Articles

If you have been reading the papers lately, it has become obvious that the UK is in probable financial meltdown with thousands of people now admitting they are unable to fund loans and mortgages that have been so easy to acquire in the recent past.

The problem is it seems, that all financial institutions profit from excess charges that are enforced when people have difficulty in paying their monthly bills. Many of the loans should never have been granted in the first place! In short, the loans people take out to improve their lives have now become a burden with potentially dire consequences.

We should all consider, what will happen when people who are forced to rely on mortgage repayment schedules which have been calculated on 7 and 10 times their income, whilst houses house prices rocket through the ceiling and for sure at some point those prices will fall leaving those people who were so desperate to get on the property ladder with debts far and away in excess of the value of their new home?

There is a system that goes some way in trying to assist with this huge debt problem, knowing that it should be possible to offer a quick release from high monthly repayments and subsequent demands that have sometimes driven people to suicide.

MCOB Regulations, which came into force on 14 April 2000, bring the calculation of the APR into line with provisions set out in a European Directive (No 98/7/EC). It is designed to assist and protect everyone who is looking to consolidate loads and to be sure they are not being ripped off by hidden charges and eventual hire repayments. The annual percentage rate can be confusing and so we have designed a software solution that works it all out for you.

The Office of Fair Trading (OFT) has issued detailed guidance, entitled Consumer Credit Act 1974: Credit Charges and APR - How to calculate the total charge for credit and the annual percentage rate of charge. A copy of the guidance can be found on the OFT's website, but essentially we have listened very carefully and created a solution that remotely provides anyone with a sound solution that will let you know how much you are currently paying even if you have multiple debts, and then instantly search through thousands of approved lenders for the best re-financing deal guaranteed to save you money and reduce your monthly outgoings. In fact if it doesn’t it is breaking the law!

If you log on to www.applyforfinance.com and hit the consolidation button within seconds it will tell you what you are currently paying, how long it will take to pay your debts off if at all, and more importantly what you could be paying and you can PRINT a copy for future reference.

I hope this will go some way to putting the smile back on thousands of faces who currently suffer from loans and debts that reduce their quality of life to zero.

Have a good life!