Daily Archives: October 16, 2008

Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, IVA, Money, Personal Finance

The Risk Of A Severe Economic Downturn Still Remains, And Taking Care Of Personal Finances Should Be Made Top Priority In The Coming Weeks And Months

Debt management company Gregory Pennington have warned that the economy remains uncertain, despite a number of signals suggesting a potential recovery, and have advised anyone facing severe financial problems to seek professional debt advice as soon as possible.

The Bank of England Monetary Policy Committee’s announcement on Wednesday that the base rate would fall to 4.5% was intended to calm fears surrounding the money market and increase lenders’ willingness to do business with one another, subsequently increasing liquidity and boosting the loans market.

A number of lenders announced cuts to their mortgage rates following the base rate announcement – which may come as a relief to prospective homeowners or existing homeowners looking to remortgage, following many lenders’ reluctance to respond to the last base rate drop.

Meanwhile, petrol prices recently fell to as little as 103.9 pence per litre, while food price growth slowed by 0.2% in September, according to the British Retail Consortium (BRC)– arousing speculation that overall inflation has hit its peak and will now begin to slow.

However, a spokesperson for Gregory Pennington commented that while there are encouraging signs for the economy, there is no guarantee that further difficulty for the economy can be avoided.

“The first thing to bear in mind is that while the base rate cut is intended to help the economy, it was brought in as an emergency measure,” she said. “The threat of a severe economic downturn is still looming and there are no guarantees it can be avoided.

“The fall in oil and food prices are very encouraging, but both are heavily affected by external factors, largely outside our Government’s control.”

The debt management company spokesperson was keen to emphasise the continued need to take care over finances and manage debts effectively in the coming months. “There is still the possibility that things could get tighter in the near future, so it pays to tackle any financial issues now, rather than waiting to see what happens next.

“People who are struggling with debt are especially at risk, because their finances are already stretched – and any further rises in costs of living could make those debts unmanageable.

“As always, we advise anyone struggling with debt to seek expert debt advice as soon as possible. Leaving it too late could allow your debts to grow, which is particularly dangerous if costs of living do continue to rise.

“There are a number of debt solutions to help with various financial situations. A debt management plan is a flexible means of getting out of debt in which your repayments are based on how much you can afford, and in some cases interest and other charges can be frozen.

“Debt consolidation involves grouping your debts into one convenient monthly payment, therefore simplifying your finances, and your debt can also be spread out over a longer period of time, meaning monthly payments are smaller – although this can mean you pay more interest in the long run.

“For more serious debts of over £15,000, an IVA (Individual Voluntary Arrangement) might be more appropriate. These work by agreeing with your creditors to make payments based on what you can afford for a period of five years, after which the remaining debt is considered settled.”

Via EPR Network
More Financial press releases

Bankruptcy, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, IVA, Money, Personal Finance

Debt Advisers Direct Warn Anyone Struggling With Debt To Seek Expert Debt Advice As Soon As Possible

Responding to the International Monetary Fund (IMF)’s report suggesting that the global economic slowdown is likely to worsen and spread to more economic sectors, Debt Advisers Direct have warned the public that extremely testing times may be ahead, and people should look to get their finances in order and clear any debts as soon as possible.

In their new Global Financial Stability Report, the IMF have warned of “growing turmoil”, saying that the state of the global economy has worsened since its last assessment in April 2008. They also said that Governments’ willingness to act would be crucial in “bringing about a return to stability in the international financial system”.

Although the global economic crisis has so far been mostly limited to the financial sectors in more developed economies, the IMF warned that may soon be about to change, with other sectors and developing economies likely to be affected in the future.

A note on the IMF press release said: “financial institutions in emerging markets, which until recently remained fairly resilient, will be confronted with a much more challenging economic environment: A combination of global credit tightening, and economic slowdown, which could accelerate a downturn in the domestic credit cycle in some countries. Those economies with greater reliance on short-term flows or with leveraged banking systems funded internationally are particularly vulnerable.”

A spokesperson for Debt Advisers Direct said that the threat of financial hardship applies to everybody – not just people on lower incomes or those already in debt.

“The nature of the economic crisis is that many peoples’ jobs are at risk, and that applies just as much to people earning high incomes as it does to low earners. At the same time, many costs of living such as food and energy are still on the rise, so most of us are likely to feel the squeeze to some extent.

“For that reason it’s essential that anyone who is currently struggling financially, particularly those struggling with debt, seeks the relevant advice as soon as possible.”

The Debt Advisers Direct spokesperson added that there are a range of debt solutions available to help people in various financial situations. “For those with a number of debts, a debt consolidation loan could be the answer,” he said.

“Debt consolidation involves grouping all of your debts into convenient single monthly payments. It can also reduce interest rates if you are consolidating high-APR forms of credit such as credit cards, and it can allow you to reschedule your payments over a longer period, making your monthly payments lower. However, this may result in paying more interest in the long term.

“Alternatively, for those who want a less formal debt solution, a debt management plan can reduce your monthly payments to an amount you can afford, as well as freezing interest and other charges.

“Or for people with debts of over £15,000, an IVA (Individual Voluntary Arrangement) is an alternative to bankruptcy which could help you keep your home and other assets.”

The spokesperson added: “Above all, it’s very important that anyone struggling with their debts seeks the appropriate advice immediately, because it’s very possible that things are going to get even tighter in the coming months.”

Via EPR Network
More Financial press releases

Checking & Savings, Credit Cards, Credit Repair, Financial, Financial Services, Financial Solutions, Personal Finance

There Are Many Myths About Credit Repair Some True Some Not We Will Attempt To Try And Clear Those Up Here

As a large Credit Repair Company, We feel the pain of negative press every day. So in an effort to help many consumers that could in fact benefit from Credit Repair we are going to address many of the myths that are out there about Credit Repair.

Myth #1 Credit Repair is Illegal.

The truth: Credit Repair is in fact so legal that congress passed a law called the Credit Repair Organization Act or CROA it can be viewed herehttp://www.ftc.gov/os/statutes/croa/croa.shtm

Myth #2 Credit Repair Companies are all scams

The truth: Many Credit Repair companies in fact are very good and reputable companies as in all professions a few bad apples have given the rest a bad name. In fact our company Revolution Credit Solutions Inc. has offered our services Pro Bono to victims of these bad companies. See press release here http://express-press-release.net/53/Revolution%20Credit%20Solutions…

Myth #3 Anything a Credit Repair Company can do for you, You can do for yourself.

The truth: While you can certainly dispute items on your own, many consumers lack the knowledge about the laws in place to protect them from unfair credit reporting. Many Credit Repair Companies have an extensive knowledge of these laws and the requirements imposed on the CRA’s by them. So, while self help is certainly possible, Credit Repair is not an easy task especially in unexperienced hands. For those consumers who want a “do it yourself” solution to Credit Repair, the first step is to read the FCRA. You can read it here http://www.ftc.gov/os/statutes/031224fcra.pdf as a matter of fact, everything we do as a Credit Repair Company is done from the FCRA. Unfortunatly for most consumers the law is very hard to interpret, and they are unable to do it them self. That’s where the value of a company like Revolution Credit Solutions Inc. lies. We use no special tricks or tactics. We merely follow the law and request that the consumers creditors and the Credit Bureaus do the same.

Myth #4 Credit Bureaus do a good job of being accurate, so there is no need for Credit Repair Companies.

The Truth: In spite of section 607b of the FCRA which requires the Credit Bureaus to maintain accurate files on consumers. Over 79% of Consumers Credit Reports and thats according to the P.I.R.G. ( Public Interest Research Group) a Government agency. See it here http://static.uspirg.org/usp.asp?id2=13649&id3=USPIRG

Myth #5 Credit Bureaus want to help you fix your credit by providing on line access to your report free and allowing you to dispute items electronically through their system.

The truth: Credit Bureaus make money, and lots of it by reporting and selling information the more information the more money. So by removing inaccurate or unverifiable information the Credit Bureaus lose money. The only reason they allow you to access your report free once a year is because they are forced to by the government, and as to their electronic disputes, they leave much to be desired. All too often the Credit Bureaus will make a great effort to discourage consumers from disputing inaccurate and unverifiable information because not only does it cost them income by removing these items, but they must also pay a full time staff of untold numbers to address these disputes, costing them much more money.

I hope this article has helped you have a better understanding of how a Credit Repair Company can help you in your quest for the American Dream. If you would like more information please contact us at 1-888-852-0005 and we will be happy to answer your questions.

Via EPR Network
More Financial press releases