A Personal Finance Guide

Bankruptcy: the basics

If you have unsecured debts that you simply can’t afford to pay back in the foreseeable future, entering bankruptcy could be the best way of getting on top of the problem.

As bankruptcy will have a serious impact on your finances, it’s vital to get bankruptcy advice before making a decision. A debt expert will only recommend bankruptcy after all other approaches have first been considered.

But although it’s a ‘last resort’, bankruptcy can be an ideal approach for some seriously struggling borrowers.

Let’s take a look at the basic things you should know about bankruptcy.

What is bankruptcy?

Bankruptcy is a formal insolvency solution, which can only be agreed through the courts.

It can cost up to £700 in total to be made bankrupt (including a £175 court fee, which can be waived in some instances: for example, if you’re on a low income) – although in Scotland, where bankruptcy is sometimes known as ‘sequestration’, the bankruptcy fee is £100.

Visit www.debtadvicenow.co.uk/ for more information.

How does bankruptcy work?

To enter bankruptcy, you must apply to a County Court for your case to be assessed.

Once your bankruptcy is agreed, you will:

• Make regular payments of whatever you can afford (which could be nothing) for a period of up to three years
• Be protected from any further legal action from your unsecured lenders
• Have whatever remaining unsecured debt you can’t afford to repay written off once you’ve been successfully discharged: usually after 12 months.

During your bankruptcy, you’ll have to hand over your ‘estate’ – which includes your home and any non-essential possessions – to your Official Receiver/Trustee, who will oversee your bankruptcy right up to its conclusion.

Any items in your estate could be sold if necessary, and the money used to go towards your payments into your bankruptcy.

How will bankruptcy affect me?

Bankruptcy will damage your credit rating for six years from the day it begins, and will also stop you working in certain professions, e.g. as the managing director of a company.

Speak to a debt adviser to find out more.

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Process of Getting a Payday Advance

The process to get fast money via a payday loan has never been easier. Today, a lot of the paperwork can be performed online. Depending on the lender and the borrower’s own requirements, it may still be necessary to go to a payday loan store to simply pick up the check or to submit documentation. However, there are times when nearly the entire transaction is performed online. For many people, the only thing that is not online is the phone call from the lender detailing the documentation process. That is why it is often possible to get the money into the borrower’s checking account within a half day in many cases.

The first step to getting a payday advance from AdvanceLoan is to fill out the online application. Once the application is submitted, the computers at the website go to work. They try to match the borrower with local lending institutions who are more likely to approve the loan given the applicant’s data such as state of residence and income level. Once the website has matched the borrower with a lender, the application data is transmitted to them so that it can be processed by the lender.

At this point, all further communications will be with the lender. The lender will call the borrower in order to provide more information on the remainder of the process. Generally, the borrower will have to fax, scan, or otherwise submit documentation such as income. Most borrowers will want to have their latest paycheck stub handy for this purpose. There may be other requirements such as utility bills to prove residence. Finally, the lender will need to have a bank account that is in good standing with no outstanding NSF transactions. The money will be sent to that account once the lender has verified that the account is in good standing.

Although the above requirements sound like a lot, it is actually pretty quick to assemble and send all of it to the lender. In many cases, it is possible to see the electronic deposit from the payday lender within a few hours. That is how quick and streamlined the process has become. That is why the payday loan is a great source of fast money.

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Get Life Insurance and Make Sure That Your Family Is Protected

Everyone should have life insurance. Having this insurance makes sure that your family is taken care of in case something happens to you. There are different kinds of insurance, and not all kinds are going to work for all people. If you are curious about what kind you should get, there are several ways for you to figure it out. One way is for you to talk to insurance agents in your area. They can answer any questions that you might have. Another is to go online and research the different kinds to see which is best for you.

Another thing that you can do when you are researching insurance is to get life insurance quotes. An agent can take your information and give you a quote based on what your information and your needs. Different people need different levels of insurance. A single person will need less insurance than a person who is married or has children that need to be taken care of.

You can get a quote from an agent, or you can get a quote from an online site. There are a lot of benefits of doing it this way. One of them is that you can get multiple quotes quickly. You can also adjust your requirements quickly. Being able to switch things back and forth quickly means you can find the one that will work best for you, and you won’t have to spend a lot of time doing it. Insurance agents usually have only a few companies that they work with, but an online site can compare several companies at once and give you the best information.

You do everything you can to protect your family from whatever might come. You makes sure that they have everything they need. You want to make sure that you continue to do everything you can. One way to do that is to make sure that you have life insurance. That way your family can be taken care of in case something happens to you. It is only good planning, and getting a quote to find the best insurance can be easy.

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