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Are you stuck under a pile of credit card bills, student loans or a mortgage? You are not the only one. Across the world, people are struggling to come to terms with and control their debt. The worst part is when all your debt accounts are handed over to a collections agency and they come calling at your door. With all their harassment and insults, they make you feel like it’s the end of the world. Don’t worry and remember that it’s all a part of the game they play to get their job done.

Before all this starts happening, the best thing to do is take a reality check. The moment you realise that your debt situation is out of control, start thinking of ways to control it. There are ways and means on how to negotiate debt settlement.

Deal with the collectors

Face up to these guys and come to a settlement. What are some of the considerations while dealing with the collectors?

• Get the priorities right. When you decide on giving money to your creditors, first make sure that all your basic needs are covered. After keeping aside money for food, lodging, medicines, etc, then you start prioritizing the debt that you need to pay off. Never get intimidated by the collectors.

• Keep records. When it comes to money matters, make sure you have records of every deal and interaction along the way. All the letters, the e-mails, must be saved. Try and avoid voice interactions as much as possible and keep the correspondence written. Whenever any agreement is made, make sure it’s all in black and white and signed by the appropriate authorities.

• Again, don’t be coerced into paying more than what you can realistically afford. Don’t be taken in by the demands of the collectors and always offer to pay less than what you can actually afford. Always appear to be in control of the situation. If you show your vulnerability, they will zone in and try to take advantage of your weakness. This is one of the prime rules in how to negotiate a debt settlement.

Getting the services of a debt settlement company

Do you feel that confronting credit sharks is not in your style? Then you can always hire a company to deal with your creditors and do the negotiations. Again, step very carefully when you are hiring a company. Only hire a company with a good, solid reputation. Always go by referrals and recommendations. Remember that a respectable company wont need to solicit services through telemarketing and email blasts. They will rely on their good reputation through a steady clientele.

One important question to ask yourself before hiring a firm is whether their fees will add to your existing debt or actually sort out your debt problems? Be sure to get a clear picture of what their fees are and how those are being charged. Get it in writing to avoid grey areas.

Be well informed and aware

Make sure you are protected by knowing your rights. The more informed you are, the stronger your position will be. No one will be able to take you for a ride. You can get free data on debt settlement firms and collectors, from bodies like the state attorney general’s office, the FTC and so on. Then you will know what these people are allowed to do and not, with your debts. Get information about the debt settlement firms from your local Better Business Bureau before taking any definitive steps.

Act on time, and your future will be a steady one.

Ashton is a reputed freelance writer on topics like finance, debt and real estate. He has been published in internationally known publications over the past five years, where he has written articles on how to negotiate debt settlement. Ashton loves watching fantasy movies.

Anyone who currently rents a home or flat, or lives with their parents, may need to search for alternative forms of credit if they wish to take out a new loan. Fairly or unfairly, anyone who is unable to display a good credit history to a potential lender will struggle greatly to successfully apply for a loan due to strict lending policies. Fortunately tenant loans and guarantor loans have filled this gap in the market and are ideal for any tenant who has adverse credit, arrears, filed for bankruptcy, County Court Judgements (CCJs), debt issues or anyone who is self employed and has no proof of income.

Many high street lenders simply refuse to issue loans to people with a bad credit rating, regardless of the reason, and therefore turning to specialist loans to help counter this problem is the only realistic option for many people.

What Exactly is a Tenant Loan?

Tenant Loans have been created specifically for council tenants, private tenants, housing association tenants and anyone who still lives with their parents/relatives and hasn’t had a chance to build up a suitable credit history.

Whatever your circumstances as a tenant, even if you have a bad credit history, CCJ’s, defaults or payment arrears, tenant loans may be a viable option for you.

Who are Tenant Loans designed for?

Tenant loans should be viewed as the primary option for any council tenants, housing association tenants, most private renters, and for people living with their parents or relatives. Because this type of loan is unsecured, it guarantees that you will not need to secure your property against the outstanding balance of the loan.

Can Anyone Apply For a Tenant Loan?

In short, anyone who doesn’t own their own property is eligible for a tenant loan.

What Are The Alternative Options?

Similar to a tenant loan, in the fact that they have been designed to offer a way to successfully apply for credit even if you would struggle with a High Street lender, guarantor loans are becoming increasingly popular. Although this type of loan has been in existence for many years, confusion still reigns regarding how they actually work and who they will benefit the most.

Guarantor loans are available to more people than loans offered by some banks and other high street institutions because they utilise the presence of a friend/family member who will act in the role of guarantor for the loan to provide an extra level of security for the lender. For this very reason, guarantor loan lenders are willing to lend to those will a poor credit history due to missed repayments in the past, never having credit before or not having lived in the UK for very long, amongst a wide variety of reasons.

Whilst there are a range of other ‘bad credit loans’ available, nearly all have a very high associated APR and are only available in fairly limited amounts. Payday loans, for example, are designed to be paid back on the borrower’s next pay day. Generally this will leave them short of money for the next month and another loan will be taken out. This can quickly become a vicious cycle which is difficult to extricate themselves from. However, as well as being spread out over a longer period of time, your ability to afford the guarantor loan repayments will be factored into the loan application process, significantly reducing the risk of this happening again.

For a long time now, we have become very used to living off credit. This is unfortunate as we may find ourselves out of our depth, having totted up a huge bill and struggling to make the repayments on a monthly basis. And the trouble is it is just too easy to do. Credit card companies are continually offering us card after card and, being only human, particularly if we find ourselves short of cash one month; it takes just a few minutes to apply. OK so our immediate cash flow problems are resolved but what about the bigger picture? Maybe it is time to take a fresh look at our borrowings before our total debt is larger than we can manage.

But if it is not to be credit card, or even bank overdraft, what exactly are the options? Agreed that it is sometimes impossible to manage on our salary alone, particularly when unexpected debts knock our carefully planned budget for six. On paper, it may all look rosy. Our income is in excess of our expenditure and we should even be able to save £50 a month. But like most well-made plans, it doesn’t always work out like that. The £50 gets swallowed up by sundry expenses like lunchtime snacks and trips to the supermarket. The end result is no savings, so that when the car breaks down or the bike needs a service, the funds just aren’t there to cover the cost.

As we can see, credit cards can be a wolf in sheep’s clothing. So how about looking for something different that will not land us with long term, ever increasing debts? An internet search for ‘payday loan’ will bring up the name Wonga. But if you have never heard of Wonga or ‘payday loans’ then you can be excused for wondering what on earth this is all about. It’s a very simple process. Unlike credit cards and similar types of borrowing which let us borrow large amounts and pay back over extended periods, payday loans have to be paid back, in full, within 28 days or less. At first glance you may think that this is not so good. After all, with a credit card you can pay it back over years can’t you? But think again. The longer you borrow the money for the more it costs you. A payday loan can work out cheaper as there is no option to spread the loan over a longer period.

Added to that, a Payday Loan truly is fast and can be in your account within minutes. Once you have repaid it in full, the debt is gone. Wiped out. No horrific huge sum of debt stockpiling into the future. No worrying about monthly repayments. It really is worth thinking carefully before you take out another credit card to shuffle your debt from one card to another. Once you have gotten used to the new way of dealing with your money shortages, you should find it refreshingly simple and easy to use. Bye-bye credit cards!

In the UK the Archbishop of the Church of England has struck out at pay day lenders calling them “morally wrong”. Unfortunately after bashing the pay day loan industry it transpired that the Church had invested over $7 billion of its pension funds in a company which had then supported a pay day lender. Indirectly therefore the Church had invested in a pay day lender! The very industry it regarded as sinful. It seems they were suitably embarrassed.

In response to the Archbishop’s attack the pay day lender in question, Wonga, who is also a pay day loan provider in Canada (see www.Wonga.ca), created and released a very clever, tongue in cheek, advertisement based on the 10 commandments – the Wonga version is the 10 commitments. The aim of the advert is to better educate people when interpreting the Church’s comments about pay day lenders. It sets out the promises the company makes to its borrowers and highlights the fact Wonga is a responsible lender. Probably the Church is a little unhappy that the debate and the new advertising campaign has certainly given the lender even more publicity – the adverts have of course been reported upon by the media thus resulting in free advertising and increased publicity for the company.

Further, far from sounding like the loan shark the Church has tried to portray pay day lenders as, the Wonga advert pretty much agrees with what the Church has had to say on the issue of pay day lending. The lender stated it was transparent about the price of its loans, carried out thorough credit checks and froze interest after two months to protect defaulting customers. It also said that it welcomed competition.

The pay day loan industry in the UK is not regulated like it is in Canada. Many politicians, charities and other organisations are calling for regulation but do not have the solution – the Archbishop is at least trying to push forward an idea. He is proposing that Credit Unions work from church premises to offer similar loans at lower interest rates – his idea is to push pay day lenders out of the market. This certainly sounds like a challenge. For a start he wants to find church members to volunteer as staff at the branches. This may be a big hurdle in terms of attracting customers. The average church goer probably does not reflect the average pay day loan customer. No one wants to be judged when taking out a loan.

A recent study indicated that the average age of a church goer was 61. Anglican leaders have warned that the Church of England will cease to exist in 20 years because elderly worshippers will die. As a result of this the Church presently has an urgent national recruitment drive to attract more members.

Just recently the Rt Rev Paul Butler, Bishop of Southwell and Nottingham stated that teachers should not illustrate math lessons with examples of “profit and loss”, or encourage children to save in order to buy bikes or toys Instead, lessons should focus on the math involved in giving donations to charity, saving for an overseas project, or even “tithing” – giving 10 per cent of one’s income to the Church.

When the Church is making statements like this you have to wonder whether it is the Credit Union/pay day loan “solution” is one part of its necessary recruitment drive. Pay day loan providers want profit, the Church wants people in seats: both have their own agenda.

Although the Rt Rev Paul Butler might not think it important, educating children about profit and loss and savings is all part of money management. This is vital in today’s society – Surely it is better money management which will reduce the need and desire for pay day loans.

Saving your home loan deposit can seem like a difficult task, especially if you are a first home buyer. Luckily, there are a range of things you can do that will help to make it happen sooner than you might think. Here are 5 top tips for saving a home loan deposit efficiently and effectively.

Cut Your Unnecessary Spending

The first step to boosting your savings is to immediately start cutting down on your unnecessary spending. If you want to get a home loan deposit together as fast as possible, it’s worthwhile scaling back what you spend on other things. Every little bit counts, and it can be as small as bringing your own coffee to work, eating at home instead of dinner out, and cutting out impulse spending on luxury items.

Analyse Your Budget

Now that you’ve made a start, it’s time to take a good look at your budget. Analysing your income and expenses will help you to ascertain where your money is going, and how it can be optimised to create a more effective savings plan. Ensure that your budget is clear and comprehensive, and use it to help you maximise your income.

Dedicated Savings

To get the best results, consider opening a new savings account specifically dedicated to your home loan deposit. Look for something that is high interest with low fees to ensure that your savings continue to grow. Divert a set amount of your weekly wage directly into this account, and be sure to add extra contributions whenever you can afford it.

Consider a Professional’s Input

If you feel like you have tried all of the above and still haven’t seen a great boost to your savings, it might be time to call in some expert assistance. Talking to a financial professional can give you new ideas and strategies on the smartest ways to save, helping you to own your dream home sooner. You may even be able to get great advice from a lender, particularly those with a history of helping people to achieve their financial goals. Agencies such as Fox Symes are famous for their quality debt solutions, and have also become specialised in offering great value home loans. By choosing a lender like this, you are truly getting the best of both worlds, and will have all the help you need to effectively save your deposit, fast!

Stick to It!

Now that you have a great savings plan in place and your finances are working efficiently, it’s essential that you focus on the long term. It’s easy to feel discouraged if you get caught up in day to day expenses, and the trick to success is to have a positive attitude and always remember your end goal. Never forget that all of your hard work now is allowing you to achieve the incredible goal of owning your dream home in the future.

With these top tips, you will be able to start a quality savings strategy to help you buy your own home sooner than you might think. Time is of the essence, and when you’re looking at saving a home loan deposit fast, every day counts. Get started today and enjoy the reward of seeing your savings grow!