Wednesday, September 6, 2017

Financially Recovering From An Accident And Medical Bills

treatment costs
When you have an accident that derails your living standard, makes everyday life painful, you can start to feel under the blues. Your finances will also take a hit, so even after you’ve healed, your bank account will still be recovering. We’ve all felt this annoying sense of burden, which when you’re physically injured, there are long-lasting effects that won’t go away. Your medical bills will skyrocket, and your insurance premiums may increase also. Although it’s perfectly reasonable for hospitals to charge your insurance if you have it, this burden will be placed on you by the insurance if you cannot prove it wasn’t your fault. It can become very complex and prepare to pay the medical bills is one thing, but paying for them when you don’t have the money and it's not your fault is infuriating. There are a few things you can do to react to a financial situation after an accident.

Have evidence for your insurer

Insurance companies may or may not pay for your medical bills depending on your plan. Cheaper plans require you not to be the cause of your own accident that physically harms you. Therefore this means you need to show evidence to your insurer that the reason you’ve ended up needing them to pay for your medical bills is not of your own making. Whether you’re in a car crash, or you simply slipped and fell on a wet floor in a store, you have to take evidence from the scene. This might be something as simple as taking pictures of the crash, or the fact that there was no warning sign at the area of the wet floor. Talk to witnesses and see if you can get their contact details, as the insurance company may want to phone them up to corroborate your story.

Recovering from the bills

Recovering from a large hit to your bank account from medical bills is going to be tough. If you have ended up in debt, your first reaction might be to get out loans to help you through this rocky period; you could opt for debt consolidation if you feel that you need extra help. This type of loan will make all your debts form into one giant charge, and the interest rate will then be centralized. The payments will be smaller, which will help you manage the monthly finances but the loan will make the payments back to zero a little longer. Medical bills can also have an impact on your credit rating, which can lead to loan companies denying you and banks charging you a higher interest rate for loans. On repair.credit, you can study how to recover from financial losses due to medical bills and make sure your reputation is salvaged. By sending a letter to the credit bureaus, you can also report an error in the medical bills that will, in turn, fix any unwarranted credit score dive.

Recovering from an accident is mentally challenging. Even more so when your finances are in trouble. If the accident was not your fault, you should not be liable to pay for medical bills. Collect as much evidence of this as you can, and work to keep your credit score healthy by not succumbing to the medical bills.

Tuesday, September 5, 2017

Options For Optimizing Your Profit In Property

property profits
Trying to make money in life can be draining. Although we know there’s a range of different ways that we can try to boost our income alongside holding down a standard 9-5, it’s not always that easy to get started. And this can definitely be the case when it comes to making money with property. Investing in property is definitely something we all want to do, but there’s just something intimidating about getting started. Whether it’s the worry of the money needed to start out, or the fear of failing, it’s one of those things that we shy away from. But if you really want to make profit from property, here are some options to make it work for you.

Start Small

Your first option is often what helps a lot of people to start out in property, and that’s to start with buying one house first. This can even be a property that you live in yourself. But the idea is to buy something for a low cost, or something that needs a lot of work, and then fix it up so that you can make a healthy profit from it. And because this is going to be your first profit, you definitely want to make it count. But don’t be too ambitious. It’s better to start off small, have some success, and go from there, rather than bite off more than you can chew and fail.

Finance For Bigger

When you start to find your feet within property, you will get to the point where you want to go for something bigger and better. After flipping a few houses and apartments, you may find that you’re ready to go in for something on a much larger scale, and for this, you’re going to need finance. But speaking to a specialist such as Enness Development is all it takes to find out if your plans are feasible. With the right finance, you should then be able to move on up with your development ideas.

Go Commercial

You’ve also got the option to try out commercial property investment. It’s often not all that different from investing in houses and apartments. You can often renovate business spaces, or invest in places to rent out to ensure that you get a sustainable income over a set number of years.

Sit On Your Stack

Another option for you is going to be to sit on the investments that you have. Although when you first get started, and you’re eager to turn a profit, you flip your investments quickly, in time you may choose to sit on them instead. This way, you can wait for the market conditions to reach their peak and look to maximize your profit.

Rent Away

On the flip side, you’ve also got the option to rent out some of the properties that you invest in. Although this is a common occurrence in commercial investments, you may be looking to sell straight away with the residential properties that you invest in. But you can make money on rental properties that will warrant them worth hanging onto for that little bit longer.

Monday, September 4, 2017

Flipping Out: Can You Really Make A Profit From Property?

property earnings
It's pretty widely known that property is perhaps one of the best investments out there. It's a great way to make a significant profit while also keeping potential risks to a minimum. However, when people think about making a profit from their property, they usually think about renting it out to tenants. This is a great option for many homeowners since it offers a pretty consistent income, but it also involves continuous maintenance and a great deal of responsibility. However, there is another way that you can potentially make a tidy profit from properties, and that's improving them and selling them on. The great thing about this is that you can generate large profits much more quickly than you would if you were renting. But that doesn't mean that there aren't a lot of challenges in your way. If you really want to earn a decent profit from your properties, here are a few things that you need to do.

Get some help

Turning a property into a profit can be a real challenge and going about it all wrong can put you in some serious financial hot water if you're not careful. Because of that, it's a good idea to make sure that you have some expert help in order to keep you on the right track. There are plenty of companies out there who can teach you flipping houses 101 and help you maximise your profits. While it can often be tempting to go it alone, you'll soon come to realize just how many complexities there are in earning a profit on your property and you'll be incredibly grateful for the support.

Know your properties

One of the first things that any property connoisseur comes to learn incredibly quickly is that not all properties are created equal. The truth is that many properties simply aren't suitable for being bought and sold on at a profit. This could be because there's simply too much work that needs doing to it to make it financially worthwhile, or it could be that there's not much you can do to raise the value, and the market is stagnating. Over time you'll develop your skills and learn how to spot the perfect property, but in the meantime, there are plenty of resources out there for you to use.

Keep an eye on the market

Of course, it's not just a matter of the properties themselves; you need to be aware of the movements of the housing market as a whole. This means being switched onto a lot of general economics as well. There's nothing worse than buying a property at what you think is a steal only for house prices to drop sharply just as you're getting ready to sell it on. You can't always predict what the market is doing but being as informed as possible is the best way to avoid any nasty surprises.

It's important to remember that flipping houses, as with any form of investment, does come with its own share of risks that you need to be aware of. However, as long as you're careful and make sure that you're taking all of the necessary precautions, you'll be earning a tidy profit in no time!

Sunday, September 3, 2017

How Do Car Insurance Companies Come Up With Their Quotes?

car coverage
You go onto a car insurance website, you put all of your details in, and it comes back with a price. Most of us just find the cheapest one and pay it, but we rarely stop to question how that price is actually calculated. Knowing how the price is worked out in the first place can help you to make changes that will reduce the cost of your car insurance. So, how exactly do they work out that price?

Age

Your age is one of the biggest factors that affect the price. Younger drivers between the age of 17 and 25 are going to be subject to far higher prices than people over 25. Unfortunately, there’s nothing you can really do about it. It’s a common misconception that as soon as you hit 25, your prices will plummet immediately. In a lot of cases, they do drop drastically but that’s not always the way so don’t be counting on that. 

Your Job

You wouldn’t think it would make that much difference to your personal insurance but your job description dictates how much time you spend on the road so the insurance companies will take it into account. If you’ve got a higher paying job then you’ll probably get a higher quote. If you can rephrase it so it sounds less senior than it is, you could cut your costs. It’s also a good idea to use sites like cheapautoinsurance.co to check lots of different providers because different companies will charge their own prices for certain job descriptions. Try different job descriptions with different companies to find the cheapest deal possible. 

Your Car

Obviously, your car is going to be one of the biggest factors in the price of your insurance. The cash value of the car is the first thing that they look at. The more expensive the car was to buy, the more expensive it will be to insure. If the car is rare it’ll be more difficult to get parts to repair it which will jack up the costs of insurance as well. The power of the car is something you need to consider carefully as well. The more powerful the engine, the more likely you are to get into an expensive accident so that’ll increase your price as well. The popularity of the car isn’t something that people always think about but it makes a big difference. If your car is very popular, the insurance company will be more worried about the risk of theft so they’ll charge you more money.

Where You Live

The location of your house is also a big indicator of how likely you are to claim on the insurance. In a built up area, you’re more likely to get into an accident. Equally, if you live in an area that has a high level of crime, your insurance bill is going to be massive. The price can change drastically in the space of a few streets so even if you live on a relatively safe road, you might still be paying over the odds if you live near a dangerous area. 

Now that you know exactly how insurers come up with their prices, you can take steps to reduce them.

Saturday, September 2, 2017

Freedom Financial Helps You Protect Yourself During the Equifax Hack

enjoy with your finances
If you've spent any time online in the past week, you've probably already heard about the Equifax security breach that took place the week of September 8th. Equifax, a credit risk assessment company with access to the personal data of over 800 million consumers, experienced a cybercrime identity theft attack; this security breach gave criminals access to the full name, social security number, birth date, addresses, and in some cases drivers licenses, of an estimated 143 million Americans. There is a high likelihood that your credit information has been compromised- Freedom Financial is here with the steps you need to take to ensure that your sensitive information isn't used by criminals.

Check your credit

You may not know that the actual cyber attack on Equifax offices actually took place in early May- Equifax employees did not become aware of the issue until late July. This means that there's already a good chance that someone has been using your credit without your knowledge. Freedom Financial urges you to check your credit report as soon as possible, and to dispute any frequent items you see. The early you dispute these claims, the easier they will be to get resolved.

Freeze your credit.

After you check your credit and dispute any charges or items that you believe are fraudulent, Freedom Financial also advises you to freeze your credit account. Freezing your credit will give you a special PIN unique to you that anyone who attempts to open an account with your information will need. If you don't plan on opening any new accounts or making any major purchases in the near future, freezing your credit is a great way to ensure that your information is not remotely hackable.

Set up a 90 day fraud alert

A fraud alert is a temporary hold on your account that will require any company attempting to open an account in your name to first verify your identity. You can set a fraud alert on your account by calling one of the major credit monitoring agencies like TransUnion or Equifax and requesting a 90 day fraud alert be set on your account. Setting up a fraud alert might seem like a hassle, but it's another preventative measure that you can take to make sure your personal identity isn't being used for nefarious purposes.

Watch your taxes

Freedom Financial anticipates that a number of identity thieves may try to use consumers personal info to file a tax return this year in order to claim a refund that isn't theirs. If you get a notice after filing your taxes that says that your taxes have already been filed, this is a pretty good indicator that a thief has used your information, and you should report it immediately.

In order to protect yourself, try your hardest to file your taxes as early as possible this year to avoid the situation.

Consider Enrolling in TrustedID

TrustedID is a credit monitoring program by Equifax that “includes 3-Bureau credit monitoring of Equifax, Experian and TransUnion credit reports; copies of Equifax credit reports; the ability to lock and unlock Equifax credit reports; identity theft insurance; and Internet scanning for Social Security numbers.” In light of the hack, Equifax is opting to provide a year of free access to TrustedID to everyone.

Keep in mind that Equifax faced a bit of backlash when it introduced the free year of access because a clause on the sign-up seemingly required you to waive your right to sue the company for the hack. However, Freedom Financial has found that following complaints, the company added an opt-out feature which allows you to retain your right to sue the company by sending a letter. This is something to keep in mind should you be considering legal options.

If you've been affected by the hack, don't panic- take action to protect your credit today.

Thursday, August 31, 2017

Car Buying VS Car Leasing: Which one is the best for you?

loan for your car
One of the best ways to acquire a vehicle is through paying for it upfront in cash. Except, very few people can actually afford to do this. So, when we mere mortals can't afford to pay for a car in cold hard cash, the first people we turn to are reputable dealers for a car loan. But this isn't the only way. Some of us simply cannot use a big chunk of our savings or monthly expenses for a big down payment, because of priorities. When life happens and you just can't cough up the dollars upfront, there is another option: car leasing.

Buying Pros and Cons

One big pro about buying a vehicle is the flexibility to keeps or sell the vehicle. You also don't have to worry about keeping it in tip top shape or going over the annual mileage limit since it's yours. Of course, this is provided that you've paid for it in full or are religiously paying for it week by week. Speaking of paying in full, you also get the benefit of completely eliminating the fixed weekly/fortnightly/monthly repayments once you've paid off your auto loan. All you have to worry about from then on will be petrol, maintenance, and insurance.

This isn't to say that buying a vehicle doesn't have its downsides. The first problem when you purchase a vehicle, whether outright or as a loan, is the fact that you need to have such a large deposit. And because there are car loan terms wherein you only have two years to pay, sometimes your weekly repayments are larger as well. While this may be cheaper as an expense in the long term, this wouldn't matter so much if your cash flow wouldn't allow for such a large weekly expense. The second problem with buying a car is that it's a depreciating asset. This means that from the moment you start driving that brand-new car, its value will drop by about 20% which means you'll never be able to get back the worth you paid for it even if you sell.

Car Leasing Pros and Cons

One of the best things about a car lease is the fact that it costs much less upfront. This means you can actually drive a better can than you can normally afford if you were to purchase outright. Of course, one of the biggest reasons for this is because you're essentially paying for a vehicle that costs less than its actual value. Remember how we were talking about how a vehicle depreciates in value once it's been driven? That's why.

If your cash flow is on the fluid side because of a higher weekly income then you might just be able to get that luxury car that was a little out of price range for an outright purchase. Even if you can't get a luxury car through lease, if your income is even just 20% higher compared to the minimum for bad credit card finance, you can get a pretty decent family sedan or even SUV with a relatively fluid cashflow -- and that is after weekly and lease expenses. Speaking of bad credit finance, you can actually help get your credit rating up if you're able to sustain good payments in your car lease. It's also much easier to acquire a lease than a loan when you're part of the credit challenged market. When your term is over, most companies will allow you the options of swapping the vehicle for a better model, returning it, or even paying for the residual value if you're on a lease to buy.

PRO TIP: If you own a business, leasing may just be the better option as you can actually have leased cars deducted from your taxes if you use them for business.

Of course, like anything else, car leasing has its own cons. Remember that, because you paid less upfront, you will end up paying more in the long run compared to buying a car. Since the vehicle isn't really under your name, you cannot return it with an excess of your contractual annual mileage allowance or in anything less than impeccable condition unless you want to be hit with fees. Also, if you fall in love with the car, you're going to have to pay for residual fees (see residual value above) to have the vehicle transferred to your name at the end of your lease term.

So, should I buy or lease?

Both car buying and car leasing have their ups and downs. But if you have some money saved up or if you can actually afford a higher upfront and (possibly) monthly repayments, buying a car outright or getting a car loan is definitely the smarter choice. Simply put, you end up saving more in the long run even if you have to shell out more during the initial stages.

If your responsibilities won't allow you to prioritize higher deposits or repayments, or your cash flow might end up a little tight, or if you're part of the credit challenged market, then a car lease is your best bet. Although you'll end up paying more by the end of it, your finances during the car acquisition stage won't be as restrictive.