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Things to Beware of When in Financial Difficulties
Are YOU (or someone you know) in financial difficulties?
Do you owe money you currently can't afford to repay?
Are you looking for a "quick fix" to sort it out? Well Beware!
There are quick ways to solve these issues but in the long run some of them can leave you much worse off than you are right now!
There are a few ways of getting out of financial trouble including:-
-Taking out a loan of some sort.
But which of these should you really consider? Let's take a look at them in closer detail.
Firstly - Borrowing from friends & family.
As with all loans, you must ensure you pay them back in the agreed time period (even if you borrow off someone else to pay back the initial loan.)
Secondly - Working longer hours / overtime.
The company you work for gets more work done and you earn some extra money, but in these times of recession the number of us who are getting into debt and are actually working is decreasing rapidly, so, for many people, this will not even be an option. But if it is, make the most of it. Work more than you need to pay back the debts and get yourself a little "nest egg" built up and save it for times of trouble.
If you aren't working, try and get a casual job. These may not pay much (an of course you have to beware of working more hours or earning more than the DSS allows if you're on benefits) but every penny helps to pay off the debts.
Thirdly - Selling or Pawning something to raise money.
The flip side off this is taking them to a "pawnbroker" type shop of which there are more and more these days. These places allow you to hand over items of value (and that doesn't mean gold & diamonds, though they're quite happy to take these off your hands too) and they will give you a period of time to come back and pay back the money they gave you + interest and have your goods back.But if you don't come back in the agreed time they are then at liberty to sell your items and keep the money.
EG if you take in a TV worth ?600 they might give you ?300 and agree to hold it for 2 months at an interest rate of 5% per month non-accumulating. So... if you go back after 1 month to reclaim your TV you would pay them ?330. If you went back after 2 months you'd pay them ?360. If after 2 months you haven't been back they could sell it for anything they like and your TV is gone. However, if you go back before the 2 months is up they might agree to hold it longer but this is totally at their discretion and they might increase the interest rate.
Fourthly - Loan companies who seem to be legitimate just because they advertise on the TV or in papers / magazines
Fifthly - Private loans
Go to the Citizen's Advice Bureau (CAB) office in your local town and ask for their help and advice. It MAY end up that they can't offer anything new, but they may know of something that you haven't tried.
Obviously the best thing is not to get into debt in the first place, but that is so much easier to say than to do. You may have a decent job earning good money so you go out and buy a newer car on credit and then lose the job. You now can't afford to make the payments on the car and you just try selling it for enough to pay off the rest of the debt!
So what do you do? How can you help avoid this situation?
Well, always try to pay cash for whatever you're buying, rather than taking credit or getting a loan. Sometimes you'll even be able to get a better deal because you're paying cash and so you either get the item cheaper or get extras (that are actually worth something and that you'd actually want) thrown in free.
If you can't afford to pay cash, try and wait until you can. I know that sometimes this isn't possible, but how many times do we persuade ourselves that we just must have that thing now, right now! When really, we could wait a bit, save up the money and get it credit free? (and maybe even cheaper because of paying cash?)
For more Information please visit http://www.leiver-enterprises.co.uk/Finances/ Please DO NOT BE PUT OFF by the fact that this section starts off with advice for businesses, continue on down the page and look at the other various links. I'm sure there will be something there to help or at least give inspiration.
For tips and advice on a wide range of subjects please take a look at http://leiver-enterprises.co.uk/
Your place for free advice.
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