https://www.qmswebsitebuilder.com/ News en-US hourly 1 http://wordpress.org/?v=3.5.1 How To Save Up For A Vacation! https://www.qmswebsitebuilder.com/blog/article/how-to-save-up-for-a-vacation.html 30 August 2017, 10:05 am Longing to go on vacation but still have debts to pay? Everyone needs and deserves a vacation once in a while to relax, rest and rejuvenate. But sometimes financial stress can make it hard to save up ...

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Longing to go on vacation but still have debts to pay? Everyone needs and deserves a vacation once in a while to relax, rest and rejuvenate. But sometimes financial stress can make it hard to save up for a vacation and cause you to put it off altogether. But don’t fret! Here are some ways you can save up to finance your holiday today.

Family enjoys vacation after creating a savings plan.

Calculate the Approximate Cost

The first step to saving up for a vacation is to create a savings plan. To do this, first, figure out the location or locations that you plan to visit. Next, find out the approximate the cost of traveling e.g. flight, cruise or bus; as this is often the most expensive part of any vacation. Other costs to consider include visa and passport charges, travel insurance, transport during your vacation, accommodation, food, activities during your travel, souvenirs and extra money to take in-case of an emergency. Once you’ve worked out these costs combine them to give you a final approximate cost of the vacation.

Create a Savings Plan

Now that you know the approximate cost of your vacation, it’s time to come up with a savings plan. Look for areas you can cut spending in your day to day life. Some areas where you can save may include entertainment costs, restaurant meals, clothes and take away lunches and coffees. Next, speak to your bank about opening a savings account as these accounts generate a higher rate of interest than normal transaction accounts.

Earn Extra Income through Freelance Work

If you currently only have one job and can manage to fit in another; you might want to consider freelance work to earn a little extra income. Freelance work lets you use your skills for short term tasks at a fixed or hourly rate. This extra income can come in extremely handy during your trip and helps you save up for your vacation faster. Some good examples of freelance websites to enlist your skills include Freelancer and Fiverr.

Selling Spree

Sell! Sell! Sell! Going on vacation can be a great time to sell unnecessary furniture, clothing, and technology that is lying around in your home collecting dust. So why not gather all the things you don’t need any more and have a garage sale or post it on re-selling sites like Gumtree or eBay! This is another great way to saving some extra money to spend during your vacation.

When saving up for a vacation its importance to not neglect your debt. If you already have accumulated debt and are thinking of taking a travel loan for your vacation, you may want to think of debt consolidation options to consolidate all your loans together. Before taking out a loan it may be a good idea to speak to a debt professional to make sure you will be able to pay it off in the long run. If you need any help managing your debts, please don't hesitate to contact our specialists on 1300 332 834 or leave an inquiry for more information.

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4 Main Reasons for Loan Rejections https://www.qmswebsitebuilder.com/blog/article/4-main-reasons-for-loan-rejections.html 15 August 2017, 2:46 pm What Are Some Reasons for Rejection of Loan Application?

Applying for loans can be a hard and tedious process that requires a lot of time and perseverance. That’s why when loans get rejected, it can ...

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What Are Some Reasons for Rejection of Loan Application?

Applying for loans can be a hard and tedious process that requires a lot of time and perseverance. That’s why when loans get rejected, it can be very frustrating and discouraging. It is important to know and understand the main reasons that loans get rejected before you apply. This way you can fix any present issues prior to submitting your application and thus avoid the possibility of rejection.

reasons for loan rejection

These are the top 4 main reasons new loan applications are rejected:

Loan Serviceability

Serviceability describes the ability of a borrower to fulfil loan repayments, and when it comes to the serviceability of loans, there are three factors which can be very important to lenders.

  1. Income: Your income needs to be sufficient to service the loan and still afford your cost of living.
  2. Job Security: Lenders like to see you have a stable income before they will lend you money. This means that if you’re in your probationary period or you work on a part time or casual basis, then the chances of obtaining a loan for your situation will be significantly reduced.
  3. Too Much Debt/Overcommitted: If you have too much debt and you look to be struggling, the lender will consider you too risky to lend money to. If you feel overwhelmed by the debt that you have, Debt Fix may have a solution that will help you settle your debts quickly and affordably.

No Demonstrated Savings

If you can demonstrate a track record of savings and show the bank you are able to put money aside it gives them confidence in your ability to pay off a mortgage. If the reason why you can’t save money is because you are busy trying to pay off current debt (credit card and personal loans), then Debt Fix can help you consolidate your debts and pay them off quickly.

Issues with Credit Rating

A bad credit reputation, unpaid bills, too much debt are all common reasons why your mortgage application can be declined. Even excessive activity on your credit check (like shopping around for finance) can cause problems. Debt Fix can assess your position and provide relevant solutions which will assist you in getting on top of your debt once and for all.

Man finds out how to overcome loan rejections.Lack of Funds

Lenders want to minimise risk as much as possible. This means that if you can’t pay the mortgage or other forms of repayment, lenders will want the option to sell your property and other assets in order to cover the price of the loan.

If you’ve less than a 20% deposit, lenders will insist you pay for ‘lenders mortgage insurance’. This is a fee for not having a large enough deposit. Having a deposit which does not meet the required amount will tend to be an issue, especially if your profile suggests risk in any other criteria. Debt Fix has a dedicated team who can help you with a mortgage when the time is right.

Fill Out the Personal Debt Survey For Your Personal Solution

Turned down for a loan everywhere?

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If you’re struggling with any kind of debt don’t be shy to seek professional help. Before applying for any type loan it’s important that you speak to a debt professional in order to understand your ability to pay off the loan in the future. If you need any help managing your debts, please don't hesitate to contact our specialists on 1300 332 834 or leave an enquiry for more information.

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