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[lexdexsolutions]

Debt Relief Orders (DROs): An Overview for Individuals in Financial Distress

Are you grappling with the suffocating weight of financial distress, desperately seeking a glimmer of hope amidst the darkness? Debt Relief Orders (DROs) may serve as the beacon of light you’ve been searching for. In this blog post, we embark on a journey through the realm of Debt Relief Orders in the UK, illuminating the path to financial liberation for those in dire need. A Debt Relief Order…

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Personal Finance and the Role of Personal Finance Advisory Companies: How Real Estate Assist Can Help

Navigating the world of personal finance can be overwhelming, especially when dealing with mortgage payments, loan arrears, and other financial challenges. Personal finance advisory companies can help guide you through this complex landscape, offering valuable insights and tailored solutions. Real Estate Assist is one such company, specializing in helping homeowners overcome financial hurdles and regain control of their finances. In this comprehensive guide, we'll discuss personal finance, the role of personal finance advisory companies, and how Real Estate Assist can make a difference in your financial journey.

Understanding Personal Finance

Personal finance encompasses various aspects of managing your money, including budgeting, saving, investing, and managing debt. Having a firm grasp on your personal finances is essential for achieving your financial goals and securing a stable future. Some essential aspects of personal finance include:

a. Budgeting and Expense Tracking Creating and maintaining a budget is the cornerstone of personal finance.

A budget helps you understand your income and expenses, allowing you to make informed decisions about how to allocate your money. Tracking your expenses can also help you identify areas where you can cut back or find more cost-effective alternatives.

b. Saving and Investing

Saving money is crucial for building an emergency fund, financing big-ticket items, and planning for retirement. Investing, on the other hand, allows your money to grow over time, providing a potential source of passive income and long-term financial stability.

c. Managing Debt

Debt management is an integral part of personal finance. Ensuring that you can make regular payments on your debts, such as mortgages, credit cards, and personal loans, is essential to maintain a healthy credit score and avoid financial distress.

The Role of Personal Finance Advisory Companies

Personal finance advisory companies offer a range of services designed to help individuals manage their finances more effectively. These companies provide expert advice and guidance, helping clients make informed financial decisions and develop strategies to achieve their financial goals. Services offered by personal finance advisory companies may include:

a. Financial Planning

Financial planning involves creating a roadmap for achieving your financial goals, taking into account your current financial situation, risk tolerance, and future aspirations. A personal finance advisory company can help you develop a comprehensive financial plan that addresses various aspects of your financial life, including saving, investing, and managing debt.

b. Investment Advice

Investment advice is another service offered by personal finance advisory companies. These companies can help you develop an investment strategy tailored to your specific needs, risk tolerance, and financial goals. They can also provide guidance on selecting the right investment products and managing your investment portfolio.

c. Debt Management and Consolidation

Debt management and consolidation services help clients develop strategies for tackling their debt and improving their overall financial situation. Personal finance advisory companies can provide guidance on debt repayment strategies, negotiate with creditors on your behalf, and help you consolidate your debts into a single, more manageable payment.

How Real Estate Assist Can Help

Real Estate Assist is a personal finance advisory company with a focus on helping homeowners overcome financial challenges related to their mortgages and other debts. By partnering with Real Estate Assist, you can access a range of services and benefits that can help you regain control of your finances:

a. Tailored Financial Solutions Real Estate Assist understands that each client's financial situation is unique. They work closely with you to develop tailored financial solutions that address your specific needs and goals.

b. Expert Guidance The team at Real Estate Assist has extensive experience in the personal finance industry, providing expert guidance and advice to help you navigate the complex world of personal finance and make informed decisions.

c. Mortgage and Debt Assistance Real Estate Assist specializes in helping homeowners facing mortgage arrears and other debt-related challenges. They can help you explore options for

debt consolidation, loan restructuring, and alternative repayment plans, working with your lenders to find a solution that works for you.

d. Legal Support In some cases, you may need legal assistance to protect your rights and interests as a homeowner. Real Estate Assist can connect you with legal professionals who specialize in mortgage and debt-related issues, ensuring that you receive the support you need.

e. Ongoing Support and Education Real Estate Assist is committed to providing ongoing support and education to help you maintain a healthy financial future. They offer resources and tools to help you stay informed about personal finance topics and develop the skills needed to manage your finances effectively.

Frequently Asked Questions

Q: How much does it cost to work with Real Estate Assist? A: The cost of working with Real Estate Assist varies depending on your specific needs and the services you require. It's essential to discuss your situation with a representative from Real Estate Assist to get an accurate quote for their services.

Q: Can Real Estate Assist help me if I have bad credit? A: Yes, Real Estate Assist can work with clients who have poor credit histories. They can help you develop a plan for improving your credit score and provide guidance on managing your debts more effectively.

Q: How long does it take to see results from working with Real Estate Assist? A: The timeline for seeing results from working with Real Estate Assist will vary depending on your specific financial situation and the complexity of your case. However, with their expert guidance and support, you can expect to see improvements in your financial situation over time.

In today's complex financial landscape, having a trusted personal finance advisory company by your side can make all the difference. Real Estate Assist offers a range of services tailored to homeowners facing mortgage and debt-related challenges, providing expert guidance and support to help you regain control of your finances. With their help, you can develop a comprehensive plan for managing your personal finances and work towards a brighter, more secure financial future.

d. Legal Support In some cases, you may need legal assistance to protect your rights and interests as a homeowner. Real Estate Assist can connect you with legal professionals who specialize in mortgage and debt-related issues, ensuring that you receive the support you need.

e. Ongoing Support and Education Real Estate Assist is committed to providing ongoing support and education to help you maintain a healthy financial future. They offer resources and tools to help you stay informed about personal finance topics and develop the skills needed to manage your finances effectively.

Frequently Asked Questions

Q: How much does it cost to work with Real Estate Assist? A: The cost of working with Real Estate Assist varies depending on your specific needs and the services you require. It's essential to discuss your situation with a representative from Real Estate Assist to get an accurate quote for their services.

Q: Can Real Estate Assist help me if I have bad credit? A: Yes, Real Estate Assist can work with clients who have poor credit histories. They can help you develop a plan for improving your credit score and provide guidance on managing your debts more effectively.

Q: How long does it take to see results from working with Real Estate Assist? A: The timeline for seeing results from working with Real Estate Assist will vary depending on your specific financial situation and the complexity of your case. However, with their expert guidance and support, you can expect to see improvements in your financial situation over time.

In today's complex financial landscape, having a trusted personal finance advisory company by your side can make all the difference. Real Estate Assist offers a range of services tailored to homeowners facing mortgage and debt-related challenges, providing expert guidance and support to help you regain control of your finances. With their help, you can develop a comprehensive plan for managing your personal finances and work towards a brighter, more secure financial future.

[soulwallet]

How to Cope With Your Personal Finances and Debt Amidst COVID-19

COVID-19 has been one of the most disruptive public health and economic stories in recent memory. The UAE has 814 total confirmed cases (source https://doh.gov.ae/covid-19 as of 2nd April 2020) and there will undoubtedly be more. Moreover, shelter-in-place orders and nightly curfews throughout major cities across the world (including in the UAE) have caused massive ripple effects throughout the global economy.

Even though the UAE has a relatively low case count compared to other nations throughout the world, it isn’t immune to the economic stress. In fact, you may be experiencing some of these financial pressures right now. It can be scary—especially because it’s unclear when normal life will return.

Having said this, there are reasons to be optimistic. While the situation is constantly changing, we wanted to share several personal finance suggestions and resources that you can leverage in these uncertain times. These resources will help you obtain some financial relief (and even unlock exciting financial opportunities) as we continue to battle COVID-19.

Take Stock of Your Current Finances

Generally speaking, one of the first things that you should do amidst this economic uncertainty is to take stock of your current finances. Take a look at your cash in hand (if any) and note any upcoming bills or payments, whether it is your rent or mortgage, credit card bills, or something else. If there is a significant chance that you cannot meet any (or all) of these upcoming liabilities, you’ll want to take action now.

We will shortly describe some of these opportunities provided by the UAE government and financial institutions. Putting that aside, you may want to contact your credit card companies and lenders if you feel like you cannot pay your bills on time. While there are no hard and fast rules here, your lenders may be able to defer some of your payments if you explain your current financial situation.

Whether or not you are facing imminent financial pressures, you will want to adopt more stringent spending habits. Think long and hard about your discretionary purchases. While you may have been eyeing that new car or purse for some time, it’s probably better to be conservative here. It’s unclear when the economic pain from COVID-19 will end, so cash is king. Cash gives you optionality and will eliminate some stress if this crisis lasts longer than expected.

On a more optimistic note, COVID-19 can be a great investment opportunity if you have savings or significant discretionary income. Asset prices have fallen in the UAE and throughout the world. Because of this, you may want to think about purchasing index funds or other equities. As we’ll describe below, the government is also offering incentives for first-time homeowners. You will clearly want to do your own due diligence, but the bottom line is that this may be a great time to enter the markets. However, if you foresee any near-term financial pressures, you will likely want to stay liquid and keep cash on hand rather than make any long-term investments.

The bottom line? As with all personal finance advice, you need to closely monitor your income and spending habits. Stay conservative and make sure that you’re not spending more than you are making. And if you foresee any potential issues paying your current or upcoming bills? We encourage you to speak with your lenders and take advantage of the financial relief described below.

Financial Relief and New Incentives

Because of the sudden disruption that COVID-19 has caused, the UAE government has ordered banks and other financial institutions to provide relief to individuals and families. These are some compelling opportunities, so we encourage you to pay close attention.

For instance, if you have a mortgage, car loan, or personal loan, you can apply for a one month repayment holiday with no extra fees. Borrowers who have been financially affected by the COVID-19 outbreak may also be able to obtain loan repayment deferrals for up to three months and interest-free installment plans of up to six months on things like grocery purchases, utility bill payments, and school fee payments.

To take advantage of these payment plans and deferrals, you’ll want to follow up with your bank. UAE banks (like First Abu Dhabi Bank and Abu Dhabi Commercial Bank) have moved quickly to support their retail and SME customers. If you bank with a non-UAE financial institution, you will also want to read the fine print to understand all of the incentives that may be at your disposal. As just one example, if you bank with Standard Chartered, you will receive refunds for foreign currency translation fees on canceled travel bookings. Along with this, cash advance fees on credit cards are cut in half. Again, make sure you complete your due diligence so that you can take advantage of your bank’s available incentives.

Getting some more time to pay your upcoming bills can go a long way in providing financial relief. But along with this, you may be thinking that this is a good time to make some investments. First-time home buyers, for example, can obtain a reduced down payment of up to 5% on their home purchases. You can also obtain interest-free installment plans for school tuition. This includes the waiver of service of charges or a 0% interest loan until 30 June 2020. Ultimately, the UAE government has moved swiftly to relieve financial pressure on residents and to spur continued investment in the country. Therefore, don’t hesitate to take advantage of these opportunities (the sooner, the better).

Finally, if you are a small business owner in the UAE, there are additional financial opportunities available to you. For example, you can reduce their interest charges on new borrowings based on new prevailing interest rates for eligible customers. Along with this, you can reduce bank charges by half on the early settlement of existing borrowing for eligible customers until 30 June 2020. For some more financial relief opportunities available for small businesses, feel free to click here.

Riding Out the Storm

Unfortunately, we are likely nowhere close to the end of COVID-19. A potential vaccine is still far away and there is likely more economic pain ahead. We are truly living in uncertain times, so you must be proactive to minimize financial damage from this global pandemic.

The good news, however, is that there are plenty of resources to help you ride out this economic storm. The government has been proactive in helping you defer some of your upcoming payments. Also, there are new incentives to make a long-term investment in the UAE. Ultimately, we encourage you to take advantage of as many of these opportunities as necessary.

Soulwallet is a personal finance comparison portal in the UAE. With a team of “out of the box” thinkers and a deep understanding of the UAE consumer banking industry, we help customers make the best choices while shopping for financial products such as credit cards and loans.