Mr. Ali needs to consolidate his debts. He is 27 and leaves in shared rented accommodation costing 104 OMR per month. He has a student loan outstanding of 5,200 OMR. He house) owes 936 OMR online credit card and 728 OMR on another. Both credit cards have an annual percentage rate (APR) of 18.9%. He also owes his brother 364 OMR and his parents 572 OMR. Mr. Ali has worked in low paid jobs since leaving University and for the last two years he has only made the minimum repayments on his credit cards. However, Mr Ali has just been promoted to a new position with the salary of 6,800 OMR gross p.a. He wants to take this opportunity to sort out his Finance, pay off his debts, improve his credit score and start working towards no financially secure future.
i. Suggest 3 different loan products from different providers that Mr. Ali could use to consolidate his depts.
ii. Provide details of the 3 different loan products in the form of a table.
iii. Compare the features of the 3 loan products.
iv. Analyse Mr. Ali’s attitude to money as demonstrated by his past behaviour and discuss the ways in which his life would become more difficult if he fails to meet his objectives as outlined in the tasks.
*** Word count = 1000 words
*** In-text citations and using references Harvard style.
Mr. Ali like many of the individuals has various debts which he accessed when still he was in school as well as within the period that he has been working in jobs that are low paying. He has debts which that can be paid once and it all while others such as the house debt will still be present he will be required to pay the rent frequently. It is suitable for him now that he has a secured a job and as per his plans he will manage and see how he will settle all his debts and plan……………………….
APA 1122 words