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Getting the Financial Advice You Need
Getting the Financial Advice You Need

Getting the Financial Advice You Need

If you ever find yourself in need of financial advice for any reason, it is important that you know where to turn. Perhaps you are in debt or thinking about getting a loan. It is always a good idea to seek help from those who are more knowledgeable and experienced than yourself. This advice can go a long way towards helping you to make the right financial choices in life. If you have to make a very important decision of some kind, you will need to know what your options are like.

The following is a list of different financial organizations in the UK that can help you with getting the help you need right away.

Money Advice Service

This government-backed service has helped many people with getting advice on how to spend their money. If you are struggling with debt or want to get a home loan, this is one service that can be of immense assistance. They offer a number of convenient calculator tools that you can use to straighten out your finances and get organized. Take the time to visit their official website to see everything they have to offer.

Citizens Advice Bureau

The Citizens Advice Bureau or CAB specializes in providing people in the UK with advice on everything from benefits to unemployment. If you have money-related questions, there is a good chance that you can get the answers you need from this organization. Some of the different sections that are featured on their website include Consumer, Family, Housing, Law and courts, Immigration, and Health. It is a very useful resource in a variety of situations.

Financial Conduct Authority

The Financial Conduct Authority or FCA is in charge of regulating financial services throughout the UK. Those who employ a financial adviser can go on this government agency’s website to see if the firm is legitimate. If you cannot find them on the registry, it is a good idea to start looking elsewhere for the services you need.

Pensions Advisory Service

This organization provides free advice and guidance on all pension-related issues. If you have any questions or disputes with regards to your pension, you can call this organization to speak with someone. Pensions can be quite tricky and confusing at times, which is all the more reason to take advantage of this particular resource if you need to.

AgeUK

AgeUK offers money advice for people who are over the age of 50. Older people often have unique financial problems that others do not experience. If you are struggling with your finances or just want to get answers to some questions, it is important to look into this organization to see how they can help.

TaxHelp for Older People

This is another organization that is geared towards helping older people with their finances. It is independently run and can be useful for low income individuals who simply do not have the budget to hire a professional financial adviser. They offer some pretty solid advice, and you won’t have to pay anything at all.

Debt Advice

If you are specifically looking for advice on how to deal with debt, there are lots of different places where you can turn.

Some of the organizations in the UK that offer debt advice services include:

• Debt Action NI
• National Debtline
• Citizens Advice Scotland
• Christians Against Povery
• StepChange Debt Charity

All of these organizations offer 100% free debt advice services that could potentially change your life for the better. If you want to start getting your finances back on track, it is highly recommended that you look into some of these options right away.

Bankruptcy

If you are going through hard times and are thinking about filing for bankruptcy, should contact the Insolvency Service. This organization helps people get the information they need with issues relating to bankruptcy. Because this can be a very tricky and rigorous process, you will need all the help you can get.

When Should I Pay for Financial Advice?

Sometimes it really is a good idea to pay for financial advice. There are lots of free options available, but it’s always better to use a pay service if you can afford it. If you want to invest your money and need help, you should contact an actual broker or financial adviser to help you make the right decisions. Those who are dealing with a pension will definitely want to hire a professional if they can.

It is a good idea to examine all of your financial advice options, both free and not. The more resources you have at your disposal, the easier it will be to get the help you need. There are lots of places to turn for people in the UK who need different types of financial advice.

A First Timer’s Guide to Secured Loans

A First Timer’s Guide to Secured Loans

If you are looking for a secured loan but don’t have any experience with borrowing, you will want to know a few key things. Secure loans can be fairly tricky, which is all the more reason to get the necessary information before moving forward. The worst thing you can do is to rush into this kind of decision. Getting a secured loan can help you buy a house, car or something else you need, but there is a lot to consider.

What is a Secured Loan?

A secured loan is a loan that requires some sort of collateral, which is property that can be taken by the lender in the event that you cannot make all of your payments on time. A mortgage is just one example of a secured loan. If you fail to pay back the loan, the lender is fully within their rights to foreclose on the house and sell it to cover the remaining cost of the loan. One missed payment usually isn’t enough to trigger repossession, but it depends on the lender.

Benefits of Taking Out a Secured Loan

There are numerous benefits to getting a secured loan, including:

  • Easy to get: Most secure loans are pretty easy for the average person to obtain. Even people with bad credit can usually get these loans. The collateral acts as security in the event that you cannot pay, so your credit isn’t so much of an issue. People with good credit usually get lower rates, but bad credit isn’t necessarily grounds for rejection.
  • Larger borrowing amounts: You can typically borrow more money with a secured loan. It is not uncommon for people who take out these loans to be given £75,000 or more. The amount that you are allowed to borrow depends on a number of things, including your credit and the lender.
  • Longer repayment periods: Because you are borrowing more money, you will have longer to repay the loan. This can sometimes work against you, as you will end up paying more interest over time. Having more time to pay back the loan can be a good thing though.

Remortgaging

As discussed above, a mortgage is a type of secured loan. If you already have a home loan, you could possibly remortgage it to get a better rate. This is essentially a second loan on top of the original one. If you are having difficulty making your payments on time, this is something that you should at least look into. Lots of people have saved hundreds and even thousands of dollars remortgaging their home loans. This isn’t something that will work out well for everyone, but it’s still something to keep in mind.

Determining How Much to Borrow

It is very important that you know how much money to borrow with a secured loan. The very first thing that you need to do is to take a look at all of your current debts. You will only want to borrow as much as you can afford to pay back. You should ideally not have any outstanding debts when taking out a secured loan. Many lenders are hesitant to give out loans to those who already have active loans with other lenders.

Consolidation Loans

If you do have active debt that you are trying to pay down, you might want to get a consolidation loan. This type of secured loan will combine all of your debts into one manageable monthly payment that you will have to make. This could help you save some money by reducing the amount of interest you pay on a regular basis.

Fixed vs. Variable Rates

There are two different types of interest rates that you can get with a loan—fixed and variable. A vast majority of secured loans have variable rates, which means that they are subject to change over time. This can make the amount of interest you pay unpredictable, which can be unnerving for many people. A fixed rate loan is good because the rate never changes, but you could end up spending more in the long term. It is important that you take a close look at both of these options.

Where do I get a Secured Loan?

There are lots of different places that you can get a secured loan, such as from a bank, credit union or even a private lender. If you are going to go through a private lender, it is important to vet each one before making a final decision. These days there are tons of online-based lending companies to choose from. The more time you take to research these options, the more likely you are to get a great deal on your secured loan. Always remember that the lender you choose will affect your ability to pay back the money on time.