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Archive: Feb 2017

  1. Great Ways to Make Extra Cash

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    Great Ways to Make Extra Cash

    It can be difficult to survive just on your wages as everything seems to be getting more expensive.

     

    Most people don’t receive a pay rise every year and when you factor in inflation, the value of your money could even be getting less. So to help make a little extra cash, I’ve put together a few of my favourite ways below.

     

    Here are my top 5 ways to make extra money in your spare time that I’ve tried myself.

     

    Rent out your spare room, lots of people are now using Airbnb to roughly make an extra €400 – €500 a month.  You will need to pay income tax on any income earned on Airbnb or you could go for the tax free option and look for a long term lodger/tenant. (Revenue now allows you to earn up to €14,000 a year in rental income tax free) Our neighbours now rent out their whole house at weekends and make about €200 a night. They stay at their parents while they have bookings, if you have friends or relatives that don’t mind you staying with them most weekends this could be a good way to make extra cash. ww.airbnb.ie

     

    Become an extra on your favourite TV show or a blockbuster movie. This company website www.movieextras.ie says it may be possible to get paid €50 – €150 a day and some TV adverts pay up to €2000. I spent an exciting week as an extra on Garfield the Movie 2 a few years ago and got paid really well while having a week off work. I played a lawyer and spent most of the week out in the sun meeting lots of great people while I did funny scenes with animals and drove a car. I remember the food on location was delicious and free too!

     

    Have a car boot sale, get up early on a Saturday morning and sell everything you don’t need. Some people can make up to €200 a day and you could even ask your relatives or neighbours if they want you to take away anything they don’t need anymore. We did a car boot sale last year and made about €300 from lots of items we no longer needed and they were just taking up lots of space in the house. You will need to get up early, probably at about 5am to get a good spot for the day. It’s a good idea to spend the night before pricing your items as we didn’t do this and when we opened the back of the car we were literally jumped on by professional buyers, (they buy and sell items every week and make a good profit as they know what price to buy and sell at) It was fine for us as we just wanted to sell everything we had.

     

    Warning!! Don’t buy anything while you are at the car boot sale as you will just come back home with a car full of items you don’t need.

     

    Dog minding/walking, if you love dogs and have time at the weekends you could look after a furry friend for someone who wants to go on holiday but doesn’t like putting their dog in kennels. You could an earn €10 – €30 a night. Our dog stays with the same girl every time we work away or if have a weekend break and he loves it there, it’s like his second family. She also walks about 10 dogs every day and has made a business out of walking dogs before she picks up the kids from school. If you set up your own dog walking/minding business make sure you take out Pet Business insurance cover as it’s good to have an insurance policy in place to cover any accidents and also owners will take you serious if you have insurance.

     

    Rent out your car parking space, you could earn up to €300 a year if you live near the city centre, airport or a train station. www.justpark.com will advertise your space for you and usually charge you a fee of 20% to use their service. We live 5 minutes away from a football stadium and have been renting out our driveway to one of the supporters for the last 4 years. He pays €350 a year and knows his car will be in a safe place every time he goes to a match or visits the city. It’s an easy way to make extra money every year and we just need to make sure we move our car or leave enough space for him to park on the driveway when he’s visiting.

     

    I really hope some of these ideas can help you make some extra money this year and every year going forward.

     

    You might just need extra cash to pay the bills every month or you might be trying to pay off your credit cards or loans. It maybe the case that you have not had a holiday for a good few years and these ideas might help you save up for that long awaited break away!

     

    Have a great week everyone.

    Rory McGonnell

    Founder of Bright Day Finance

    Personal finance expert and blogger who has an interest in money saving ideas.

     

     

     

  2. 12 Ways to Save Money This Year

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    12 Ways to Save Money This Year

    Winter is here and it’s starting to get colder and our heating bills are higher this time of year so it’s a good time to see where you can save money on those household bills and your other outgoings.

    Here are some money saving tips that could cut those households bills and save you money in other areas too.

     

    1. Budget, sit down and work out how much money you have left after all your bills are paid and then try and stick to a weekly budget for food etc.

     

    2. Save money by changing your electricity/gas supplier. Every year I check to see where I can get the best deal and then I move to them. You could save up to €400 a year by switching both your gas and electric.

     

    3. See if you can get Free banking, some banks give you free banking if you lodge €2500 into your account every month. Free banking could save you up to €160 a year.
    4. Take your credit cards out of your wallet and leave them at home. If you have them with you, you might be tempted to use them.

     
    5. Shop around every year to get the best price on your insurances, TV package, broadband and mobile. Lots of websites are now available to help you find the best deal and switch. You could save up to €800 a year by switching your home insurance, car insurance and TV package, broadband and landline/mobile.

     
    6. Don’t go food shopping on an empty stomach as you will buy more than you need. Make a list of what you need and try to stick to it. Plan your meals for the week then you will know what you need to buy and hopefully you won’t overspend.

     
    7. Make your own lunch, stop eating out as much, I know it takes more time but you will save a lot of money over the year by taking a packed lunch to work.

     
    8. Forget the expensive coffee, buy yourself a stainless steel mug and bring your own coffee to work. You will be surprised how much you will save over the year.

     
    9. Don’t leave the TV or other appliances on standby as they are using small amounts of electricity.

     
    10. Turn off lights; many households leave the lights on even when they are not in a room. Get into the habit of turning them off so you can cut down your electric bill.

     
    11. Wash your clothes at the lowest appropriate temperature for the fabric type and always try to fill the washing machine. Also stop using the tumble dryer. It’s very heavy on electricity and I would only use it for emergencies.

     
    12. If you are struggling to pay mortgage, loans or credit card then speak to an Independent Debt Advisor today because with the right solution you could reduce your monthly payments, stop all your interest and have up to 70% of your debt written off if you are eligible for a debt settlement solution.

     

     

     

    Here is more information on the debt settlement solutions now available, you maybe be eligible for one of these solutions below if you are struggling with unmanageable debt.

     

    Debt Settlement Arrangement

    Formal agreement where a percentage of the debt is paid and the creditors agree to write off any debt outstanding. A Debt Settlement Arrangement is an agreed settlement of your unsecured debts with affordable payments over a period of 5 years. If you owe more than €20,000 and have unsecured debt such as credit cards, loans and overdrafts and are insolvent then a Debt Settlement Arrangement could be the right solution to help your clear your debts.

     

    Personal Insolvency Arrangement

    Formal agreement that includes secured and unsecured debts where a percentage of the debt is paid and creditors agree to write off any outstanding debt. This debt solution was brought in by the Government to help people deal with unaffordable secured debt (mortgage and secured loans) and unsecured debt (credit card, loans and overdrafts)

     

    Debt Relief Notice

    Formal agreement that gives debt relief to people who have little or no disposable income or assets which they could use to repay what they owe. This is a debt settlement solution to clear less than €35,000 of debt. It enables eligible insolvent debtors to write off their debts where they can prove they are not in a position to repay their debt and it is unlikely their financial situation will improve in the next 3 years.

     

    Bankruptcy

    A high court process to clear all your debts if you have little or no money available to repay your creditors. Before you consider applying for bankruptcy you must have explored the alternative solutions to bankruptcy which includes a Debt Settlement Arrangement, Personal Insolvency Arrangement and Debt Relief Notice. Unsecured and secured debt such as mortgages for family homes or buy to let properties, business loans and credit card loans can be included in bankruptcy.

     

    It’s great to see that there are now lots of solutions available to help anyone struggling to pay their debts and that people who were burdened with debt are now finally getting the help that they need and can now see a light at the end of the tunnel.

     

    If you are finding it difficult to make the repayments to your loans, credit card debt or mortgage then you should speak to a trained Debt Advisor or Personal Insolvency Practitioner today.

     

    If you would like Free Debt Advice then let us arrange a FREE appointment for you with a Debt Advisor or Personal Insolvency Practitioner who will be happy to see if you are eligible to have your debts written off.

     

    Request Your Free Call From An Independent Debt Advisor.

    arrange call back

     

    Rory McGonnell

    Founder of Bright Day Finance

    Personal finance expert and blogger who has an interest in money saving ideas.

     

     

  3. How Can You Get Up To 70% Of Your Debt Written Off?

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    How Can You Get Up To 70% Of Your Debt Written Off?

    free debt advice

    Good question, lots of people struggling with unmanageable debt in Ireland are now getting debt write off deals with up to 70% write off.

     

    If you are struggling to pay your mortgage, loans or credit cards then you maybe eligible for a debt write off solution.

     

    You need to be insolvent to be eligible for one of these solutions, insolvency means that you are unable to pay your debts as they fall due. For example, if your wages are now a lot less than before and you are now finding it difficult to pay your monthly credit card, loan payments or mortgage payment then you might be eligible for a debt settlement solution.

     

    The Personal Insolvency Act 2012 introduced new debt settlement solutions to help Irish people deal with unmanageable debt so they have a fresh start by becoming debt free.

     

    Here is some more information on these debt write solutions and their benefits:

     

    Debt Relief Notice: A debt settlement solution to clear less than €35,000 of qualifying debt

     

    The Debt Relief Notice process enables eligible insolvent debtors to write off their debts where they can prove they are not in a position to repay them and it is unlikely their financial situation will improve in the next 3 years.

     

    The purpose of this solution is to give relief to people who are in debt and have little or no disposable income or assets which they could use to repay what they owe.

     

    A Debt Relief Notice is a formal arrangement that will enable certain people to write off their unsecured debts altogether. If you cannot keep up with your debt repayments because your income is too low this option could be worth considering.

     

    Debt Relief Notices are set up with the assistance of an approved intermediary such as the Money Advice and Budgeting Service. To be eligible for this debt settlement solution the qualifying debts you owe must not exceed €35,000.

     

    What are the benefits of this debt solution?

    – Your debts will be written off after 3 years

    – No longer be under pressure to make payments that you cannot afford

    – Creditors named in your DRN cannot take any legal or debt collection action against you

    – becoming debt free

     

     

    Debt Settlement Arrangement: A debt settlement solution for more than €20,000 of unsecured debt.

     

    A Debt Settlement Arrangement is a formal agreement between you and your creditors where you repay a percentage of your debt in affordable monthly repayments, and your creditors agree to write off any outstanding debt once your final payment is made.

     

    If you have unsecured debt such as credit cards, loans and overdrafts and are insolvent then a Debt Settlement Arrangement could be the right solution to help your clear your debts. A Debt Settlement Arrangement is an agreed settlement of your unsecured debts with affordable payments over a period of 5 years. (The limit of 5 years can increase to 6 years in some situations).

     

    When the Debt Settlement Arrangement is completed successfully, the debts that it covers will be fully discharged and you will be solvent again. There are certain unsecured debts that cannot be included in a Debt Settlement Arrangement, also secured debts such as Mortgages cannot be included in a DSA. There is no limit on the total amount of debt that can be covered.

     

    You must contact a Personal Insolvency Practitioner to apply for a Debt Settlement Arrangement.

     

    What are the benefits of this debt solution?

    –  Up to 70% of your debt could legally be written off by your creditors

    –  Affordable debt repayments that are based on your living costs

    –  No more calls or letters from your creditors

    –  Debt free after 5 – 6 Years

    –  Interest and Charges Frozen

     

     

    Personal Insolvency Arrangement: A debt settlement solution for up to €3 million of secured and unsecured debt.

     

    A Personal Insolvency Arrangement allows you to settle and/or restructure your debts over a period 6 years.

     

    A Personal Insolvency Arrangement is a debt solution brought in by the Government to deal with secured debt (mortgages and secured loans) and unsecured debt (credit cards, loans and overdrafts)

     

    If you are struggling to pay your secured and unsecured debt, a Personal Insolvency Arrangement could be the right solution for you.

     

    A Personal Insolvency Arrangement must be put forward by a Personal Insolvency Practitioner and if approved at a creditor’s meeting by a qualified majority of creditors your unsecured debts will be settled over a period of up to 6 years and you will be released from those unsecured debts at the end of that period.

     

    With the help of a Personal Insolvency Practitioner, you can apply for a Protective Certificate while the Personal Insolvency Arrangement is being prepared. This prevents creditors from taking any action while the Personal Insolvency Arrangement is being drafted.

     

    What are the benefits of this debt solution?

    –  Up to 70% of your debt could legally be written off by your creditors

    – Protection for your family home

    – Mortgage Debt could be written down to a more affordable amount

    – Debt free after 6 – 7 years

    – Your creditors cannot take any legal or debt collection action against you

    – Mortgage and debt repayments are reduced to an affordable amount

     

     

    Bankruptcy: A debt settlement solution to clear debts over €20,000

     

    Bankruptcy is a solution to clear all your debts if you have little or no money available to repay your creditors.

     

    Bankruptcy is a high court process for people who owe over €20,000. Before you consider applying for bankruptcy you must have explored the alternative solutions to bankruptcy which include a Debt Settlement Arrangement, Personal Insolvency Arrangement and Debt Relief Notice.

     

    Unsecured and secured debt such as mortgages for family homes or buy to let properties, business loans and credit card loans can be included in your bankruptcy.

     

    Once bankruptcy has been declared, any surplus assets you have are evenly shared amongst your creditors. Once you have received your discharge from your official receiver then your unsecured debts are usually written off (subject to some limitations).

     

    You may be able to agree a schedule of mortgage payments with the bank and the Official Assignee to enable you to stay in your home and pay off your mortgage.

     

    There have been some major changes to the bankruptcy bill recently, under the new rules the bankruptcy term has been reduced from 3 years to 1 year and bankrupt applicants can regain financial ownership of their home after 3 years, if the home is transferred to a spouse or a relative in the meantime.

     

    The recent changes to the bankruptcy bill finally brings Ireland in line with bankruptcy terms in Northern Ireland and the UK.  The Insolvency Service of Ireland have also reduced the cost of going bankrupt to make it an affordable option.

     

    A Personal Insolvency Practitioner can help you identify the best solution for you. Personal Insolvency Practitioners are part of a network of qualified professional advisors regulated by the Insolvency Service of Ireland.

     

    We can arrange a Free appointment for you with a Personal Insolvency Practitioner, just request a call back from us today!

     

    What are the benefits of this debt solution?

    –  Debt that you cannot afford to pay is written off

    –  Bankruptcy can be a fresh start

    –  Debt free after 1 Year

    –  This will clear any overwhelming debts

    –  Stops creditor action

     

    There are lots of debt solutions now available, so if you are struggling with your debt repayments, try not to worry, but do not ignore your problem it’s vital to take action now and take control of your finances.

     

    If you would like Free Debt Advice then let us arrange a FREE appointment for you with a Debt Advisor or Personal Insolvency Practitioner who will be happy to see if you are eligible to have your debts written off.

     

    Click on the arrange a call back button below or phone us on 01 4434125 to find the debt solution to clear your debts.

    arrange call back

     

    Rory McGonnell

    Founder of Bright Day Finance

    Personal finance expert and blogger who has an interest in money saving ideas.