Unfortunately, there isn’t a magic wand for credit repair. If you’ve been hit with collection accounts, bankruptcy, foreclosures, or liens- there isn’t a quick fix. The only way to erase these negative marks is to wait for them to expire after seven to ten years. However, that doesn’t mean that you can’t get credit or work towards improving your credit score. Be aware that you’ll probably be categorized as a subprime consumer, meaning that you’re considered to be a high-risk candidate. Not all lenders work with subprime consumers. Those that do, almost always charge higher interest rates and fees as well as limit the loan amount you qualify for.

Secured credit cards are a great way to repair credit. Unlike a typical credit card, secured credit cards act more like a debit card. For example, you give the lender a cash deposit for $100 and in exchange you get a credit card with a $100 limit. That way, if you default on the monthly payment, the lender can use the deposit you provided to cover the expense. Typically, se

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Easy access to loans and credit in recent years, followed by the current economic crisis in the UK, has led to a huge increase in the number of people who are facing serious personal loan and credit card debt problems and rising unemployment and the cost of living are only likely to make the situation worse for many individuals.

A new report published by the debt trade body R3 has estimated that somewhere in the region of 18 million people, equivalent to 39 per cent of the population, across the country are now affected by personal loan and credit card debt problems.

The report has also highlighted, however, that only around 1.4 million people, or 3 per cent of those affected, have any intentions of seeking professional loan debt help or advice within the next six months.

The latest personal debt snapshot from R3 has found that only around 6 per cent of people in the UK have ever sought professional loan or card debt help and that around 25 per cent of those who need it, do not know where to go for help and advice on their personal loan and credit card debts.

The survey also found, that of those individuals who have taken loan debt advice, 41 per cent said that it was beneficial and they wished they had taken it sooner.

Last year saw a record number of people becoming insolvent and around a third of the population expect their financial situation to get worse in the next six months.

 Approximately 2 million people across the country now say that they are in some sort of loan debt management plan, which is significantly higher than it has been in previous years, yet with no real records being kept, it is uncertain exactly how many are in such a plan, or how many more would benefit from this type of help.

How to turn the tables on a Nigerian scammer in one easy lesson Nigerian email scams are as commonplace as the Internet itself. If you have an email account you receive scam mail from a Nigerian sender. I sometimes read these letters and fantasize about turning the tables and making money out of them. So far, I have no ideas. One Australian woman did, but wound up in jail herself after turning the tables on a group of con artists to the tune of $30,000.   The agent The Brisbane, Australia newspaper ‘Courier-Mail’ reports that Sarah Jane Cochrane-Ramsey, 23, was employed as an “agent” in March 2010 by the Nigerians. She says she didnt know they were scam artists. Her “job” was to provide access to an Australian bank account opened in her name where the Nigerians could then transfer money they had received from a phony car sales website. Coch Read more…

Since the credit crunch hit the UK economy, the secured loans market, along with every other sector of the loans market, has suffered greatly, with lenders withdrawing loan products and reducing maximum loan to value levels, whilst increasing the interest rates they charge on their loans.

However, in recent months it looks as though the secured loans market is starting to make a come back, as several lenders and loan companies are beginning to offer new loan deals at more competitive rates and for much higher  loan to value levels than previously.

The latest loan company to enter the secured loan market is Masthaven, who have previously operated in the bridging loan sector, but are now planning to expand into secured loans in the very near future, with what they claim will be a competitively priced range of loan products for those who require this type of loan.

A secured loan can now often be seen as a realistic alternative for a home owner who would normally consider a remortgage on their property in order to raise additional funds, as there are now many cheap loan rates available on the market, many of which offer relatively high loan to value levels.

Someone who has an existing home owner loan on their lender’s standard variable rate, which they took out prior to the credit crunch, could be paying an extremely low interest rate on their loan, possibly even less than 1 per cent, which they would lose if they were to look for even the most competitive remortgage loan deal.

Also a borrower with some slight history of adverse credit, or previous loan arrears are likely to find it easier to be accepted for a secured loan on their property, rather than a remortgage deal.

For those individuals who are considering taking some equity out of their homes, a secured loan could now be a realistic option compared with a remortgage and they should seriously consider all the options before making a decision.