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‘Our careers were trashed by the pandemic

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Three months ago, as we emerged from the national lockdown, 36-year-old supermarket delivery driver David* and his partner broke up. “We’re just two very different people but it took too long to realise that,” he explains. At the time, the couple was living in a house in Fife, Scotland with their two children.

In July Relate, the UK’s largest provider of relationship support conducted a national survey and found that eight per cent of people ended a relationship between March and June. This makes David one of an untold number of people who have broken up with someone during the pandemic and found that separating might be easier in theory than it is in practice.

The cost of breaking up when you live with your partner has long been of concern. In 2016, the housing charity Shelter reported that almost five million people in England feared a break up would leave them homeless. Over the last five years, relationship breakdown has regularly been cited as one of the top causes of homelessness.

The mortgage on David’s former home was in his ex-partner’s name because he had poor credit at the time they bought it. He contributed to the mortgage but she is keeping their home as she can afford it alone. In return, she made a financial contribution to him moving out. David says the thought of the relationship breaking up was tough because of its financial implications. “I had accepted we weren’t right for each other but I never thought I’d be able to afford a place on my own so I had no idea what I’d do. My contracted hours are 7.5 per week which is nowhere near enough to live on. I am regularly getting full-time hours but well aware this could be taken away from me at any time.”

David, who earns around £16,000 a year, is now privately renting a two-bedroom flat on his own. He needs the extra room so that his daughters can come to stay. “I’m doing better than I thought I would be,” he adds, “but I don’t know how I’ll be able to manage long-term.” His rent is £450 a month and he estimates that the post-breakup move itself cost him £2,500: “That was to fully furnish the flat and pay costs to rent a van, that also includes deposit and months’ rent up front,” he explains.

In recent years, data from the Office For National Statistics (ONS) has shown that cohabiting couples in both rented and owner-occupied homes are the fastest growing family type. This could, in part, be down to people’s preference to live together before marrying now but, equally, it could be that being single is just more expensive than being in a relationship.

According to the ONS people who live alone spend a greater proportion of their disposable household income than two-adult households on rent, mortgages and other housing costs, including energy bills, water and Council Tax. In recent years, this has put pressure on some couples to move in together sooner than they otherwise would because they want to save money, get on the housing ladder or escape house shares.

This is something that David knows all too well. “We were comfortable together financially,” he says matter of factly. “Money was never an issue for us. On my own, though, it is a case of watching every penny.”

Shelter tells i that while the letting fee ban has helped, the average cost of moving for renters is still “well over” £1,000. Polly Neate, the charity’s chief executive, explains: “Our helpline regularly hears from people struggling with housing costs as the result of a relationship breakdown, and we know how incredibly stressful it can be. The cost of moving can add up extremely quickly, especially if you have to pay early termination fees on your contract or cover rent on a property you’ve left.”

She added: “Worryingly, in the last five years, one in eight private renters have stayed living with a partner after the relationship ended because they were worried about housing costs.” For women, this is particularly acute. As the Women’s Budget Group reported last year there is not a single place in England where it is affordable for a woman to rent or buy a home of her own.

The cost of breaking up when you live with a partner has been compounded by the economic fallout of coronavirus which has seen unemployment (particularly among young people) rise with redundancies reaching their highest level since 2009, the last time we faced a period of severe economic downturn.

Natasha*, 34, and her ex-boyfriend both lost their jobs since the pandemic began. She was working in media and entertainment which has been hard hit by lockdown restrictions meaning she could no longer get work as a freelancer. He was made redundant from his role as a senior resourcing manager. In August, they also broke up.

“This is not the worst break up I’ve been through,” she says over the phone. She is taking a walk: that’s the only way she can speak freely right now because she is still sharing a rented one-bedroom flat in the south east with her ex-boyfriend. They are paying £1,400 a month in rent because they can’t afford to separate. She’s on a blow-up mattress in the living room and he’s got the bedroom. “The X-Box is in there so I prefer it that way,” she jokes.

“We were having lots of problems before lockdown,” Natasha explains. “This was exacerbated by lockdown and we both mutually decided to end our relationship.” There was, she says calmly, “no big fight. No animosity. Just a decision to call it a day.”

There is an added layer of complication to Natasha’s situation. Because both she and her ex-partner are recently unemployed, they have had to claim benefits. Because they have a joint tenancy, in order to access housing benefits via Universal Credit, they must apply together. “My ex applied after me and they called him to say we had to join our claims together. He explained that we are no longer in a relationship but they didn’t seem to have a solution.”

An added sting to Natasha’s situation is the way housing benefit works differently for under and over 35s. If she were to leave, because she is currently under 35, she would only get a shared accommodation rate as you can only access a self-contained rate if you’re over 35. This means that, for as long as she’s out of work, until she’s 35, there is no way she could avoid going back into a house share. “I was surprised that it’s not deemed acceptable for me as a 34-year-old woman to have my own space,” she says.

The complications don’t stop there. “I also have a county court judgement (CCJ) against my name too. This adds to the anxiety of leaving the relationship because I know I might struggle to rent somewhere on my own, without him.” A CCJ is a type of court order which is registered against you if you owe money to someone and failed to repay it. It can affect your credit rating for six years after it is issued.

We don’t like to think that our romantic relationships dictate our financial wellbeing but, when all is said and done, too often, they define how we are able to live. As things stand, this former couple’s wagons are still firmly hitched to one another.

“It could be worse,” Natasha reflects. “I stayed in a really bad relationship before because I didn’t have anywhere to go and had bad credit. We are trying to be pragmatic but, when you live together and you’re not actually together, the lines do get blurred. It’s pretty hairy but honestly, I’m not really sure how you’re supposed to do this. The hardest part is that we don’t have jobs and we’re both completely lost financially because our careers have been trashed by the pandemic.”

Vicky Spratt is i‘s Housing Correspondent

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Loans Bad Credit Online – PNC Personal loan 2021 Review | Fintech Zoom

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Loans Bad Credit Online – PNC Personal loan 2021 Review

Top perks

Low minimum loan amount

Customers can borrow $1,000 to $20,000. That minimum loan amount of $1,000 is unusual in the personal loan industry. A low minimum threshold means you can get the cash you need to cover small emergencies without being tied down to a larger loan.

Wide range of repayment terms

You have between 6 and 60 months to repay the loan. There are pros and cons to longer repayment terms, so this flexibility allows you to customize your term to your situation.. With PNC, you have the option of designing a repayment plan that fits your monthly budget.

Joint applicants welcome

Whether you need a joint applicant’s high credit score to qualify for a lower loan interest rate or someone has decided to co-assume responsibility for a personal loan, PNC allows for joint applicants.

What could be improved

Terms depend on location

The first thing you will be asked is where you live. On its loan homepage, PNC states that “PNC product and feature availability varies by location.” While this may be good news for borrowers in some areas of the country, it could be bad for others. You’ll need to see what it means for you.

Lowest interest rate reserved

If you’re looking to borrow enough to make repairs to your roof or buy a new furnace, you might not borrow enough to qualify for PNC’s lowest advertised interest rate. That’s because that low interest rate is reserved for those borrowing more money. For example, PNC will automatically assign a $5,000 loan a higher interest rate than a $15,000 loan.

Loans Bad Credit Online – PNC Personal loan 2021 Review

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Loans Bad Credit Online – Loans Bad Credit Online – PNC Personal loan 2021 Review | Fintech Zoom | Fintech Zoom

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Loans Bad Credit Online – Loans Bad Credit Online – PNC Personal loan 2021 Review | Fintech Zoom

Loans Bad Credit Online – PNC Personal loan 2021 Review

Top perks

Low minimum loan amount

Customers can borrow $1,000 to $20,000. That minimum loan amount of $1,000 is unusual in the personal loan industry. A low minimum threshold means you can get the cash you need to cover small emergencies without being tied down to a larger loan.

Wide range of repayment terms

You have between 6 and 60 months to repay the loan. There are pros and cons to longer repayment terms, so this flexibility allows you to customize your term to your situation.. With PNC, you have the option of designing a repayment plan that fits your monthly budget.

Joint applicants welcome

Whether you need a joint applicant’s high credit score to qualify for a lower loan interest rate or someone has decided to co-assume responsibility for a personal loan, PNC allows for joint applicants.

What could be improved

Terms depend on location

The first thing you will be asked is where you live. On its loan homepage, PNC states that “PNC product and feature availability varies by location.” While this may be good news for borrowers in some areas of the country, it could be bad for others. You’ll need to see what it means for you.

Lowest interest rate reserved

If you’re looking to borrow enough to make repairs to your roof or buy a new furnace, you might not borrow enough to qualify for PNC’s lowest advertised interest rate. That’s because that low interest rate is reserved for those borrowing more money. For example, PNC will automatically assign a $5,000 loan a higher interest rate than a $15,000 loan.

Loans Bad Credit Online – PNC Personal loan 2021 Review

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Loans Bad Credit Online – Loans Bad Credit Online – PNC Personal loan 2021 Review | Fintech Zoom

Tags: Loans Bad Credit Online

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Loans Bad Credit Online – Badger Advisors Gets Bad Review For Credit Card Refinancing | Fintech Zoom

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Loans Bad Credit Online – Badger Advisors Gets Bad Review For Credit Card Refinancing

Editorial Credit: Djomas

Badger Advisors wants you to believe they are offering credit card refinancing and have begun flooding the market with debt consolidation and credit card relief offers. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Best 2021 Reviews, the personal finance review site, has been following Badger Advisors, Rockville Advisors, Old Dominion Associates, Sooner Partners, Snowbird Partners, Gulf Street Advisors, Memphis Associates, Safe Path Advisors, Plymouth Associates, Tate Funding, Braidwood Capital, Tiffany Funding, Nickel Advisors, Coral Funding, Neon Funding, Polk Partners, Ladder Advisors (also known as Carina Advisors, Corey Advisors, Pennon Partners, Jayhawk Advisors, Clay Advisors, Colony Associates, and Pine Advisors, etc.).

Editorial Credit: Ollyy

Credit Card Refinancing

Credit card refinancing is a possibly feasible solution for your piling credit card debt. Under credit card refinancing, all of your credit card balances go into one account where a single interest rate is charged. If you have a good enough credit score, then you may be able to qualify for credit card refinancing at low-interest rates. Just like other refinance options, credit card refinancing also entails a loan offer to pay off your debts and improve your financial health. You will then have to focus on the credit card refinancing loan only and no other credit card balance.

Another major advantage of credit card refinancing is that the interest rate will not vary over the lifecycle of the loan. This will simplify your life a lot and make debt servicing much easier since you will know how long it will take for you to pay back your loan. With variable interest rates that you often find in credit cards, you can end up incurring higher interest expenses. But with a fixed interest rate that credit card refinancing purveys, you will not have to face this unwelcome possibility.

With the right kind of credit card refinancing loan, you can possibly save hundreds and even thousands of dollars on interest expenses this way. Of course, you will have to be punctual with your monthly repayments. If the terms and conditions of your credit card refinancing loan are favorable then you may very well embark on the road to financial freedom and get there before you know it.

Is There Any Difference Between Credit Card Refinancing and Debt Consolidation?

From the aforementioned discourse, you may have realized that credit card refinancing is very similar to debt consolidation and that indeed is the case. Both are about settling all debts with one favorable loan so that you can focus on this loan only and enjoy its lenient terms and conditions to rebuild your credit score and gradually work your way towards debt freedom.

Provided the terms and conditions of your credit card refinancing loans are suitable, this financial option represents a viable route for managing and paying off your outstanding liabilities in a better way.

Why Credit Card Refinancing loan May be Better

A credit card refinancing loan may be a better choice than a balance transfer card. The idea of a balance transfer card is to take advantage of the zero APR introductory period that usually lasts from 12 to 18 months. However, there are a few caveats due to which a balance transfer card may not exactly be a good idea.

The zero APR period may look tempting but it still may not be long enough to pay off your entire credit card debt. And that is unfortunate because once the zero APR limit expires then you will have to pay very high interest and you may even incur penalties. Then there is the question of balance transfer fees that can offset the advantages of the zero APR time frame.

Another problem is that the credit limit of the balance transfer credit card may not be big enough to accommodate all of your credit card balances. This is a real possibility since your credit card debt is high to begin with and it may not fit within the credit limit of the balance transfer card.

Then there is the danger of spending with the balance transfer credit card. The inability to control spending and use of credit cards is the very reason why people fall into credit card debt traps in the first place. This possibility is very much open and present with balance transfer cards. Instead of helping you, they may worsen your debt situation since they too are credit cards that are all too easy to misuse. What’s worse, they have exorbitant interest rates.

Such a scenario cannot transpire with a credit card refinancing loan since it is not a credit line – this loan immediately goes towards paying off your credit card balances due to which there is no peril of misuse. Instead of getting another credit card in the shape of a balance transfer card it is much safer to freeze all of your cards and repay your debts.

If you do your research on credit card refinancing then you might find that some people also include balance transfer credit cards under this heading. But due to the drawbacks mentioned above, you should try to steer clear of balance credit cards and instead take out a personal loan for the sole purpose of repaying your credit card debts.

The prime advantage of credit card refinancing is that they can provide you with a low interest rate if you have a good enough credit score.

How to Make Credit Card Refinancing a Success

While credit card refinancing provides good terms and conditions, it is not a magic elixir that will cure all of your financial woes.

To make your credit card refinancing a success, you will have to follow some good money habits and exercise discipline at the same time.

You should try to find extra sources of income. You can think about working overtime at your job if that is possible. If not, you can opt for freelancing gigs and projects. Even if you earn a few hundred dollars through this route each month, it will prove to be of great assistance in helping you become debt-free more quickly.

You should also think up ways of saving on expenses. A major reason why consumers incur enormous debts is that they do not track their spending. This is a habit that you must remedy forthwith if you wish to get out of your financial predicament quickly. No matter how little your expense, make sure you record it somewhere secure. You can utilize apps to record your transactions. Thus, you will know the areas on which your spending is inordinate. You will also be able to compare your spending with your planned budget.

You should get in touch with your financial advisor to find out whether credit card refinancing is right for you.

Loans Bad Credit Online – Badger Advisors Gets Bad Review For Credit Card Refinancing

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