Beat the boy racers – strike with an accident claim

by Justin Weinger on July 7, 2015

Racing over B roads and C roads, you allow your foot to mash the accelerator pedal. You’re Han Solo hitting light speed; you’re Vin Diesel revving past an oncoming train; you’re definitely not just a moron in a boxy Vauxhall Nova.

Your speedometer is teetering further to the right than a Conservative party conference and you can feel it in your bones – no one’s going to stop this feeling.

That is, until someone stops that feeling.

Before you know it, a Mini Cooper emerges from nowhere in your eyeline. The steering wheel suddenly feels out of your control as you swerve off-road and plummet into the depths of a mud-laden ditch.

Although your neck feels cricked and you’re a little shaken up, you’re safe – you’ve fared better than most.

According to government statistics, there were 194,477 road accidents of all severities in 2014. Of that figure, almost 2,000 were fatal.

The claim game

Yet some sputtering petrolheads will simply shrug their shoulders at those figures, seeing them as a necessary part of the thrill.

For those without respect for the road, wider punishments have to be in place – you’ve got to hit those speedsters in their wallet.

Car accident claims are the great equalizer when it comes to justice, helping victims receive the closure they need.

But how do you start a claim if you’ve suffered a collision?

Know the process inside-out

For a start, just pick up the phone. From there you’ll be put in touch with an experienced solicitor who’ll ask you to detail your accident.

It can be a painful process, laying out the after effects of a nasty bump. But when your representation has all the facts, they can decide if your case can hold its own against the courts.

If your case is accepted, it’s time to don your Sherlock hat and gather evidence.

CCTV and speed camera footage, witness testimonies, doctor and police reports and MOT checks – anything could prove to be the linchpin to your argument when it’s presented to the courts.

Once you’ve helped your representation with evidence, you’ll largely be left in the backseat while solicitors duke it out in increasingly complex ways.

By this point you should have complete trust in your solicitor – otherwise your case runs the risk of collapse.

This trust will be put to the test in the courtroom. But amidst the examinations and cross-examinations, there’s a high chance of victory.

So if you’ve suffered at the hands of a boy racer, you know who to call – it could bring you closure and a heftier bank balance.

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The Top 10 Best Ways to Pay Off Debt – Part 3

by Justin Weinger on June 27, 2015

Hello and welcome back for Part 3 of our 3 Part blog series on the Top 10 Best Ways to pay off your debt. We’ve already given you 6 excellent ways to do it and, in today’s final blog, we have 4 more, so let’s get started. Enjoy.

  1. Use the threat of bankruptcy to renegotiate terms with your creditors.

While this might sound a bit unethical or even sleazy, the fact is that if you’re deep in debt and have nowhere to go except bankruptcy, letting your creditors know this might be the impetus they need to work with you. The first thing you need to do is let them know about your situation and tell them that, unless they’re able to renegotiate their terms with you, bankruptcy will be your only choice. Once they know this you can ask for a new and, hopefully, lower repayment schedule, or a lower interest rate.

What you want to do is let them know that, unless they help you, they won’t be getting anything. In most situations you’ll find that creditors will do everything they can to protect themselves from getting nothing. Most will be more than willing to negotiate if they’re fearful that they won’t get any money and, frankly, you really don’t have anything to lose from asking.

  1. Borrow money from your 401(k) to pay down your debt.

Most 401(k) savings plans offered by employers allow you to borrow as much as 50% of the face value of the account, or $50,000, whichever is the smaller number. Since interest rates are usually one or two points above prime, they are instantly cheaper than the interests on almost all credit cards. This makes using money from your 401(k) to pay down your debt an excellent option. Interestingly enough, the interest that you pay is not only lower but you pay it to yourself, not the lender, which is extra gravy for the goose.

  1. File for bankruptcy.

This is really your last resort but, if there’s simply no way to pay down your debt using the other eight ways that we talked about in these 3 blogs, you might not have any other choice.

Be aware that declaring bankruptcy comes with a number of substantial disadvantages, including the fact that your credit report will keep your bankruptcy on file for at least 10 years. This will make it extremely hard for you to get credit during that time. Also, most people don’t realize that it actually costs money to file for bankruptcy and, if you’re flat broke, you might not actually be able to.

Bankruptcy laws have gotten much tougher in the last few years also and, while you might be able to file, you might not be able to get 100% relief from all of your debts. For example, child support, alimony, student loans, legal judgments against petitioner and taxes aren’t discharged when you file for bankruptcy.

  1. Don’t go into debt to begin with.

While many of you might be saying “well duh”, the simple fact is that if you don’t go into debt you won’t ever have to get out of debt. That might be easier said than done but the fact is that nobody’s holding a gun to your head and telling you that you have to max out your credit cards, purchase the most expensive automobile on the lot or spend every last dime that you learn.

If you’ve learned anything from our 3 Part blog series, hopefully it’s that paying down debt isn’t easy. If you want to make your life much easier, do your very best to not go into debt to begin with.

We hope you’ve enjoyed this 3 Part Blog series and that it’s opened your eyes to the options that you have. If you have questions or comments, drop us an email or leave a comment and we’ll get back to you ASAP with answers and information.

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The Top 10 Best Ways to Pay Off Debt – Part 2

by Justin Weinger on June 20, 2015

Hello and welcome back for Part 2 of our 3 Part blog series on the Top 10 Best Ways to pay off debt. In Part 1 we gave you 2 excellent ways to pay down your debt, including something called “snowballing”.  If you’re set to learn a few more excellent debt payment methods, let’s get started. Enjoy.

  1. Ask family or friends to lend you money.

This isn’t exactly a method that your financial advisor will give you (although some will) but asking a family member or friend to loan you money to pay down your debt is still a viable option. In most cases you’ll get an excellent interest rate (or maybe none at all) and a little bit of extra leeway in terms of time to pay them back. It would probably be an excellent idea to have a written agreement and a clearly established repayment schedule in order to make sure that you don’t end up with a ruined relationship and resentment. Other than that, if your rich Uncle Bob has the money, why not ask?

  1. Use your life insurance and borrow against it.

If you have life insurance with a cash value, you can borrow against that policy at rates that are typically far below those of commercial rates. You can also take a bit more time repaying the loan, but do repay it as fast as possible because, if you pass away before it’s been repaid, the outstanding balance that’s left on it will be deducted from the face value paid to the beneficiary, as well as interest. That might end up being a real burden on your loved ones, so do your best to pay it back as fast as you can.

  1. Take out a home equity loan.

Home equity loans have been used for years to help people pay for all sorts of things and paying off debt is one of them. If you’ve owned your home long enough that it’s accumulated equity, getting a home equity loan, or HEL, line of credit is an excellent idea. The reasons are two; using the loan to pay down your debt allows you to trade and 18% loan for a 6 or 7% loan and, if you fully itemize all deductions on your income tax returns, a home interest loan is usually deductible.

One problem that you definitely must avoid (and many don’t) is paying off your debts with a home equity loan and then starting to use the credit cards that you paid off, putting yourself into debt once again. The problem now however is that you not only have credit card debt you also have home equity loan debt. The point is, pay off your home equity loan before you start using those credit cards again.

  1. Use the cash in your savings account to pay down your debt.

Many people look at this option as unreasonable, but using cash from your savings (and other investments) to pay down debt actually makes sense. Think about it this way; unless your savings account and other investments are paying 18% (before federal and state taxes) the debt that you pay down using that money would actually be the same as getting an 18% return with very little risk. In fact, as the interest rate on your debt gets higher, paying it off with your savings becomes much more attractive.

That’s it for Part 2 of our 3 Part blog series on the Top 10 Ways to pay off your debt. We hope that some of the advice and ideas that you’ve heard have been helpful. If you have any questions you can drop us an email or leave a comment and will get back to you right away with information and answers. Of course be sure to come back for our final part, Part 3, soon.

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The Top 10 Best way to Pay Off Debt – Part 1

by Justin Weinger on June 13, 2015

You can throw your bills into the garbage or hide your head under her pillow but there’s no way to make debt go away. You certainly can’t wish it away and, with compound interest and 20%, it builds extremely quickly.

That being said, there are a few excellent ways to pay off your debt and, lucky for you, we’ve put together the Top 10 Best ways to do it. Enjoy.

  1. Use the “snowball” debt repayment method.

This is a strategy that more and more people using. What you need to do first is figure out which of your credit cards has the lowest interest rate and cross your fingers that you haven’t reached the limit on that card. If you haven’t, transferring money from a high interest credit card to a low one is an excellent idea.

If that’s not possible because your balance is too large to fit on the card with the low interest rate, start paying the minimum on all of your credit cards except one of them and funnel the majority of your money into paying that card down as quickly as possible. Once you pay it off, do the same thing with the next card, continuing with this aggressive plan until all of them are paid off.

It’s called “snowballing” and, as the amount of debt that you have decreases, the amount of cash that you have to pay off the others begin to increase, snowballing until all of your debt is paid down.

You can do the same thing if you take advantage of a promotional offer on a credit line from your bank. For example, moving your money from a card with 18% interest to another one with 6% interest not only makes sense but allows you to apply the money you saved in interest towards the principal, reducing your debt even more.

Of course banks don’t generally give money away, so make sure that you read the fine print closely. For example, the interest rate that you might be forced to pay after the introductory period has ended might be higher than the one you’re paying now. Banks have caught onto people who “card hop” and many now have a stipulation that says they can’t transfer any balances off of their new card for 12 months. If they do, the normal interest rate will begin retroactively. Again, read the fine print.

  1. Paying more than just the minimum for your credit cards and other bills.

Millions of consumers pay the minimum on their credit cards and other bills every month, which is exactly what their banks hope that they do. The reason is simple; the longer a consumer takes to pay off their bills, the more interest banks make.

Rather than playing the bank’s game, do your very best to pay more than the minimum whenever possible. If you’re on a budget (and you should be) you should be able to see where some extra money can be taken to do this. If it means skipping some luxuries like eating out or giving up your daily Starbucks latte, just bite the bullet and do it.

Those sacrifices will give you the extra money you need to decrease your debt dramatically and, over time, save you hundreds and maybe even thousands of dollars in interest payments. It won’t be fun but, if you’re truly determined to pay down your debt and stop living paycheck to paycheck, it’s worth it.

Those are the first 2 Best Ways to pay off your debt. Make sure to come back and join us for Part 2 and, if you have any questions, drop us an email or leave a comment and we’ll get back to you ASAP with answers and info.

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