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Checking & Savings, Financial, Financial Services, Financial Solutions, Insurance, Insurance Services, Loans, Money, Mortgage, Personal Finance

LV= Research Reveals That Homeowners Hoping To Recoup Some Of Their Mortgage Costs Are Fuelling A Rise In Risky Renting

The findings of new research from LV= reveals a 56% rise in properties available to rent over a three month period, with the vast majority (86%) coming from homeowners choosing to let their properties rather than sell in a depressed financial climate.

But home insurer LV= is warning that these reluctant landlords are putting themselves and their tenants at risk, with the findings showing that just 27% have signed up to a compulsory tenancy deposit scheme (TDS) designed to protect tenants and landlords from disputes over the lease. This is despite it being a legal requirement for landlords to ensure deposits are protected by the Government approved scheme.

Introduced in April 2007, the TDP scheme was set up to prevent legal disputes over deposits at the end of a tenancy. All rental properties where a deposit has been taken since April 2007 are legally covered by the scheme.

The high numbers of landlords not signing up means thousands of tenants and landlords could run into trouble at the end of a tenancy. The findings show that 77% of renters have previously had some or all of their deposit money unreasonably withheld, while 13% of tenants have refused to pay rent towards the end of their contract.

With the research showing that 20% of tenancies end in dispute, LV= is warning tenants and landlords to take the correct precautions, and ensure they have legal protection cover included in their policy.

John O’Roarke, Managing Director of LV= Home Insurance, said: “This research highlights the numbers of new landlords entering the market, many of whom may not be aware of their legal obligations. It also illustrates the need for the Government to raise the profile of legislation such as the Tenancy Deposit Scheme and for these to be more strictly enforced, to protect both renters and landlords, as awareness is currently very low. Although the majority of private landlords are undoubtedly honest, our research shows that many tenants have experienced problems getting their deposit money back in the past, and are worried this could happen again.

“The average deposit is over £500, which is a significant amount of money, so renters and landlords need to make sure they know their rights. Renters should also always ensure they have home contents insurance in place, as they are more likely to be burgled than home owners and some polices will include a legal advice helpline, which could be used in the event of a contractual dispute.”

About LV= 
LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.

LV= employs over 3,500 people, serves more than 2.5 million customers and members, and manages around £8 billion on their behalf. LV= is also the UK’s largest friendly society **** and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.

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Anti-Money Laundering, Banks, Business, Financial, Financial Services, Loans, Money

Tracesmart Now A Member Of The Debt Buyers And Sellers Group

Cardiff based Tracesmart, renowned supplier of debtor tracing services, has announced it has become a member of the Debt Buyers and Sellers Group (DBSG). Tracesmart has joined the DBSG as part of its commitment to the debt collection industry and to provide valuable specialist input on some of the core processes used to recover debt, namely data cleansing and tracing.

Formed for the benefit of companies who buy and/or sell debt, the DBSG is the official voice of the sector, administering best practice and offering guidance and support where needed. Created by the Credit Services Association (CSA), the group’s inaugural meeting took place in December 2003 and was officially launched at the CSA’s 2004 Annual Conference. Today the DBSG has in excess of 80 members including some of the biggest companies in the industry who trade billions of pounds worth of debt each year.

As well as helping to expand the company’s presence within the debt collection arena, joining the DBSG will help Tracesmart to keep its finger on the pulse of one of its core industries. Chris Rothwell, Sales Director for Tracesmart explained further,

“Tracesmart is already an active member of the CSA, having a regular presence at their events and in their publications and also providing consultation on key industry topics. Having a pro-active involvement has helped us expand our knowledge of the industry, build our customer base and also allowed us to provide valuable guidance on the areas in which we specialise. We now hope that by working closely with the DBSG we can both provide our expertise to enhance best practice in key recovery activities and raise our company profile.”

Tracesmart currently holds memberships and affiliations with many professional organisations and bodies; these allow the company to remain up-to-date with industry trends and also provide forums through which valuable information can be shared. Mike Trezise, Managing Director at Tracesmart, comments on the importance of aligning with industry professional bodies,

“We have a hugely diverse customer base and whether the client is a firm of solicitors conducting identity checks for anti-money launderingpurposes, or a debt collection agency using our systems to trace people, we want our services to completely fulfil their particular needs. By affiliating with professional organisations we are able to identify changes in relevant industries as they happen and tailor our services to meet client needs.”

  • Tracesmart Limited – was formed in 1999 and supplies a diverse range of consumer data cleansing, identity check and tracing tools to a wide variety of industries. Their client base ranges from SME to Blue Chip, who are all recipients of bespoke solutions, built around their specific needs.
  • Chris Rothwell – Tracesmart’s Sales Director – previously worked in both the financial markets and tracing industry. With a wealth of knowledge and experience, Chris is well placed to head up Tracesmart’s corporate sales team.
  • Mike Trezise – is the founder and Managing Director of Tracesmart. With over 25 years tracing and fraud analysis experience his unrivalled knowledge provides the company with a distinct competitive advantage.
Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Loans, Money, Mortgage, Personal Finance

New Research Shows That 15% Of Homeowners Taking Out A Remortgage In Late September And Early October Either Had Deals Turned Down Or Moved Onto Their Lender’s SVR

Financial solutions company Think Money have advised homeowners who are looking to remortgage that speaking to a professional mortgage adviser has become more important in recent months, as the availability of mortgage deals has remained lower than 2007 levels.

The new NMG Research Survey, carried out for the Bank of England, showed that at the end of September and beginning of October, 15% of people who had taken out a remortgage had previously either had applications turned down or had moved onto their lenders’ standard variable rate.

Standard variable rate mortgage deals – a lender’s basic mortgage rate – tend to be noticeably more expensive than the lender’s discounted variable-rate mortgages at any given time, according to a mortgage expert for Think Money.

“Most mortgage deals advertised in the shop window or online are introductory deals,” she said. “Fixed-rate mortgages are usually priced based on the lender’s own long-term projections, but most new variable-rate deals are actually discounted from the standard variable-rate. So the only time homeowners will usually pay the standard variable-rate is when the pre-agreed terms finish – unless they remortgage.”

The Think Money spokesperson added that the recent base rate cuts by the Bank of England have meant that remortgaging can save homeowners a significant amount of money.

“The base rate has fallen from 5.75% to 2% in just under a year and a half, and while mortgage rate cuts have not been quite so pronounced, they still represent good savings for people who entered mortgage deals two or three years ago.

“For example, while at the peak of the market in July 2007 the best mortgage rates stood at around 6% to 6.5%, we are now typically seeing rates of 4.5% to 5%, and even 4% for homeowners with a particularly high LTV (loan-to-value) ratio.

“To put that in perspective, on a typical £120,000 mortgage, a homeowner moving from a 6% interest rate to 4.5% can save around £104 per month, or £1248 per year.

“What’s more, many economists are predicting further base rate cuts – so homeowners with tracker mortgages could benefit even more in the future.”

The spokesperson was keen to emphasise the importance of mortgage advice in the current market. “With lenders still cautious about offering mortgages, it can take a little longer to find the right mortgage deal compared with, say, 2007. That may explain why so many people questioned for the Bank of England’s report had been turned down by some lenders.

“A professional mortgage adviser can take a look at the homeowner’s circumstances, and based on that can search a range of lenders for the best mortgage deal available to the homeowner.”

The Think Money spokesperson urged homeowners to consider their remortgage deal early to allow plenty of time to find the best rates. “It’s often possible to‘reserve’ mortgages with lenders, so if the homeowner likes the look of a deal a little while before their current mortgage terms finish, they can ensure they get the lower rate later in the year. Of course, it’s possible rates could fall more, so homeowners may want to wait and see what happens in the mortgage market before making a move.”

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New Report Suggests That The Available Incomes Of Households Have Fallen Significantly Over The Past Year

Responding to a recent report suggesting that the average household had found it more difficult to repay their debts in 2008 than in the previous year, Debt Advisers Direct have warned consumers to take extra care with their finances. In financial terms, January can be a particularly difficult time, as many households find they’ve spent more than intended over the Christmas period – and Debt Advisers Direct have advised people struggling with debt to seek professional debt advice as soon as possible.

A new report for the Bank of England entitled ‘The financial position of British households’, carried out by NMG Research, is a snapshot of the financial situations of the average British household at the end of September and beginning of October.

The report claimed that the average household had found it more difficult to service existing debts than in the previous year, largely due to higher household bills which reduced ‘available’ incomes. It also said that the purchasing power of this available income had reduced due to high inflation.

More than half of the households in the survey had reported a fall in their monthly available income compared with the previous year.

In total, of those questioned:

• 31% reported a fall of more than £100 per month,
• 20% reported a fall of £51 to £100,
• 12% reported a fall of £1 to £50,
• 25% reported no change, and
• the remaining 12% reported an increase in ‘available’ income.

A spokesperson for Debt Advisers Direct commented: “It’s been known for some time that British households have been under pressure financially in the past year, but these figures demonstrate the extent of the problem. In particular, a drop in available income of more than £100 can make a significant difference to the ability of households to meet their commitments and repay debts.”

The fall in available income was particularly evident amongst homeowners. In both high-LTV and low-LTV categories, 39% of mortgagors reported a fall of more than £100, while a further 19% reported a fall of £51 to £100.

The report suggested that this may have been due to homeowners experiencing higher mortgage costs, especially those who came to the end of fixed-rate or discounted variable-rate mortgage deals.

“Due to rising mortgage costs earlier in the year, homeowners have been particularly
hard-pressed, although this situation may have eased since the figures were recorded due to base rate cuts and the subsequent lower mortgage rates,” the Debt Advisers Direct spokesperson said.

“The implications for homeowners are potentially more serious, since homeowners stand to have their homes repossessed if they default on mortgage payments. Homeowners who are paying relatively high interest rates could improve their situations through remortgaging, although they should consider any costs involved.”

The Debt Advisers Direct spokesperson added that there are a number of debt solutions available that could help those who have experienced a fall in available income.

“For people with several debts who want to reduce their outgoings and simplify their
finances, a debt consolidation loan might be the best option,” she said. “By spreading the repayments out over a longer period of time than the original debts, monthly payments can be lower, which can make a big difference to available income. However, more will be paid in interest as a result of the longer repayment period.

“For those with more serious debts, particularly if the repayments exceed the household’s available income, a debt management plan could help. This involves working with a debt adviser to negotiate lower monthly payments based on how much they can afford. However, a debt management plan will normally require people to pay whatever available income they have left after payments to household expenses have been taken into account, so anyone entering a debt management plan should be fully committed to repaying their debts.”

For debt help and advice on a range of debt solutions, visit the Debt Advisers Direct website or call 0800 074 8639.

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The Partnership Between Rekon Technologies And Simplifile Will Allow Users Of The Rekon Processing System To Instantly And Securely Send Lien Release, Assignment And Other Documents To The Simplifile E-Recording System

Simplifile, the leader in e-recording, and Rekon Technologies, a leading software vendor in the mortgage loan servicing industry, today announce that they have entered into a strategic partnership to integrate Rekon’s lien release and assignment processing system into the Simplifile e-recording system.

The newly formed partnership will allow users of the Rekon processing system to instantly and securely send documents to the Simplifile e-recording system. The solution will automatically upload recordable documents into the customer’s Simplifile account and create a new e-recording package. This tight integration allows Rekon users to quickly and easily prepare documents and electronically record them with Simplifile’s enabled counties throughout the United States from the convenience of their own office.

“Rekon is known for its advanced method of lien release and assignment document preparation,” said Aurora Marsh, CEO of Rekon Technologies. “By integrating Rekon into the Simplifile e-recording system, the combined solution fuels the current industry trend toward paperless solutions. Our strategic partnership with Simplifile provides our clients with an opportunity to build state-of-the-art networks that will give them the edge in delivering excellent customer service, resulting in increased customer satisfaction.”

“Simplifile is pleased to work with Rekon to bring the benefits of industry leading lien release and assignment processing with the Simplifile e-recording system,” said Erik Blomquist, Simplifile Vice President of Technology. “Rekon is a leader in the mortgage loan servicing industry. With the integration of Rekon into the Simplifile e-recording system, our mutual clients will benefit from the integrated systems to more efficiently prepare and record documents, and virtually eliminate the need for paper documents.”

About Simplifile
Simplifile provides innovative, simple, and secure electronic recording services via the Internet. Simplifile’s customers include title companies, banks, attorneys, lien filers, and county and state government jurisdictions. Simplifile electronic recording services accelerate document recording and simplifies document workflow processes that reduces costly overhead associated with traditional submission and recordation methods while improving client service levels.

Simplifile is focused on building the industry’s de facto electronic recording network. As such, Simplifile provides a streamlined and scalable approach to electronic recording tailored to organizations of all shapes and sizes. For more information on how Simplifile can benefit your organization, visit www.simplifile.com or call 801.373.0151.

About Rekon Technologies
Rekon Technologies offers technology solutions to the loan servicing industry, providing tools to track, manage, prepare and record loan documents such as lien releases, assignments, UCC terminations, trailing documents and others.

Rekon Technologies’ flagship product and namesake “Rekon” is a fully sustainable workflow driven document preparation and management system, integrated with imaging and eRecording solutions to process loans from payoff to recording in a truly automated and paperless environment from anywhere in the world. Meanwhile, the DokTrak software is considered to be the most versatile document tracking and data warehousing technology solution, especially in resolving the gap between origination and servicing, including the processes of post closing and file certification for securitization. More information about Rekon Technologies and its products is available by visiting www.rekon.com or calling 626.577.4350.

“Simplifile” is a registered service mark of Simplifile, LC. Rekon is a registered trademark of Rekon Technologies, Inc., a California corporation.

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Checking & Savings, Financial, Financial Services, Financial Solutions, Home Equity, Loans, Money, Mortgage

Changes To Home Information Packs

The Government has announced changes to Home Information Packs, which will take effect from 6th April next year. The new measures are designed to ensure consumers receive more helpful information at an earlier stage in the home buying and selling process.

A new Property Information Questionnaire (PIQ) will be included in the pack, which will provide a summary of information about the property in one place. The summary, to include flood risk information, gas and electricity safety, details of any structural damage, and parking arrangements, should help buyers decide whether to view and ultimately purchase a property.

The new PIQ will go alongside the existing contents such as energy performance certificates.

From April, HIP’s will have to be made available from the first day of marketing. The current temporary measure allows sellers to market their property for up to 28 days before the pack is available, as long as it has been commissioned, and arrangements have been made to pay for it.

Housing Minister Margaret Beckett said:
“Home Information Packs are potentially a vital aid to consumers who are seeking to purchase a home, and I am firmly committed to ensuring they work as well as possible. That is why the changes made today will make sure consumers are better protected, better informed and better assisted when buying a home.”

A basic HIP is expected to take 3 to 5 days to compile.

For more information and no-fee mortgage advice, borrowers should call L&C free on 0800 373300.

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green.

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Lloydstsbcompare.Com Raise Public Awareness Of The Need To Tackle Household Bills Ready For The New Year

Skyrocketing energy costs have been a prime concern for many Brits in 2008 but switching suppliers could save a typical household up to £454 – that’s £7,384 million across the entire country.

To help raise awareness, LloydsTSBCompare.com declared December 30th to be ‘tackle your bills day’ to encourage people to assess their household bills and save money in 2009.

According to research by LloydsTSBCompare.com, 80 per cent of people have seen a rise in their energy bills this year. Over one in four (27 per cent) of UK households saw their energy bills rise by more than £40 per month and 30 per cent think they could rise by a further £40 per month this winter.

Despite the pressure from rising bills, one in three (36 per cent) households has never switched energy providers and one in four believes shopping around will not make any difference. But those who have used comparison sites to switch providers have, in recent months, benefited from average annual savings of £284.

By using a comparison site such as LloydsTSBCompare.com customers can compare gas and electricity, telephone and broadband providers, as well as travel and car insurance. The site also has supermarket and petrol price checkers, helping customers to secure the best deals in and around their local area.

Steve Grainger, LloydsTSBCompare.com, said: “A concerning 40 per cent of Brits said they don’t know how they will cover their bills if prices continue to increase. December 30 was the perfect day for us all to concentrate on getting on top of our finances for the New Year. LloydsTSBCompare.com gives customers all the tools they need to cut their household bills and save money.”

Stealing the crown from TescoCompare, LloydsTSBCompare.com was recently named ‘Britain’s best car insurance comparison site‘ by Defaqto, the independent product research company.

The ‘tackle your bills day’ declaration comes at a time when many UK households are feeling the pinch and LloydsTSBCompare.com hope it will encourage homeowners to push sorting out their personal finances higher up the list of new year’s resolution for 2009.

About LloydsTSBCompare.com:
LloydsTSBCompare.com has been developed by Lloyds TSB Insurance Services Limited to offer our customers a choice of independent impartial quotes from a wide panel of insurance providers and energy suppliers. Comparison features include price, policy benefits, plan features and customer service rating, so consumers can make sure they get the policy that best meets their individual needs.

LloydsTSBCompare.com is a trading style of Lloyds TSB Insurance Services Limited registered in England and Wales under company number 968406, with registered offices at 25 Gresham Street, London EC2V 7HN.

LloydsTSBCompare.com is authorised and regulated by the Financial Services Authority (Registration number: 310738).

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Banks, Debts, Financial, Financial Management, Financial Services, Financial Solutions, IVA, Loans, Money, Mortgage, Personal Finance

Debt Advisers Direct remind consumers with debt problems of the importance of seeking debt advice early on, before their finances are further affected by the recession

Commenting on the nation’s economic troubles, Debt Advisers Direct stressed the importance of seeking debt advice in time, before debt problems can escalate out of control.

“Whatever the economic climate, it always makes sense to address debts at the first sign of trouble,” said a spokesperson for the company. “During times of economic uncertainty, it’s more important than ever.

“The problems in the housing market alone pose a significant threat to the livelihoods of people in all walks of life. What was initially seen as an issue for estate agents has grown to affect builders, movers, decorators, furniture stores and so on – after months of negative news from companies directly linked to the housing market, we’re now hearing of problems in a much wider range of industries.

“With so many either out of work or facing the possibility of unemployment, people are spending less and problems in the housing industry are spilling over into the high street, placing even more jobs at risk – at a time when new employment may be hard to find.

“Coping with a period of reduced income is never easy, but people with high levels of debt are far more likely to experience financial problems almost as soon as their income drops.

“This underlines the need to tackle debt problems sooner, rather than later. Many people with smaller debt problems may find a chat with a debt adviser could help them get on top of their finances without making any major lifestyle changes. Once the adviser understands their financial circumstances, they should be able to provide some budgeting advice and suggest practical ways of reducing their level of debt.

“When it comes to more serious financial problems, however, many people are put off by the sheer size of their debts. Someone who owes tens of thousands of pounds may not feel there’s anything they can do to make an appreciable ‘dent’ in their debts.”

In most cases this is unlikely to be true: “However much they owe, they may still have a range of options, depending on their circumstances. A debt consolidation mortgage, for example, could be right for someone who wants to reduce their monthly outgoings and simplify their finances, while an IVA (Individual Voluntary Arrangement) could help someone who literally can’t keep up with their debt repayments – and who can’t realistically expect to repay their debts in a reasonable timeframe.

“We were very pleased to see the emphasis which the Chancellor’s Pre-Budget Report placed on debt advice – the Government is dedicating more than £15 million of additional funding to ensure people can access debt advice when they need it. Similarly, we were pleased to see certain credit card providers and mortgage lenders extending a ‘grace period’ to people who fall behind on their repayments.

“Even so, we remind borrowers how important it is to talk to a debt adviser before things reach the stage where they’re missing payments of any kind: taking steps to tackle their debt today is virtually certain to improve their chances of getting through the recession with their finances in a good state.”

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The Bank Of England Made A Further Reduction In Bank Base Rate This Week To 2%, Its Lowest Level For 57 Years

The Bank of England made a further reduction in Bank Base Rate this week to 2%, its lowest level for 57 years.

It is hoped that this further increase coupled with the recent reduction in VAT will stimulate consumer spending.

Borrowers who are on tracker deals should see the benefit from January where a £150,000 repayment mortgage over 20 years, tracking the base rate at +0.5% will cost just £794.85, £195.08 less than 2 months ago when the base rate was 4.5%.

Borrowers can see how the change in base rate will impact on their monthly payment by using L&C’s rate change calculator.

Borrowers on a fixed rate mortgage at present may well be feeling badly done by as they have not benefited from recent cuts in base rate. Depending on the rate of interest they are currently paying and the remaining period left to run on their fixed rate they may also be able to save money by switching to a new deal, despite paying an early repayment charge. By using L&C’s early repayment charge calculator, they can quickly find out what rate of interest they would need to pay to achieve this.

For more information and no-fee advice, borrowers should call free on 0800 373300.

London & Country (L&C) is the UK’s leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.

L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green.

L&C has won numerous awards including:

Best Mortgage IFA/Adviser of the Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy, 2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007,2008
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year – The Bath Business Awards 2005

Growth Strategy of the Year – National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards – 2008
Online Mortgage IFA of the Year – Financial Adviser – 2008

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Top Mortgage Company Agent Adam Thomas From Invis Inc. Has Become A Business Referral Partner With Debt Settlement Service Companies To Assist Canadians In Debt Elimination

 

Top mortgage company agent Adam Thomas from Invis Inc. becomes business referral partner with debt settlement services companies launching a new website www.HomeOwnerDebtRemoval.com that reportedly aims to assist Canadians with debt relief programs and debt relief assistance.

In a society where residents are weighed down with debt repayment and debt consolidation problems, the new website promises debt relief/debt assistance by paying off such debts, lowering monthly payments and increasing cash flows. This would help them to stay debt free and increase their savings for retirement, renovations, and children’s education or make purchases they desire, while improving their overall financial situation. Our average client saves $500 to $1000 per month and more in some situations, as well; we follow up with ongoing support, guidance and planning as well.

The website further proposes to assist people in debt relief through various mortgage financing programs for their primary residence, investment properties or commercial property tailored to meet their situation and needs. It offers solutions relating to individual credit, income, assets and property equity positions. Programs are also available thru this partnership to assist those homeowners who don’t have the ability to obtain financing and who truly need debt relief. The site has been developed to be a complete one-stop shop to help everyone to receive debt relief help no matter what their current financial situation may be.

Proposed methodologies of www.HomeOwnerDebtRemoval.com is assessing each individual applicant according to their income, credit, assets and property equity position and thereafter formulate plans to sort out the problem through a first or second mortgage, private funding or thru a debt settlement agreement plan.

“No planning is finalized without due approval of the client and each step is followed up leading the client from initial through final stages of the process” declares Thomas. “Thru this partnership customers are able to receive financing and debt relief assistance. Though the customer’s we most often help are homeowners with high debt balance, we will of course try to help all who apply even non-homeowners. During the process, we will review and analyze all options available to the client and explain to them what programs we have to help them, we then make recommendations for the client to succeed in what they want, this way the client can make a informed decision on what’s best for them,” he adds.

The partners claim that they can help in debt elimination of their clients under their debt relief assistance programs since it has built sound relationships with mortgage agents, debt settlement companies and trustees. Either a straight refinance for debt removal or other debt settlement agreement plans, ensuring debt relief would put clients into a better financial condition, they assert.

The partners also assure their clients that they can provide adequate support where people with multiple loans and consequential higher premiums do not know the way out. With only one consolidated payment substituting your multiple premiums, your savings would be considerable, they claim.

About Adam Thomas:
Top Mortgage Agent Adam Thomas of Invis Inc. the leading mortgage brokerage company in Canada dealing in financing to help with debt consolidation and mortgages of all types, with the aim of expanding operations, has now become a business referral partner with other debt settlement and trustee firms, who have come up with the new website www.HomeOwnersDebtRemoval.com providing a number of services related to debt consolidation and debt settlement for its clients.

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Sunwest Trust Claims Their New Friends And Family Lending Program Will Be A Contributing Solution To The Credit Problem

In the wake of the National Credit Crisis, Sunwest Trust, Inc., a leading financial company, unveils its new “Friends and Family Lending Program”. The program seeks to interchange the roles of lending banks with financially solvent family members taking up such a role.

Outlining their new plan, the Company insists that solvent members in the family can assume the role of bankers. They could be lending to such members who are seeking loans for purposes such as having a new home. “The ability to fall back on solvent family members for financial support would be a welcome alternative for people who are finding that getting loans is difficult,” says Terry White, CEO, Sunwest Trust, Inc.

http://www.sunwesttrust.com/

The logic behind the argument advanced by Sunwest Trust is that such lending could result in mutual benefit for the lender as well as the debtor. The debtor would benefit from the lower interest rates and the convenience of getting financing. Lenders, on the other hand, will gain from higher interest rates than they could get in comparison for their deposits made in the bank. “Thus, it will be higher income for the lender while a lower loan burden for the debtor,” adds White.

Another aspect of their statements in favor of the new plan is that with such loans, the lender’s money is more secured in comparison to those lent out to strangers. At the same time, the debtor gets significant income tax benefits.

Sunwest Trust, Inc. assists clients through the process by administering the loan in such manner that everything is well organized. “We can collect for taxes and insurance payables on a monthly basis so that the payments are spread throughout the year”, denotes White.

“Payments will be made to Sunwest Trust who will allocate these payments dividing them to principal and interest. The money can be deposited directly into your checking, money market, or savings accounts”, White further adds.

The Company cautions its clients that every investment is coupled with the risk of loss; however, this is a preferable risk being helpful both for the lender and their family members.

Sunwest Trust is confident of the success of their new program and the “Friends and Family Lending Program” is now currently offered to interested parties nationwide. Learn more by watching our video at http://www.youtube.com/watch?v=tDXc6JtzPsI

About Sunwest Trust
One of the leading financial Companies in Albuquerque, Sunwest Trust Inc. is the only one dealing with both escrow and completely self directed IRA simultaneously. The New Mexico Financial Institutions Division granted it with Trust powers in the year 2003, but has been an escrow company for over 21 years. While Sunwest specializes in self directed IRA, they also deal with real estate contracts, and mortgages. The Company is presently servicing over $900 Million in assets for over 12,000 individuals.

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Think Money Have Advised Consumers To Avoid Getting Into Debt Wherever Possible This Christmas, With The Recession Threatening To Put Further Pressure On The Finances Of British Households In 2009

Financial solutions company Think Money have warned consumers to be careful over the amount of debt they incur over the festive season, in order to avoid potential debt problems in the midst of an economic recession.

They have also advised those consumers who do rely on credit to act early and tackle any debts before they have the chance to grow, and to be selective over the types of credit used in order to prevent the debts from becoming unmanageable.

For many families in the UK, including those who are usually comfortable financially, the Christmas season has become associated with debt. The tradition of spending large amounts of money on food and gifts has meant that large numbers of households fall into debt every year, even if it means spending a large part of the following year repaying those debts.

Indeed, a survey taken earlier this year by Savebuckets.com suggested that one in four Christmas borrowers were still repaying their Christmas debts in the following October – nine months after the money was originally spent.

A debt expert for financial solutions company Think Money commented: “In today’s society, many households actually expect to get into debt in order to get through the Christmas season – which can put them at risk of debt problems in the future. It’s much safer to focus more on how to avoid falling into debt – and with the right preparation and attitude, it is very much possible to do that.”

The spokesperson added that staying out of debt over the Christmas period does not necessarily have to mean cutting back on costs. “The households who are best prepared for the Christmas period are those who have thought about it long in advance and have been saving throughout the year. By saving just a relatively small amount each month, it’s quite possible to save enough to cover all the costs involved, without having to compromise.

“However, it seems that it is currently more common to pay with credit in the run-up to Christmas. This may have been fuelled by the relatively easy access to credit of the past few years, although due to the credit crunch, this may be a little more difficult this year.”

The spokesperson also said that the type of credit used can be crucial to consumers’ ability to repay the debt. “For those consumers who do rely on credit over the Christmas period, choosing the right form of credit is a simple step that can make all the difference.

“For example, it’s generally unadvisable to make large purchases on credit cards unless the buyer is absolutely sure they will be able to repay the debt in a short space of time. The APR on credit cards is typically very high, which means the debt can grow very quickly unless it is repaid promptly.

The Think Money spokesperson added that anyone finding themselves struggling with debt should seek debt advice straight away. “There are a number of debt solutions that can help to minimise outgoings and/or help to reduce debts, such as debt consolidation or an IVA (Individual Voluntary Arrangement). We urge anyone in serious debt to seek professional debt advice as soon as possible.”

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Banks, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Home Equity, Loans, Money, Mortgage, Personal Finance

The Bank Of England’s Decision To Cut The Base Rate Could Be Particularly Welcome Among People Looking To Remortgage

Welcoming the Bank of England’s decision to cut the base rate to 2%, financial services provider Think Money (www.thinkmoney.com) highlighted the positive effect this could have on people looking for a remortgage.

“Many people paying – or looking for – a mortgage will welcome the base rate falling to levels we’ve not seen in over 50 years,” said Melanie Taylor, Head of Corporate Relations at Think Money. “However, we anticipate the greatest sense of relief will be among people coming to the end of their mortgage term.

“Primarily, this is because these are the people who are tied to a specific time period. Most people moving house or buying their first home will have a degree of flexibility in the timing of their move, but when a mortgage term expires, it expires. This is an absolute deadline – and before they reach that point, the homeowner should have decided whether they’ll revert to their mortgage provider’s SVR or look for a new mortgage deal altogether.

“To anyone in that situation, the base rate cut will come as a great relief, as it could make either option more appealing. In some cases, it could make all the difference between being able to stay in the house and having to sell it.”

However, as the Council of Mortgage Lenders (CML) has pointed out, lenders don’t necessarily benefit from cuts to the base rate in the way that many people believe. As the CML website states: ‘the cost of funds to lenders depends not on Bank rate, but on a range of other factors, including what they have to pay savers to attract deposits, how much it costs them to borrow in money markets, and the costs of holding capital and sufficient liquidity … Far more important than the Bank rate in determining lenders’ funding costs is the three-month London inter-bank offered rate (libor)’.

Nonetheless, the rate which the Bank of England charges lenders is still an important factor, affecting the entire monetary system: “Many mortgage providers passed the full 1.5% of November’s cut on to borrowers on their SVR deals. Various lenders have already announced they will pass on all or most of this latest reduction too, making the thought of reverting to their SVR much more attractive.

“At the same time, this reduction in the base rate will make it easier for lenders to lower the interest rates they charge for new mortgages of all kinds, helping people remortgage at a more attractive rate.”

But homeowners at the end of their mortgage term won’t be the only ones to benefit from the base rate cut. “According to the Bank of England’s November 2008 Inflation Report, around 7% of mortgagors are spending 35-50% of their pre-tax income on their mortgage payments – and 5% are spending 50%-100%. Given the historically high salary multiples we’re seeing in today’s mortgage markets, the ability to remortgage at a lower rate could make all the difference to the finances of many homeowners.”

“Of course, there’s always the question of Loan-to-Value (LTV), a particularly important ratio in today’s economic environment: with house prices dropping and credit relatively scarce, lenders are reserving the best deals for people with LTV ratios of 60% or less. Even so, a base rate of 2% is indisputably good news for most homeowners with mortgages across the country, whatever their situation.”

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

Debt Management Company Gregory Pennington Have Advised Anyone Currently Struggling To Repay Debts To Seek Professional Debt Advice

Responding to a new report from PricewaterhouseCoopers suggesting that over a quarter of borrowers are worried about their ability to repay debts, debt management company Gregory Pennington has advised consumers that all forms of borrowing should be planned well to ensure that the debts can be repaid, and has encouraged anyone struggling to repay their debts to seek professional debt advice.

The Credit Confidence Survey by PricewaterhouseCoopers suggested that over one in four people (27%) are worried about their future ability to repay debts, while 20% of UK credit customers are worried about the future availability of credit – suggesting a reliance on credit to pay off existing debts.

16% of those questioned reported that they were already struggling to make debt repayments, “very few” of whom have considered options to restructure their debt, such as a debt management plan.

The report also found:

• Unsecured borrowing has actually risen by 6% compared with last year – although secured borrowing has fallen ‘dramatically’
• Insolvencies increased by around 9% in the third quarter of 2008, compared with the second quarter
• Every working hour, over 100 adults enter into bankruptcy, an Individual Voluntary Arrangement (IVA) or start a Debt Management Plan

A spokesperson for Gregory Pennington commented: “Although the survey on the whole represents good confidence levels amongst a lot of borrowers, the fact that over one in four borrowers are worried about their future ability to repay debts highlights the importance of future planning when it comes to borrowing.

“One of the most important steps for borrowers to take before taking out a loan is to establish how much they want to borrow and how much they can afford to repay each month. There is also the matter of how long the repayment terms should be – the longer the terms, the more time there is in which the borrower’s circumstances could change, and a change in circumstances could affect their ability to make repayments.

“Of course, there are many cases in which unforeseen circumstances prevent borrowers from repaying their debts, such as unemployment or a fall in earnings.

“Whatever the reason, anyone struggling to repay their debts should take decisive action as early as possible. A debt adviser can provide information on a range of debt solutions that can help to minimise monthly outgoings, which could be crucial to those hard-pressed by the current economic situation.

“For example, a debt management plan through a professional debt adviser can enable people to pay back their debts at a more manageable pace, while reducing or freezing interest and other charges. However, this can mean the debts take longer to repay than originally planned.

“Alternatively, a debt consolidation loan can ‘group together’ the borrower’s debts, meaning they pay one creditor instead of many. A debt consolidation loan can also be spread out over a longer period of time than the original debts, meaning monthly outgoings are reduced – although this can mean paying more interest in the long run. However, if the borrower is consolidating high-APR debts such as credit cards, the lower interest rate can often mean that less interest is paid overall.

“For more serious debts, typically of £15,000 or higher, an IVA (Individual Voluntary Arrangement) might be the most appropriate option. An IVA involves working with an Insolvency Practitioner to draw up a proposal for lower debt repayments based on an amount that the borrower can afford. This normally continues for five years, and on successful completion the remaining debt is considered settled.

“As with anything debt related, it’s always advisable for borrowers to speak to an expert debt adviser before deciding on the appropriate solution for their debts.”

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Debts, Financial, Financial Services, Loans, Money, Personal Finance

PLoans4You.com is an internet payday loan service

An efficient service for payday loans and cash advances surfacing on the map of the World Wide Web, Ploans4You.com offers a system of swift online application and approval processes for loans up to $1,500.

The service is based on the simple concept of payday loans for people in need of swiftly borrowing funds. While the sum provided per loan (anywhere from $100 to $1,500) is relatively small, it perfectly reflects the idea and simplicity behind the PLoans4You.com online loan service.

For those unaware, payday loans consist of relatively small sums borrowed swiftly for urgent needs on a short-term basis. Such a cash advance is deposited into the recipient’s bank account and retrieved from there on a later set date to repay the debt. This allows the loan taker to deal with whatever emergency situations might arise with urgent cash needs. The site provides an online approval process that entails signing up online and awaiting authorisation. A steady monthly income is all that is required to receive approval, upon which the loan will be transferred to the recipient’s specified bank account in a matter of minutes. As such, just about anyone with a job and bank account is free to make use of this service.

Working with a wide array of payday loan lenders, Ploans4You.com matches loan requests with lenders capable of providing such loans based on a number of criteria, ensuring a fair transaction and trustworthy loan process from start to finish. Furthermore, the service requires a very limited range of documents, and unlike many other online loan services, provides swift and reliable support so that clients can always get in touch with the service and vice-versa.

The modern day world can be relentless and unforgiving when it comes to financial troubles, but despite any possible restrictions, Ploans4You.com staff work diligently to find a way for every loan recipient to receive the loan they seek. Operating with small sums means working specifically to aid regular people with average incomes in their cash-related troubles, be it paying the bills or any other short-term needs.

About PLoans4You.com
PLoans4You.com is an internet payday loan service. We offer our customers payday loans and cash advances when they need it most since 2007.

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Financial, Financial Services, Loans, Money, Personal Finance

Okehampton Online Payday Loan Website To Assist More Customers In Obtaining Cash On Demand

OkeHampton Payday Loans, located online at OkeHampton.net, recently launched their online payday loan website to assist more customers in obtaining cash on demand. Customers who use the OkeHampton Payday Loan service are now able to complete a short application process 24-hours a day, 7 days a week in order to secure up to $2500 in loan funds.

With the recent controversies surrounding payday loan services, the OkeHampton Pay-day Loans website also provides educational resources to its clients in an effort to pre-vent payday loan abuse.

Founder of the Payday Loans website, Gregory Applebee stated, “Companies often allow payday loan clients to grossly abuse the services in a way that makes it impossi-ble for the loan to ‘help’ their economic situation. Our website stresses that a payday loan service shouldn’t be abused. We have found that when used at the right times, a payday loan actually saves our clients large amounts of money in bounced checks or late fees.”

The decision to go online with the website was an effort to reduce overall company costs while increasing the overall amount allotted to each customer. Payday Loans Positives It also allowed the OkeHampton company to extend its normal operation hours to accommodate clients that required services beyond the standard 9-5 Eastern Standard Time operating hours.

“OkeHampton understands that most of our clients need money fast for emergency situations that can’t wait until 9am to solve and those that don’t always occur before 5pm. With our new site, we focus on getting clients the information and the funds they need, when they need them”, Applebee states.

The website includes Payday Loans FAQ a Frequently Asked Questions section which points out not only the positives of payday loan services but also the negatives. The purpose of the FAQ is to make payday loans aware of the dangers of improper use of the loan service. For example, it shows the a comparison between using the service weekly versus using the service every other month. In addition, customers with questions are encouraged to contact the OkeHampton customer service department for clarification of terms and of-ferings.

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Virgin Money UK Has Strengthened Its Management Team With The Appointment Of Rob Clifford As UK Managing Director

Prior to joining Virgin Money, Rob was Chief Executive at Mortgage Force and has over 20 years experience in financial services. A serial entrepreneur, he has led a number of successful start-ups and has a proven track record of creating significant shareholder value, as well as having been repeatedly elected to the boards of regulatory and trade bodies.

Rob Clifford will join the firm on 6 January 2009* and will report into Jayne-Anne Gadhia who will now drive the worldwide financial services strategy forward. Virgin Money has a presence in the UK, Australia, South Africa and USA.

Virgin Money UK has seen strong growth since 2003 (CAGR 30.50%) and in his new position as UK Managing Director, Rob will be tasked with ensuring the business continues to grow quickly and profitably across credit card, protection and investments, as well as developing a new mortgage proposition for the business.

Jayne-Anne Gadhia, Executive Chairman of Virgin Money worldwide said: ‘I am delighted that Rob Clifford has agreed to join us. He has focused on value creation throughout his career and will bring his vast experience of the UK financial services market to make a major contribution in shaping and growing the Virgin Money business in the UK.’

Rob Clifford said: “I’ve spent over 20 years in financial services and been lucky enough to build several successful businesses with fantastic colleagues during that time. About 10 years ago I met Jayne-Anne Gadhia and became a fan of Virgin Money. We always believed that we’d eventually create the right opportunity to work together and now is that time.”

Rob added: “Having made massive emotional and physical investment in building businesses which became trusted and admired, there was no way I could miss an opportunity to become a custodian of one of the most powerful brands around. Virgin is all about being passionate, challenging and innovative and I’m certainly up for the challenge.”

* Subject to regulatory approval

About Virgin Money

Virgin Money is Virgin’s financial services arm and was established in 1995.

Virgin Money has over two million customers and offers a wide range of financial products across lending (e.g. credit cards and personal loans), savings (e.g. deposits, investments and pensions) and protection (e.g. life insurance, home insurance and car insurance) to the UK market.

Virgin Money Personal Financial Service Ltd is authorised and regulated by the Financial Services Authority (FSA). Registered Office: Discovery House, Whiting Road, Norwich NR4 6EJ. Registered in England no. 3072766. Entered on the Financial Services Register (www.fsa.gov.uk/register), Register Number: 179271

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Financial, Financial Management, Financial Services, Financial Solutions, Loans, Mortgage, Personal Finance

Think Money Have Emphasised The Importance Of Good Future Planning With Regard To Interest-Only Mortgages

Responding to the news that over a million homebuyers have been offered interest-only mortgages with no savings plan to repay the remaining mortgage debt, financial solutions company Think Money have advised all homeowners on interest-only mortgages to carefully consider their plan of action for the future, adding that failure to do so could result in significant financial hardship later in life.

LV= estimate there to be around 2.9 million interest-only mortgages active in the UK. Of these, the report claims that 1.3 million – accounting for £74 billion of mortgages – have no specific savings plan in place to pay off their remaining mortgage debt once the interest-only period expires.

That means that around 45% of interest-only mortgages carry no specific capital repayment plan. LV= claim that 41% of these homeowners are relying on rising property value and cashing in equity to pay off the remaining mortgage capital, while 21% plan on using other investments.

More worryingly, 13% of respondents said that they did not know how they would pay off their remaining mortgage capital, while 12% said they hadn’t given the matter any thought.

Mike Rogers, LV= Group Chief Executive, commented that the previously booming housing market led many interest-only mortgage holders to believe the increased equity in their home at the end of the interest-only period would enable them to repay the mortgage, adding: “Many of the homeowners we polled appear to have an over-optimistic outlook on their ability to pay off their mortgage capital at the end of the term. Or worse still they are turning a blind eye to the issue.”

A mortgage expert for Think Money was quick to warn of the dangers of such an attitude towards interest-only mortgages. “There are two main ideas behind interest-only mortgages. Some homeowners simply want to reduce their mortgage payments in the short term to free up extra funds – after which normal (but slightly higher) mortgage payments resume.

“Others choose to go interest-only for the entire mortgage duration – typically 25 years – in which case the matter of repaying the remaining mortgage capital requires more in-depth planning. It would appear that this is an area which many interest-only mortgage holders have failed to address.

“The advantage of such long-term interest-only mortgages is that it allows control – the homeowner is responsible for saving towards the final mortgage repayment, and they can choose to pay more or less each month if necessary. But this is something which requires great discipline, and it also relies on the homeowner’s finances staying relatively consistent for the duration of the mortgage.

“The safest way to run an interest-only mortgage is to agree a capital repayment plan alongside the mortgage – or, at the very least, make frequent, substantial deposits into a savings account. Relying on increased equity or other investments are potentially risky, and could result in the mortgage holder losing their home at the end of the interest-only period.”

The Think Money spokesperson also emphasised the importance of professional mortgage advice before making any decisions about mortgages.

“Speaking to a mortgage adviser who knows the market can ensure that the homebuyer is well prepared and fully understands what is involved. That’s especially important with interest-only mortgages, as it’s a matter of the homeowner’s future financial security.”

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

Insolvency Practitioners Freeman Jones Have Commented That Ivas Remain A Very Useful Alternative That Can Avoid Many Of The Negative Consequences Associated With Bankruptcy

Responding to new statistics showing a rise in the number of people in debt applying for bankruptcy, Insolvency Practitioners Freeman Jones have highlighted the importance of addressing debt problems early, especially with a recession looming, and have pointed to the IVA (Individual Voluntary Arrangement) as a useful alternative to bankruptcy that could lessen the blow of insolvency.

The statistics, compiled by the Ministry of Justice, showed a total of 13,653 petitions for bankruptcy in the three months between July and September – 7% more compared with the same time last year, and a 1% increase on the previous quarter.

In the same time, creditors themselves filed 5,499 bankruptcy petitions against borrowers – 2% less than the previous quarter, but 10% more than July-September 2007.

In an earlier report, the Insolvency Service reported a 3.3% rise in individuals taking up IVAs in the third quarter of 2008, although the number had actually fallen by 3.1% compared with the same period last year.

A spokesperson for Freeman Jones commented: “Bankruptcy can be the best way out of debt for some people, but in many cases an IVA is a preferable alternative, as it can avoid a lot of the negative consequences associated with bankruptcy.

“Unlike bankruptcy, an IVA almost always allows borrowers to keep hold of their home – although they will be expected to release some of the equity in their home in the fourth year – and it does not carry the publicity or social stigma that bankruptcy does. It also does not prevent people from running a business or taking other positions, like bankruptcy does.

“There are some people who feel that bankruptcy is a more appropriate way out of insolvency than an IVA,” continued the spokesperson. “That’s mainly because bankruptcy is over more quickly – normally after a year – and it typically results in less of the overall debt being paid off by the borrower.

“However the restrictions placed upon borrowers by bankruptcy can sometimes outweigh the benefits, and although an IVA lasts for longer, it will do less damage to the borrower’s future prospects in the long run.

But the Freeman Jones spokesperson was quick to acknowledge that bankruptcy can sometimes be the better option. “Since an IVA requires regular monthly payments for a number of years, people with a low or unpredictable income may find that bankruptcy better suits their needs,” she said.

“Likewise, if the borrower does not have much in the way of assets, and their circumstances are unlikely to improve, then bankruptcy may be their best choice.

“It can often be difficult for people in debt to decide whether bankruptcy or an IVA is the best option – and as always, we advise anyone facing debt problems to seek expert debt advice.”

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US Mortgage, a diversified mortgage products and services provider that offers net branch affiliate programs, commented today about how mortgage rates held even despite last week’s historic changes, which has resulted in a time for consumers to take advantage of historically low interest rates

In a time of historic changes last week in the US financial markets, mortgage interest rates held pretty much even across the board. With the market making the largest one-day drop in decades and also one of the largest one day gains in a long time to mention nothing of the historic $700 billion bailout package, the country would have expected something to happen with mortgage rates. Instead, the country experienced the smallest changes in mortgage rates it’s seen all year.

US MortgageMany experts think the markets reacted somewhat positively to the bailout but at the same time the economic outlook has soured. Additionally, the initial positive reaction to the bailout has softened as some have started to question whether the bailout will actually work. Subsequently, in a week of unprecedented changes in the mortgage industry, mortgage rates didn’t move an inch.

“Despite all the historic moves economic moves as of late,” added Frank Kuri, Vice President of Net Branch Development at US Mortgage Corp.,“there has never been a better time to take advantage of historically low interest rates. Our net branch affiliates are ready to help our customers leverage these opportune times.”

About US Mortgage
Headquartered in Pine Brook, NJ, US Mortgage is a licensed mortgage banker founded in 1996. US Mortgage’s owners and principals founded West Jersey Community Bank, a de novo corporation, prior to the incorporation of US Mortgage. Sharing the vision of a national, multi-platform, mortgage banking organization, the company subsequently broadened the business with the formation of CU National Mortgage, a national provider of transparent mortgage services for credit unions; US Capital Markets, a secondary market resource to investors and sellers; Icon Residential Capital, a national wholesale lender and BranchLink, the branch affiliate program that is bringing US Mortgage to locations throughout the United States.

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