Getting Organised: Making Loan Repayments More Manageable

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Taking out any kind of loan can be a necessity at times. Many people will get a mortgage when buying their first home, especially with the housing market’s price boom, or borrow money when they need a new car, have to make home repairs or for all manner of reasons.

While it can be a potential lifesaver at the time, when it comes to paying the amount back you can often wonder if it was worth it. Thankfully there are a range of methods you can use to make your loan repayments a lot more manageable.

Debt Consolidation Loan

One option for tackling any outstanding debt is to put it all in one place with a debt consolidation loan. Loan repayments, credit and store card debt can all be put in one place which makes working out your weekly repayments simple. It creates a more manageable single repayment, often over a longer period of time which can make it more affordable as well.

Super Balance Transfers

Certain credit cards offer super balance transfers which allow you to transfer money directly into your bank account at a low or even zero percent interest rate. This can then be used to make loan repayments without the added interest incurred elsewhere. However, sometimes these do still come with a fee so you will need to work out if it is more cost-effective or not. Be disciplined to make repayments so you don’t increase debt.

Reclaim PPI

It may seem like a long shot but depending on the type of loan you’re making repayments on and when it was taken out, you may be able to claim back payment protection insurance (PPI) if it was mis-sold. This would certainly make repayments more manageable as what you reclaim could go towards paying off the loan as well as making the payments significantly smaller.

Make Early Repayments

If you’re lucky enough to have received a bonus or pay increase at work recently and are still paying off loans, making early repayments could be a good use of this extra money. Many allow you to make extra repayments which go towards paying off the loan sooner, which reduces the amount of interest paid and therefore the total amount. Some even allow you to pay off the whole thing in one go, but only if you’re in a good position to afford it.

Are stringent lending measures in the buy-to-let market indicative of a potential recession?

Back in 2007, the global housing market was riding on the crest of wave while experiencing significant and seeming unstoppable growth. This came to a shuddering halt with the subprime mortgage collapse in the U.S, however, where reckless lending and borrowing triggered a raft of defaults and altered the nature of the market forever.

This led to the formation of the quick house sale market, while also forcing lenders to implement extremely stringent measures on applicants with a desire to borrow funds. While the markets has eased considerably as it has recovered, the portents for a further global recession in 2016 have forced the Bank of England (BoE) to consider implementing more robust measures in the buy-to-let marketplace.

According to Property Rescue, the BoE is considering making a raft of lending controls in a bid to consolidate the growth of the buy-to-let market and minimise damage in the event of a worldwide recession. While some believe that this simply a response to spiralling price points, rental premiums and relentless growth, others believe that a global economic collapse would hit the buy-to-let market hardest and trigger a catastrophic outcome.

In this regard, the actions of the BoE would appear to be more of a damage limitation exercise than a progressive economic plan. By restricting lending and managing growth, it could limit the losses that were made in the face of an economic collapse. This is undoubtedly a plan that has been made with the previous recession in mind, as the sheer impact of the 2008 collapse has created a legacy and sense of fear that remains tangible to this day.

While there is some logic in this approach, it may not be the best course of action given the fact that the extent of any potential recession cannot be determined at this stage. With the BoE’s latest Financial Stability Report also confirming that they buy-to-let market remains a central driver of the British property market (and the economy as a whole) an overly aggressive approach to regulating lending could damage the sector irreparably in the long-term.

In this regard, it may be pertinent for the BoE to think carefully before making any dramatic changes to the criteria for lending. This will have a huge impact on the future growth of the market and the economy as a whole.

Benefits of Choosing Remote DBA Services for Your Company

A database server is a computer program that provides database services to other computer programs or computers, as defined by the client–server model. The term may also refer to a computer dedicated to running such a program.

Using database technology to gather, store and process information about your customers, suppliers and even competitors can give your business a distinct advantage. For more information, click here to know more about remote DBA services.

Benefits of databases include:

  • reducing the amount of time spent managing data
  • giving you the ability to analyze data in a variety of ways
  • promoting a disciplined approach to data management
  • turning disparate information into a valuable resource
  • improving the quality and consistency of information

Many businesses do not have the time or resources available to gather and process large quantities of information. This may lead to lack of information about:

  • how their business is performing
  • how profitable their product lines are
  • if customers are making repeat purchases

It’s not always obvious what information is potentially valuable, so you should try to gather as much data as possible.

Using a sophisticated relational database management system allows you to do this, and the store of data that is built up over time can become increasingly useful and valuable. For example: historical data can show you your business trends and sales records can identify valuable customers

Also note that, the disciplines required to gather, enter and process such data can help to ensure that your business is run in a regulated and properly managed way. See how to manage your customer database.

Data base systems are also known to:

  1. Save Time

Databases save time. Retrieving a single record, which may take several minutes of digging in a paper-based filing system, can be done with just a few clicks in a computerized database. Merging database records with documents makes producing paper reports almost instantaneous, eliminating hours of retyping.

Data entry screens can be designed to let you see related records as you create a new one, so you don’t have to spend time wading through other records to check spellings, addresses, historical data, such as previous sales.

  1. Enables one to link data

Databases should allow you to link different sources of information together so you can see important things about your business you might never have noticed before. Linking your sales records and your expense reimbursement accounts, for instance, lets you see whether an increase in client entertainment really does result in more closed deals.

Connecting professional development and production data lets you see which training courses actually increase your productivity. Information sources that have traditionally been sequestered in separate departments can come together in a database to reveal surprising and profitable insights.

  1. Connects everything in one place

It provides the ability to provide an individualized response to thousands or even millions of potential customers — depends on electronic databases to analyze customer information and generate tailored messaging. Data records can drive direct mail and email campaigns to your customers, and can even help you stay abreast of who is saying what about your product on social networks