What is a personal Guarantee?
A personal guarantee is a legal commitment made by a company director, ensuring that they will personally repay a company\’s debt if the company itself cannot fulfil its financial obligations. This arrangement provides additional security for lenders, particularly when dealing with new businesses or those with limited credit histories. Types of Personal Guarantees Limited Personal […]
Managing and Eliminating Debt
Managing and eliminating debt is a common challenge, but with structured steps, achieving financial freedom is attainable. Here are practical strategies to consider: Evaluate Your Financial Status Begin by assessing your current financial situation. List all outstanding debts, including credit cards, loans, and overdrafts, along with their interest rates and minimum payments. This comprehensive overview […]
Are you considering debt consolidation
Debt consolidation is essentially what the name suggests. It’s bringing all your debts into one place. As you would expect, there are advantages and disadvantages to this approach. Furthermore, if you do decide to go down this path, getting the best out of it requires you to use the right approach for your situation. Here […]
What can you do if you can’t pay your debts
When you take on debt, you make a commitment. As long as you can fulfil that commitment, everyone is happy. If, however, you start to struggle to make that commitment, then neither you nor the lender are happy. Fortunately, there are many ways to resolve these situations and it’s in the lender’s best interest to […]
Avalanching Vs Snowballing, Which Is Right For You?
Dealing with debt can be a major challenge. Adopting the right strategy can make it a lot easier. The two main strategies for dealing with debt are usually called avalanching and snowballing. Here is a quick guide to them and how they compare so you can choose which is right for you. Avalanching With the […]
How To Manage Post-Christmas Debt Issues
Every year, financial writers caution people against overspending at Christmas. Also every year, people end up overspending at Christmas. They then have to deal with the outcome of this in the new year. If this sounds like you (or someone you know), here are some tips to help. Assess your financial situation Realistically, how serious […]
How To Work On Reducing Your Debts In 2023
If you’re carrying debts, particularly high-interest debts, you should try to make it a priority to reduce them. Ideally, you should eliminate them, at least the high-interest debts. This may be particularly important in 2023 as interest rates may trend upwards. Here are some tips to help. Set out what you actually owe Go through […]
Is Debt Consolidation The Right Move For You?
Interest rates look to be on a clear upward trajectory. It, therefore, makes sense to ensure that you’re managing any debts you have as effectively as possible. Debt consolidation may be a way to achieve this but only if it’s done the right way. With that in mind, here are some points to consider if […]
How much debt is hanging over your head?
According to a poll by money.co.uk almost two thirds (63%) of UK residents aged 16-64 have entered 2020 with some kind of personal (non-mortgage) debt. A third of those polled had debts of between £2k-£10k and nearly a fifth had debts of over 10K. On the plus side, it’s not all bad news, these results […]
Ten Ways to cut down your debt
If you’re dealing with debt (or just lack savings) then you need to get real about the fact that change will only happen if you take action. With that in mind, here are ten, monthly challenges you can use to help pay down your debt and/or build up your savings, starting from now. We’ve suggested […]