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Keeping your body and your finances fit

admin — Tue, 16 Mar 2010 08:47:04 +0000

For many people these days keeping fit is a very important part of their lives, and with all of the scare stories that we hear about the ill effects of being unfit, overweight, and generally inactive it is not surprising that so many people want to ensure that they get regular exercise and keep their health and their bodies fighting fit.

However, whilst taking part in exercise is a good thing for some people it can also cost a small fortune, and it is therefore necessary for many people to think of ways of exercising without paying out a fortune.

Of course, one of the simplest and cheapest ways to keep fit is simply by going for a brisk walk or a jog on a regular basis, but the trouble with this is that the weather in the UK is not ideal for joggers and you are more likely to end up with a bad cold and chilblains than being fighting fit.

Another concern is that many people work full time, and the last thing that most people want to do when they get home is head out onto the roads to jog, as this can be unsafe apart from anything else.

Joining a gym is another option, and this is a more secure option and one that enables you to exercise indoors. However, gym memberships can be very expensive, and in many cases you need to sign up to a minimum twelve month contract in order to get the most affordable prices which means that you will have to make payments for the contract period whether you continue to go or not.

There are some tips that could help you to save money on keeping fit without having to put up with the bad weather or put your safety at risk. For example, if you want to join a gym see if you can get away with an off peak membership, which is often far cheaper than the peak one. With these memberships you are limited to when you can use the facilities, but if the hours fit in with your lifestyle then this is a good way to save money.

You could look at getting an exercise machine for the home, so that you can exercise in safety at a time that suits you and from the comfort of your own home. There is no need to buy a brand new exercise machine, as these can be very costly. Instead scour the papers or go online to places such as eBay where you may be able to find the perfect exercise equipment at a knock down price.

Many people use DVDs to work out to, with a wide range of exercise videos and DVDs that are now available. You can check out the prices of these online to get the best price, and if you don’t want to buy the DVD you could even check out the local library and hire out exercise DVDs so that you can start getting fit without having to pay anything.

Keeping your body and your finances fit is a post from: Nicon Debt Management

Businesses will pay for bad weather

Claims for cancellation of debts may be put on hold

admin — Mon, 20 Jul 2009 10:37:07 +0000

According to a recent report tens of thousands of pending claims to cancel consumer debt such as credit cards could be put on hold by the courts, with judges in England and Wales considering this move over claims that have been filed by claims handling firms that have been advertising in the media such as television and print.

It is thought that around one hundred thousand claims could be put on hold if the move goes ahead.

The problem with the claims that have been filed by these claims handling firms is that they state that lenders cannot enforce the credit agreement relating to the debt if the right paperwork has not been kept, but in order to clarify the situation judges are considering using a selection of the claims to conduct a test case in the High Court, as was the case with the bank charge claims, which went to the High Court at the start of last year.

One judge said: “It is apparent that there are a number of claims to be commenced nationally in which the main claim will be for a declaration of the invalidity of a credit agreement for non-compliance with the Consumer Credit Act.

Estimates vary but up to 100,000 claims may be involved. The consensus is that the appropriate course is to refer a few carefully selected cases to the Commercial Court in London on a test basis… and then stay all others until the test cases have established the requisite principles.”

In the meantime consumer groups have urged those struggling with debt to contact their lenders or a debt charity, with one official stating: “Anyone who find themselves struggling with their debt should contact their lender and arrange to have their repayments restructured. If they are really worried about their debt, they should contact Citizens Advice, National Debtline or the Consumer Credit Counselling Service.”

Claims for cancellation of debts may be put on hold is a post from: Nicon Debt Management

Increased number of people face bankruptcy

admin — Wed, 17 Dec 2008 07:32:41 +0000

Recently released figures have shown that an increased number of people could be facing bankruptcy, with a rise in the number of people facing bankruptcy having already risen in the third quarter of the year. The figures show that there was a 7 percent increase in the number of people facing bankruptcy during the third quarter of the year, reflecting the effect of the global financial crisis on many household struggling to keep up with their financial obligations.

In the three months to the end of September around 13,653 people petitioned for bankruptcy in England and Wales, according to figures from the Ministry of Justice. Since 1995 this is the second highest figure recorded by the Ministry of Justice. There was a 13 percent increase in the number of company winding up petitions in this period too, and a 10 percent rise in the number of creditor petitions.

One economist from Global Insight said that the figures were a sign of things to come, and he added: “Individual bankruptcies are poised to surge over the coming months in the face of recession, faster rising unemployment, higher debt levels, very tight credit conditions and more and more people being trapped in negative equity.”

England and Wales has seen a sharp rise in the number of people that are being declared insolvent, and with job losses expected to continue rising as a result of the recession these figures could get worse and worse over time. The number of firms being liquidated has risen by over a quarter compared to a year ago. Many are also struggling because of the rise in living costs and bills over recent months, which has also impacted upon their ability to keep up with their financial obligations.

Increased number of people face bankruptcy is a post from: Nicon Debt Management

Are more people turning to doorstep lenders?

admin — Wed, 08 Oct 2008 08:12:01 +0000

Over recent months credit conditions in the UK have become tighter and tighter, and this has all stemmed from the global credit crunch, which took a hold in the UK last summer and has been wreaking havoc in the financial markets ever since. With so many people now unable to get finance as easily as they could before it is little surprise that so many have turned to alternatives such as payday loans and doorstep lenders, and the increasing number of people turning to lenders such as these has been reflected in the rise in business that some of these lenders have enjoyed.

The fact that credit conditions have become so much tighter over recent months has not stopped consumers’ needs for finance – in fact, quite the contrary, because as credit conditions have become tighter living expenses have become higher, and this has made it even more necessary for many people to borrow money. However, with mainstream finance now well and truly out of reach for many people – especially those with damaged credit – the only alternative is to seek assistance from a doorstep lender.

Doorstep lenders have commonly been associated with offering finance to lower income people who have traditionally been unable to get finance elsewhere, and have also been linked to high rates of interest. One well know doorstep lender, Provident Financial, which also owns the high interest credit card Vanquis, which caters for those with damaged credit, recently reported that in the first half of this year there had been a rise of 34% in business, which clearly shows that an increasing number of people have been turning to lenders such as these as an alternative to banks and other mainstream lenders.

One industry official recently stated: ‘With the ongoing tightening of credit scorecards by high street providers, some of those seeking unsecured borrowing will face the prospect of even higher monthly repayments or being turned down for loans for which they would have previously been accepted.’

He added: ‘The tough economic conditions will see the likes of Provident Financial continue to fill its boots as the bigger lenders remain far more selective about the type of customers they are prepared to lend to. Whilst consumers may still be able to get their hands on unsecured funds, some are going to be faced with paying rates they would have dismissed out of hand just 12 months ago.’

Whilst many people have certainly gone down the doorstep lender route, those with decent credit ratings should bear in mind that there are still personal loans available from traditional lenders, and that by comparing different loans from a range of lenders they may still be able to get a competitive deal on their borrowing. Comparing loans can be done with ease and convenience online, and could save you a lot of money in interest compared to some of the more expensive alternatives.

Are more people turning to doorstep lenders? is a post from: Nicon Debt Management

Best Saving Strategies to Help Avoid Debt

admin — Tue, 27 May 2008 11:27:46 +0000

You may be wondering what are the best savings strategies for the new year. Often, consumers have the desire to save money and stay clear of debt, but they might not know exactly how to go about doing it. With some advanced planning, you can put into place a savings strategy in 2008 which will really help you meet your financial goals.

For instance, you might want to reduce your credit card debt this year, but you might want to save for retirement as well. Financial experts say it’s entirely possible to work toward both financial goals at once. For instance, if your company offers matching contributions for 401(k) plans, it’s a good idea to take advantage of the program. The company is essentially offering you free funds that should not go to waste.

In addition, add an extra payment each month to one of your credit card accounts – preferably, the one with the highest interest rate. That way, you can make some headway in paying down your debts.

You may also have a desire to save for your children’s college education. While such a desire is certainly commendable, it’s better for you to save for retirement. That’s because your children can receive financial aid for college in the form of grants, loans, and scholarships – but there’s no financial aid for retirement, other than Social Security.

If you’re not sure how to save money, take a look at your monthly bank and credit card statements. Get a firm idea of where your money is going. Are you spending a great deal on fine dining? Clothes? CDs and books? Figure out where the luxuries are and cut them out of your budget.

You can also make it easier on yourself by establishing a direct deposit from your checking account into your savings account. That way, you can save money without even lifting a finger.

Best Saving Strategies to Help Avoid Debt is a post from: Nicon Debt Management

Financial Experts Offer Credit and Debt Advice

admin — Tue, 27 May 2008 11:25:10 +0000

Financial experts are offering consumers some sage words of wisdom for 2008. One key message: Put some thought into the next credit card offer you agree to accept.

Experts in the field note that selecting a credit card can be nearly as crucial as choosing the right mortgage. In order to get the most out of your credit card, you need one that fits well into your financial lifestyle.

If, for instance, you’re good about paying off your debt each month, you don’t have to be too concerned about interest rates. Instead, you’re more apt to be interested in the special bonus features that come with the card and how long the grace period is.

If, on the other hand, you tend to carry a balance, you’ll be less concerned with grace periods and more interested in interest rates. You may want to shop around in order to locate a card which offers a 0 percent introductory rate. At the end of the introductory period, you may be able to transfer your balance to another card offering a 0 percent rate—or at least a relatively low rate. Some cards even enable you to keep a low interest rate until your balance is paid off.

However, if you do carry balances of debt on your cards, you may want to make a vow to eliminate them or at least reduce them. Having high balances of debt on credit cards is like throwing money down a deep hole and it could rob you of a secure financial future. While saving money for your retirement is important, you might want to also promise yourself that you will reduce your debt in order to improve your personal financial picture.

As you shop for a credit card, keep in mind, too, that it is critically important that you pay your bills on time. Otherwise, you may be hit with a late fee that can run as high as $39. In addition, failing to pay your bills on time can prove disastrous for your credit rating, making it difficult for you to take advantage of the best credit deals.

Financial Experts Offer Credit and Debt Advice is a post from: Nicon Debt Management

Different Categories Of Debt Explored

admin — Tue, 27 May 2008 11:20:08 +0000

Basically, there are three main categories of debt in which lie six different types. These three categories constitute the whole of the United States’ consumer debt. Within this bewildering realm, it is easy to get lost among the complexities of how debt is reckoned by different creditors. It is very easy for those unfamiliar with even the essentials to be mired technical terminology and legal matters. How can you make it easier on yourself? If you start by learning about the three major categories of debt, you can then build of this foundation to gain specific knowledge in other areas of debt.

First, debt can be categorized according to whether it is a secured or an unsecured debt. Each term is used to express the primary characteristic of the debt you have. What makes the real difference between the two types of debt is whether you have some form of collateral. This is where the idea of having security comes into the picture. For example, if you owe on a loan that security or collateral such as a house or car, either of these may be taken by the lender if you are unable to pay back the loan. Home mortgages are secured debts. Now, if you do not have collateral, you have an unsecured debt. This might include the outstanding balance on a credit card.

Second, you may have what is called revolving debt or installment debt. With these two terms, your debt is categorized based upon how you payments on outstanding debts are paid. Let’s give some examples. For instance, if you have a mortgage or a car payment, the monthly payments are fixed. There is no variation in monthly amount. This is what it means to have an installment debt. If you have credit cards with balances on them, then you have examples of revolving debt. The outstanding balance will change each month depending upon whether you’ve made more or less purchases with the card.

Installments are a safer form of debt because there is no risk of increasing the amount of debt you must carry. You bought a car for a certain price and that stays the same. You are required to remit payments until it is paid off. Revolving debt is riskier simply because you can keep changing the amount through continued spending.

Third, debts can be categorized based upon their specific source. This category is narrower in its scope. An example of this could be credit cards. There are cards issued by different retail stores and those that are issued by financial institutions. It is common misconception to view these different cards as basically the same. Yet, you need to see the differences. It doesn’t matter if it says Master Card or VISA, if your card is issued by retail store, the interest rate will be much higher than you would receive from a bank. Lenders may view each card differently based upon their policies, even as they also review the credit ratings of the cardholders.

These three categories are good entry point. Yet, there are more layers to debt than you may know. It will be beneficial for you, if you take the time to study this more carefully. It could affect your own debt management efforts.

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Different Categories Of Debt Explored is a post from: Nicon Debt Management