Archive for April, 2008

Purchase Your Dream House With Home Loans

A home provides a sense security to you. Every one wishes to own a wonderful house of their dreams. Purchase of a new house is an expensive affair. The burden of the house purchase can cause several economic problems and you may not be able to manage your finances properly. With home loans managing funds for the purchase of your new house is an easy task now.

Today there are various kinds of loan program available with home loans. You can go for home equity loan, mortgage loan and other programs as well. Home loans are the best method to get funds for the purchase of your new house. With these loans you can go for construction of your house, rebuilt your house, renovation, and other involvements of your house.

Home Loans are basically available in secured manner. Here the home is considered as the security of the loan. With this loan you can avail a large sum of money with lower interest rates and easy repayment terms.

Home loans can avail you generally an amount from £ 5000 to £ 75,000. You can make the repayment of the loan in 5 to 25 years. The repayment term depends upon the loan amount. With long repayment tenure and flexible rate of interest, repayment installments are easier to draw.

Home loans allow the borrower to fulfill your dream to have your own house. With gradual process of the repayment you can pay the amount of the loan with small and easy installments.

A good credit history is always appreciated by the lenders. But, if you are facing a bad credit record then availing a home loan is not a tricky task for you. Home loans can be accessed by poor credit holders by paying off a higher rate of interest.

Home loans help money in order to avail you money to fulfill your dream of a house. The terms and conditions of the loan may differ with various lenders. In order to find a better lending options for home loans you need to search well within various online and offline lenders. A comprehensive research will cultivate better results for you.

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Filed under Home Loans : Comments (0) : Apr 30th, 2008

Debt Feature

Debt is having significantly negative effects on the nation’s mental health, a leading charity has revealed. Mental health charity Mind’s recently published study, In the red: debt and mental health, was conducted by the Royal College of Psychiatrists. The study results, which involved an online and postal survey of 1,804 residents in England and Wales, is reportedly the first of its kind to specifically look at the link between mental health problems and debt.

“UK personal debt stands at a staggering £1.4 trillion but the real cost here is that on our mental health,” said Paul Farmer, Mind’s chief executive. “Money worries aren’t just keeping people awake at night; they are causing high levels of stress, depression and in some cases self harm and suicidal thoughts. At a time when people across the country are anxious about their finances, debt-depression is a real and growing concern.”

The research further incorporated qualitative data from 56 people in eight focus groups. Of all the respondents, each of whom were experiencing debt and mental health conditions, 924reported cases of problem debt, which was noted by the research team as meaning being behind in a bill payment for two consecutive payments in the last 12 months.

“Previous studies have simply included reports on people with ‘debt’,” the charity noted in their recent press statement. “Mind’s survey uses a more robust definition of ‘problem debt’. As the credit crunch hits and the cost of living soars, this worrying new evidence shows the extent of debt’s impact, with over 50 per cent of respondents going without food and heating.”

The research team found that 91 per cent of those with problem debt said that debt had worsened their mental health. The team also reported that those with mental health problems are close to three times more likely to be in debt. Often individuals suffering from poor mental health are trying to survive on low-income, and may be unable to work due to stigma.

Additional, worrying data collected by the team indicates that 71 per cent of the respondents studied ran out of money every week or most weeks, that 87 per cent of the respondents rely on credit to pay for food and everyday costs, that 56 per cent had gone without food due to debt, that 51 per cent had gone without heating, and that 92 per cent reported feeling unable to socialise.

Perhaps compounding the staggering statistics, more than 50 per cent of the group studied was living on a weekly household income of less than £200, defined by the government as ‘living on the poverty line’.

“People living with mental health problems are particularly vulnerable to being trapped in a cycle of debt and poverty,” added Farmer. “With many unable to work due to ill health, Mind has found that people are becoming dependent on credit to pay for everyday essentials. Those on lower incomes are also more likely to only be able to get credit from lenders who charge astronomical interest rates. This is a worrying trend as people are left facing a debt mountain that they have no means to repay.”

The study found that many individuals felt “harassed to breaking point,” noting that 83 per cent of those who told creditors about their mental health issues continued to be pressed regarding repayments. The team found that one woman was called every 15 minutes during a 13 hour period. Less than 1 in 3 people with problem debt informed those two whom they were indebted of their mental health problems because they did not feel that they would be understood or even believed (63 per cent and 47 per cent, respectively). A total of 34 per cent of people with problem debt did not seek advice for their debt problems, often because they felt that they had nowhere to turn.

When in a debt consolidation situation, avoid entering into a job search panel. This also means you may have to give up your travel insurance as well as your car insurance. The credit card limit will suffer too.

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Filed under Debt Feature : Comments (0) : Apr 23rd, 2008