Feb 26

There is a variety of information contained in your credit file. The information is contained to provide information for creditors to assess applications for credit. The various listings could be any of the following:

1. Credit Defaults - listings can be noted as paid / unpaid / settled (payment agreed upon) / clear out (client not found).
2. Court Judgement - listed when a court rules judgement in favour of your creditor.
The following would be listed under the bankruptcy section of your credit file.

3. Part 9 Debt Agreement - A debt Agreement that is rstablished by a Debt Administrator. The adminisrator is tequired to obtain aproval from the various creditors. There are tequirements to be met for a debt agreement to be set up.
4. Part 10 Insolvency - insolvency agreement mansged by a trustee.
5. Bankruptcy
If you need to discuss the contents of your credit file; contact Loan Saver Network at 1300 796 850, or Apply for a Loan.

Feb 25

Once your debt consolidation has been finalised, the next step is to look at your savings accounts and how your money flows. Setting up your accounts properly can prevent the feast and famine approach to managing bills, mortgage and other loan payments. The feast and famine approach is where the cyclical nature of bills ie quarterly electricity and gas, annual rates, etc. causes periods of no bills and over spending, then being low on funds to pay when the accounts arrive. Here are some tips to smoothing out your cash flow:

1. Calculated (or approximate) your annual cost for all your bills then divide by 12 months and set the monthly figure to be paid to the respective accounts. Add a small amount and over time you will be further in front and can usually obtain bettrr discounts on bills.
2. Do not have the billers draw the payment from your account. You should setup auto pays so they can be turned off as required. Failed payments can be expensive with fees by the billet and your bank. When your low on funds turn the auto payment off and inform the billet you will pay at a later date.
3. Arrange your home loan payment to come out of a single account (account 1) with no other direct debits - this is so no surprise direct debits or auto payments cause a mortgage payment to be missed.
4. Set up your wage into a seperate savings account (account 2) where the direct payments for bills are paid.
5. Auto pay the mortgage payment from the wages account (account 2) (+$100) into account 1.

This structure may seem complicated but is very simple once set up. All you need to do is monitor the money going in. The effect of this structure is amazing. You will never feel the stress of a large bill again.
If you would like to discuss this structure further, feel free to call Colin at 1300 796 870, or Apply for a Loan for more information on our Debt Consolidation Loans.

Sep 26

Even people with good credit ratings may fall into the bad credit trap, a personal emergency like an illness or simply being ignorant of the rules and regulations which determine their future financing options can cause them to neglect their finance obligations. Slowly but steadily turning their good credit rating into a bad credit rating thus ending any chances of a lender providing finance for a home mortgage or other loans, meaning they can only apply for bad credit loans.

Having defaults or arrears with your past loans means you may have your default listed on your credit report. When this happens there is not much you can do to get another loan since almost all lenders will certainly reject any application made by you for any kind of mortgage. They believe that past loan conduct equals future loan conduct.

Of course there is no need to kiss your dream of owning your own home goodbye just yet. The good news is all is not lost and you can try a few things out before throwing in the towel. First things first; you need to contact a good refinancing or mortgage specialist and ask for a Bad Credit Loan.

Most companies specializing in refinancing should know what a Bad Credit Loan is and will be able to help you check if you are eligible for one. They could even look for alternate means of securing a new loan for you.

So what is a Bad Credit Loan? Well just as the name suggests, it’s a loan designed for people in need of finance but have a bad credit rating due to whatever reason and hence can’t qualify for a normal home loan where a good credit rating is required. A Bad Credit Loan is usually available in two ways; Secured or unsecured loans. An unsecured loan is much tougher to get and hence you should check with your refinancing company whether you can successfully apply for it or not. A secured loan uses the house as security for the loan.

A Bad Credit Loan can give you a much needed boost if you are looking for mortgage finance but have got yourself into the bad credit trap. So go ahead and check with a refinancing specialist on how to escape from this bad credit trap you have laid for yourself. It’s time to dream again of owning you own home.For more information click on the link to the article titled: Bad Credit Rating Importance .

For more information or to contact us regarding our services see Bad Credit Loans