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December 11, 2006
Loans can actually get you OUT of a bind
We all want to get ahead in life, but sometimes it's hard to get just what we need on limited funds. My friend from England asked me if I had run across any websites that offered information on finance.
Well, I came across this great site on loans. The site is aimed primarily for UK residents but much of the information applies to our loan types here in the U.S. For instance, my research included finding information on home loans, which are referred to as secured loans in the UK. This site delivered the information in a clear and concise way.
Then I noticed a loan type that I had never heard of before, an IVA -
Individual Voluntary Arrangement. The IVA article describes how residents in the UK can wipe out a huge portion of their debt by entering into this contract. Essentially, you repay your debts over 5 years at a rate that you can afford, on completion the remainder of the debt is wiped out! I have some friends who consolidated their credit cards into one loan and paid it off in a reasonable time frame.
There are also specific types of loans only available to students including a graduate or undergraduate loans and also the career development loan. After loosing complete track of time I book-marked the site for a visit another day.
So I passed this information on to my friend and she was spending some time learning about her options. It's a good time of year, too, to think about your finances, set some goals for the coming year, and to figure out a way to pay off this year's debts!
Posted by Idea Man at December 11, 2006 09:22 PM