A credit repair law firm is there to help you. There are literally hundreds of law firms whose speciality lies in credit repair. These law firms are dedicated to all types of credit repair, bankruptcy and financial difficulty cases. You are advised to seek advice from one of these specialist firms rather than a general law firm as they are up to date with the latest strategies and laws regarding credit repair. They are also highly experienced in repairing credit for clients.

Whilst a credit repair law firm is an ideal route to take when it comes to sorting out your problems, the downside is that they can be rather expensive. This is to be expected, as most law firms are not cheap. Hiring a law firm to deal with your credit repair is only recommended if you are now in a position to pay for it. For example if you have a new, high paying job or if you have a family member willing to lend you money for the legal costs. After all, the last thing you want to happen is to not being able to pay your bill to the law firm when they are trying to repair your credit!

Most credit repair law firms charge an upfront fee of about $100. They will then normally charge a monthly fee whilst they are working on your case. This can range from $40 per month to $100 per month, depending upon the size and complexity of your credit report and how many items must be addressed. Naturally, the longer it takes for the law firm to repair your credit, the more you pay. Advisably you will want to find a reputable firm who are not known for delaying client cases in order to gain more funds.

What is the alternative to a credit repair law firm?
Whilst you might end up paying a legal firm $1000 or more to fix your credit, you could hire a credit repair service for under $200. In most cases a lawyer is not necessary and these credit repair companies are qualified and experienced in clearing credit histories.

The decision that you make about whether to hire a credit repair law firm lies solely within your budget. There is no doubt they are the better choice, but only if you can afford it. After all, you do not want to experience more financial difficulty whilst you are trying to mend your credit.

There are 3 types of forex systems.  These are automated, signal software and charting applications. These sytems are a must if you are to trade in the forex markets.  This market has an average daily volume of 1.9 trillion dollares daily.  There are 2 common types of forex systems that are automated.  There is the Internet based trading system and the desktop based trading system.

Earlier, only big companies and banks had access to the forex market. With the introduction of new technologies, a retail investor can also participate in this market today. Anybody who has access to the internet can now trade in the forex market. Internet based forex systems have a greater affordability as compared to other forex futures trading software.

 By using a desktop pc based forex system, the desktop computer you are using records all the information about your trades on your pc.  There is one not so compelling thing that can happen though. Using a desktop opens your pc up for a possible virus contamination. Also if your pc stops working all the information and data collected will be lost.  Be sure to always use a virus detection application  and back up all your important files.

 A big advantage to using an automated forex system is that you will most certainly be able to use a demo account.  This is a great way for newcomers to get a feel for the forex market without putting their money at risk.  You can see if the software you are using will be a viable for you to use too.

The credit crisis has made borrowing for or even against your home a more difficult process. However, if you have equity, home equity loans (HEL) and home equity lines of credit or HELOC are still very popular. It is important to understand what these types of loans are and how they work to decide if they would be right for you.

Every homeowner has and is building equity. Many people will use that equity as collateral to borrow money. A HELOC or home equity loan is especially popular for people who are borrowing for a bigger purchase such as a car. Many home equity loans offer tax deductible interest, longer payback and even lower rates. Because of these qualities, they can be a very smart idea for a large purchase. So what type of equity loan should you use, a regular loan or a HELOC? This is one of the first things you should think about when you come up with your borrowing plan.

So let’s get to the details, what is the difference between a HEL and a HELOC? Basically, a home equity loan is just a second mortgage, but acts like a first one. You will usually have a fixed rate, the amount of time you have to payback the loan is fixed, as is the amount you pay as well. Looking at a HELOC, it has often been compared to a giant credit card. Depending on the bank, it may or may not be a fixed rate HELOC and can fluctuate regularly. Also, the payment amount and length of the loan will fluctuate depending on how long it takes you to pay it back.

Which one should you choose? There are pros and cons to both, but you should make it fit the purpose of the loan. Your financial advisor will usually tell you that if it is a non-recurring expense, a home equity loan is usually the better option. If, on the other hand, it is a recurring expense which you will be taking out some, and paying back some, then a HELOC would be the better option. 

The best credit repair companies will be able to assist you in quickly and easily eliminating your bad credit. When I say quickly, I do not mean overnight as that is not feasibly possible. It can take up to 10 years for some people to regain their good credit rating, and when you do it all yourself it may just take that long as it is a complicated and often confusing, not to mention daunting, process. On the other hand a good credit repair company may be able to halve the time it takes to repair your credit rating.

There are a huge number of credit repair companies to choose from, but when deciphering which are the best credit repair companies, you need to choose wisely as like anything, some are better than others. Some companies go so low as to proceed very slowly in order to gain more funds from you. If you suspect this is happening then you should find another company. Some also charge too much for tasks that you can do yourself. Before signing anything or paying a cent, have a discussion with several credit repair companies and only choose the one who can relate to your needs. It also helps to gather testimonials and recommendations from friends, family and websites.

Credit repair companies, even those considered the best credit repair companies use various payment formats. Some charge a monthly fee but have no set time period for their service. Be wary of this as they can possibly drag the process on for a very long time and still require you to pay. Remember, there is little motivation for them to clear your credit history fast. The best credit repair companies will work quickly and honestly. In general aim for credit repair companies that charge no more than $300 but if there is a monthly fee make sure there is a specific time frame allotted to the work. And, if they ask you to sign a contract make sure you read every word or have a solicitor go through it with you.

Even a seemingly low monthly fee can quickly add up to thousands of dollars over a period of two or more years. So make sure you look at the bigger picture before employing the services of credit repair companies. They can certainly provide you with many benefits and make the credit repair process easier on you, once you find the right company for your needs.

445 mortgage products withdrawn in a day!!

Monday saw the biggest withdrawal of Mortgage products ever seen in one day. Michelle Slade, analyst at Moneyfacts.co.uk said that Black Monday saw 445 products withdrawn from the Market.

This is just the tip of the iceberg. As the money markets gettin tighter and tighter lenders are reducing their Loan to Values but more importantly they are down valueing properties and only lending to people they feel are very low risk. Decreases in loans available and de valuation means you really have to do your homework to make sure you can actually get a Mortgage or re mortgage.

Michelle Slade of Monayefacts.com said.

“Halifax, Bank of Scotland Mortgages, Bristol & West Mortgages, Intelligent Finance and Newcastle BS have also restricted the range of products that they now have on offer”

She went on to say “This news will be another blow for mortgage borrowers, as not only do they now have a more restricted choice, but the insecurity in the money markets has caused many lenders to increase their mortgage rates.

“If more lenders decide to take the same stance and withdraw their range on a temporary basis, it is likely to cause a bottleneck for the remaining lenders.

“As the pressure on these lenders increases, service is likely to suffer. As a result we may see further lenders being forced temporarily to withdraw their range.

“Coupled with the liquidity problems in the markets, it may be that we see further increases with this phenomenon in other aspects of lending, such as loans and overdraft rates.

“It appears that lenders are slowly turning the tap off on the number of mortgage products available and their appetite to lend. If the problems continue we have to start asking the question, will the tap will be turned off completely until stable markets return?”

So what does this mean for the average house buyer or the home owner who is coming off a fixed rate deal and wants to re mortgage?

The lenders who are still actively in the market and really tightening up on their lending criteria and even if you see some fantastic rates advertised very few people can actually get a mortgage. I have a client who had their house valued in March 2008 at

As the credit Crunch realy starts to bite more and more people are using Payday Loans to cover for emergancies. They are a fast and simple way to secure a loan that is repaid when you get paid. 

What are Payday Loans ?
are a very simple and hassle free way to get a short term loan until you get paid at the end of the month. They can be used for emergancy borrowing when times are tight. For example, you have to travel to work by car as public transport is just not an option. Your car breaks down and you cant get to work, catch 22, no car, no work therefore loss of pay – a visous circle. with a payday loan you can get an emegency loan the same day paid straight into your bank account and get your car fixed. Problem solved.

How do Payday Loans work?
Very simple. You can apply for a Payday Loan via the internet using a single page form. There are no credit checks and you can have the money the same day. The only requirements are:-
1) Yo must be over 18
2) You must be in full time employment and earning more than £750 per month.
3) You must have a bank account to pay the loan into
4) You must have a debit card. This card will be used to automatically take the loan amount back out of your bank accounyt when you have been paid.

Can I get a Payday Loan?
If you are over 18, in full time employment and earning more than £750 a month, you are likely to qualify. All you then need is a bank account for us to pay the loan in, with a debit card for you to repay!

What information do they need?
Generally the simple online form requires the following information:
Your name and address
Your date of birth
Your contact telephone numbers and email
Your work and pay details
Your bank account and debit card details
 
Why do they need all this information?
As responsible loan providers the company have to verify:
That it is you taking out the loan
That you are in full time employment and able to repay the loan
That they put the money in your account and no-one else’s account
That you can repay them in a simple and hassle-free way

How long does it take?
It takes as long as it takes for you toi fill in the form. You will get an instant desicion once you have completed the online form. Once approved the money will be in your account the same day. Note with some banks it may take 1-3 days for the money to clear.

How much can you Borrow?
You borrow from £80 upto £750 depending on your circumsatnces. Below is a table showing what the costs of payday loans are:-

Amount Borrowed    Amount you repay
    £80                                     £100
    £100                                   £125
    £200                                   £250
    £300                                   £375
    £400                                   £500
    £500                                   £625
    £600                                   £750
    £750                                   £937.50

Now this equates to a Typical APR  of 1845% which sounds horrendous but lets look at some comparisons of other types of lending.  

Type of Loan     Amount       Months     Total repayment     APR     Actual Interest
Installment           £500            36                   £745             16.9%           49%
Installment           £500            60                   £970             16.9%           94%
Payday Loan       £500             1                   £625            1845%         25%

This puts things into perspective. The two longer term loans seem to have much lower interest rates (APR) but in reality you will end up paying a lot more back then if you borrowed in comparison to a Payday loan, this is why Payday Loan companies always focus on the actual amount you will pay back not the Interest rate. Personally I think that if I needed to borrow money for an emergency I would prefer a payday Loan to a normal long term loan as it will be cleared the next time I get paid.

How do I pay back my loan?
Easy – the loan company will take the agreed repayment amount from your debit card on your next payday – there’s nothing else for you to do.

Can I defer my payment?
Yes – although after deferring the payday loan twice they will ask you to start reducing the balance. Deferral will incur new charges for every month the loan is deferred – but still at our fixed rate – there are no additional charges.
What if your payday or debit card details change
If your payday has changed, or you have a new debit card, just contact the customer services department and they will change your details straight away.

What if I have problems paying?
Payday Loan companies understand that people’s circumstances can change. If this is the case, you must let them know as soon as possible and they will always do their best to help.
The most important things to note are:
Don’t borrow money you don’t think you can pay back
If you are having difficulties then always contact the company as soon as possible and they will help.     

Help for Executors in gaining Probate. Free Guide

I get asked quite a lot about what to do when someone dies and you have been nominated as an executor. Now I am not a Probate Lawyer, I write Wills which is a totally different process and skill set. For most estates the process is quite straight forward and I have listed the duties of an executor in another post.

This week a friend of mines father died quite suddenly. He immediately thought of me when he wasn’t sure what to do. His mother was obviously distraught and he and his brother were trying to sort things out. I talked him through the basics of what to do the first being to contact the probate office to get the process going. I then realised that I already had all the information he required in an excellent book that the Government have written.

The book is called What to do After Death in England and Wales. It breaks down into manageable chunks the actions you need to take as an Executor. There are checklists and lots of useful information. The book is written in plain English and leads you through the process so that everyone can follow it.

Feel free to download the Book here. What to do after death in England and Wales

Soaring Bills leaves 5.4M Homes in Fuel Poverty

As the price of oil, gas and electricity keep on soaring it is estimated that household energy bills have risen by £4.3bn this year. This takes the average annual household energy bill to a staggering £1,292 per year. According to the comparison and switching site uSwitch.com there are now 5.4 million households – defined as spending 10% or more of net income – in fuel poverty. This is after the highly publiced latest rounds of price increases. uSwitch.com said that nearly 30% of pensioner households are now in fuel poverty as are 20% of families with only one income and 17% or working single parents.

Depressingly this is not the end of future price rises, uSwitch.com have warned that there will probably be another round of price rises that may be as high as 14%. This will drive more and more people into fuel poverty and the danger is that, especially in the case of pensioners, people will have to turn their heating off. Again it is the vunerable that will be affected the most. If you have elderly neighbours please keep an eye on them especially when the weather turns colder.

I would advise everybody to look at their energy bills and check if you can save money or lock in a better fixed rate on your supply. You can save money by switching it easy to do and will save you money.

Dont buy expensive coffees from the likes of Starbucks on the way to work
If you can wait till you get to work to grab that first coffee in the morning, you will find it much cheaper or for most people free. This will save you at least £2.50 per day, not to mention the time you spend queing up to get that expensive coffee. If you didnt buy that coffee every morning (what about the one you buy at Lunch time!!) you would save:-
Monthly saving = 20 days at work@£2.50 per day Total Saving £50 per month

Take your own Lunch to work
Most of us are lazy and buy sandwiches for lunch. Now if you look at what you are paying for these overpriced sandwhiches I will bet you that it is at between £2-£4 per day add in that little snack bar or bag of crisps to go with it and thats another pound gone.
Monthly Savings = 20 days at work@£3.50 per day Total saving £70 per month

Do you buy a newspaper everyday?
If you bought a newspaper everyday, thats between 50p and 80p a day. How many times have you bought a paper and either just scanned the headlines or not even read it!!. I used to buy the Guardian everyday and found the only reason I bought it was because I liked the crossword, thats 80p a day for the crossword. Why not get the free papers such as the Metro or just read the news on the Internet in your Lunch break.
Monthly saving = 20 days at work @50p per day Total saving £10 per month

Do you go to the Car Wash?
I used to take my car every sunday to the car wash. I worked out this was costing me about £4 – £6 depending on weather I went for the basic was or the super duper deluxe wash shampoo and dry. Then once a month I went for a full valet costing me another £10. Buy washing my car myself ( and its more fun with the help of the kids!!) I saved quite a lot of money. It only needs a bucket some soapy water and a bit of elbow grease and the job is done for free. I am also getting a bit more exercise to boot.
Monthly saving = Once a week @£5 total monthly saving £20

Dont buy Branded goods at the Supermarket when you go shopping.
We have all been brainwashed into Brand Power. Take Heinz Beens for example. We all swear that they are the best beens you can get but when people blind taste them against cheaper alternatives most people cant tell the difference. Something else that most people dont know is that factories that produce these branded goods also produce the cheaper non branded alternatives. Many moons ago I worked for a large multi national company and was involed in production line automation. I used to see different packaging used for exactly the same product. So you would have one packaging line for Marks and Spencers and another packaging line being used for a much cheaper non branded version. Same product just a different box! By changing your shopping habits you can save a fortune and still use quality products. By doing this you can reduce your weekly shopping bill by 20-30%, this is a massive saving on anybodys bill. I have noticed that the discount type stores such as Aldi and Lidel are booming at the moment and other retailers are seeing reductions in turnover. This is because people are looking at saving money and the Weekly shopping Bill is one of the families biggest commitments. Another tip is shop online, why, because you will find that you end up spending less even with the delivery charge. We shop at Tescos and my wife has started shopping on line. She has set up a weekly shopping list for all the essentials such as Toilet paper, bread, milk etc and then shops to a menu so she knows what we needs. This has vastly reduced the amount of food we throw away and we dont get sucked in with all the impulse buys that we used to spend on. If you have children you will know that you end up buying stuff because of pester power, this has now gone and our weekly shopping bill is much lower.
Monthly saving (conservative) £40 per month

So what could you save per month?
Coffee saving   = £50
Lunch Saving    = £70
Newspapers      = £10
Car washes      = £20
Weekly Shopping = £40
Total possible savings £190 per month

Now just think what you could do with £190 per month, pay off your mortgage quicker, save it, pay off some credit cards the list is endless.

Nationwide offering a 30% Discount on Home Insurance

The well known and trusted Nationwide who are one of my favourite Financial Institutions as I have posted about before here are running a promotion on their Home Insurance products.

They will give you a massive 30% discount on your Home Insurance if you take out both Buildings and contents insurance together and they will also beat the price you paid for last years cover or pay you up to £100.

I think this is a cracking offer but it is only available if you apply online. Financial Institutions are making more and more incentives for people applying online as it reduces their operating costs thus allowing them to be more competative.

If you are looking for a quote for your Home Insurance be sure to check out this offer from Nationwide.