Redundancy Checklist
Redundancy Checklist
If you are in danger of redundancy, before you get to the stage of debt counselling or debt consulting, there are some basic things that you can do to make life easier, if the worst happens.
Look at all your debts. If you think you might be able to cut the costs of these debts by transferring to another lender, it will be best to do it while you are still in work. Your credit rating will suffer if you are made redundant, and you may not be able to look around for a better deal. Check out Best Balance Transfers, Best Bank Account, Cheap Loans and Mortgage Finding guides on moneysavingexpert.com.
If you have any savings, use them to pay off debts. Any debts you have will cost you a lot more interest than the interest you will earn on savings, although it is advisable to keep a certain amount of cash on hand for emergencies.
Monitor your outgoings. Have a look at all your costs and expenses, and see if there are any areas where you can cut down or switch supplier - from utility bills and phone expenses to food and clothing. See if there are luxuries you can do without, or any other ways to save money.
Perhaps you have personal valuables that you can sell in order to raise extra cash? You can sell items online on e-bay, for example. Alternatively, if you have personal valuables that you might sell, but they are precious to you, then it’s worth considering a personal loan from a collateral loan provider. Collateral loan provider is the new term for a pawnbroker.
Until recently, the idea of borrowing from a pawnbroker was not very fashionable, but in these days of the credit crunch, if you have appropriate collateral in the form of jewellery, luxury watches, art, antiques or other personal valuables, pawn loans are amongst the most readily available form of short term loan.
The reason why online pawnbrokers like Borro.com are reporting a steady rise in business is because secured loans from pawnbrokers are relatively no risk loans. Other forms of personal loan invariably involve asset seizure or repossession in cases of default. A collateral loan from a pawnbroker will never in a legal action against you.
With a secured loan from a pawn broker, what you see is what you get. You can pay off the loan anytime, with no hidden extra costs for early settlement, and you only pay interest during the period you actually use the loan. In comparison with other loan providers such as UK pay day loan companies and doorstep lenders, a personal loan from a pawnbroker is a low interest rate loan.
An online pawn shop will often provide easy cash at low rates of interest on a surprisingly affordable terms. With online pawnbrokers like Borro.com you can manage the whole process from your pc, at home. It’s discreet and easy, regardless of your credit score! So, if you need fast cash to tide you over until your redundancy payment materialises, try Borro.com.
