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The Risks Of Co-signing for a Bad Credit Loan
Lenders who offer bad credit loans usually require the applicant to have a co-signer. Many people who have imperfect credit history ask their friends or relatives to help them get their loans approved by co-signing the contract.
Have you been asked to co-sign for someone? If yes, have you considered the possible risks involved with being a co-signer? Are you clear about what your duties and responsibilities would be as a co-signer? What can you to protect yourself as co-signer? In this article, lets answer these questions one at a time.
Possible Risks Associated with Co-signing Co-signing a loan for another person means that you guarantee that he/she is capable of the loans repayment. With this assurance, you agree to take over the repayment obligations in the event that the primary loan holder defaults.
Unfortunately some people immediately sign-up the contract without first reviewing the Terms and Conditions or without a clear arrangement with the primary loan holder. Take note that as a co-signer, your personal credit history can be damaged in case there are problems with the loan holders repayment.
Some lending companies will only try to get in touch with the co-signer after the primary loan holder defaults. However, the damage has already been done to your own credit. You may also be taken by surprise that you are now accountable for the loan holders debts.
Some co-signers also found themselves in the middle of a messy situation. By the time you need to apply for your own loan, you may find it difficult to get an approval. Lenders may see you as a “risky” client because you are already responsible for another loan. Although, it isnt directly under your name, you are still responsible for its repayment in case of default.
On the other hand, if the lender feels that you are still capable of taking on a new loan, you may get an approval. However, if your credit rating has been pulled down due to someone elses late payments, you may not qualify for the best rates from your lender.
Thus, the best advice to remember before co-signing a loan is to treat it as if its your own. If you are not sure whether you can keep up with its repayment, then it would be safer not to co-sign the loan.
Co-signer How to Protect Your Own Credit If you are willing to co-sign, the best way you can protect your personal credit and reputation is to closely monitor the primary loan holders payments. Request the lending company to send you a copy of the monthly notices or updates so you can be immediately made aware if the loan holder falls late with the payment.
Evaluate the Terms and Conditions with the loan holder. Make sure that the person you are co-signing for is clearly aware of his/her obligations. If you have any concern, dont be afraid to discuss the matter with your friend. Make an agreement with your friend and ask him/her to talk to you about anything that concerns the repayment. After all, it is your credit and finances that is also on the line.
Energy Efficient Money Saving Tips
Because of the rapidly increasing cost of fuel, energy efficiency in the home is becoming more important. Not only is inefficient energy use expensive, it’s practically criminal, considering the amount of efforts that are being made to curb pollution and global warming.
Fortunately, there are so many things that you can look into to make your home more energy efficient. But to keep things simple, we’ll categorize these things into two classifications: energy conversion and energy consumption reduction.
Energy conversion
In energy conversion, you make changes around your home so that you can use free energy that would otherwise just be wasted.
“What free energy?” you may ask. Well, there is the wind. And there is the sun.
The most popular way of energy conversion in society right now is the usage of solar panels. Solar companies can install solar panels around your home to gather energy throughout the day, storing this energy to help your home’s energy needs once the sun sets.
For water heating needs, there are also solar heaters. These rely on direct sunlight to heat up water, which is then pumped into insulated water tanks for later use, eliminating the need for fossil fuel powered water heaters.
Other ways of energy conversion include wind generators and water turbines, for houses which can take advantage of them.
The biggest downside of using these new technologies, however, is the high initial cost that you incur to have them set up – it might take a while for you to get a return for your investment if you are not able to maximize the potential of these energy converters.
Which brings us to a second issue: if you live in a sunny tropical country, solar energy may be a great option for you. If you live in an open farm, wind energy might work.
But if you live in a country that is cloudy half the year, or if you live in a city with no space to plant a wind mill, energy conversion may not be a realistic option.
Energy consumption reduction
Fortunately, you can also increase your home energy efficiency through energy consumption reduction. This method goes deeper than just turning the lights off in rooms with no people inside. It takes some planning and remodeling to make your home energy efficient.
Rearranging the lighting fixtures – or even the windows – around your home may help reduce your electricity expenses by needing fewer lights to light up certain parts of your home. Renovations around your home to insert insulation in cavities and walls will drastically help in reducing your heating expenses.
Newer, more efficient appliances will always be lighter on the energy load of your home. Look for those with the Energy Star seal, and use CFL bulbs rather than incandescent ones.
Heating in Great Britain
In Great Britain, where heating expenses make up a huge part of a home’s energy requirements, energy efficiency would start with how you obtain your heating needs.
It is always recommended that you buy new models of energy-efficient boilers, such as the ones by British Gas. British Gas boilers can cut your energy bills by £225 yearly, and they also emit far less carbon dioxide than many other boilers, making them safe for your family and the environment too.
British Gas is a solid partner for your home’s energy efficiency needs, and British Gas boilers are just one of the many ways with which you can achieve high energy efficiency for significant savings.