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Debt consolidation loans – Money Advice Service, government debt consolidation loans.#Government #debt #consolidation #loans


Debt consolidation loans

Consolidating all your debts into one loan might appear to make life easier but there might be much better ways of dealing with debts. Find out more about how debt consolidation loans work, then get free debt advice before you make a decision.

What is a debt consolidation loan?

If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments.

You borrow enough money to pay off all your current debts and owe money to just one lender.

There are two types of debt consolidation loan:

  • Secured – where the amount you’ve borrowed is secured against an asset, usually your home. If you miss repayments, you could lose your home.
  • Unsecured – where the loan is not secured against your home or other assets.

Secured debt consolidation loans

Debt consolidation loans that are secured against your home are sometimes called homeowner loans.

You might be offered a secured loan if you owe a lot of money or if you have a poor credit history.

You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.

When should you consider a debt consolidation loan?

Consolidating debts only makes sense if:

  • Any savings are not wiped out by fees and charges.
  • You can afford to keep up payments until the loan is repaid.
  • You use it as an opportunity to cut your spending and get back on track.
  • You end up paying less interest than you were paying before and the total amount payable is less (it could be more if you repay over a longer period).

Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.

For example, what if interest rates go up, or you fall ill or lose your job?

If you can’t stop spending on credit cards, for example because you’re using them to pay household bills, this is a sign of problem debt.

You should get free debt advice before taking out a debt consolidation loan.

Warning!

Always think about the potential downside of a secured loan. Your circumstances might change and your home could be at risk if you can’t keep up with repayments

When getting a debt consolidation loan doesn’t make sense

A debt consolidation loan definitely doesn’t make sense if:

  • You can’t afford the new loan payments
  • You don’t clear all your debts with the loan
  • You end up paying more overall (due to the monthly repayment being higher or the term of the agreement being longer), or
  • You really need help sorting out your debts rather than a new loan – a debt adviser might be able to negotiate with your creditors and arrange a repayment plan.

Debt consolidation loans that don’t put your home at risk

A better option might be a 0% or low-interest balance transfer card.

This is the cheapest way if you repay within the interest-free or low-interest period.

You’re likely to need a good credit rating though to get one of these cards.

You could also consolidate your debts into an unsecured personal loan, but again you’ll need a good credit rating to get the best deals.

Fees and charges for debt consolidation loans

Beware of the high fees some companies charge for arranging the loan.

  • Read the small print carefully for any extra fees or charges before you sign anything
  • Check whether there are any fees for paying off existing loans early as this could cancel out any savings you make
  • Avoid paying a fee for a company to arrange the loan on your behalf unless you’re getting advice (and you’re sure it’s worth the cost)

FreshFinance – Better choices, government debt consolidation loans.#Government #debt #consolidation #loans


Smarter ways to clear your debts

Check you qualify for debt help, right here.

FreshFinance Blog

Clarity with our fees

At FreshFinance our goal is to provide you with the highest level of service in the clearest possible way. Which is why we partnered with Consolidators Ltd and their advisory team who share this passion. Consolidators Ltd role is to carry out the debt help services for you. They do not receive funding from any other sources, so their charge to you is for providing their services to help you reduce your debts.

The specific fee structures for Debt Management Plans, IVAs and Bankruptcy are not hidden from you. In fact we want to ensure you know all the facts, which is why we have compiled a complete list of fees for each.

Making better money choices with Fresh Finance

3 Great ways to deal with debt

Designed to put you back on track

Debt Management

Help if you have debts of ВЈ2,000 and over

Debt Management allows you to pay one affordable monthly payment for all of your unsecured bank loans, credit card repayments and your other debts.

Firstly the hassle of dealing with your paperwork and and day-to-day dealings with your creditors is taken away. Secondly, our selected debt partners will look to negotiate the freezing of charges and interest on your accounts to help stop your debts increasing.

Bankruptcy

Help if you have little or no disposable income

If you are facing bankruptcy then it is important to speak to a professional debt advisor before proceeding with bankruptcy.

Fresh Finance was set up to deal specifically with cases of serious debt that require immediate expert help. Advice is given both on avoiding declaring Bankruptcy and also how to go through the whole bankruptcy process.

Help if your debts are over ВЈ5,000

An IVA can help you write off the debts you cannot afford. Debts that qualify for an IVA can be cleared in a set time period (usually 5 to 6 years).

An IVA is a legal process by which you can gain protection from your unsecured creditors by entering into a legally binding repayment agreement with them, which is then supervised by a licensed insolvency practitioner.


Overhaul of Student Loans Passes Congress – The New York Times, government student loans.#Government #student #loans


Student Loan Overhaul Approved by Congress

WASHINGTON — Ending one of the fiercest lobbying fights in Washington, Congress voted Thursday to force commercial banks out of the federal student loan market, cutting off billions of dollars in profits in a sweeping restructuring of financial-aid programs and redirecting most of the money to new education initiatives.

The revamping of student-loan programs was included in — if overshadowed by — the final health care package. The vote was 56 to 43 in the Senate and 220 to 207 in the House, with Republicans unanimously opposed in both chambers.

Since the bank-based loan program began in 1965, commercial banks like Sallie Mae and Nelnet have received guaranteed federal subsidies to lend money to students, with the government assuming nearly all the risk. Democrats have long denounced the program, saying it fattened the bottom line for banks at the expense of students and taxpayers.

“Why are we paying people to lend the government’s money and then the government guarantees the loan and the government takes back the loan?” said Representative George Miller, Democrat of California and chairman of the Education and Labor Committee.

Democrats celebrated the legislation, a centerpiece of President Obama’s education agenda, as a far-reaching overhaul of federal financial aid, providing a huge infusion of money to the Pell grant program and offering new help to lower-income graduates in getting out from under crushing student debt. Still, the final bill is less ambitious than the original proposal.

Congressional allies of the student-loan industry attacked the overhaul as an overreaching government takeover. The legislation substitutes an expanded direct-lending program by the government for the bank-based program, directing $36 billion over 10 years to Pell grants, for students from low-income families.

“The Democratic majority decided, well look, while we’re at it, let’s have another Washington takeover,” said Senator Lamar Alexander, Republican of Tennessee and a former federal education secretary. “Let’s take over the federal student loan program.”

Government student loans

Even as the Democrats’ decision to attach the student-loan overhaul to the health care package virtually ensured its passage, banks fought fiercely up to the last minute, prompting some lawmakers, like Senator Ben Nelson, Democrat of Nebraska, where Nelnet has its headquarters, to cast their vote against the overall bill.

Although private banks will no longer be allowed to make student loans with federal money, many will continue to earn income by servicing those loans.

The Congressional Budget Office said the direct-lending approach would save taxpayers about $61 billion over 10 years. Roughly $40 billion of the savings will be redirected to higher education. Education programs will get an additional $10 billion from the health care package.

The bill includes some landmark changes, like automatic increases, tied to inflation, in the maximum Pell grant award. But for individual students, the increase in the maximum Pell grant — to $5,900 in 2019-20 from $5,550 for the 2010-11 school year — is minuscule, compared with the steep, inexorable rise in tuition for public and private colleges alike.

And because college costs are rising so quickly, the maximum Pell grant now covers only about a third of the average cost of attending a public university, compared with three-quarters in the 1970s, when the program began. So each year, more students graduate with debt of more than $20,000.

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The legislation will make it easier to pay back student loans, by reducing the share of income that a graduate must devote to loan payments and by accelerating loan forgiveness — but not right away. Those who take out new loans after July 1, 2014, will have to devote 10 percent of their income to payments, down from the current 15 percent, and those who keep up their payments will have their loans forgiven after 20 years, reduced from the current 25.

“Income-based repayment is a fantastic addition to the Senate bill that will allow over a million students to avoid being crushed by unmanageable levels of debt,” said Rich Williams, a higher-education advocate at the U.S. Public Interest Research Group.

With the new legislation, students will have to take out their loans through their college’s financial aid office, instead of using a private bank.

Government student loans

The original proposal stood to save $87 billion over 10 years by ending the bank-based program, known formally as the Federal Family Education Loan program. But as the Senate delayed in taking up the legislation, colleges and universities began shifting to the direct-lending program, realizing the savings to the Treasury up front and cutting the amount of money available for future spending.

At the same time, an increase in the number of Americans enrolling in college and seeking financial aid, as a result of the recession, raised the projected costs of the enhanced Pell grant program.

In addition, to comply with the complex budget reconciliation rules, some of the savings from the education changes had to be redirected to pay for parts of the health care legislation.

In the scaled-back, final version, the administration scrapped $8 billion in proposed spending on early-childhood education. It also mostly erased a $12 billion “American Graduation Initiative,” which was announced with fanfare in the fall as an effort to bolster the work force by producing millions more community college graduates over the next decade, and building up high-quality free online courses.

Community colleges, the main provider of higher education for most low-income Americans, were slated to receive $10 billion under the administration’s original plan, but will instead get just $2 billion for job training.

“I’m disappointed,” said Eduardo J. Padrón, the president of Miami Dade College, one of the nation’s largest community colleges. “For the first time, we had a president who understood the importance of community colleges, and we were validated and recognized for our role in opening the doors of higher education.”

Untouched was the $2.55 billion to historically black and minority-serving colleges, a priority of the Congressional Black Caucus. If the new legislation had not passed, Obama administration officials say, Pell grants would have had to be cut to about $2,150, and some 500,000 students dropped from the program.

In lobbying fiercely against the overhaul, the private banks argued that it would eliminate jobs, even though the government will hire many of the same banks on a contract basis to service the loans and perform other back-office administration. Furthermore, the banks said that with the government as the only lender, students would not get the same level of service.

David M. Herszenhorn reported from Washington, and Tamar Lewin from New York.

A version of this article appears in print on March 26, 2010, on Page A16 of the New York edition with the headline: Student Loan Overhaul Approved by Congress. Order Reprints | Today’s Paper | Subscribe

We re interested in your feedback on this page. Tell us what you think.


Can t Pay Your Student Loans? The Government May Come After Your House: NPR Ed: NPR, government student loans.#Government #student #loans


Can’t Pay Your Student Loans? The Government May Come After Your House

Government student loans

On Adriene McNally’s 49th birthday in January, she heard a knock on the door of her modest row-home in Northeast Philadelphia.

She was being served.

“They actually paid someone to come out and serve me papers on a Saturday afternoon,” she says.

The papers were from a government lawsuit that represents something more than just an unwelcome birthday gift — it’s an example of a program the federal government has brought to 19 cities around the country including Brooklyn, Detroit, Miami and Philadelphia: suing to recover unpaid student loans, like the ones McNally owes.

Every day, 3,000 people default on their federal student loans — and those lack of payments amount to an unpaid bill of $137 billion for the federal government. For decades, the government has tried to get borrowers to pay up by hiring debt collection agencies to call and send letters. But now the government is trying this new lawsuit strategy.

McNally filed for bankruptcy in 2006 and cleared out all her creditors — except for student loans, which are nearly impossible to get rid of in bankruptcy. As she and many others have found out, it’s not easy escaping federal student loan debt.

“Your whole body heats up with frustration,” McNally says. “I’m so frustrated over all this. It’s been so many years that they’ve been sending me mail and threatening me on the phone.”

In the last two years, more than 3,300 student loan borrowers have been sued after defaulting, according to the Department of Justice. In nearly every one of those suits, the borrower loses and the government wins.

What does the government win? A lien on the borrower’s assets — meaning that the debt is now attached to his or her most valuable belongings, like a home.

Jennifer Schultz, an attorney with Community Legal Services of Philadelphia, says that a lien traps a person, like house-handcuffs.

“I describe a lien as a kind of marker on the house,” Schultz says. “Any time a person tries to do a transaction involving their house — a new mortgage, a refinance, or if they try to sell it — they’re going to be expected to clear up any debt that’s attached to that house.”

The government has long been able to garnish wages, take income tax returns and divert Social Security and disability benefits. But targeting property is a way of applying even more pressure to get former students to pay up.

“It’s to try to awaken the avoider from their slumber,” says Drew Salaman, a debt-collection attorney in Philadelphia.

Salaman doesn’t work with student loans, but he’s familiar with debt avoidance. He says some of the borrowers are playing “catch me if you can.” These lawsuits ensure that people take responsibility for their debts.

“After all,” he says, “if we don’t have systems in place to recover debts, how can credit be extended?”

The end result of these suits — the liens — can be seriously threatening to borrowers. For many it’s a matter of housing preservation, says Joanna Darcus, an attorney on the student loan team at the National Consumer Law Center.

“For folks already living on the margins financially, the fear of losing that house can be palatable,” Darcus says.

Once a lien is in place, the government can force the sale of a former student’s home. That’s “exceedingly rare,” officials say, but it does sometimes happen.

The federal lawsuit program is expected to keep expanding, and with more than 8 million people currently behind on their federal student loans, it doesn’t look like the private firms will run out of work any time soon.


Government Grants, Learn How To Get Free Money From The Government, government loans.#Government #loans


Government loans

Government loans

Welcome to GovernmentGrant.com

U.S. Federal Grant Data Provided by USASpending.gov

Every year the United States Government has been giving away Free Money in Government Grants to small businesses and individuals in need. In United States over $400 Billion Dollars in Government Grants have been given away to qualified US businesses, organizations, and people like you.

You may be entitled for government grants that you are not aware of! GovernmentGrant.com is the best source for federal grants, state grants, and municipal grants. Throughout the site, we will show you what grants are available in your area, how to pick one, and how to apply.

One of the great things about government grants is that you can apply to as many as like and best of all it is absolutely free to apply! Its free money just waiting for eligible applicants to come along and take it. With a bit of effort you can get yourself a government grant to fix up your aging home, help start a business or even a grant to help pay your bills!

Government Grant News

Government loans

New Initiative Aims to End Child Hunger in Maine

The state of Maine has unveiled an ambitious campaign designed to combat child hunger. The campaign is called Full Plates, Full Potential, to highlight the fact that children cannot reach

Government loans

Sam’s Club Awards Grants and Education to Small Business Owners

Oftentimes, small business owners are the very small fish in a large, overpopulated pond. One reason they struggle to get their business off and running is due to limited availability

Government loans

Homeless Families Lose Housing After Federal Government Takes Grant Money Away From Charities

Though Polk and Hillsborough counties have mostly recovered from the housing market collapse, there are still hundreds of homeless families located within the central Florida area. Sadly, these unfortunate families

Government loans

FedEx Launches Small Business Grant Contest

Small businesses can find securing funding difficult during a weak economy like the one we’re in now. A government grant program that was available in the past may no longer


Blacklisted Loans for Government Employees in Pretoria, Online Loans Blacklisted, government loans.#Government #loans


Loans for Government Employees in Pretoria

Posted by financial advisor on 9 October 2013

As the administrative capital of South Africa, Pretoria is home to numerous government employees. That is why many lenders offer loans for blacklisted government employees in Pretoria. Find out more about them.

These loans do not differ from the other ones for blacklisted individuals in terms of their features and operation. You can expect the interest rate to be higher while the principal amount will be subject to restrictions. Still, lenders may be willing to lend more to you if you have a sufficiently high disposable income.

Major difference between these loans

The main difference between these loans and the other credit facilities available to blacklisted people is that government employees have the best possible chances of approval. Lenders will approve you more easily and quickly given that the government is a perfectly reliable employer and that the salaries of its employees are high enough for them to be able to service their loans.

Compare various loans for blacklisted government employees in Pretoria to make the right choice for you.

Join 1,000s of amazing people that receive tips on faster loan approvals.

Money must reads

Numerous small independent lenders offer micro loans for blacklisted in South Africa, even.

  • Unsecured Secured Loans for Blac.

    Despite the fairly strong economy of Durban, there are many blacklisted people in the city.

  • Loans for Government Employees in .

    As the administrative capital of South Africa, Pretoria is home to numerous government emp.

  • Understanding the Open Ended Loans.

    Even though loans for blacklisted may not be available from lenders like Grindrod Bank, St.

  • Micro Loans vs. Secured Loans

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    Loans for blacklisted may be difficult to find and clear off with at other places. But with us the process works wonders and brings back that lost smile on your face. All you need to do to get the loans for blacklisted is visit us and file an application with your requests and the required documents. We do not reject loans because of your bad credits.

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    FHA Government Loans – FHA Loan Programs, government business loans.#Government #business #loans


    government business loans

    First Time Home Buyers searching for loan assistance can now take advantage of FHA Government Loans First Time Home Buyer Programs that can require as little as 3 % down. Read more »

    FHA Refinance Programs (now at the lowest rates in 22 years)

    The past few weeks have been a joy ride for homeowners looking to refinance, with refinance rates and FHA mortgage rates all dipping. Homeowners have scrambled to get their mortgages modified to ease debt pressure. With the proactive help from the government, even banks have been able to keep FHA loans rate as low as possible as FHA Refinance rates dropping to historic lows. The final months of 2010 are being regarded as the best time to refinance in almost 30 years. Read more »

    FHA Loans for a fixer-upper (203k Program)

    The Section 203(k) program is the Department of Housing and Urban Development (HUD), primary program for the rehabilitation and repair of single family properties These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer’s credit approved. These lenders fund the mortgage loans which the Department insures. Read more »

    The FHA in your State

    Government business loans

    Financial assistance for Seniors

    Many older Americans need greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more. One of the nations fastest growing solutions is a Reverse Mortgage. Read more »

    Government business loans

    FHA Loan Information

    The FHA does not lend money. The FHA (Federal Housing Administration) is part of HUD backs individual Approved Lenders.

    Note: We are not affiliated with the Federal Housing Administration, the Department of Housing and Urban Development, or any other government agency. We are an FHA Educational Resource.

    When you fill in our short application we will provide your information to one, (and only one!) FHA Approved Lender who can help you based upon many factors, including your Credit Score, your State Location, and the Type of Loan you apply for

    Read more Government business loans

    Subscribe

    Government business loans

    FHA News Information

    • Thirty-year fixed, 15-year fixed and 5/1 ARM rates were all lower today, according to a survey of current mortgage rates published by National Lenders Thursday morning. (2/2/17)
    • FHA Home Loan: A Smart Choice When Rates Are Rising. As people watch mortgage interest rates move upward, they might be wondering whether there is a mortgage out there for them. The FHA home loan could be something to look into, depending on one’s savings, credit score, income and future needs. (2/27/17)

    HUD suspends FHA mortgage insurance premium cut. The FHA will issue a subsequent Mortgagee Letter at a later date should this policy change (01/27/17).

    Government business loans

    © 2017 FHA Government Loans .org

    FHA Government Loans .org is a not a lender or a mortgage broker. We do not direct market by phone or email consumers. We do not provide any loans, loan modifications or foreclosure services. Note- FHA Government Loans .org is not affiliated with HUD or FHA and is not a government agency. FHA Government Loans .org is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through and representatives or agents. Any request for mortgages will be arranged by third party providers We do not direct market by phone or email towards consumers. FHA Government Loans .org is known as Mortgage Information Technologies LLC in lieu of true name, is a news and information service providing Federal Housing Authority news, content and directory information relative to mortgages and loans. We are not responsible for the accuracy of information and/or interest rates represented and we are under the assumption that all content is in accordance with the Copyright Policies of the United States of America and territories If you are suspicious of any fraudulent activities or if you have any questions Contact Us or your local HUD Agency or the Office of the Inspector General.


    Government Grants, government business loans.#Government #business #loans


    Government Grants

    In today s economy, it is quite normal to feel overwhelming stress when it comes to financial matters. This is especially true for individuals and organizations who would like to embark on projects from which not only they could benefit, but which also can be beneficial to society. It s important that you understand that there is help out there. As a matter of fact, it is in the government s best interest to fund people and groups that wish to grow financially, thereby strengthening the economy and their individual communities. If you are interested in benefiting from money that the government has set aside from people who wish to better their nation, you will want to research government grants.

    What Are Government Grants?

    In today s economy, it is quite normal to feel overwhelming stress when it comes to financial matters. This is especially true for individuals and organizations who would like to embark on projects from which not only they could benefit, but which also can be beneficial to society. It s important that you understand that there is help out there. As a matter of fact, it is in the government s best interest to fund people and groups that wish to grow financially, thereby strengthening the economy and their individual communities. If you are interested in benefiting from money that the government has set aside from people who wish to better their nation, you will want to research government grants.

    For those who are learning about government grants for the first time, it can be a bit of a mystery why the government would give money to people who would like to better their lives. There is a misconception about the government s function. In many ways, a role of the government is to see that the economy is strong. In order for the economy to be strong, however, the people in a country need to be able to progress. If you are interested in construction or home remodeling, for example, you can t do your job if you are having cash flow issues. This is why the government is willing to provide you money so that you can complete your projects

    Types of Government Grants

    There are many different kinds of government grants. As a matter of fact, there are grants for virtually every kind of financial need that you can imagine. Individuals who are interested in growing their small businesses have access to a number of different grants developed to help improve this important and often struggling facet of the national economy. Likewise, people who are interested in improving their communities with sustainable and affordable housing can find a number of different grant opportunities offered by the Housing and Urban Development department. This agency also is known as HUD. There are also government grants offered to people who may need financial assistance at a personal level. For instance, there is funding for single mothers who may need help with basic financial support with school lunches and enrollment fees.

    There also is funding for artists who would like to embark on large scale creative projects, but who may not have the time or money to see them fully realized. Another common goal of many of these grants is to help individuals who would like to go back to school. Pell grants, for example, are designed to fund individuals from low income brackets who would like to attend college. There are also education grants for people who have excelled as students and grants for people who would like to study concentrations that are beneficial to society.

    How to Apply for Government Grants

    If you are interested in applying for government grants, it first is necessary to register. Registering for federally funded grants is a relatively easy process, though it s important to remember to follow the instructions very closely. There often are a number of important dates and restrictions put on applicants, so you should make sure that you are entering the right information and that you are qualified to be awarded grants. One thing you want to keep in mind is that each government grant is assigned an identification number. In most cases, you will be expected to have access to this number before you begin the general application number.

    Once you have been added to the government grants system, you will be ready then to prepare your materials for a specific grant. For individuals who are requesting basic financial assistance, this can be an easy and quick process as well. You may simply be required to provide some basic financial information regarding employment, income, and regular expenses. If you are applying for a grant that you will use to complete a project, however, you will certainly need to first prepare a statement and a budget. If you have never performed this kind of work before, you might need to get a little guidance.

    The way in which you prepare for government grants depends largely on the nature of the grant for which you are applying. For example, if you are interested in beginning a housing project, you are going to need to do the work of a construction project manager. In other words, you will need to complete an initial budget in which you describe the materials and services you require and how you will use the funding to pay for these services and items. If you are interested in applying for funding for scientific research, if can be very important that you discuss your research goals. Likewise, you want to be sure that you can talk about how the funding will help you to improve your research. Artists who are applying for grants can count having to provide personal statements and resumes or curricula vitae.

    As you are filling out your government grants materials, it s important that you remember to pay attention deadlines and other important details. In most cases, it is highly recommended that you complete all of your application materials at least a week prior to the deadline. If you are missing information or if you have not provided the correct information, a government grant representative will contact you and inform you that you need to revise your materials. If a representative has not had time to review your materials for errors before the passing of the deadline, however, then chances are that you will not be eligible for funding and will have to wait until the next year. In other words, it pays not to rush.

    Apply for Government Grants

    Start your application for a free grant package by clicking below. Non US Citizens are also eligible to apply for grants.


    Kentucky DLG Home, government home loans.#Government #home #loans


    Welcome to the Department for Local Government

    The Department for Local Government (DLG), under the Office of the Governor, provides financial help in the way of grant and loan assistance, as well as advising local governments in matters of budget, personnel and other issues relevant to those entities.

    • Government home loans

    The Department for Local Government Names New General Counsel

    (CLICK HERE TO READ FULL ARTICLE)

  • Government home loans

    City of Morehead Receives $200,000 Community Development Block Grant

    (CLICK HERE TO READ FULL ARTICLE)

  • Government home loans

    Gov. Bevin Appoints Zachary Bloodworth as Magistrate for the Third District of Crittenden County

    (CLICK HERE TO READ FULL ARTICLE)

  • Government home loans

    Rowan County selected for Land Water Conservation Fund of $75,000

    (CLICK HERE TO READ FULL ARTICLE)

  • Government home loans

    Whitley County Receives $120,000 from Appalachian Regional Commission

    (CLICK HERE TO READ FULL ARTICLE)

  • Government home loans

    Christian County Receives $200,000 Community Development Block Grant

    (CLICK HERE TO READ FULL ARTICLE)

  • Government home loans

    CDBG Administrator Re-Certification Training

    (CLICK HERE TO READ FULL ARTICLE)

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  • Debt consolidation loans – Money Advice Service, government debt consolidation loans.#Government #debt #consolidation #loans


    Debt consolidation loans

    Consolidating all your debts into one loan might appear to make life easier but there might be much better ways of dealing with debts. Find out more about how debt consolidation loans work, then get free debt advice before you make a decision.

    What is a debt consolidation loan?

    If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments.

    You borrow enough money to pay off all your current debts and owe money to just one lender.

    There are two types of debt consolidation loan:

    • Secured – where the amount you’ve borrowed is secured against an asset, usually your home. If you miss repayments, you could lose your home.
    • Unsecured – where the loan is not secured against your home or other assets.

    Secured debt consolidation loans

    Debt consolidation loans that are secured against your home are sometimes called homeowner loans.

    You might be offered a secured loan if you owe a lot of money or if you have a poor credit history.

    You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.

    When should you consider a debt consolidation loan?

    Consolidating debts only makes sense if:

    • Any savings are not wiped out by fees and charges.
    • You can afford to keep up payments until the loan is repaid.
    • You use it as an opportunity to cut your spending and get back on track.
    • You end up paying less interest than you were paying before and the total amount payable is less (it could be more if you repay over a longer period).

    Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.

    For example, what if interest rates go up, or you fall ill or lose your job?

    If you can’t stop spending on credit cards, for example because you’re using them to pay household bills, this is a sign of problem debt.

    You should get free debt advice before taking out a debt consolidation loan.

    Warning!

    Always think about the potential downside of a secured loan. Your circumstances might change and your home could be at risk if you can’t keep up with repayments

    When getting a debt consolidation loan doesn’t make sense

    A debt consolidation loan definitely doesn’t make sense if:

    • You can’t afford the new loan payments
    • You don’t clear all your debts with the loan
    • You end up paying more overall (due to the monthly repayment being higher or the term of the agreement being longer), or
    • You really need help sorting out your debts rather than a new loan – a debt adviser might be able to negotiate with your creditors and arrange a repayment plan.

    Debt consolidation loans that don’t put your home at risk

    A better option might be a 0% or low-interest balance transfer card.

    This is the cheapest way if you repay within the interest-free or low-interest period.

    You’re likely to need a good credit rating though to get one of these cards.

    You could also consolidate your debts into an unsecured personal loan, but again you’ll need a good credit rating to get the best deals.

    Fees and charges for debt consolidation loans

    Beware of the high fees some companies charge for arranging the loan.

    • Read the small print carefully for any extra fees or charges before you sign anything
    • Check whether there are any fees for paying off existing loans early as this could cancel out any savings you make
    • Avoid paying a fee for a company to arrange the loan on your behalf unless you’re getting advice (and you’re sure it’s worth the cost)