personal; finance Flashcards
advantages of premium current account
travel insurance
breakdown cover
advantages using overdraft to borrow money
only borrow what you need which makes it cheaper then a loan.
two advantages for using ifa
high level of expertise
unbiased advice
must be qualified and regulated by the uk government
different typews of current accounts
standard
premium
basic
student
different types of borrowing
mortgages
overdraft
personal loan
hire purchase
credit cards
payday loans
types of financial insitutions
bank of england
building societies
credit unions
national savings and investments
insurance companies
pensions companies
pawnbrokers
pay day loans
what is a credit union?
a member owned financial cooperative controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.
what is a IVA?
an iva is an individual voluntary arrangement with your creditors to pay all or part of your debts.
you agree to make regular payments to an insolvency practitioner who will divide this money between your creditors.
an iva will give you more control of your assets as then bankruptcy.
what are debt counsellors?
a professional service that offers independent advice. it is a common process that is used to help individuals with debt settlement through education, budgeting and the use of variety tools with the goal to reduce and ultimately eliminate debt.
