Archive for the ‘finance’ Category
Facts about the cash advance loan:
August 30th, 2011 | 
Author: The cash advance loans are issued by the banks to meet the short term requirements of the customers and the customers seeing these loans need to have valid account running currently. Depending on the account operating, there are higher chances of getting these loans. The general amenities like medical bills, electricity bills, phone charge and credit card bills etc can be meet by taking the loan from the banks. There are several advantages of cash advance loans.
Advantages:
• The cash advance loans are given on the day of application placed. The service is very quick and there is no processing and further checking is not needed for issuing the amount. The customer just need to submit the previous pay slip to ensure that he is working for company and has source of income to pay back the loan with in the deadline given by the bank.
• The process is completed within few hours and the money is transferred to the borrowers account from the lenders account. The cash advance loans help the user in emergency situation like accidents and payment of tuition fees etc.
• The users need to furnish details in the application from given the bank and submit necessary identity proof and photo identification proof as mentioned on the application from.
• There is no further enquiry made after issuing the amount and there will no queries regarding the purpose for which the customer has applied for the loan. So the cash advance loans are used for personal and business purpose.
Disadvantages:
There are few disadvantages with cash advance loans.
• The main disadvantage is the high interest rate. Since the loan issued is very less amount and the interest is very high. The cash advance loans when taken from any financial money lenders is of high interest compared to the interest rates charged by the financial institutions or any public sector banks.
• The other disadvantage is the repayment time. It is very short and sometimes it is not possible for the customers to payback the amount within the deadline.
• The additional money charged for delaying the payment is very high. The charges are at higher rate than the interest rate. It is important for individuals to read the bank terms before applying for the loan.
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Mortgages face downturn following bank holiday weekends
The recent string of bank holidays, along with the royal wedding, have led to mortgage activity slipping slightly over the month of April – apparently distracting people from remortgaging or moving.
According to figures released today, mortgages approved for house purchase fell by 4% over April to 45,166, the biggest drop since December, when the fall was blamed on the bad weather countrywide. Remortgage deals approvals fell by 10% to similar levels of July 2010, which saw some 28,091 loan applications, it has been suggested that this was due to a reprieve from a hike in interest rates. Net lending recovered slightly in comparison with March, but was still only at £739million, a massive fall from before the credit crunch hit, which was more than £9billion a month.
The Council of Mortgage Lenders and the BBA both reported a similar picture, showing a drop-off in activity throughout April. Total mortgage advances fell by 14%, and there was a slide in remortgage approvals of 12%. Although data does suggest that there have been a slump in the mortgage market, it is, as yet, unclear whether this is simply related to the bank holiday weekends that came in quick succession, or whether – more gloomily – it is the beginnings of another downturn in the economy.
Chief UK and European economist with IHS Global Insight, Howard Archer, stated that the relapse in mortgage approvals ‘reinforces our belief that modest falls in house prices are more probable than not over the coming months.’ However, Brian Murphy, head of lending at the Mortgage Advice Bureau, has a different take on the figures, saying that the bank holidays would lead to inaccurate data, and that it was really no surprise to learn that there had been a decline in loan approvals. ‘During May,’ He said, ‘activity bounced back and returned to the steady growth trajectory of February and March, albeit one that is naturally still at historically low levels.’
Current conditions are still shaky for banks and building societies, which have seen the net mortgage lending contract for the twenty-eight month in a row, and customers are in the black to the tune of £462million in repayments, over advances for new debtors. There is, however, a sliver of light on the horizon in the form of the savings market; the amount of money held by mutuals grew by £983million in April.
For more information on the remortgage process speak to us at www.remortgage.com on 0800 144 4992.
Delay in second reading of pension bill
The governments controversial Pensions Bill has hit a road bump, as they have announced the second reading will be postponed. This is positive news for the thousands of women thought to be facing a difficult retirement due to the proposals.
In a surprise turn of events, the government has chosen to delay the new Pensions Bill, following their decision to re-consider initial changes that could impact badly on women aged 56 or 57. A demonstration last week saw hundreds of these affected women gathering at Westminster to voice their concerns over the increase of their retirement age to 65 by the year 2018 – two years earlier than had previously been stated. The proposal also means that the State Pension Age for both genders would reach 66 by the year 2020, whilst this is meant to equalise the pension situations, unfortunately it means that 330,000 women will be caught in the middle – having to wait an extra two years to claim funds. Some women could also be looking at a shortfall of up to £5,000 a year.
Campaigners are remaining positive that they can turn the government around and Ros Altmann, director general of over-50’s insurer Saga, sees this as a sign that there could be more room for negotiation. Saga have been running a petition to fight the changes, and so far more than 20,000 people are backing what they see as unfair penalties being aimed at the women of the UK who are over fifty. Ms. Altmann is urging ministers to reconsider, saying ‘the delay in the second reading presents a window of opportunity and we will bring pressure to bear on the Government to see the error of its ways’.
It has been suggested that the delay has been caused by worries over backbench Liberal Democrat rebellion. Charity Age UK representative, Andrew Harrop, sees the changes as ‘unfair and harsh on women’, adding that ‘Many of these women had planned to care for elderly relatives or saved for retirement on the basis of receiving their pensions at a certain age.’ Age UK points out that woman who are widowed or divorced will the worst hit, along with those who are unable to work due to family commitments.
Do you have a pension? State pension? If you have a state pension use our state pension calculator to find out what you could be entitled to in retirement.
Frequently Asked Questions about Debt Settlement
Even in the best economies, debt can have a way of piling up. In tougher economic times, the possibilities of a major economic upset increase. Many people pay their bills using credit cards, only to wind up swimming in debt due to high fees. Many turn to credit card debt assistance and settlement companies to help dig their way out of debt.
Though credit card debt settlement companies can be a great way to get yourself out of debt, you may have questions or concerns about how the programs work. These frequently asked questions about debt settlement should provide answers to your questions.
- What exactly is a debt settling company?
Settlement companies help consumers manage their debt through intense negotiation with creditors. When a mutual agreement is reached between creditors and the consumer, payment can be provided to the creditor.
- What is the legal standing of a debt settlement company?
Debt settlement companies are not law firms. They cannot offer you any legal advice.
- What are the risks?
Results are not guaranteed. Your creditors are not obligated to negotiate with the debt collection services. If a creditor does not want to participate in the settlement or does not wish to accept the terms offered by the consumer or the debt collection service, the creditor does not have to do so.
- Can a settlement company stop efforts to collect a debt?
No. While the debt settlement companies negotiate a payment, creditors can continue to attempt to collect the debt. This includes the ability to subject you to phone calls, letters, wage garnishments and lawsuits. If a settlement company claims they can prevent or stop these activities, you should take that as a potential scam warning.
- How long will the settlement program last?
This will vary from person to person. The length of the settlement will depend upon your the amount and age of your debts, your financial situation, and your creditors’ willingness to negotiate.
- Are there fees?
Yes. Settlement companies charge fees in order to pay the company for the service they have provided.