Shopping for Insurance for Your Home and Car

When your renewal comes in the mail most of us simply sign it and send it in. How do you know you are getting the best price possible? Shopping around is time consuming but can save you money if you are willing to work for it. There is nothing wrong with asking for discounts. Your agent should expect you to ask questions and if he/she is doing their job they'll be happy to answer any questions you may have. They are not your friend, at least not initially but friendly service should always go hand in hand with the most competitive rates. What trumps the loyalty card is a better rate from a new provider.

Bundling your polices

• If you have three different policies with three different companies you may be paying too much.

• Add up each individual policy’s you have and go shopping for a bundle rate.

• Ask each of your current providers to give you a quote that incorporates all of your other policies together.

• Once you have your bundled quotes you can then shop around to other providers to see if they can beat the bundle you were offered.

• Often combining your home and car insurance will cut your premiums by up to 15% because it’s cheaper for them to service two policies for one client.

Ask as many questions as possible when shopping around.

• Since it’s been 5 years do I now qualify for a discount since I have had a good payment history on my mortgage?

• Are there any advantages to being a non-smoker?

• As I pay down my mortgage are there options to reduce some coverage and save money?

• Can I install additional safety equipment in my home to lower my rate?

• If I am over 50, does that make a difference in how much I pay?

• If I have a great credit rating will that bring down my risk factor?

Comparison Shopping

• When you have a few quotes and see price differences try to go the extra mile and find out how they differ. Are their clauses missing from one policy compared to the other? If so try to only compare apples to apples in reading the fine print.

• Don’t simply look at the price when doing your research.

• Ask about the insurer’s record for claim service?

• What are the time lines they provide in the event you have to use your insurance policy?

• Know how long it will take to process the paperwork.

• Make sure your policy states that they will entirely replace your home and fully understand what is covered if it does not.

• Make sure everything is in writing, not simply a verbal agreement.

Be aware that frequent claims will affect your insurability. Try to cover claims under $1000 so you are not red flagged because some insurance companies won’t renew your policy if you have more than two claims in three years. If you ever need to file a claim it all comes down to the fine print you signed. Understand what is legally binding and where all the grey areas are that can be left open for interpretation. Being guilty of procrastination could be costing you money. Do your due diligence in gaining the best rate possible before you renew your insurance.

For more valuable information, visit www.prudentcreditrepair.ca

Cosigning a Loan or Asking Someone to?

Arm yourself with knowledge before hindsight leads you into saying could a, should a, would a, but didn’t. Statistically, there is a 50% to 75% chance you will be repaying the loan you cosigned yourself. Trust, understanding all the variables accompanied by clear communication is a great way to start off your new relationship as consignee and cosigner of the loan.

Asking Someone to Cosign a Loan? Keep these points in mind when you do.

Understand that you have a history with your credit that indicates that you require more support from someone who has a better credit report to add as insurance so your loan is approved. For our purpose today let’s call your perspective cosigner Bob.

Before asking your Bob to sign on the dotted line, be prepared first.

• Volunteer to show Bob your credit report, income statements & expenses or the fact that you have no credit at all.

• Have a game plan to show Bob how you will make your payments, then how you will start to pay him back after the loan is paid off.

• Know if you can re-negotiate the term of your lease to see if Bob can be taken off as your cosigner. Know if that is possible and how long it will take.

• Create an action plan for yourself. It should also indicate a form of increased earnings for your self.

Have as much information as possible for Bob since it’s your job to make him trust you with his credit. Explain to him that your credit rating is also at risk and is in his hands as well, since you both will suffer should either of you default or miss payments.

Considering Cosigning a Loan? Here are a few things to keep in mind.

Know what you are getting yourself into and explore all of the options available. Since you trust this person with your credit rating and financial future, make sure if they default you can cover the loan in full. Let’s use the name Sally for the person requesting you to be the cosigner.

There are a few questions to qualify Sally. Read them and make sure you Understand what you are entering into.

• Is Sally just starting out and needs help establishing credit? If so, are there other options such as a pre-paid credit card? This is the best scenario for you as the cosigner to entre into and studies have shown your risks are minimal.

• If Sally’s income requires you to sign due to insufficient cash flow, you should be careful. This is a bigger consideration to keep in mind. Is her debt to income ratio too high to support her request for a loan on her own earnings? Does Sally have a plan to increase her income in the future?

• Ask to have your responsibility limited to the value of the loan itself. Save yourself the collection fees and late charges if you can.

Understand what you are signing and know your options. Go into the agreement with the worst case scenario as a possibility; assume Sally defaults.

• Don’t jeopardize yourself, your credit and financial security if the worst-case scenario plays out and you end up paying the entire loan. Can you handle paying its entirety on your own?

• Debt collectors will be calling you in 3 months if Sally defaults. Be proactive and make sure you are notified in writing with every missing payment. In 3 months your loan has probably incurred fees for NSF checks, compound interest and more.

• If Sally is asking you to cosign for a large purchase such as a car, will she agree to put the title in your name until you are no longer a cosigner. Are you prepared to sue Sally? Is your relationship going to change?

• Get copies of all paperwork and ask every possible question, before you proceed. Leave no rock unturned.

Treat this like a marriage where full disclosure is a must on both sides. Go through all possibilities to make sure you both understand things clearly and the pros and cons of trust in cosigning the loan. Communication is the best form of making sure both parties know the covenant they are entering into.

For more valuable information, visit www.prudentcreditrepair.ca

Spring Break is almost here!

Have you thought ahead and made plans yet? Consider taking a little time and have a mini vacation with your family. Here are a few great tips and hints you can play around with to spend quality time with everyone! Plan to have an adventure with the whole family.

Have you heard of the City Pass?

This pass offers you 9 days of admittance to 5 of Toronto’s must see attractions. When is the last time you have been up the CN Tower? Make the most of some neighborhood venues in this great city. For more info Google citypass.com/toronto.

1. The Ontario Science Centre is a learning wonderland for adults and children alike. Did you know you could touch a ball and have your hair stand straight up? With hourly demonstration and hands-on activities for the whole family, you will find the world of science to be educational and learn with your kids.
2. The CN Tower is the tallest freestanding edifice in North America and it enables you to look out over the city at 1,136 ft. I hope you are not afraid of heights because the Elevator has a see-through floor that takes you to the top in 58 seconds! To top it all off, there is a motion theatre that is an effect simulator ride and projects a 3-D film.
3. The Toronto Zoo now has a Rainforest Pavilion featuring animals from Africa. You can see pygmy hippos, ring-tailed lemurs and meerkats. Do you know what a meerkat is? They also have a “playtime forest” and have just opened the polar bears exhibit.
4. The Royal Ontario Museum is where you would find the Bat Cave, Chinese Sculptures, First Peoples of Canada, The Age of Mammals, Egyptian History and Dinosaur exhibits. Pack a lunch, bring your camera and get lost for the day in different worlds.
5. Casa Loma admission including multimedia guide and a film of the story of Sir Henry Pellatt.

Planning a mini vacation.

Fallsview Water Park is one way to enjoy 3 acres of fun fun fun. They are currently offering a March Break Mania bonus package of $300 to be used for shows, dining and attractions. Get away to an indoor water world.

Spend a day out without spending a penny!

• Hillcrest Mall is offering free rock climbing and arts and crafts.


• Participating Indigo and Chapters stores are also hosting free activities from Monday to Friday at 11 a.m. Share a story, play a game, create a craft and more.

• Your closest Public Library may be offering classes, arts and crafts and read long activities for free. Be sure to look into what they are offering and the days and times.

What to do if you are working?

The Y.M.C.A closest to you usually has fun filled day programs during the week. These camps provide a variety from location to location such as swimming to arts and crafts to educational programs. Their motto is: "Empowering young people" founded on June 6, 1844 in London England.

Family activities are a great to get everyone outside regardless of the weather. Pack a lunch and go for a hike? Explore nature while spending quality time together. How about a scavenger hunt? Ice-skating rinks and public pools are a great way to sneak in some fun fitness activities. Volunteer as a family for a few hours at Habitat for Humanity, community centre, homeless shelter or all pitch in at a low-income day care centre. Planning one activity a day is the best way to get out of the house and get to know each other better. Enjoy the time and make it all that it can be.

For more valuable information visit www.prudentcreditrepair.ca

Immediate Loans- Get Finance In Simple And Instant Manner

Do you need to buy a new handset but lack of money is the main problem? Plus, your bad credit is another major problem for you? Then, try with bad credit cash loans and solve your urgent need of money instantly. No sort of tedious and prolonged application criteria is needed to be followed. Just fill out a simple online form with general details and grab your funds instantly. Now no more stress has to be taken regarding instant arrangement of money.

If you need quick money for any of your emergency purposes then simply consider payday loans and resolve your cash problem instantly. This is easily gets approved within next 24 hours of applying. All you just need to fill out a simple online form with mandatory details and submit it online. Lender will look in to your application and approves your funds which directly get transit in your bank account. The whole application proceedings of this loan can be handled online.

If you have a job and a valid checking account, you are eligible for a fast payday loan. Borrowing what you need against your next paycheck to cover your expenses couldn’t be easier. The whole process takes just a few moments and can be done from the comfort and privacy of your own home. The online application process is discreet, simple and fast. Payday loans can hit your checking account in as fast as an hour after you are approved. There is no credit check needed and no long term commitment.

Online is the feasible mode of applying for payday loan facility. Just complete a simple online form with general details and submit it online. Lender will approve your application within 24 hours and the cash will get transit in your bank account. Now, you are free to access the small amount for any of your requirements.

Though it may sound a little impractical, apparently the highly expensive short term loans are the only solutions for such bad financial days. The interest rates may look high but the truth is that these are the only options that provide cash as soon as the needs arise. The typical APR need not be a factor that is considered during availing such payday advance loans. Instant payday loans can be got from anywhere staring from the simplest mode, online! All that must be done is some bit of research and thorough knowledge of the lenders policies.

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Know What You Are Entitled To When Filing Your Taxes This Year

Studies have found that the richest pay the lowest rates of all income groups. Ask yourself am I filing for every possible option that may entitle me to a greater refund? You are your own best advocate in helping yourself find every possible refund you may be entitled to.

Here are a few to consider and research to see if you qualify?

The Ontario Property Tax Credit

• Assists those who own or rent and who have low to mid level income.

• If you are under 65 you may qualify for a refund of $250

• If you are a senior over 65 it could be as much as $625 as a refund

There is a Child Fitness Tax Credit

• If your child is under the age of 16 years you could be entitled to a $500 Credit to help off set your child’s fitness expenses.

• As long as you can provide proof exceeding $500 in a physical activity you may be able to claim this for each child.

Day care tax credit or Child Care tax credit may apply to you?

• This is a deduction you can claim to reduce your amount of income.

• This includes a variety of programs you may not have considered.

• Individuals providing daycare services, sports or any day or overnight camps.

Tax Credit for Medical Expenses

• This applies to you and your dependents if you have significant medical expenses.

• Proof of payment needs to be supported. Have your pharmacy print out the entire year of history for you if you have not kept all of your receipts.

Look into a Family tax Credit or Tax Benefit

• These are both from the Federal Government and the Provincial Government.

• If you consider yourself to have a lower income these may apply to you and your family.

• These programs are designed to provide additional income.

• There are 5 categories to look into to see if you qualify.

The Educational Tax Credit

• If your child has received a scholarship or bursary, it should come with an education tax credit.

• You do not have to report this on your tax return.

• If not than you can claim the first $500 to be tax free but must report and pay taxes on anything over and above.

Often It’s difficult to know how to file your taxes correctly. You especially want to make sure you have claimed all you are qualified for, before filing. The government has a Tax Filing Assistance program that may help to make sure you are exploring all of your options and getting the best advice. They have locations set up all over Ontario find the closest one near you visit http://www.cra-arc.gc.ca/tx/ndvdls/vlntr/menu-eng.html

If you have followed our articles then be sure you file for your $5000.00 Energy Retrofit Home Grant detailed in our November 3^rd 2011 article.

For more valuable information please visit us at PrudentFinancial.net

Reasons To Steer Clear Of Instant Payday Loans

With all of the assistance that a cash advance could actually offer it is rather incredible to some that there are really instances that they are wisest to be bypassed. Selecting the appropriate decision for your specific particular circumstances is not simple, however there are instances that it is proper to bypass a payday advance at all cost to be certain that your finances stay on target. Picking the wisest choice for your specific needs is not always easy, but if you take the time to study your budget, it is normally quite easy to choose the final decision.

If you are reviewing your finances and realizing that there is nowhere, you can potentially squeeze the payback of the loan in; it will normally be a very good idea to bypass a check loan. If you are scared that when the moment arrives you may not be able to pay it back it is as well normally a wise idea to circumvent them. They are extremely beneficial to have access to, nonetheless it is extremely critical for your financial health that the advances be repaid extremely fast to avoid any possible hassles with not having the money to manage additional bills. What many shoppers do not understand is a check loan could turn very expensive if you renew it continuously.

While a fabulous sale down the way might appear like a wonderful purpose to run out and acquire a cash loan it is critical to look at the numbers linked with the discount. For instance, if you are looking to attend a sale that is 25% off and there are roughly $100 worth of items you are wanting to purchase you would be looking at a savings of approximately $25. This is all prior to any sales tax is assessed. If we believe that a $100 check advance would cost you $15 then you will only be saving about $10 from the advance total, and this is before considering that state tax will probably chew up the remainder of the savings that you were looking to receive. Looking at the special in this light, it quickly does’t seem like quite a fabulous deal anymore.

Additionally, if you are looking at a bill that could be tacked on a charge card at a cheaper interest rate then it would typically be a very smart decision to do so. Charge cards even at their highest place generally offer dramatically cheaper interest rates than cash loans do. Also added in the truth that you can remit the bill off during a period of time could create them a substantially wiser choice if your finances are stretched beyond belief. Of course utilizing a charge card isn’t a choice for everyone, however if it is an option it is something that must be strongly considered to make certain that you are getting the most usage out of your cash and keeping yourself on track financially. If you review the greater image of your finances, you might be amazed at just how much you could save by racking up charge card debt rather than acquiring the cash loan that you thought was a fabulous package. 

How do I know I have too much debt?

I saw a commercial recently with two neighbor’s chatting in the front yard. One had large numbers tucked under his arm representing his savings plan. The other neighbor, clipping the hedge had the number "gazillion" under his. The "responsible" neighbor asked him,

"How much money are you going to need to retire comfortably?"

The hedge clipping neighbor responded

"A gazillion dollars". Neighbor one asked him, "How much are you putting away for retirement?" Neighbor two responded "I dunno, I just throw a bunch of money at it and hope for the best."

Neighbor two's situation, surprisingly, is a lot more common a scenario then one might think. CBC's Metro morning ran a feature February 13, on the surprising number of people in the greater Toronto area who have full time jobs, but are still living in the poverty range.

http://www.cbc.ca/metromorning/episodes/2012/02/14/working-poor/

Let's run some numbers and see where you compare?

How much debt is too much debt?

Let's assume you are making 65,000 a year. Depending on where you live, the government may take approximately half of that in taxes.

Let's now assume you have a monthly take home of 3000.

Your mortgage (or rent) is 1400.00 per month.

Let's also allow for high interest debts (credit cards, car loans, personal loans etc.) of 3000.00 in total.

If we run all of this through a debt calculator, we see your estimated monthly loan repayments are $1,490 which equates to 49.7% of your disposable monthly income. You will find this is a dangerously high ratio. Most likely, running these numbers, you'll find you're also spending about 3% of your disposable income just servicing short-term debt.

What does this all mean? If you lose your job the amount of time you'll have to recover before debt catastrophe is only a few months.

Furthermore, you'll have a difficult time putting anything away for a rainy day, let alone retirement with this high a debt servicing to income ratio.

What's the solution?

You'll either need to increase your monthly after taxes income, or receive a low interest loan from a family member or close friend.

Is Your Mortgage coming due?

With interest rates as low as they are, this can present a huge opportunity. Merge outstanding high or medium interest debts into your mortgage and pay them off over a longer period of time, at a lower interest rate.

For more money saving tips go to PrudentFinancial.net