Tag Archives: creditwindow

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.

Financing Your Business: Business Loans & Cash Advances

Find out how you can finance your business with Creditwindow.

There are a number of ways you can finance your business – whether you’re just starting out or whether you’re looking to take your business to the next level.

Unfortunately, with the state of British banks, business loans have been far harder to come by as high street banks simply will not lend, which is why Creditwindow is seriously starting to look at how we can help British SMEs get back on their feet.

Currently we’re offering a business cash advance through Working Capital – a company that can give businesses up to £500,000. To find out more about how this works please read “Creditwindow expands into business finance.”

We are also looking at more traditional business loans that are offered through banks and lenders who are willing to fund small businesses.

Let’s face it – both the Government and Bank of England claim that small business growth is the key to getting out of the economic downturn, however, they are doing very little to aid this growth.

Here at Creditwindow we believe in British business and we intend to do everything we can to find the best sources of finance for you. Keep an eye on our business loan section. We understand that one form of finance may not suit every business but we will continue to work towards supporting small business throughout the UK.

Images from FreeDigitalPhotos.net

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.

Find out how you can cut the cost of your utility bills without turning to payday loans or credit cards.

Recently there has been talk about people turning to payday loans or their credit cards to help meet the cost of their utility bills – electricity, gas and water bills.

But let’s face it – turning to a payday loan is not a good way of meeting monthly bills. Credit cards and short term loans should only be used as a last resort.

But what can you do to help cut the cost of your bills. Let’s take a look:

Gas and Electricity Bills

According to recent figures the average gas bill is liable to increase in the colder months making many homeowners and tenants concerned. However, with the right kind of tools you can actually reduce the cost of your heating with relative ease.

One of the most popular ways of cutting your heating bill is by insulating your loft as this will prevent heat from escaping. In some instances you may be eligible for a grant to go towards the cost of insulating your loft. It’s certainly worth contacting the Energy Savings Trust to find out more.

Did you also know that if your boiler is relatively old you could be eligible to claim for the cost of a new G-Rated boiler (£400). However, it’s important to bear in mind that the scheme is limited to 125,000 applicants so it’s important to get the claim in early on.

Another way of reducing costs is by combining your electricity and gas bills so that you are paying off both in one lump sum every month – potentially saving you a fortune.

Energy Saving Lightbulbs and installing double glazing are more ways of saving money on your electricity and heating bills.

Water Bills

Did you know that water bills are rapidly increasing. In fact recently water bills leapt by 8.8% and many people are struggling to pay off utility bills as a result.

Fortunately there are ways of reducing the cost of water bills – let’s take a look at a few:

If you don’t already have one consider installing a water meter. A water meter simply records you water usaget and could help you to reduce water consumption considerably.

Try not to waste water. Every time you turn on a tap ask yourself whether it’s really necessary – it’s worth bearing in mind that a running tap can waste around 6 litres per minute. So ask yourself… do you really need to run the tap whilst your brushing your teeth?

Consider a water efficient shower head as this could help save considerable amounts of money when you’re having a shower.

So before you turn to your payday loan provider or your credit card – ask yourself if you really need to and whether there are ways you can reduce utility bill costs… it’s really not impossible to live within your means.

Image: cooldesign / FreeDigitalPhotos.net

Cost Savings - Reducing Your Fuel Consumption

Find out how you can avoid turning to a payday loan or credit card to pay off your car's fuel bills.

Did you know that the price of petrol has almost doubled since 2001? Unfortunately the current cost of petrol is only set to increase and as a result paying less for your fuel may simply be unavoidable.

Turning to a payday loan or credit card is probably not a route you want to go down to help pay your car’s fuel bills. However, its worth bearing in mind that paying less on fuel isn’t completely out of reach.

Whilst a number of drivers might consider switching to electric or hybrid cars this might not be possible for those of us who simply can’t afford to buy a new car.

Let’s face facts – even a brand new Smart Car is going to cost far more than a small hatchback – such as a Ford Ka.

Taking that into consideration there are ways to reduce fuel consumption even if you can’t afford to buy a brand-new electric or hybrid vehicle.

Here are a few tips to help reduce fuel consumption:

Check your tyre pressure. Did you know that the condition of your car will affect fuel consumption? Well under-inflated tyres have what’s known as more “rolling resistance.” This simply means that your car’s engine will need to burn more petrol to keep going. Your local petrol station usually has a means of testing your tyre pressure and topping up your tyres if needs be extremely cheaply.

Reduce your speed. It’s pretty obvious if you think about it – the faster you drive your car, the more petrol is used up. By dropping your speed you will actually increase in the economy of your vehicle and you will use less fuel.

Use your air conditioner sensibly. Not many people know that using your air conditioner at lower speeds can increase fuel consumption… but it can. Sometimes it’s better to simply open a window if you’re getting too hot – except when you’re driving at speed. Driving at speed with windows open can also increase fuel consumption considerably – in this situation you’re probably better off using your air conditioner.

Check your car’s air filter. Were you aware that a dirty air filter can affect your vehicle’s overall performance? Well it can actually increase the amount of fuel your car uses so it’s certainly worth checking every now and again to ensure that it’s clean.

Don’t stop if you can avoid it. It makes sense that to get your car going it takes up more fuel than simply reducing your speed. If you’re stuck in slow moving traffic or traffic jams than it’s worth simply driving at an incredibly slow speed rather than speeding up and standing every few minutes.

Follow these simple tips and you won’t necessarily have to turn to the likes of a credit card or payday loan to help pay off expensive fuel bills.

Image: nuttakit / FreeDigitalPhotos.net

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

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