A Simple Debt Consolidation Loan Can Save You Money Immediately And Even Stop Foreclosure.

Written by Keith Hunt


Many people contact us when they are 30, 60 and 90 days in their mortgage payments. If they are this late with their house payment they are generally behind withrepparttar car and have several credits cards that are maxed out.

A simple debt consolidation loan would take of all these troubles. By usingrepparttar 112317 equity in your home allrepparttar 112318 debts would be paid off and you are left with a clean slate and generally spending less money every month.

One benefit to a debt consolidation loan that often overlooked isrepparttar 112319 tax advantage. Interest on a home loan is tax deductible where interest on credit cards and cars are not.

Our office received a call early one morning from a man desperate to save his home and needed foreclosure help. He was already 90 days late on his mortgage and desperately needed to refinance and pull out money to pay off enormous debts.

He had just started a new job where he actually was making less money than before, and was in a real financial bind. His poor credit made it difficult for him to even qualify for a loan, let alone a low interest rate. To make matters worse,repparttar 112320 next day he received a notice of default on his property.

This man was worried that his family would have no place to live. He was reassured that we would save his home and help him through this difficult ordeal.

We began immediately researching ways to help this client and found a lender willing to work with him and save his home just inrepparttar 112321 nick of time. His mortgage payment stayed aboutrepparttar 112322 same and he was able to pay off more than $25,000 in other debts, which alleviated several hundred dollars in credit card payments every month.

Your Credit Rating and How to Check It

Written by David Miles


There is a lot of confusion surrounding UK credit ratings, credit scores, credit blacklists, credit reports, and credit files. This guide to your credit rating aims to give yourepparttar facts you need.

What's in a Credit File

There are two major credit reference agencies inrepparttar 112316 UK, Equifax and Experian, who maintain credit files on virtually every adult inrepparttar 112317 country.

Almost all companies that give you credit terms will supply information to one or both of these two credit agencies.

Therefore, your credit file is likely to contain information on all your existing credit and loan arrangements, such as personal loans, mortgages, credit and store cards, bank accounts, etc. In addition, your credit record will contain information on any late or missed payments andrepparttar 112318 amount ofrepparttar 112319 original debt still outstanding.

The credit reference agency files also contain electoral roll information for your address and court records relating to you. It is this information which allows prospective lenders to confirm your address and also see if you have any outstanding CCJs.

Whenever a mortgage lender or other company is assessing an application for credit, they will checkrepparttar 112320 details held on you by Equifax and/or Experian. The reason they do this is because, by law, they are not allowed to request any information about you from any other companies with whom you have a credit agreement.

Also, by contacting one of these two agencies they can gain access to your entire credit history with just a single request rather than having to gatherrepparttar 112321 information from multiple sources.

Each time a lender makes a search of your credit file, that search will be recorded and added to your file, leaving a credit check "footprint". Therefore, it is easy for a prospective lender to see if someone has been "shopping around" for credit, and this in itself could be a deciding factor in whether or not they agree to give you a mortgage.

Your credit file will also include details of other people living at your address if they are financially linked to you, or ifrepparttar 112322 credit reference agencies think they are financially linked to you. In this way, other people's bad credit history can sometimes drag down your credit score. But if you find you are wrongly linked to another individual, you can write to Experian and Equifax and ask them to correctrepparttar 112323 mistake.

How can I see my credit file and correct any mistakes?

Underrepparttar 112324 terms ofrepparttar 112325 Data Protection Act,repparttar 112326 credit reference agencies Equifax and Experian are required to provide you with a copy ofrepparttar 112327 information they hold on you in return for a small administration fee. Atrepparttar 112328 time of writing (2004)repparttar 112329 fee for each agency is £2.

Your details are supplied by post, but you can request a copy of your file by telephone, post or email. Details or how to apply can be found onrepparttar 112330 Equifax and Experian websites.

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