5 Financial tips for the 3rd week of July 2012

January 09th 2013

Check out the 5 financial tips for the 3rd week of July 2012.

Tip no 1 - Check out the location of a property before buying it.

Inspect the area where the property is located. If you're planning to buy a property for residential purpose, then it is very important that you scrutinize the locality minutely. If the people living in that locality are not good, then it'll be very difficult for your family to spend time in that house. If you're thinking to use the property for commercial purpose, then it is even more important to examine the area. If the property is situated in a bad area, then the fair market value of the house will not appreciate with time. You'll face problem in selling the property later.

Tip no 2 - Inform your credit card issuer before going for a vacation.

Contact the customer care officer of the credit card company before boarding in the plane or train. In fact, notify your credit card issuer 1 or 2 week in advance. Explain where you are going and for how many days. This way the credit card issuer won't cancel your card when you use it while being out of station. He'll know that a scammer is not using your card to steal your money.

Tip no 3 - Keep the contact details of the credit card company with you.

Write down the name, address, email address and phone number of the credit card company in a paper. If you're tech savvy, then you can save the contact details in your cell phone or an ipad. This is especially important when you're going for a business or a personal trip. If a scammer succeeds in stealing your credit card, then you can contact the credit card company promptly, and report the matter. The credit card company will freeze your account for the time being so that the scammer can't make any financial transaction with the card.

Tip no 4 - Cancellation waiver is cheaper like the trip cancellation insurance policy but not at all the same.

There is a huge difference between the cancellation waiver and trip cancellation insurance policy. It is true that cancellation waiver is not costly. However, cancellation waiver comes with various restrictions. For instance, you won't be getting any coverage just after beginning your trip. Neither will you get coverage prior to your departure. Other than that, you need to remember that cancellation waiver is not an insurance policy. It is not monitored by the state department of insurance. You may find it hard to get your money back if the tour operator gets into financial problems.

Tip no 5 - Individual Voluntary Arrangement is a very good debt management plan.

Individual Voluntary Arrangement (IVA) helps the debtors to avoid bankruptcy in UK. It is an especial arrangement between the debtors and creditors wherein unsecured debts are repaid within a stipulated time period. This time period usually lasts for 5 years. An insolvency practitioner sets up the entire arrangement and charges a fee for it.

IVA is a very good debt management plan since debtors can pay off their dues within a certain time period. Monthly payments are calculated on the basis of the debtors' income and expenses. The debtor can get rid of the debt once the final payment is made.

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