Make Your Mind Work For You

By Christina Helwig

Your mind has two important control systems: the Conscious and Subconscious Mind. These areas control your everything you do, think, say and act on. They ultimately even control the results you have in your life. Understand that while these ideas may seem simple and easy to understand, they have a far reaching and profound affect on your ability to increase your income and change your life. They help dictate every aspect of what makes you who you are and will continue to control everything in your world until the day you die or until you choose to step up and take control of the way you think. The way you think is just as important as what you think.

The Conscious Mind is where you carry out your day to day thinking. This is where you make life choices and where you primarily go about your in normal life. When you talk to someone at work or you go to a store to buy stuff, you are using your conscious mind. Both the conscious mind and the subconscious mind think in little pictures or movies. If you think about your workplace a picture of it will flash on the screen of your conscious mind.

You also can only hold one image on the screen of your mind at a time. For example you cannot think of a red apple and an orange in detail at the same time. While you might be able to project them side by side you are not able to see the grain in the skin of the apple or the dimples in the peel off the orange at the same time.

This ultimately means that you cannot think of a negative idea and a positive idea at the same time. While your mind might be able to flip back and forth between negative and positive ideas or images very rapidly, it is not able to hold those two images at the same time.

Most people would think that the Conscious Mind controls the Subconscious Mind, but this is not so. The Subconscious Mind is the real mover and shaker in our lives. The Subconscious Mind stores all our beliefs about who we are, what we are capable of, what we are not capable of and every other detail we believe to be true about the world. We can refer to the Subconscious Mind as the emotional mind.

The subconscious mind operates in the background of your life and while you sleep, when you zone out, when you do something you have done a hundred times and any other automatic motion or thought you think. Dreams are a product of your subconscious mind. You can think of the subconscious mind as a computer program running without your help or mental effort at all times. An example of this would be when you have suddenly realized that you have not been paying attention while driving and you are almost home from work or you missed an on ramp.

The entire drive to and from work is a program that you have put into your subconscious mind through repetition. Your driving is almost automatic and takes very little thinking on your part. In fact without consciously thinking about going to the store when driving that pathway you will drive straight home. Your programming will take over and you will "forget" to go to the store unless you hold the image of the store at the forefront of your mind when driving home.

To convert the things you want in your life to reality you must understand how to use both your conscious and sub-conscious mind. By continually thinking about the good things you want and visualizing these images you will impress them on your subconscious mind. Over time your actions will change and you will start to move the things you want into your reality. This includes increasing your income.

About the Author:

If you can set aside a few minutes each day to work on and learn about how you can reach your goals you can make big leaps towards increasing your earning potential and changing your world. Christina Helwig is an attorney and VP of Wealth Expressions, Inc. She focuses on helping people learn more about themselves to upgrade all aspects of their lives.

Understanding Credit Card Debt and Creditors

By Caden Flynn

Credit cards can be a great thing, but if you fall into debt with them, you will soon learn the down side about creditors. Creditors have loaned money in the form of credit lines to consumers, often in the form of major credit cards. When you do not pay off your credit card balance in a timely manner, these creditors turn over your account to collection agencies, and finally it goes to court.

If you are currently looking for a credit card, make sure you understand how they work. Credit cards are a big responsibility, especially with the threat of identity theft nowadays. Not only do you need to worry about others using your card, but you also need to ensure that you are using it responsibly yourself. It should be used for necessities and emergencies, such as getting behind on bills or paying for car repairs. The interest you'll pay by using your credit card is worth the convenience of being able to pay for these necessary costs.

If you do need to charge a lot for a big emergency, try to pay it off as soon as possible, even in many small amounts.

If you end up using the card to pay for items like groceries because your paycheck could not stretch far enough, try buying items that are on sale, or generic brands, to avoid charging more than you have to. Only charge enough to last until you'll have you next paycheck and can pay cash. Of course, don't spend more than you make, but you shouldn't starve if you have a credit card as backup.

Emergency situations are the perfect time to use your card. Medical expenses are one example of a large fee which you can put on your card, provided that it does not go over your credit limit. However, you should seek health insurance to avoid having to charge such large bills, as they can take a long time to pay off and you will pay a lot in interest.

There are other, less critical, reasons to use a credit card. This includes traveling, since it is not wise to carry a lot of cash with you, especially when going somewhere unfamiliar. But you should keep in mind that each of your transactions while traveling will cost you interest and fees, so try to keep your overseas purchases to a minimum.

If you are beginning your search for a credit card online, make sure that you understand the fees. Do not run up a large balance, because if you're unable to pay it, you'll have to deal with collections agencies. Many collections agencies use unethical or even illegal methods to get into your undisputed or disputed accounts just so you can pay your debt. Know your rights and the laws before accepting a credit card, and review them if you find yourself in debt, since credit card can surely affect your credit score in the future. With that said, credit cards can be a very valuable resource, and they come in handy during many situations.

About the Author:

Caden Flynn shares his vast knowledge at www.debtjerk.com. Ready to roll back the confusion credit score and disputed accounts.

What can a Collection Company do?

By JR Rooney

What is a collection company?

There are two possibilities.

Some creditors will try to deceive a debtor by using a DBA'ed company name, address, and telephone number for their internal collection department. They want to give the impression of an "outside" agency hoping the debtor will take it more seriously. This strategy is generally only used when the debt is not older than six months old.

However, most debt collection activity is performed by a third-party collection company, These are separate from the original creditors, and "work" bad debt on behalf of various lenders and 1st party credit granters. They occasionally purchase bad debts which have been designated as charge-offs or write-off's by the original creditor.

This article will spotlight 3rd party collection companies

How does a collection company get paid?

3rd party collection companies often work on a contingency bases, where they receive a percentage of the amount that they collect. Individual collectors are often paid a low base salary plus bonus based on their personal goals.

Some agencies may purchase big portfolios of charged-off debts for a fraction of the face amount (total amount outstanding) After an account is sold, the debtor now owes the entire amount to the purchaser. Considering the chances of collecting decrease substantially over time, an agency might only pay 1% - 5% of face value. The agencies' profits come from the difference between the purchase price and the amounts that are eventually collected.

How does the collection company work?

The main tools of a collection company are dunning notices and phone calls.

What are the letters like?

The letters are computer-generated, and are often in a standardized series which starts with a friendly, "reminder" tone, and may progress to ultimatums. The letters are pre-written and sent to many debtors; they are not personal.

The 1st demand letter must state that the recipient has the right to dispute the validity of the debt or request verification of the debt (in writing). By law the agency must send some confirmation after verifying it with the original creditor. Demand letters must also contain the statement that they come from a debt collector, and that any information obtained will be used for the purpose of collecting the debt. Collectors are forbidden to print anything on the outside of the envelope which may indicate or suggest that this is a collection attempt. The return address label must also be discreet, so many companies will just use their company's initials, or some other nondescript name.

The debtor's reaction to the letters will affect which letters the agency will select from its repertoire. Cooperation (e.g. making payment arrangements and/or partial payments) may result in letters with a gentler tone. Evasive or hostile reactions from the debtor may result in a more threatening tone.

Collectors try to create a sense of urgency, in order to collect within the shortest amount of time, and to encourage the debtor to prioritize that particular obligation. Deadlines may be set, such as, Pay this amount within ten days. There may also be threats, such as, ...Or we will proceed to further collection action. But most of the time, if a debtor fails to meet the deadline, all that will happen is that yet another form letter will arrive, making the same basic demand. The & further collection action usually just means more form letters.

Collection letters will always persuade the debtor to call the collection company directly on the telephone. If the debtor doesn't call within 30 days, then a collector will often call the debtor.

What are the telephone calls like?

Individual phone collectors may be assigned a portfolio of accounts, and spend the majority of the workday, every day, collecting them. The collectors motivation is fueled by constant performance evaluations and personal commission payments. The size of a collector's own paycheck is dependent upon how much money s/he collects from debtors. Between that factor, and the relentless confrontations, this is a very high-stress job, with high employee turnover.

If a debt collector calls and reaches someone other than the debtor (e.g. a friend), s/he is legally prohibited from disclosing That this is an attempt to collect a debt. Every state is different but this may or may not include the debtor's spouse. If the collector reaches an answering machine or voice mail, s/he will often leave a FDCPA approved message, but is prohibited from giving details for the call, since someone besides the debtor might hear it. The basic message goes something like, "I am calling for Jane Doe. It is very important that you call me back. My name is JR Rooney, and my number is 1-631-776-8109." S/he will typically sound rather unemotional and stiff. Collection companies may be required to provide a phone number which is free for the debtor to call. They also may attach their toll free numbers to caller ID equipment which instantly identifies and logs the phone number the debtor is calling from, in order to call the debtor at that number at a later date.

When collecting from a debtor, many collectors (especially those with very little experience) will use an approved collection script. The script will keep the collector within the guidelines of the law. The script will contain a pre-written introduction, demands for payment, and basic responses to debtor stall tactics. If a particular debtor is wasting too much time, without agreeing to pay, the collector will move on to other accounts that want to pay.

Any information obtained will be used for collection purposes. If the debtor gives information about his/her financial situation (e.g. income or current employment, etc.) it will be recorded on the debtors permanent record and used to estimate the probability of a successful collection and/or the advantage of legal action, and so forth.

Can the collection company actually do anything?

If they are working the debt on a contingent bases, they can send some more dunning letters and make some more scripted phone calls.

They can also report the item as refusing to pay with the credit bureaus. And if they are working on 100% contingent bases, they can recommend going legal, or if they own the debt outright, they can sue it themselves. However, the actual chances or intentions of this are often significantly less than they try to suggest to the debtor.

Collection companies can not legally seize a debtor's assets, bank accounts, or paycheck unless there has already been a successful lawsuit with a judgment awarded to them.

Collection companies can not legally make any kind of public announcements or disclosures concerning the debt, except to the credit bureaus.

Collection companies can not legally get a debtor fired from his/her job.

Collection companies can not legally engage in any type of physical violence or threats to collect.

Why do debtors pay?

Often, the reasons include fear, guilt, intimidation, and a lack of understanding of the legal situation. Plus it is the right thing to do.

The debtor may feel guilty and ashamed of being a "deadbeat," and may perceive a judgment of his/her value as a person.

The debtor may have greatly exaggerated ideas about what collectors are (legally) capable of doing, and may have outdated stereotypes in mind.

The debtor may be in fear by the ferocious, tenacious, demands, from collection companies that may seem so in control. S/he may take it personally, and assume that great individual attention is being given to there case.

In most cases, customers being contacted by collection companies are in some type of serious financial situation, in emotional disarray about the general situation, so they may be confused and susceptible.

Most debtors aren't aware of their legal rights, and feel trapped.

There are two main things that a collection company can actually do that a debtor should be concerned about. These involve damage to credit reports, and the smaller possibility of a lawsuit.

What about credit reports?

Third-party collection companies may report a debt to one or more of the credit bureaus, as a "Collection Account," including the amount, and whether it was paid or not. Paying off a collection account will not result in the item being removed from the consumer's credit reports - it will simply be marked "Paid." Agencies can report both debts that they have bought, and also debts that they are working on behalf of the actual creditor.

Also, a collection company may request a debtor's credit file, in order to get an idea of his/her general financial situation, and to get an updated address and phone number.

How long do collection accounts last?

Collection accounts are subject to the normal 7 year time limit for appearing on a credit report. As specified in Section 605 of the FCRA this time limit is based on the date of the original delinquency.

What is the probability they will sue the debtor?

If the debt was placed on contingency, the 3rd party collection company cannot file a lawsuit. If the balance is large enough and the debtor is being resistant and if there are indications that the debtor has vulnerable assets, the agency may send the account back to the creditor with a recommendation to file suit. Every creditor has its own criteria for the final decision; for example, the amount must be substantial (often $1500 or more, at the very least.)

Collection companies try to avoid sending too many accounts back, it gives the appearance that they aren't very good at collecting. Also, letters and phone calls are much less expensive than filing suit.

If a collection company has purchased the debt, then they have the ability to file suit, but in most cases, the debt is likely to be rather old, and the agency doesn't have much money invested into it.

Collectors tend to focus on fear and intimidation, since those things can work much more quickly, cheaply, and efficiently than legal action.

Lawsuits certainly are brought against plenty of debtors, but not nearly as often as debtors fear. There is a big difference between, "Pay up or we will continue with collection action," compared to an actual Summons And Complaint.

If the debt is substantial and recent, and the debtor appears to be a good target (e.g. reasonable assets or income), a lawsuit is a real possibility. If you are served with legal documents specifying a particular court, hearing date, etc., you should see a qualified attorney immediately. That area is beyond the scope of this FAQ.

How are collection companies regulated?

The most important law is the Fair Debt Collection Practices Act (FDCPA), which places many restrictions on collection activities. The FDCPA only covers third-party collection companies, not original creditors.

All the states have applicable laws regarding such things as telephone harassment.

Who enforces the FDCPA?

The Federal Trade Commission (FTC) oversees the debt collection industry, and has the authority to impose fines or other penalties for violations. However, the FTC does not get involved with individual customer cases. Once they receive a large number of complaints they look for patterns of violations which could then lead to action against a particular collection company.

What if a collection company has purchased the debt?

The agency then becomes the creditor for most purposes. The debtor will not be able to make any settlements with the original creditor. The agency might be technically able to file a lawsuit against the debtor, (although this is not likely.)

However, the Federal Trade Commission has issued a Staff Opinion Letter which indicates that, even if a collection company has purchased a debt, it is still covered under the Fair Debt Collection Practices Act as a "third-party debt collector."

What about the relevant time limits?

The debt does not become some kind of "new" debt just because it was sold. For example, the 7 year credit reporting time limit is still based on the original delinquency date with the original creditor. The statute of limitations for filing lawsuits is also based on that same date. These limits can not be legitimately "reset" by a collection company that has bought the debt.

However, the statute of limitations may possibly be reset if the debtor makes a specific promise to pay, or a partial payment.

Can the collection company do anything after the time limits are up?

Yes. The statute of limitations only covers the filing of lawsuits, and the credit reporting time limit only covers bureau listings. There is no time limit on letters and phone calls.

A collection company that has purchased a bundle of "out-of-statute" debts (where the SOL has already expired, or "run") is hoping that, either the debtors will feel guilty, or that they won't be aware of that "out-of-statute" status. But if a particular debtor makes it clear that s/he understands the legal situation, then the collectors are likely to give up and move on to easier targets.

Can collectors call the debtor's place of employment?

Yes, but there are limitations. For example, they can not legally tell your employer about the debt, or try to have you fired.

Is there any way to make them stop calling?

Yes. According to section 805 of the Fair Debt Collection Practices Act:

"(c) CEASING COMMUNICATION. If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or that the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to such debt, except --

(1) to advise the consumer that the debt collector's further efforts are being terminated;

(2) to notify the consumer that the debt collector or creditor may invoke specified remedies which are ordinarily invoked by such debt collector or creditor; or

(3) where applicable, to notify the consumer that the debt collector or creditor intends to invoke a specified remedy.

If such notice from the consumer is made by mail, notification shall be complete upon receipt."

So the consumer can just send a 3rd party collection company a written notice (preferably citing the FDCPA), ordering them to stop the collection letters and calls, and the agency is legally obligated to comply. The only permissible contact thereafter is to notify the debtor of specific "remedies," like legal action, but usually the collectors won't even bother.

If the creditor hasn't yet made a decision on whether or not to file suit, then that decision may be made at this point, rather than being delayed.

After a "cease and desist" notice from the consumer, the debt may then be returned to the original creditor, passed on to another third-party agency, or simply filed away, depending on the circumstances. The agency may still report the account to the credit bureaus.

About the Author:

JR is an expert on debt collections with a Collection Company. He works at a Collection Agency

Rush Card - Review

By Dan Moskel

This card was created by co founder of Def Jam record label, Russell Simmons. This is a prepaid card and is issued as the rush card or you can get a baby phat rush card.

The baby phat prepaid card works this way; you make a deposit on your card, then you can use your card to make purchases, then the funds to pay for those purchases are deducted from your card. The card offers 100% guaranteed approval.

There is no credit or chex systems check. The baby phat rush card is issued in a pink design and the rush card is issued in a black design.

This card offers free direct deposit. To use this you simply fill out a form and turn that into your employer.

Your paychecks are then directly deposited into your rush account/card. You will still get the details from your employer. It will show the amount of your deposit and taxes and hours worked.

This card can be used at ATM's over 800,000 locations throughout the world. In addition you get free online account access.

You card can be used to make purchases over the phone and online. In addition your rush card allows you to write physical paper checks.

To use this feature you visit the website and input the person or business that you want to write a check to. This includes name, amount of payment and address.

Then a physical check in your name is sent to the payee. This is a great way to pay your bills, no more buying money orders.

With bill pay you can save money on buying money orders. If you use direct deposit you will no longer have to pay check cashing fees.

However, we do not recommend the baby phat rush card. This is because they have many fees that other prepaid cards do not have.

For example the rush card charges you a convenience fee. A convenience fee is simply a fee for using your card.

The charge for this fee is $1.00. There is a maximum charge of $10.00 a month however you will be charged this $1.00 fee every time during that month.

You will have to wait till the end of the month and full calendar month later to have your extra charges refunded to your account.

That can end up being a full 2 months before you are refunded. This is unbelievable especially because many of us use are card more than ten times in a month.

Furthermore to be charged for every purchase you make seems outrageous. Then to have to wait for a full calendar month to expire before you are issued your refund is unbelievable.

Also to use bill payment you must enroll which is $2.00 then every check you write is another $1.00. There are other prepaid credit cards that offer free bill pay and no fees.

The rush card proudly says there are no hidden fees with their card. However they have more fees than any other card we have reviewed. They carry a fee with every transaction you make with your card.

In sum, stay away from the rush card. There are many other prepaid credit cards available that have lower fees and better benefits.

About the Author:

Instead we suggest the account now visa they offer free activation, free direct deposit, free credit builder & free bill pay. You can view a list of the 3 best prepaid credit cards by visiting us.

Doing the numbers on APR

By Jo Smart

APR stands for Annual Percentage Rate of charge. The APR of a credit card determines how much you have to pay each month. Put simply, the APR of a credit card is the monthly interest charge multiplied by twelve months. A simple example of this would be a credit card with an APR of 10.2%. Divided by 12, this would mean that the interest would be 0.85% of your outstanding balance that month. Therefore, monthly interest on a balance of 1000 with 10.2% APR would equal 8.50. The total amount of interest you pay over the year will depend on your outstanding balance and how much you pay off each month. It means that when choosing a credit card, you can use its APR to compare with different cards, but the annual amount of interest you will pay depends on your monthly repayments and balance.

APR takes into account a number of different factors, all of which combine to give you the final figure. This includes the interest rate you have to pay as set by the lender, the length of time it takes you to pay off the credit card loan and the frequency and timing of your instalment payments. It can also take into account additional fees that the lender may impose on the loan agreement, such as payment protection insurance. All lenders are required to give full disclosure of their APR charges and, as the rate has a direct bearing on the cost of your credit card loan, it pays to shop around before you sign any agreement.

Once you have found an attractive APR rate that suits your purpose, there are a couple of extra questions to ask the lender before signing. The first is whether the APR is fixed or variable. If it's variable, what may seem like a tempting offer to begin with could have a nasty sting in its tail as the interest charges can go up as well as down. A variable rate is subject to influence from the Bank of England's base rate and other market forces, meaning some credit card interest rates can change from one month to the next. This can be a good thing in a buoyant economic market, but could cost you more if the economy takes a dive. With a fixed rate the payments stay the same, regardless of outside market influences, but can be higher overall, depending on the of length time taken to pay back the loan.

The second question should be to ask for more detail about any additional charges that are not included in the APR. This brings us into payment protection insurance territory. With some cards, this service is an optional extra, but others insist on its inclusion. It can act as a safeguard should your circumstances change, but if it's something you're willing to forgo then look for cards that offer it as an option, rather than as a non-negotiable inclusion. This is a good time to also ask yourself if you could afford the maximum monthly repayment charges without stretching yourself financially to the limit. If the credit card loan is spread out over a longer period of time, the payments may be lower, but the calculated cost of the overall loan may be higher, as you are paying interest for longer.

Finance and lending is a complex area, and APR is no exception. The Government and financial regulatory bodies recognise this, and have put safeguards in place to protect consumers to make sure that all lenders comply with basic guidelines. The lenders, in return, are happy to comply with this stipulation, as it shows the public that the credit card companies are open and accountable. The APR attempts to create a single figure of interest on a loan amount, so that consumers can compare companies offering the same amount. The loan amount doesn't change - the APR is the variable in the equation. By shopping around, consumers can find the best deal with the lowest overall APR. The same applies to credit cards. Many cards offer 0% introductory periods and then either a fixed or variable amount of APR once the introductory period has expired. The trick here is to look past the initial incentive of 0% and calculate what the later APR rate will mean to your repayments.

Without examining all the facts and figures, it is impossible to make an informed decision as to which credit card offer is right for you. APR offers consumers a flashlight to light their way along the dark paths of personal finance and credit card agreements. By spending a little time looking at all the offers a good deal can be found that ticks all the boxes whilst avoiding hefty charges. Don't just be drawn in by the lure of the glitzy 0% boys - more long-term options may seem dull in comparison at first, but could be kinder on your bank balance in the long run.

About the Author:

Jo Smart writes for various popular websites and is an expert at explaining financial topics. You can find out more about Low APR Credit Cards and other Credit Cards here.

Payday Loans With No Faxing

By Maxwell Smithson

We all need a little extra money from time to time to cover something that has happened quite by accident, but that doesn't mean that the only option available is arranging a personal loan. To get over this short term financial situation, a 'payday loan' can be arranged which until recently normally require a bank checking account to arrange. By understanding exactly how this works, it is easy to see why it's such a popular form of loan and why so many people opt for it today.

You may have received some unexpected bill for repairs to your car and need to pay them as soon as possible. In these cases, you don't need a large loan and you can repay the amount as soon as your paycheck comes in and this is where the payday loan comes in. Quite simply, you arrange with a lender to forward a small amount of money which is normally restricted to less than a 1,000 dollars, into your bank account where it becomes available for use immediately; but is paid back in full on the day you are paid plus any interest that has been agreed upon.

Most people with internet access now arrange their payday loans online as it is much more convenient. The online application should only take a matter of minutes and the funds can be transferred to your bank account directly. A few years ago, it was impossible to get a payday loan if you had no checking account as a checking account was the lender's way to ensure that the crediting and depositing of the money was done without any problems.

The same hassles do not exist today with lenders much more flexible in their approach, even lending to people with adverse credit histories but normally proof of a savings account is enough. It is often just enough for a person to have a verifiable income to qualify for a loan. If the situation arises again where you require some cash short term in the form of a payday loan you will know what to do.

It is not too difficult to find a lender who is willing to provide a loan as long as you can provide proof you are employed. However, be careful not to get caught in a cycle of borrowing as these loans are pretty expensive and if you get into the habit of taking one frequently, you could be spending a lot of money. From time to time, we all need the extra cash but reliance on this facility is not the answer to organizing your finances better.

About the Author:

Motivation Happiness Inspiration supplies more reviews, check out: workplace motivation colorados.

The mortgage market is tightening what will happen to buy to let?

By Chris Clare

It shouldn't have to be said that the mortgage market is going through a state of flux at the moment and yes that is an understatement. The mortgage market over the last 6 months has turned from a well oiled machine to what can only be described as a farm yard tractor left out in the field for 10 years left to just seize up.

Because of the credit crunch, lenders are being very choosy about the sort of customers they want to lend to, and in particular of the sort of customers they want for the future. The act of self certification is well and truly a thing of the past, and the highest loan to value rate at the moment is considered to be around 80%. The days of lending 100% and more against the value of property are becoming the stuff of legend. As such, the main area to suffer in the business, and it is suffering badly, is that of the "buy to lets".

The area of buy to let has undoubtedly been one of the driving forces in pushing the housing market to its peak in recent years. Nevertheless, it has proven to be detrimental to both the economy and Joe Public. The reason why I say Joe Public is because it has been ordinary folk who have bought buy to lets in an effort to make an extra income, which may be the root of the problem.

Back in the 1980s, car auctions were primarily the domain of people from the motor trade, and to see an everyday member of the public there was a rare sight indeed. However, there began a trend for people going to these auctions in an attempt to buy a fixer upper, do a bit of work on it and sell it on for a bit of a profit. Suddenly every Tom, Dick and Harry was a car expert and the auctions were full of these people, all trying to turn a fast buck.

What really happened is that a lot of ill informed people ended up paying too much money for a heap of junk which they could do absolutely nothing with, and they ultimately lost their money which they thought they had so wisely spent. The reason for this analogy is that the same situation has arisen in the housing market. People with no real knowledge have been playing entrepreneur in the housing market, with a lot more money than it takes to buy a second hand car. Many people have paid far too much for properties, some without even seeing the house in question.

Personally, I have bought several properties professionally over the last 10 years, most of which have been bought as buy to lets. Even with the expertise and professional knowledge I have, I would never buy a property without first seeing and inspecting it, and I know of no self respecting professional who would. It baffles me why a non professional would step into an unknown market and think they are an instant expert.

Unfortunately what has happened is as the saying goes; they have ruined it for the rest of us. The irresponsible borrowing and buying has put the lenders at risk as they are finding themselves flooded with customers who can't repay their loans, and as such, the lenders now don't want to lend to anyone. Loan to value for buy to lets has dropped recently from 85% to 75% and it is estimated that with falling property prices, this will drop even further.

So what is to become of the mortgage industry with it being in such turmoil with little sign of a way out? In my opinion, forward thinking lenders should formulate a product specifically for buy to let landlords, who already have a proven portfolio, say 10 properties or more for example, the sort of people that have a proven track record when it comes to managing properties and tenants. At the very least it would be a way of getting buyers back into the market which could help move the mortgage market as it is from a standstill, and I don't think anyone will deny that the mortgage market now needs all the help it can get.

About the Author:

Mortgage Route gives assistance help and advice on mortgages from qualified mortgage brokers coupled with no obligation mortgage calculators and sourcing tools.