is offering a lower rate on a “low interest credit card”. You must not default on any payments to your low interest credit card though!

3. Credit counseling is especially beneficial when your “overall financial position” is difficult. This is an effective method for short-term relief and long-term management. Credit counselors and professionals develop a complete debt relief solution to pull you from the debt quagmire and give you that second chance. Often these counselors will suggest additional debt relief programs and options to help you improve your financial status and credit history.

Overall Benefits of Debt Relief Programs

By lowering your debts, credit card debt relief programs provide 2 overall benefits:

1. Debt relief programs allow you to manage and handle your debts and financial position effectively.2. The debt management strategies can be used with other debts and allow you to create a sustainable and sound financial future.

Recognizing the problem and being willing to take action is only the first step. Credit card debt relief programs can help you towards better debt management and debt elimination.

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Buying a home and arranging a mortgage is said to be one of the most stressful experiences we can have in live, yet it doesn’t need to be. No matter whether you are a First Time Buyer or moving home, the step by step guide that follows will help ensure that your mortgage application runs smoothly.

Step 1 – Contact an independent mortgage adviser

Buying a home can be one of the most exciting experiences as well as one of the most daunting. With thousands of fixed, tracker, discount and variable rate mortgage products in the market, and so many different factors to take into consideration, how do you now which is the best mortgage product to meet your needs both now and in the future. Making a mistake can proof to be costly and so seeking professional independent mortgage advice is one of the most important steps you can take.

An independent mortgage adviser will complete a detailed fact find of your current circumstances and future expectations, and will analyse what mortgage products are available based on your income, age, credit history and attitude to risk. This analysis will highlight the most suitable products for which Key Facts illustrations will be provided.

Independent mortgage advice need not cost a fortune either. In most cases a broker fee will be good value for money, and will often be offset by the exclusive rates normally available via brokers. In a growing number of cases, Independent Mortgage Advice is provided free of charge with the mortgage adviser being paid for the introduction by the lender on completion of the mortgage.

Step 2 – Mortgage Promise or Initial Agreement in Principle

Once you have selected the best mortgage deal for your requirements, it is well worth applying for the lenders initial agreement in principle, also known as a mortgage promise. This is something that can be arranged on-line or over the phone by your mortgage adviser, with the lenders acceptance decision being available within minutes of submission. The initial agreement in principle will produce a certificate of confirmation that can be shown to prospective sellers to reassure them that mortgage finance is agreed, and that you are serious about buying.

A mortgage agreement in principle can always be arranged prior to knowing what property you will be purchasing or even before you have decided on the best type of mortgage product. The certificate will normally remain valid for 3 months, and speed up the process later when you make a formal application.

Applying for an initial mortgage agreement from several lenders is absolutely fine, but unless you expect the lender to have a problem in agreeing to the mortgage amount required, you are best advised to restrict the number of credit checks that you authorize to be carried out, as too many credit checks in a short period of time can adversely affect your eventual credit score.

What if your initial application is refused?

Agreements in principle are often declined and in most cases for one of the following reasons.

- An adverse credit history has been picked up when the lender has undertaken their credit checks and credit scoring.

- The lenders lending criteria has not been met such as being too young or too old, not in employment for long enough.

When these circumstances arise your mortgage adviser is ideally placed to discuss matters with the lender, and where no resolution can be found, to advise you of other lenders and their products where the criteria does fit.

Step 3 – Complete the mortgage application

Once you have received notification that your mortgage is agreed in principle, the full application can then be submitted. To submit the full application, full details about your circumstances will be required by the lender. These details will include the details of the property, how much you want to borrow and where the rest of the money (your deposit) is coming from. Accurate and honest information provided at this stage when completing the form, can help tremendously towards the avoidance of delays in the application process later on.

There are many benefits of using a mortgage advisers services when submitting the full mortgage application, with the main benefit being that the adviser will have years of experience of the individual lenders underwriting practices, and can advise you of the best way to package and submit the application.

Bear in mind that exclusive mortgage rates, which can not be obtained direct from the lender are often available through an Independent Mortgage Adviser.

As well as completing the application form, some documentation will be required to back up the details given. Exactly what, will depend on the type of mortgage applied for and the lender involved. In the case of a self certification mortgage, the documents required can be as little as proof of your identity and proof of residence.

Typically when borrowing 75% – 90% of the property value, the lender will require the following:

- Pay slips (often for the last three months)
- P60
- If self employed copies of two or three years accounts will be required.
- Bank details for the Direct Debit mandate.
- Proof of identity such as a passport.
- Proof of address such as a recent utilities bill. or bank statement.
- Proof of the last 12 months mortgage payments or a tenancy reference if renting.

Where documentation is required in support of the application, any delay in providing it will delay the lender issuing the mortgage offer. Dealing with an independent mortgage adviser ensures that you will be informed about any documentary requirements quicker than if dealing direct with the lenders.

Step 4 – Instruction of the property valuation

Once the mortgage application is submitted and agreed, the lender will instruct a valuer to inspect the property. The cost of the valuation is born by you unless the mortgage you are applying for includes an incentive such as a free valuation fee.

The mortgage valuation allows the lender to confirm the value of the property and agree to the lending required. In addition to the basic valuation for mortgage purposes, you can ask the lender to carry out a more detailed survey of the property (which is advisable) such as a homebuyer’s report.

The homebuyer report is in a standard format and is designed specifically as an economical survey and an effective way to minimize risk. The homebuyer report ensures that any defects or problems that could effect the value of the property, are picked up highlighting any that are urgent. As part of the Homebuyer’s report an integrated valuation for mortgage purposes is included, unlike a structural survey.

Step 5 – Instruct a Solicitor

It’s the solicitor’s job to review the Home Information Pack (HIP) which includes an Energy Performance Certificate, an index of contents, a sale statement, evidence of title, searches and leasehold documents, when you are buying.As well as negotiating and exchanging contracts the solicitor’s job is also to receive funds from the lender for transfer to the sellers solicitor as well as updating the title deeds. Once contracts have been signed and returned the solicitor will agree a date for completion. On the day of completion, funds will be exchanged between solicitors at which point keys can be collected to your new home.

If using an independent mortgage adviser, check to see if a fixed legal fee package is available, as this can often save time and money, and can result in using a solicitor where the adviser has some leverage to make things happen quickly.