This is a good debt management strategy because they are earning interest income higher than the loan rates. The rule is student loans made before September 1998 needs to be repaid in 60 or 84 monthly installments. The number of months will depend on the number of loans you took. Whichever period is required, payment starts in April a year after graduation. Student loans made after September 1998 have different repayment terms. The repayment is required in April a year after you graduate or left the course. But you are only required to make payments once you are employed and are earning above £15,000 per year, £1,250 per month or £288 per week. If your income is beyond these amounts then 9% of the excess will be deducted from your salary by your employer using the PAYE system. The rate on all student loans changes every 1st of September each year. The rate is based on the inflation rate as provided by the Retail Prices Index (RPI).

From September 1, 2008 to August 31, 2009 the rate was pegged at 3.8% on the loan balance. If the debtor is not able to find work or earns less than the £15,000 minimal, then he or she need not repay the student loans after September 1998. After 25 years has lapsed since the loan was first granted or when one reaches the age of 65, whichever comes, the loan is written off. The rate of interest in student loans is often lower than commercial loans. There are a variety of options available for the debtor to be able to repay the debt. Interest is charged on the remaining capital balance of the loan so it is a good debt advice to pay the loan early. You can make payments even if your earnings are below £15,000. If you wish to reclaim the payments made you can ask for a rebate through the Student Loan Company. Refunds are made at the end of the Tax Year in April.

The sales offers in all departments of the site have been designed to pull in the January sale market, and there is no doubt that some of the offers are very generous. With prices of both male and female clothing slashed, as well as furniture, electricals and home appliances, people looking for a Christmas bargain are logging onto very.co.uk in their droves. Added to these reduced prices is the fact that shoppers at Very will not be required to pay anything until February next year, which is just another incentive to log and take advantage of the great offers that Very is giving away.

Another offer that Very is giving to its online customers is that they will pay no interest, even though they will not need to pay for their purchases until February next year. Not having to pay for all their Christmas presents all at once is likely to come as a huge relief to a large number of people, especially when the current economic problems that many people are facing are considered.

Added to this is the fact that much of the sale stock available has had its price halved, meaning reductions on top of reductions and huge savings for all customers concerned. Customers shopping at Very can look forward to next day delivery right up to the day before Christmas Eve, and free returns even on sale stock.

Debt consolidation in general actually helps your credit rating, especially if you’ve got lots of debt with lots of providers. It’s a good thing to have outstanding credit from 1 or 2 lenders. This works in your favour as it shows you can be trusted with credit. However, once you start getting debt with 4, 5 or more lenders then it starts to look suspicious. Especially if you start missing the odd payment here and there. In this situation, consolidating the debt from the 5 different lenders can actually help your credit rating. Not only will you have a smaller, more manageable monthly payment. You will also just have one, well serviceable debt source which can only do good things for your overall rating.

My advice to you is to consolidate on your own behalf before you’re in a position where your bank or third party lender forces you to do so. By doing this, you protect your overall credit rating and make your debt much more manageable. Not only that, if you consolidate all of your debts, you will be using your hard earned monthly income to actually pay off the debt itself as opposed to just high interest charges such as those charged by your credit card company.

The other major debt management issue comes for people who can quite easily afford to make all their monthly payments, but are still losing money by not paying off the right loans and debts at the right time. For example, some people who have multiple debts will try to clear their personal loan at 5% APR BEFORE they attempt to clear their 20% APR credit card. This is obviously the wrong way of going about it. Successful debt management is not just about knowing how much you owe and when to pay it, it’s also about knowing what money is going where and the specifics of each loans. Organise your debt so you know how much money is being paid off towards interest and how much interest you’re paying. Clear the debts with the highest interest first. This might seem obvious, but people opt for clearing lower interest loans first just because the amount owed it lower. This is a huge mistake.

The same goes for debt consolidation. Debt consolidation shouldn’t just be looked at an option if you cannot afford to service all of your money debts. It should also be considered even if you can easily afford all of your debt payments, purely for the money saving consolidation can bring. It doesn’t matter how much income you earn each month, if you’re paying 20% interest on 3 or 4 maxed out credit cards then you can consolidate those and make yourself a significant saving. You might be quite easily able to pay 20% APR on your debts, but why bother, there is no point giving money to your credit card company for nothing.

If you have debts, no matter how large or small, always look for a way to either decrease them or wipe them out completely. There is no point having debt if you don’t need to and as I say above, there is near enough always a way to make a significant saving.

If there is a problem, your monthly budgeting will reveal it. If the amount of funds you allocate towards your debts from your income is less than or equal to how much you have to pay back each month, the minimum payment, you need to do something about it - either consolidate or extend your loans to allow for lower monthly payments. If you have funds spare each month, then you need to start allocating those funds towards clearing your debts. Especially if the debts are on credit cards as they are notoriously high interest. Always pay off your credit cards first. Loans are structured in a way that your minimum payments pay back the debt itself, credit cards are not. Your minimum payment on your credit card is near enough all interest so if you want to be free of debt, you almost certainly need to be making more than the minimum payment.

If you follow the above and work out what you need to pay and when, you will be able to manage your debts more effectively and realise when there is a problem, if there is one at all.

The other option is to sell your house to a cash buyer. A company that buys homes for cash as a business as opposed to purchasing to live. By using such companies you can sell your property extremely quickly. Sometimes in less than a couple of weeks. This is mainly because there are no backward chains i.e. the cash buyer does not need to sell their property in order to buy yours. The only downside in doing such a deal is the price you will get for your property. Most cash buyer companies will offer you a there and then payment of around 15 - 20% less than the market rate - although with house prices dropping daily in the UK, this might not be such a bad thing!

Like most deals of this nature, there are advantages and disadvantages. The biggest disadvantage is that you simply won’t get as much for your property when compared with selling on the open market. Cash buyers usually offer around 15 - 20% less than the market value for your property. But, when considering how long houses take to sell on the open market, particularly these days, that doesn’t seem so bad. The biggest advantage in such a deal is the speed at which they can be wrapped up. Most transactions in the sell and rent back market are wrapped up within a matter of days.