With the economic environment uncertain practically in every country, many people are turning to loans to help them get through the tough times. Whether you want a loan for £500 or for £500 000, you need to know the right way to go about it. There are many ways in which you can get caught in something you didn’t realise. Have a look at our tips before taking out a loan and make sure you make the right decision.
Don’t just choose a loan or a bank – It is important that you shop around a bit. The first place you go to may not have the best rates. Rather approach a few loan providers and choose the one that offers you the best rates.
Read the fine print – Before you apply for a loan, find out what the requirements are. Some financial providers have interesting and sometimes impossible conditions on which they give out loans. To save you time and disappointment, read the disclaimers before applying.
Check your credit rating– Your credit rating can definitely influence the type of loan and repayment rates that you will be offered. If your credit rating is in bad shape, you will very likely be given a more expensive deal.
Consider a credit card first – If the amount you need is not that big and a credit card may be cheaper, rather go for that. Some credit cards work interest-free under certain conditions. Find out about possible offers and compare a credit card and loan to decide which will be best.
Find peer-to-peer options – There are online sites where you can find peer-to-peer loans where people borrow and lend money without the involvement of banks. This can be a better option than a bank. Do the necessary comparisons to see what is best.
A loan can be a lifesaver in difficult situations but it should not be approached recklessly. It is a big commitment and you need to know what you are letting yourself into. Avoid applying for too many loans as it creates a bad image.
People who haven’t done any trading or don’t have any investments, tend to have interesting ideas about it. These ideas are often incorrect or just downright ridiculous. If you are interested in making investments for the first time and doing it correctly, keep reading. Today, I share some tips for beginner investors.
You don’t need to be rich to invest. There are different shares and different investment funds. Not all of them require a £100 000 deposit. Many only require a £50 or £500 deposit every month. If you do your research, you can find the investment option that works for you.
Decide where you want to put your money. There are different types of investment options. You can do cash investments, bond funds, currencies, and obviously shares or equities. Before you invest, do some research on returns and risks for each type and then decide where you want to invest.
Spread out across different companies. You don’t want to place all your money into one place. If the company fails, you lose everything. It is important to build a portfolio and diversify. Invest in different companies and across different assets and markets.
There are tax advantages. Savers are entitled to a certain amount tax-free allowance every year on money invested in stocks and shares. The interest paid on dividends and income are much lower than with a normal income and this is especially valuable to higher-rate taxpayers.
Do research and learn as much as you can. Before you can even consider putting your real money into any investment, you need to know how it works and what to expect. Read about it and do proper research. You can even practice without real money on certain apps. Once you feel you understand and can read the trends, you are ready to go for the real thing.
Investing is not as difficult as it may seem, but you do have to know a little bit about it to be able to succeed. Good luck with your new ventures!
If you have a business, chances are you also have some outstanding payments.
There are clients, regardless of whether you deal with other businesses or the general public, that just do not want to pay their bill. Your accounts teams may have gone through the regular steps of calling, sending letters and applying arrears but still you’re unable to get anywhere with these debtors.
If you’re chasing these debts yourself, you need to be very careful that you don’t over chase or divulge any sensitive information to anyone that isn’t authorised to discuss it or you run the risk of breaking data protection or debtor harassment laws.
So what are the options?
You could cut your losses and just write off the debt. This is never the preferred option; after all, you’ve provided the goods or service and this will essentially mean that you’ve provided them for free.
You could use a collection service. A debt collector can provide a range of services including commercial debt recovery, recovering unpaid rent, debt collection, debtor tracing and process serving. Often a recovery agent will be more effective at recovering debt or setting up a repayment plan due to their extensive experience and the fact that many people see a debt collector knocking on their door as things getting ‘serious’ and at the point where action needs to be taken.
Whatever kind of debt you’re looking to recover, it is always a good idea to consider using a third party company to ensure that all avenues have been fully explored before you consider the debt as unrecoverable.