Tag Archives: credit window

Take Steps – Keep the Debt Collectors at Bay

A credit card is something that we all have and need. Be it an impulsive shopping spree or an unforeseen medical expense, a credit card has always been our friend. The importance of a credit card can hardly be overstated.

The problems begin when you start receiving the bills. If not paid on time, they turn into debt and then into nightmares that refuse to leave you even in your waking hours. But being a defaulter doesn’t mean you can be harassed by the debt collectors. You have the right to fight them back. Given below are some of the steps that you can take.

Find out exactly who is harassing you. Once done, start collecting evidence. If they are calling you it’s important to keep a note of the calls along with the time, duration, the name of the person you talked to and the gist of the conversation. Save all the mails pertaining to the debt. This is very important when you file a formal complaint.

Begin by complaining to the lending institute directly. If it does not solve the problem then you can lodge a complaint with a professional body.

The credit card company might also be a member of the Trade Union that abides by a Lending Code. If the lender is violating any of the codes then you can lodge a complaint with the Trade Association against them.

If a solicitor is harassing you on behalf of the lender then it will be categorized under professional misconduct. For this you have to go through the formal complaints procedure of the law firm. If they do not take any steps against the solicitor then you will have to lodge a formal complaint regarding credit card harassment with the legal associations that operate in your area.

If you are in the right then the law is on your side. Go ahead and claim the peace of mind and dignity that you are entitled to.

This guest article was submitted on behalf of the Consumer Law Firm Centre – Find out more about credit card harrassment.

Safe Loans – Not Just A Payday Loan Company?

I stumbled across a payday loan company called Safe Loans today and was intrigued… let me tell you why.

Safe Loans work in a slightly different way to traditional payday loan companies. Rather than restricting the loan period to one month they will actually allow you to extend it to as much as 4 months.

So for people who may otherwise struggle to repay a payday loan after a month they have a little extra time to get the money together to repay it. In fact it splits the loan repayments into 4 – so you’re effectively paying what you can afford to rather than paying it all in one go.

Safe Loans have actually been around since 1989 – longer than any other short term payday lender in the market at the moment.

I was surprised by this as payday loans have only really come about in the last 10 years or so. However, short term loans have been around for far longer so I guess these guys fall into the former category – but like any finance company they have to evolve with the changing market.

Like the majority of payday loan companies they also abide by the Consumer Credit Association and are committed to treating customers fairly.

In addition to this they are very exact with their customer requirements and who they lend to. Safe Loans state that they will only lend to people who are over the age of 18, have a UK bank account (with a debit card linked to it), earn at least £800 a month, an email address and mobile phone.

So… in the most basic sense Safe Loans are a payday lender, however, they are far more flexible when it comes to their loan term.

It is important though to try and pick the shortest loan period if possible as this will keep interest rates low. The longer the period of time you borrow the loan for – the more you will have to repay.

Interested? We advise that you compare payday loans in the market before simply applying. It’s important that you find one to suit your needs.

TXTLoan Benefits – A Quick Look

TXTLoan are a payday loan company with a difference.

Like any payday loan firm they can offer small short term loans between £100 and £500 a month. However, unlile other payday lenders they also offer the ability to apply via your mobile phone.

As strange as it sounds it is actually that simple. You register on the website then, once approved, you send the company a text message and they can transfer the payday loan into your bank account within minutes!

Incredible when you think about it… according to the company it takes around 11 minutes to apply and take out a payday loan – far quicker than any other lender in the market at the moment. However, this is a little debatable as they all claim to be fast – from Wonga to PaydayUK.

Like all payday loans it’s very important not to be fooled by the ridiculously high APR quoted on the website – trust me, this is not what you repay. APRs are based over a year – remember a payday loan is only a monthly loan.

When it comes to interest rates TXTLoan are probably one of the cheapest on the market – an example quoted on the website of £100 accumulates 17% interest – so the amount the borrower repays is simply £117.

Whilst TXTLoan are not one of the longest running payday loan firms out there at the moment they are one of the most trusted and have been featured on the BBC, The Guardian and a number of other high-profile news publications and media.

They are also licenced by the Office of Fair Trading and they operate a responsible lending and treating customers fairly policy. You could do worse than taking out a payday loan with TXTLoan.

Compare payday loans with Creditwindow.

Credit cards – in this economy?!

Are credit cards really the best solution in an economy ravaged by debt? That’s a good question and while credit cards might not be suitable for everybody and in every instance there is still a place for them, even in this post-recession, fragile economic state the UK has found itself in.

What benefits are there to having a credit card?

Get stuck in and read our top reasons to own a credit card, other than to lend you money… you may be surprised in what you learn.

1. Credit cards, when used sensibly, can help to repair a damaged credit rating. Even if you get a high-interest credit card, when used in moderation and, as long as you pay off debts monthly, you could see your credit rating sky-rocket!

2. Using balance transfers to pay off other debts could benefit you as, usually, it proves cheaper to pay off debt on a credit card as interest rates tend to be lower.

3. Use credit cards to help spread the costs – especially if you need to buy expensive goods or services but can’t pay-off in one go.

4. Earn cashback with credit cards, as long as you pay off credit card debts on a monthly basis.

5. Get exclusive discounts on certain goods or services with a credit card – many cards offer this service and certainly worth shopping around for to make sure you get the best credit card to suit you.

Whilst all of these are valid reasons to own a credit card Creditwindow understands that not everyone has a great credit score and it can prove difficult to obtain the one you want. As a result we have included a great list of both premium rate and poor credit score cards – check them out and find a credit card to suit your needs.

Which Loan Is Right For You?

There are many different types of loans available on the market today. Each one has its pros and cons, depending on your personal circumstances. Creditwindow works closely with a wide range of loan and credit card providers who offer various different financial products. In addition to this, many of our lenders will even consider applicants who have a poor credit history.

Payday Loans
Personal Loans
Guarantor Loans
Logbook Loans
Credit Cards
Debt Consolidation Loans

1. Payday Loans

A payday loan is a fast, short-term solution to a temporary financial problem such as car repairs, unpaid bills, etc. You only borrow the money for a few weeks, so you’re not being faced with long-term debts, as you would with a longer term solution such as a guarantor loan.

Most payday lenders offer loans between £80 and £1000, as long as you meet their lending criteria and can demonstrate that, when payday arrives, you will be able to repay the debt plus the amount of interest charged. Payday loans are easy to apply for and the money is paid direct into your bank account the same day (with few exceptions).

2. Personal Loans

A personal loan is a way of borrowing money over a fixed period at an agreed interest rate. You repay a fixed amount each month (or each week, with some loans), which includes part of the capital borrowed plus interest. Personal loans are usually taken out for periods of between one and five years.

Most personal loans are for larger sums than that offered by payday loans, between £5,000 to £15,000 is common. There are two types of personal loan; secured and unsecured. With a secured loan you use an asset, such as your car or your house – as security on the loan, and if you don’t repay the loan you could lose that asset. With an unsecured loan you do not need to provide any form of security. Personal loans have much lower interest rates than payday loans, logbook loans or credit cards.

3. Guarantor Loans

A guarantor loan is another form of personal loan – usually up to £3,000 (but some lenders can offer more). Unlike secured loans you are not asked to provide any collateral as security. Instead, you are asked to provide a guarantor; somebody who knows you and who is willing and able to pay the loan if you are unable to do so.

The guarantor should be someone who knows you very well, a close friend or even a member of your family, for example. If they agree to act as your guarantor, they trust that you are able to repay the loan but they accept that there may be a risk that they will need to pay it if you fail to do so.

4. Logbook Loans

Logbook loans are a short-term solution without the need for credit checks. Instead, the logbook loan is secured against your car or van, which you can still drive throughout the loan period.

Depending on the value of your vehicle, logbook loan providers can lend anything between £500 to £100,000 (in very few instances) which you repay over an agreed period, making regular repayments on a weekly or monthly basis. Logbook loans are usually paid out on the same day that you apply, which is perfect in an emergency. If you fail to repay the logbook loan, you run the risk of the lender repossessing your car.

5. Credit Cards

When used responsibly, a credit card is a really useful, easily accessible way of borrowing money, as well as being a secure way to pay for items. If you repay the balance in full each month you could use your credit card to borrow money interest-free for an extended period, and some credit card providers offer a range of other benefits,
such as cashback, air miles, points for loyalty schemes, product discounts, etc.

Credit cards are accepted by many different types of online and offline retailers, including shops, pubs, petrol stations, cinemas, etc. Credit cards can often be used all over the UK as well as abroad. In addition to this you also have the option of using credit cards to withdraw cash from cash machines.

6. Debt Management Loans

A debt management loan consolidates numerous debts into one manageable cost. It covers the total cost of all your other loans and debts, including early settlement charges that you may incur. Essentially all your other loans are settled by a debt management company and you pay that company each month rather than each of
the individual lenders.

If you’re juggling a number of debts, with differing interest rates, to a
variety of lenders, then having just a single payment is much easier to handle. In addition to this, depending on the interest rates you are being charged by those original creditors, a debt consolidation loan could prove to be a much better option, as the rate could be much lower.

Security firm urges caution over online credit card spending

People using credit cards have been cautioned over giving out personal information to the wrong sources whilst online.

Security expert with Norton (the anti-virus firm), Con Mallon, has warned that people who use social networking websites such as Facebook as the most at risk since they are more likely to give away personal details without knowing.

Mr Mallon commented:

“Be careful about what information you post online on social networks such as Facebook, don’t willingly give out banking or credit card details – particularly over the phone. Keep your passwords safe, and make sure your computer is up-to-date with the latest security software.”

In addition to this, the increasing use of online banking has also raised security concerns about personal details being exposed to credit card fraudsters. Consumers are being recommended to to check their balances on a regular basis to ensure they have not been hacked by cyber criminals.

Norton is recommending that consumers do not access their online bank account via unsecured wireless networks or public portals. The most recent Norton Cybercrime report has revealed that almost 60% of consumers in the UK have been affected by credit card fraud and identity theft.

Guarantor Loans – what are they and how can they help?

With the introduction of Guarantor Loans, finding an unsecured loan despite a poor credit score has become even easier than ever before.

Guarantor loans are a specialist form of personal loan that allows borrowers with a weak credit history to get a loan of between £1000 – £3000. As long as you can find someone to act as a guarantor and back your application then there is a strong likelihood that you will be accepted and allowed to borrow an agreed amount.

Since Guarantor loans are effectively an unsecured loan, meaning that the loan isn’t secured against property or some other asset, they are particularly well suited to the following types of individuals:

Homeowners – with equity or without in their property
Tenants – either private of local council authority
Borrowers co-habiting with members of their family

Most importantly credit scores are not used to underwrite a guarantor loan application and, in each case, many lenders will review each case. This is always carried out by a financial expert who understands the lending industry and issues faced by many consumers, especially in the current economic climate.

Alternatives to Guarantor Loans:

Payday Loans

Logbook Loans

Top 5 Credit Card Myths

1. Credit cards are bad.
Many people know that credit cards could potentially get you into financial difficulties so that automatically believe that having one is a bad thing. Credit cards can prove to be a good influence on your credit rating when used sensibly. Your credit rating should improve as long as you pay it off in a regular basis.

2. Credit cards last forever.
This is simply not the case. If you are a bad borrower and fail to pay-off your credit balance on a regular basis you may be refused other forms of lending in the future and have your credit card taken off you.

3. All credit cards are the same.
It’s a common misconception that every credit card on the market is the same as the next. There are a huge range of credit cards with different terms and conditions, differing benefits and different policies, depending on the type of card. It’s crucial to explore what options are available to you and ensure you choose the right card to suit your needs.

4. If you have a poor credit rating you’ll get a poor credit card.
It is true that if you have a good credit rating you will get a premium credit card deal. However, it isn’t necessarily true that you have to settle for a bad deal just because you have a poor credit rating. It’s important to shop around for the right deal to suit you.

5. You only need to pay the minimum amount on credit cards.
Although this is true it is worth bearing in mind that you are highly likely to incur larger amounts of debt and injure your credit rating. If possible pay-off the whole balance, if not then consider paying off as much as you can to keep yourself out of financial difficulties.

Top Reasons to get a Credit Card

There are a number of reasons why owning a credit card can be beneficial, apart from spreading the costs. Check out our top reasons why a credit card can be useful in many aspects of your day-to-day life.

1. Credit cards help to spread the costs. If you cannot afford to pay for goods in one go then credit cards can really help you to handle the costs and then pay off the debt over a set-period of time.

2. Credit cards can help you to cut the cost of existing debts. Transferring the debts over to your credit card that charges a lower rate of interest. This is commonly known as a balance transfer.

3. Credit cards can help your credit rating. Even getting a high interest credit card that you spend small amounts on, and pay at the end of every month can help your credit score and allow you to take out mortgages and other personal loans.

4. Some credit cards allow you to spend money overseas at a lower rate than changing money whilst abroad.

5. Credit cards, in many instances, give you the opportunity to earn cashback as long as you pay off the full balance of your credit card every month.

6. Some credit cards offer great advantages such as exclusive discounts when buying goods and services.

7. Frequent air traveller? Some credit cards allow you to earn air-miles. Essentially, the price of a plane ticket could help to ultimately redeem your miles and give you the opportunity to take a free flight now and again!

After a credit card but struggling to get one? Why not consider one of these options:

Payday Loans
Logbook Loans

Guest Blogger, Simon Wyllie, explains IVA advice options for consumers struggling with debt.

After a short period of decline, it’s apparent that adults throughout the UK are once again building up their personal debts. A few years ago this was often to fund luxuries such as new cars or foreign holidays. During the current economic squeeze the evidence is that many adults are using credit just to survive financially, with debt often being used to finance essentials such as a mortgage, rent or food.

Inevitably a growing level of debt will leave some people in a position where the repayments become unaffordable. This often occurs due to an unexpected change in circumstances and separation, redundancy or another form of income loss may be the root of the problem.

For residents of England, Wales and Northern Ireland an IVA (Individual Voluntary Arrangement) is one of the options to bring uncontrollable debt repayments back under control. Choosing where to obtain IVA advice is however not always easy.

For good reasons many people like to approach trusted organisations such as the Citizens Advice Bureau when they get into financial difficulty. The advisers at the CAB may well be able to provide good IVA advice as well as to direct people towards other viable options. However it should be remembered that the CAB isn’t itself a provider of IVA service so may not be able to provide full detail on the intricacies of an IVA.

IVA advice is also on offer from most Insolvency Practitioners. An Insolvency Practitioner is the individual that actually takes a “personal appointment” to handle an IVA for someone who wishes go ahead. It’s suggested that anyone seeking IVA advice focuses their search on Insolvency Practitioners that specialise in personal IVA services as opposed to the other main area of insolvency work which is “business recovery”.

Many IVA intermediaries also exist and are often connected to websites that appear to be direct providers of IVA services. They will eventually sell your “case” to an Insolvency Practitioner who will deliver the actual service. It’s strongly suggested that nobody should pay any kind of an upfront fee to any of these IVA intermediaries.

As IVA advice is a very technical area, rooted in insolvency law, many people have a lot of questions that they’d like answered

before proceeding with an IVA. In such circumstances an IVA forum may be useful. An IVA forum allows information to be gleaned from IVA experts as well as the exchange of personal experience between people dealing with similar debt situations.

Guest Blogger:

Simon Wyllie

IVAAdviceForum.co.uk

Creditwindow's Blog

For All Your Financial Needs…