Ashley Park Financial Solutions on IVAs

IVA: Getting rid of interest, bank charges and annoying creditor phone calls.

At Ashley ParkFinancial Solutions, we know that debt is common-place in the modern world. From student loans, to bills, to payday loans, credit cards and mortgage payments, debt is something we might all face at some point. Knowing the extent and gravity of your debt situation and how to manage it is the first step towards clearing it.

With the growing number of student loan debts and the increase in short-term “pay day loans”, serious debt issues are rising quickly. Many people don’t know how to deal with the situation and simply ignore the consequences and the constant stream of creditor phone calls. But it’s important to be aware that there are a number of debt solutions and help available – the weight of mounting debt needn’t be a life-changing occurrence.

One of the many ways to manage debt – where repayments cannot be met -  is through an Individual Voluntary Arrangement (IVA), which, in essence, gives you some space and time to make reduced payments towards your debt without the added pressures of increasing interest, account charges and contact with pushy creditors.

More Information on IVAs

·         - Setting up an IVA is beneficial both to you and your creditors as it is relatively inexpensive compared to a bankruptcy petition. 

·         - They spread a reduced debt over a certain amount of time (normally 5 years).

·         - They cover unsecured debts from personal loans, credit cards, store cards, overdrafts, bank charges, medical bills, VAT and those from Inland Revenue.

·         - You only make a single payment each month including any fees payable.

·        - Your credit rating will be affected in the short term and may be affected in the medium and long term.

·         - Up to 70% of your debt can be written off and all interest and charges  frozen subject to your Creditors approval.

·         - Homeowners may be required to release equity in their property in the final year of the IVA.

 - Although an IVA offers a much needed respite and way out of debt, there are still certain criteria that users must meet, including debts over £7000 or more, proof of employment or regular income, and debts that are unsecured (listed above).

For more advice, information, and details about debt management, and in particular, about Individual Voluntary Arrangements (IVA) and other debt solutions, Ashley ParkFinancial Solutions are always happy to help.

Call 0800 043 3535 or visit www.ashleypark.co.uk now. 

How To Get A Cheap Holiday With A Unique Twist

Summer – us Brits love it! Well, we love it when we actually get to enjoy glorious sunshine on a beautiful summer’s day. With the warm weather fast approaching, AshleyPark Financial Solutions have decided to give you a few tips for ways to find a cheap holiday.

Over the last few years you could easily confuse our summer wardrobe with our winter one – big coats, wellies and umbrellas – the weather has certainly not been on our side.

Although the British tourist board fought valiantly to endorse holidaying on our own fair isle, the sun worshipers that we are headed for the nearest cheapest deal for a dose of sun, sea and sangria!

 However, what happens when funds are low and we can’t afford to get away to exotic destination?

Well, house swapping has been around for decades but, until recently, it was a niche market. The economic climate has changed all of that, forcing many families to reconsider their options in order to have a holiday without breaking the bank.

The scheme involves allowing a stranger to stay in your home for a weekend, week or fortnight and in return, you stay in their home during the same period. There is no cost involved – other than the plane tickets – and both parties agree in advance what will be included in the price. For example, you may negotiate to borrow each other's cars, but if you are uncomfortable with that arrangement, you simply have to specify what is excluded.

If this sounds like something you might be interested in, you might be wondering how you get started and no, you don't have to find random strangers yourself to swap homes with! There are several agencies who offer the service, the majority of which charge a membership to join. However, in many cases, the fee is just nominal and charities such as the National Childbirth Trust even have a house swap scheme, which has been running since 1976.

To register your home on the site, you need to take photos so any prospective guest will know exactly what your property looks like and where it is. If successful, you will need to be prepared to clear some of your personal belongings away temporarily, to make space for your guests' stuff when they arrive.

UK home insurers as a general rule are very supportive of the initiative, as it prevents properties being left unoccupied during the holiday season, but the majority will ask to be kept informed.

This could be a totally new holidaying experience for you – you could end up somewhere you ordinarily wouldn’t have chosen as a holiday destination and love it!

The best idea is to stick with affordable destinations if you’re desperate to get away – just make sure that you can really afford it.

If you have any money worries, please visit the Ashley Park Financial Solutions website for our full range of services. For regular updates, follow us on Twitter. 

Tips for Job Hunters

Ashley Park Financial Solutions offer job hunting tips

The unemployment rate in the UK has recently fallen to 7.6%, which is the lowest it’s been for four years. Ashley Park Financial Solutions think that’s great, but we realise there are still lots of people struggling to find suitable employment. We thought we’d bring you a few tips to help you out if you’re currently looking for work.

If you’re on the hunt for a job, remember that word of mouth is a powerful ally. Tell your family and friends that you’re looking for work. But don’t stop there! Mention it to everyone – you never know when your name might crop up in conversation with someone who’s looking for a hard worker like you.

Make the most of the resources you have available. The internet is filled with thousands of websites advertising jobs. Upload your CV to all of them and if there’s an option to allow employers to review your credentials, make sure you check the box. www.trud.co.uk is a great place to search and filter jobs according to your preferences.

Get a professional-sounding email address. Employers are much less likely to reply to an email from a ridiculous sounding address. If you still have the same email handle you made when you were 15, it’s probably wise to make a new, more sensible one now you’re an adult.

Set up a LinkedIn profile. Employers who are interested in you CV are highly likely to search for you online nowadays, so it’s important to have a strong, well-presented online presence. If you haven’t heard of LinkedIn, it’s basically an online CV service through which you can connect with potential employers and recruitment agencies who may be able to find work for you. You can list your education and employment history as well as your hobbies and interests. Your connections can then endorse your personal and professional skills to give anyone viewing your profile a well-rounded view of your attributes.

Similarly you should be aware that potential employers might look for you on social media sites like Facebook and Twitter. Obviously these sites are more personal than LinkedIn so if there is anything you’d rather a boss or colleague didn’t see, be sure to set your profiles to private.

Have several different CVs. If you’re applying to a range of industries that require different skill sets, it’s always best to tailor your resume to the job description. Save copies of different cover letters too so all you have to do is tweak them to suit the role you’re applying for.

Finally, have a list of referees at the ready. If you’re called for interview, take them with you so your employer won’t have to ask at a later date. Give their names, addresses, contact numbers and email handles. And make sure your chosen people know that you intend to use them as referees!

We’d love to hear from you if you have any other advice for job hunters. You can comment before or follow Ashley Park Financial Solutions on Twitter. 

Christmas Dinner on a Budget

According to the annual Christmas survey from Good Housekeeping you can treat your family to a fantastic festive dinner this year for as little as £21.85 for a family of eight, which works out at just £2.73 per person! Here at Ashley Park Financial Solutions, we think that’s an absolute bargain, so we thought we’d share where and how to shop to get the best Christmas deal this year.

The full Christmas dinner, according to Good Housekeeping, includes turkey, stuffing and cranberry sauce, sprouts, carrots, potatoes, mince pies and brandy butter. For the best one-stop shop, bargain hunters are best to head for Lidl, where you can get everything for £27.33. Morrisons offers it all for £30.54, with Aldi coming a close third at £31.30. Tesco, who have struggled to compete with budget supermarkets this year came in fifth at £34.03, after Asda at £33.12.

Surprisingly Iceland, usually included in the list of budget shops has a slightly more expensive Christmas dinner priced at £35.75, though it’s still far cheaper than Marks & Spencer and Waitrose, who top the bill at £51.29 and £53.15 respectively.

Anyone aiming for that awesome price of £21.85 will need to shop around though, heading to a number of different supermarkets to pick up the components separately. For more information, click here.

Bear in mind though, if you’re going for a budget bird, you should be careful. Sometimes during the cooking process the meat can “shrink”, which means you’ll actually get more meat for your money with a better quality, slightly more expensive bird. You could also think about making your own mince pies. There are some fantastic recipes available online, and a bit of Christmas baking is bound to get you in the festive spirit! Similarly, you might like to try whipping up a Christmas cake. You could even get the kids in to help you decorate. Check the cupboards to see if you have any leftover dried fruit, nuts and marzipan before you start and save even more!

Personal Finance Course from the Open University

Last week it was announced that the Open University Business School has opened a new personal finance research centre, which will offer three free open-access modules to help people get to grips with managing their day-to-day finances. The team here at Ashley Park Financial Solutions think this is fantastic news and the course could benefit thousands of people across the UK.

The first modules, Personal Finance: Understanding the Basics, will be available from spring 2014 and is primarily concerned with household budgeting. Students will also cover borrowing and debt management; insurance cover; starting/managing a pension and smart savings and investments.

The second and third modules have yet to be fully defined, but will offer teaching on investment and risk, consumer rights and the financial industry in general. These modules will be available later in 2014 and 2015.
Each module has been put together by academics and industry experts who have in-depth knowledge of the financial system and the emotional effects that the mismanagement of money can cause.

At a time when so many people in Britain are struggling to pay their bills with no means of saving for the future, it is vitally important that everyone is as educated as possible when it comes to their personal finances. This announcement along with the fact that school children in England will be taught about personal finance through “financial mathematics” as of September next year, are certainly steps in the right direction towards educating the nation on sensible money management.

Making the right decisions in terms of your finances can be a daunting process with many complex things to think about. A course like this one is suitable for everyone and Ashley Park Financial Solutions certainly think it will allow the nation to feel much more confident in their financial choices, which can only be a good thing!

If you’re worried about money, visit our website for the full range of our services.

How to save money on your holiday

Going on holiday can be a big expense, especially when things are tight. But here at Ashley Park Financial Solutions, we think that getting away from it all can be the perfect way to relax and unwind, leaving your troubles behind you. So if you’re struggling to figure out how to pay for a holiday next year, we’ve got some great advice that should see you towards the perfect break.

If you’re thinking about a summer holiday, start planning now. With Christmas and the New Year coming up, you’ll need to keep a careful eye on your finances to make sure you have enough to see you through. If you’re thinking about a big family holiday in the warm weather, it might be a good idea to scale down your Christmas plans and add the savings to your holiday fund. For families with children, you can explain that the holiday will count as part of their Christmas gift.

Think about destinations you might be interested and do your research early, so you know exactly how much it’s likely to cost and where you’ll get the best value for money. Remember, the further you decide to go, the more expensive the holiday will be. You might like to consider a staycation and holiday here in the UK. There are some fantastic attractions right on your doorstep for a fraction of the price.

If the draw of somewhere overseas is too strong though, choose somewhere with a good exchange rate. Also, don’t buy your spending money from the airports, stations or hotels because it’s likely you’ll end up paying commission. Buy in advance from somewhere like the Post Office.

Be flexible over your dates. Try to avoid peak seasons, because holidays are almost always more expensive during those times. If you have children, obviously school holidays hit all peak payment times, so perhaps think about taking them out of school at a different time. You shouldn’t really do this more than once though, and you need to make it really clear to the kids that they’ll have to catch up on the work they miss.

Go for discount airlines and book online to avoid agency fees. Book as far in advance as possible to get the cheapest deals. If you can, fly mid-week (Tuesday, Wednesday and Thursday) when the prices are much more reasonable – the weekends are very popular so usually the cost goes up accordingly.

Look out for good package deals, as it’s usually cheaper to buy everything together. To really save on your accommodation, consider going for a hostel options, or even a holiday home. If you favour the latter, it means you can cook your own meals instead of eating out every night and even do your own laundry if you need to. You might even want to check out house swap programmes, where you go and stay in someone else’s house while they stay in yours – what a great way to get to know the community you’re visiting!

For more great money saving tips, be sure to find us on Twitter and Facebook.