May 21, 2012 Posted by Brianna Tewksbury No Comments » Tags: Apartment

Repairing Your Credit While Hunting for an Apartment

Wondering what’s keeping you from landing that dream apartment you’ve had your eye on all this time?  It could be your credit history.

What went wrong?

Maybe you have student loans that were defaulted, a collection or two in your history, or are just in need of credit repair in general.  Whatever the reason, you need to improve your credit score fast to get that apartment you need.  Here’s how:

Tell them how you feel

Getting that right apartment may seem out of reach when you need credit restoration, but all hope isn’t quite lost.  If you already know your credit report isn’t in good shape, you might try being upfront about your situation.  After all, they do say honesty is the best policy.

If you let the manager know that your report isn’t in the best condition and you’re currently undergoing credit repair, they might be more inclined to give you a second look, so long as you don’t have a lot of outstanding debts to other parties.

Cash upfront

If your pleas of seeking credit restoration prove fruitless, consider renting from a private owner.  They’ll usually be more than happy to overlook your past misdeeds if you’ve got the cash in hand for a new apartment.

Try finding a co-signer

If your efforts at credit repair don’t impress the right people, you can try getting a co-signer for your apartment.  This can prove difficult, as anyone who co-signs a loan with you will be just as financially responsible for the property, but it might be the only way to get into your new home.

Start repairing your credit now

You can make your journey to a new apartment that much easier by paying off any outstanding debts that could show up and damage your chances of renting.  Consider opening a secured credit card to start building new, positive lines of credit to help you improve your bad credit score.  If you still need helping building up your credit history, consider using a debt relief service offering pay to delete negotiations or credit repair agency to bolster your chances of successfully obtaining your new apartment.

May 21, 2012 Posted by admin No Comments » Tags: rising unemployment in UK

Lack of work means relying on the Bank of Mum and Dad

Are you a parent who has seen your offspring slog their way through college to get the best possible start to their working life? Or have just finished student life after toiling away to get a good education?

Unfortunately, rising unemployment in the UK is taking its toll on households and young workers, especially those just leaving education, are finding it harder than ever to get a job.

rising unemployment

Youth unemployment is at record levels. A recent study revealed that the figures are set to get even worse, with many young Brits struggling to find work, despite having solid qualifications.

Around one in every five people in the UK aged between 16 and 24 is unable to secure employment, with a total of 731,000 out of work. Full article…

May 20, 2012 Posted by Hayley Steele No Comments »

Managing your money can cost a lot — or very little

We have been retired for six years. We are beginning to question the fee for our rollover IRA. What should we expect as an average fee for fund management by a fee-based financial planning firm? Ours is a diversified portfolio of about $300,000. We also have a 10-year $200,000 annuity due to double by 2017.

— M.D., Torrance, Calif.

In theory, what you pay will vary with the level of service you receive. But what you pay is also higher for smaller portfolios than for larger portfolios. Major brokerage firms such as Merrill Lynch, for instance, are now discouraging brokers from handling accounts under $500,000 by reducing the commission payout brokers receive on such accounts.

What you pay will also depend on whether your adviser is working in a fiduciary capacity or in a sales capacity. In general, those working in a sales capacity — earning some or all of their income from sales commissions — will cost more than those working in a fiduciary capacity. Here is a list, in descending order, of expenses you can expect:

The Insurance Sales Channel. Produ

Full article…

May 19, 2012 Posted by Grace Macarthur No Comments » Tags: Bankruptcy Bankruptcy Eyes

ResCap Files For Bankruptcy, Eyes Paying Back Taxpayer Bailout Money

Ally Financial Inc’s mortgage unit, named Residential Capital (ResCap for short), filed for bankruptcy on Monday, according to Reuters.

Ally Financial is the former lending organization for General Motors Co and was formerly known as GMAC. The auto-lender’s mortgage unit was once a large profiteer in the subprime lending field before the housing market took a nosedive in 2008.

Since then, the company has been plagued with losses due to the housing market’s slow recovery.

The bankruptcy filing was reportedly favored by some of ResCap’s creditors, according to Reuters.

Although the process will inevitably be a long and drawn out process, Ally Financial’s filing is hope to be a catalyst to paying back $12 billion in bailout money.

During the financial crisis, the US Treasury Department funneled more than $17 billion to the lender and subsequently now owns around 74 percent of the company.

Ally is the fifth-largest mortgage servicer in the United States.

The company also plans to sell some of its international operations to fund the repayment of bailout money. The overs

Full article…

May 14, 2012 Posted by admin No Comments » Tags: Debt management plans

Debt management plans: what you should know

Debt managementWith 1,797 of workers losing their jobs in the last three months of 2011 and one property being repossessed every 15 minutes, its little surprise that the demand for debt management services has peaked in recent times.

The rising cost of living, coupled with the drop in income for many households, has meant that more people than ever are struggling with unmanageable levels of debt. Whilst it can be very tempting to bury your head in the sand and hope that things will somehow improve, experts agree that tackling problems sooner rather than later is the best approach.

However, the job of contacting all your creditors and agreeing a repayment schedule can seem daunting and emotionally exhausting, which is why some people opt to get professional help from companies such as Baines and Ernst.

Baines and Ernst are a debt management company, which like many others in the sector, offer individuals who are struggling with their finances the option of a Debt Management Plan.

A Debt Management Plan is a way to pay back unsecured debts and is tailored to each individual’s financial needs. Full article…

May 13, 2012 Posted by Hayley Steele No Comments »

Sector Breakdown of Diversified Portfolios

In a recent column, The Globe & Mails Rob Carrick (see Beware the limitations of buying the index, May 11, 2012) pointed out that investing in just the TSX Composite index might leave an investor with an unbalanced portfolio because of the indexs concentration in just three sectors: financials, energy and materials. The criticism is a valid one because, as you can see from the chart below, resource companies make up more than half the index and financials make up another one-third of the index. (As an aside, the sector breakdown of the S&P/TSX 60 index, which is tracked by the iShares S&P/TSX 60 ETF TSX: XIU is pretty much the same as the broader Composite index).

This limitation of the TSX Composite Index is one reason why passive investors diversify their portfolios globally. The US Total Stock Market, for instance, offers much better diversification. The three dominant sectors in the Canadian market make up less than a third of the US stock market.

Full article…

May 11, 2012 Posted by Grace Macarthur No Comments » Tags: Filed If Filed

Can You File a Chapter 7 Now if You filed Before the 2005 Law?

20090113 bankruptcy-01 (Photo credit: Wikipedia)

There seems to be some confusion about when you can file a Chapter 7 once you have already filed, especially after the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Can you file a Chapter 7 bankruptcy now if you filed before the 2005 law?

A blogger recently posting on a bankruptcy forum website posed this question while giving his personal bankruptcy story. The blogger wrote, “I was wondering. I Filed Chapter 7 on 07/18/2005 and, it was discharged on 11/15/2005. I was in a car crash and now owe more then $75,000 in medical bills. Can I file bankruptcy again in 2012 or do I have to wait until 2013? I am a little lost here. I have the the paper and credit reports ready to go, but I have heard that you now have to wait 8 years. Does this apply to bankruptcy filed under the old bankruptcy?”

The direct answer to the bloggers question is “no,” the new filing does not apply under the old bankruptcy law. The new

Full article…

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