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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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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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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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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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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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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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The latest report from the Insolvency Service shows a rapid rise in the numbers of people being declared insolvent

Commenting on statistics from the Insolvency Service showing a sharp rise in insolvencies, both over the last quarter and over the past year, Debt Advisers Direct have said that it is now more important than ever for people to get their finances in order and tackle any debt problems as soon as possible.

Commenting on new statistics showing an increase in the number of personal insolvencies in the third quarter of 2008, Debt Advisers Direct (www.debtadvisersdirect.co.uk) have said that this is further confirmation of the difficulties faced by many British households due to rising inflation and worsening economic conditions, and have emphasised the importance of good debt advice as the economy faces a recession.

The latest report from the Insolvency Service shows a rapid rise in the numbers of people being declared insolvent. Between July and September there were 27,087 personal insolvencies, an 8.8% increase on the previous quarter. It was also 4.6% higher than the number of insolvencies reported a year earlier.

Despite falling in the second quarter of the year, bankruptcies were up 12.1% over the quarter. IVAs (Individual Voluntary Arrangements), meanwhile, were up 3.3% over the quarter.

A spokesperson for Debt Advisers Direct said: “Higher costs of living and the credit crunch have put a lot of pressure on British households’ finances this year, so we expected to see a rise in personal insolvencies over the course of this year.

“However, the extent of the rise in insolvencies shows the seriousness of the problems we are facing – and highlights the need to tackle debt problems early, before they become unmanageable..”

The Insolvency Service report also showed that despite the quarterly rise, IVAs were down by 3.1% compared with the same period last year – with The Telegraph concluding that it may be becoming more difficult to enter into an IVA.

“There are a few possible reasons why the number of IVAs may be lower than this time last year,” the spokesperson commented. “It may simply be that more people are taking the bankruptcy route, perhaps because they are unaware that an IVA can avoid many of the downsides of bankruptcy.

“IVAs are usually considered a preferable alternative to bankruptcy. People on IVAs do not lose control of their assets, unlike bankruptcy, and they typically carry fewer restrictions.

“The rise in IVAs over the quarter shows that lenders still consider it a valid means of reclaiming some of the money they are owed – and it remains that if you are in significant debt, an IVA can be a very useful way of getting debt-free.”

The Debt Advisers Direct spokesperson was keen to emphasise the importance of tackling debts before they grow unmanageable. “For anyone struggling with debt, there are a number of ways out. With a recession approaching, it’s important that people do not feel powerless, and that they tackle the issue head-on.

“There are a number of debt solutions, such as debt consolidation and debt management plans, that can help people to stop their debts growing before they become unmanageable. We advise anyone with debt problems to seek professional advice at the first sign of trouble.”

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Debt Advisers Direct have warned that the squeeze on incomes could become tighter in the coming months

Debt Advisers Direct have responded to findings that Britons’ disposable incomes have fallen by nearly 30% on average in the past two years, warning that the pressure on incomes could increase as the economic crisis progresses, and have advised consumers to take care of any debts as soon as possible.

Responding to research by Abbey Credit Cards claiming that British citizens have seen their disposable income fall by nearly 30% during the past two years,Debt Advisers Direct have warned that the squeeze on incomes could become tighter in the coming months, and have advised consumers to take care of any financial issues, especially outstanding debts, as soon as possible.

According to the research, the average household now has only 25% – around £382 – of their monthly income left after essential costs such as mortgage payments and energy bills have been paid.

That figure is down from £541 in disposable income available to British households just two years ago – a 29% fall.

The research also claims that one in ten spend 90% of their income on bills and other essential costs, leaving only 10% as disposable income.

On average, British households were spending 7.4% of their total income on repaying debts, not including mortgages, the research claimed.

Meanwhile, an average 24% went towards mortgage or rent payments, 17% on household bills, 16% on food, and 8% on transport costs.

British incomes have been put under pressure on two fronts throughout the economic crisis, with costs of living such as energy bills and food prices rising rapidly, and the credit crunch limiting access to additional funds in the form of loans and mortgages.

The effects have been tangible, with overall retail sales gradually declining over the year, and profits for ‘budget stores’ increasing – a sign that consumers’ perceived priorities are shifting as their disposable incomes shrink.

An expert from Debt Advisers Direct said: “Many people consider disposable income a luxury that can be spent on ‘unnecessary’ items, but it’s important to remember that disposable income is also a very important buffer against unexpected rises in outgoings.

“For example, if someone depends on their car to get to work, and they have to pay for a £500 repair with only £200 disposable income, that person could be forced into debt in order to make ends meet. That’s why it’s important for people to minimise their outgoings, and make savings where possible.

“The overall situation has become worse over the past year because costs of living, especially energy prices have risen so quickly. Food and other retail products are now falling in price, but energy prices have shown no sign of doing the same – and this continues to push more people towards debt.”

The Debt Advisers Direct spokesperson added that there are a number of debt solutions that can help to minimise outgoings when finances are limited.

“For people with multiple debts, a debt consolidation loan can be spread out across a longer period of time than the original debts, meaning monthly payments are lower,” she said. “Interest rates can also be reduced, especially when consolidating high-APR debts such as credit cards. However if the debt is repaid over a longer period, the additional interest from this can counteract some of the savings made.

“For debts that are becoming unmanageable, a debt management can help. It involves arranging to repay creditors in smaller amounts, based on how much the person in debt can afford, over a longer period of time.

“As always, we advise anyone looking to tackle their debts to seek professional debt advice beforehand.”

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Following the first rise in consumer confidence since December 2007, debt management company Gregory Pennington have said that while this may bode well for the health of the economy in some respects, it is by no means a sure sign of economic recovery, and consumers should not be complacent about their finances in the coming months

Following the announcement from Nationwide Building Society that consumer confidence has improved for the first time since December 2007, debt management company Gregory Pennington commented that this is an encouraging sign that the Government’s recent actions aimed towards economic recovery may be working, but warned consumers that difficult times may still lie ahead – and those facing financial worries, particularly debt problems, should tackle those issues as soon as possible.

Nationwide’s overall Consumer Confidence Index (CCI) rose 8% in the month, bringing the index up from 51 in September to 55 in October. Most significantly, this is the first rise since December last year – a sign that some form of economic recovery could be on the horizon, possibly as a result of the recent Government bank bailout scheme.

The number of people who thought the economy would be performing better in six months time almost doubled from 14% in September to 27% in October.

However, Nationwide’s figures showed slightly less optimistic opinions amongst consumers regarding the current state of the economy: three quarters (75%) of those questioned believed the current economic situation is bad, compared with two thirds (66%) in September.

A spokesperson for debt management company Gregory Pennington said that increased consumer confidence for the future is encouraging, but added that consumer confidence should not be confused with expert’s predictions.

“The Consumer Confidence Index is to do with how people feel,” she said. “It’s likely that consumer confidence has improved on the back of the recent Government bank bailout scheme, as well as cuts in the base rate. But that doesn’t necessarily mean we are much more likely to avoid any of the issues highlighted by economists in recent months.

“On the one hand, consumer confidence is very important for the economy and could be pivotal in terms of how soon and how quickly the economy recovers. When consumer confidence is high, people are more willing to spend their money and less inclined to save, therefore pumping more cash into the economy and maintaining a healthy cycle. Conversely, when consumer confidence is low, less money flows through the economy – and that puts the economy at risk of recession.

“The Consumer Confidence Index is a reasonable indicator of how the economy could fare in the coming months, as long as attitudes remain the same. But it doesn’t tackle the underlying issues that continue to threaten the economy – issues which could cause consumer confidence to fall back down.”

The spokesperson added that even though consumer confidence on the whole is recovering, there are many people facing financial hardship due to fast-rising inflation over the past year, many of whom find themselves struggling with debt.

“We have been through an unusual situation for the economy over the past year, in which affordable living costs suddenly became unaffordable for many households,” she said. “The sharp rises in food, energy and petrol prices have prompted many people to cut back, but many people who were already stretched financially may have been forced into debt in order to make ends meet.

“We advise anyone who finds themselves struggling with debt to seek professional debt advice. The right form of debt management could help to bring down monthly outgoings and really relieve the pressure on those hardest-pressed by the financial crisis.”

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Gregory Pennington reminded Consumers That Tackling Their Debt Problems Is More Important Than Ever In An Economic Downturn

Responding to recent debt-related comments from Nick Clegg, Leader of the Liberal Democrats, debt management company Gregory Pennington reminded consumers that tackling their debt problems is more important than ever in an economic downturn.

New analysis, states the Liberal Democrats’ website, reveals that personal debt has risen by a total of one trillion pounds in the past eleven years – a startling ten million pounds for every hour the Labour government has been in power. Repayments to that collective personal debt stand at almost £95 billion per year, or £3,000 per second.

“Much of that debt, of course, is in the form of mortgage debt,” said a spokesperson for the debt management company. “According to the latest figures from the Bank of England (Lending to individuals: September 2008), individuals now owe a total of around £1,460 billion – and a full £1,220 billion of that total is secured against dwellings.”

“Mortgage debt is still a serious issue, with many homeowners having over-extended themselves in order to get a foot on the housing ladder. Even so, taking on a debt to acquire an asset is fundamentally different from borrowing in order to finance a lifestyle, or to pay for food, gas or petrol, as many people have grown used to doing in recent years.

“After all, the vast majority of non-homeowners still need to make monthly payments, in the form of rent. In other words, a mortgage debt needn’t actually add to an individual’s monthly financial burden – in fact, their monthly mortgage payments may well cost less than the rent payments they would need to make to live in a comparable property.

“Even so, Mr Clegg raises some valid points. Britain’s level of personal debt is, as he puts it, ‘unrivalled anywhere in the world outside of the US’, and this can be particularly dangerous in the context of a global economic downturn. Clearly, people with higher levels of personal debt are more at risk of running into severe financial problems more or less as soon as their income drops. People with little or no debt are, in general, much better placed to cope with any financial problems they may encounter as a result of the global downturn.

“As a debt management company, we specialise in debt management plans that help people bring their unsecured debts under control. But debt management is by no means the only way of coping with (and reducing) high levels of unsecured debt. People with debt problems may find they have a range of debt solutions to choose from, and should talk to a professional adviser as soon as possible – the sooner they do this, the more likely they are to get through any financial problems that may lie ahead.

“In the longer term,” the spokesperson for the debt management company concluded, “we wholeheartedly support Mr Clegg’s call for financial literacy to play a much bigger part in education. As he says, ‘maths for life is more important than trigonometry for most people’ – financial education is clearly a key part of helping future generations avoid the kind of debt problems that so many of today’s adults are facing.”

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