Dealing with your finances in the UK –
The best way to calculate your debts online
When you seek professional advice from any debt advisory on how to manage your debt burden without compromising on your living standards, the first step they will suggest is to assess your own financial situation. Assessment of financial situation includes calculating your total monthly expenses, the total outstanding debt and weighting them against your monthly income. If you own your own house or other valuable assets, they are also taken into consideration.
However, most people are not able to accurately make such assessments and calculations on their own. In such a case, an Individual Voluntary Arrangement Calculator comes as a big assistance in calculation of your debts. It is a simple application which is free to use. All you need is an online connection and access to an IVA specialist website such as your money site.
Why do you need an Individual Voluntary Arrangement Calculator
Individual Voluntary Arrangement is a debt management solution through which the debtor reaches and understanding with the creditors to repay the debt through monthly instalments. This arrangement is particularly beneficial when a debtor has more than one creditor.
Although an IVA does not have a minimum qualifying criteria, it is still a very big debt management option. Therefore, when you think about going for an IVA and engaging the services of an Insolvency Practitioner, the first thing to ascertain is whether your debt is so unmanageable that you need an IVA at all. Generally, a person having a debt exceeding 5,000 pounds is considered for an IVA. However, the qualification also depends on your total monthly income, the number of dependants and the monthly expenses.
An Individual Voluntary Arrangement Calculator will assess all the factors and then give a final analysis on whether or not it is prudent for you to apply for an IVA. Since an IVA also involves writing off a certain percentage of debts, the calculator will also give a figure on how much debt can be written off and accordingly calculate the monthly instalment which you can afford to pay towards your debts.
Assessing the IVA Calculator results
An IVA calculator usually gives quite comprehensive results which you can understand and assess on your own. However, for professional insight into your debt situation, it is always best to discuss the calculator results with an expert in the field. One should also keep in mind that the IVA calculator gives only approximate results which can change according to the change in financial circumstances of the debtor.
Loans for bad credit
There are many companies, both, online and offline, which provide logbook loans. The interest rate and the tenure of repayment vary for each company. While a few companies might be willing to compromise on the rate of interest or the repayment options, most of the companies who provide logbook loans have fixed rate of interest as well as the tenure of repayment.
Vrooma Platinum logbook loans are considered to be one of the cheapest in UK. Their rate of interest is only 98% per annum, compared to the rate of interest of that most of the other logbook loan companies that have been offering. Though the interest rate is low, they need the applicant to be a home owner, and also need the applicant to have no bankruptcy or bad credit history. They will provide 50% of the evaluation amount of your vehicle.
Loanmymotor is also one of the cheapest companies to apply for logbook loans. Their interest rate is 96% per annum and they do not need any settlement fee, nor do they perform any credit checks, and you get money within hours of application. You will have to repay the entire loan within thirty six months. The best part about this company is that, for whatever reason, if you are unable to repay the loan that you have taken from them, then they themselves will come up with a solution for you to settle the repayment.
A logbook loan company, such as, LogbookCalculator.com has an annual interest of 120%. You will only have to pay a monthly of one hundred and twenty pounds if you take a loan of three thousand pounds, approximately. Also, the term of payment for this loan will be twenty four months. You will, however, have to sign a legal document called, ‘bill of sale.’ This is something most of the logbook loans companies make you sign. So, no matter what type of vehicle you have, be it a car, a motorcycle, a van, RV, etc, this loan applies for all kind of vehicles. Once you contact this company, you will get a call on your registered mobile about all the terms and options for availing this loan. Whenever you miss a payment, you will have to pay additional charges for the next payment. Also, if you miss a series of payments, your vehicle might be repossessed.
Mobile Money is yet another company that instantly provides logbook loans. The application process is simple. First, when you approach them, apart from evaluating your vehicle, they will also evaluate your financial standing and calculate how much amount you can repay and process only that calculated amount. Though, you could borrow any amount up to twenty five thousand pounds, the estimate value of your car will be personally evaluated by the Mobile Money professionals. Only after this manual evaluation is done, the entire loan that can be given to you is calculated. You can also call these representatives home to evaluate your vehicle or car. You don’t have to drive it down all the way to their office.
These are some companies that provide the best options for availing logbook loans and you can also apply online for all these companies.