Rob is an expert on money products, things like credit cards and loans, as well as current accounts and savings accounts. Managing your money can be difficult, but there are options out there to help you fund a big purchase or pay for an unexpected bill. With the right information and the right product, managing your money can be made simpler.
Rob has also commented on how to pay off a credit card, consolidating debt, loans and credit cards for those with bad credit, as well as finding the right current and savings accounts to help you save towards your future.
Rob Silvey commenting on...
Our Loan Eligibility Checker
“We’ve partnered with Experian to provide a free credit score tool to help you improve your eligibility for loans and other credit. Even minor errors on your file can cause difficulties getting a loan, so it’s important to get your credit report in tip-top shape. Checking your report won’t damage your credit score.”
"Borrowing is a normal part of life for millions in the UK – many of us need to borrow at some point to fund a major purchase, whether it be a new car or a new kitchen. Some of us will also choose to use a new loan to pay off several existing ones, bringing the debt into one place and making it easier to manage. It makes sense to shop around to find a great-value loan, and the crucial thing is to never borrow more than you can afford to pay back."
Paying off your credit card
"If you can afford to, it’s always best to pay off your credit card balance in full every month. That way you’ll avoid having to pay interest and risk getting into debt. At the very least, you must pay off the minimum monthly payment. Setting up a direct debit payment could help ensure you pay on time."
“If you’ve lots to save, it’s worth getting the most from your money by dividing your savings between different bank accounts and providers. Consider an easy-access savings account or a high interest current account for savings under £3,000, then a longer-term fixed rate account for the rest. If you’re happy to lock away a larger amount for a longer period, you’ll be able to benefit from a higher interest rate.”
“While ISAs might have lost some of their appeal thanks to the introduction of the personal savings allowance, they still offer a simple way to save tax-free. And they’re flexible as you can start with just £1 and transfer them as many times as you like to get the best rate.”
Building your credit score
“Ideally, try to stay under 25% of your credit limit. For example, if you’re allowed to borrow £1,000 on your card, try not to use more than £250 at any one time. By spending small amounts to keep the card active and paying off the balance in full each month, you’ll prove to lenders that you can manage debt responsibly and steadily build up your credit score.”
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