Rebuilding a Bad Credit Rating: Go it Alone or Get Help

If you have a bad credit rating, or even if there are just inaccuracies on one of your credit reports (you do have three – one with each of the major credit reporting companies) making the decision whether to try to repair your credit yourself and save money or hire an expert to help you is a tough call.

The law says that all consumers have the right to dispute mistakes on their credit report at no charge. This however takes time. Correcting just one error can take an individual hours.

After you find a mistake you have to find the evidence you need to back up your claim, write a letter to the credit bureau requesting removal of the offending entry, go to the post office and send the letter out by registered mail so that you have proof that you sent it and when.

And that’s not all. Then you’ll have to make a few follow-up calls to check whether or not the dispute has been addressed and settled. More than a couple of hours worth of work there.

How a Credit Repair Service Can Help

What a credit repair firm can do for you is take all of that grunt work off your hands. They can write the letters, they can follow up and they can do all the record keeping. and for some people that is a service worth paying for because they simply do not have the time to do it themselves.

That is about all a credit repair service can do at least as far as removals and changes to your credit report. No one can remove a legitimate entry from a credit report before time. There are no secret loopholes that allow you to “legally remove” a bankruptcy record from your report until the mandatory reporting time has passed.

What the best of these services can also do though is help walk you through the rest of the process of building credit. They can help you negotiate with difficult creditors. They may be able to help you come up with a better budget, or advise you on the best financial credit instruments – things like secured credit cards or small short-term loans – that may be great credit builders in your individual case.

How to Recognize a Good Credit Repair Firm

If you do decide that you need help building your credit, then you have to choose your credit repair firm very carefully as there are some bad apples out there.

All of the following are good signs that you are probably dealing with a legitimate credit repair service that is following the law and may prove to be very helpful to you:

• Any UK Company that offers advice on debt or credit repair to a consumer must display an FCA Authorisation number on their website. This demonstrates that they are qualified to offer this service to consumers and are a legitimate, established and honest company.
• If a company does not display an FCA Authorisation number on their website they could be trading illegally and if so they should not be used.
• They tell you that you will not be charged until they have performed the requested and agreed upon services (this is mandated by law)
• They tell you what you can do yourself for free to repair your credit
• They tell you how approximately long it will take to achieve a positive result

All of this, plus a description of the exact services that they will be providing, should be put into a contract for you to sign by any legitimate credit repair service and it is only when you do that that the company can legally ask you for any form of payment.

Warning Signs That a Credit Repair Service is Up to No Good

Unfortunately, there are as many bad credit repair companies – bad as in they do lots of illegal things – as there are good ones. If any of the following is true in your dealings with a credit repair firm then you should not give dealing with them another thought:

• They suggest disputing all the negative information on your credit report. You have every right to dispute mistakes but disputing a valid debt is fraud. The idea here is that by letting them flood the credit bureaus with appeal letters somehow one of two creditors will miss the 30-day response window and a valid negative debt will be removed by default and the credit repair firm will be perceived as having done their job.
• These days though most debt is pretty easy for the credit bureaus to verify so the tactic rarely works. In addition, if a fraud were suspected you would be in trouble, not the dodgy credit repair service!
• They promise you the moon. They cannot remove judgments, bankruptcies or any other similar records. There are no secret legal loopholes that work. They are just stringing you along until you hand your money over.

The post Rebuilding a Bad Credit Rating: Go it Alone or Get Help appeared first on LoanPig.

source https://www.loanpig.co.uk/rebuilding-a-bad-credit-rating-go-it-alone-or-get-help/

Can Young Drivers Ever Score Cheap Car Insurance Rates?

If you are a young driver getting your driver’s license can be very exciting and actually getting your hands on your own car is even more exciting. What is not so great about this coming of age rite is the price of young drivers car insurance.

The Problem with Car Insurance for First Time Drivers

There are many parents who offer to help their child buy their first car, but on the condition that they pay their own insurance. This, to most young drivers, sounds like the most amazing deal ever – right up until they get their first insurance quote. Then things may not look so rosy and actually getting the car on the road (legally) becomes a bigger financial burden than most young drivers expected.

Why is young drivers car insurance so expensive? If they passed a legal road test, surely this means they are proficient drivers and are entitled to cheap car insurance rates like everyone else? Unfortunately, however hard a young person may have worked to learn the rules of the road and become a good driver, the odds are stacked against them – or rather the statistics are.

Insurance companies put a lot of value in statistics and year after year, unfortunately, those statistics show that younger drivers are just not good drivers – in fact, they are the worst drivers of all. In the UK one in five drivers under the age of 21 is involved in a car accident of some sort in the first year that they have their license. So with this in mind, it is not too surprising that car insurance companies across the world reserve the highest premiums of all for young drivers car insurance.

Saving Money Is Possible

It is not all doom and gloom for young drivers when it comes to affording to insure their car though, there are ways they can save money. Here are a few ideas:

Get a Sensible Car

A young person driving a sportier car is a huge red flag for an insurance company. On the whole statistics show (yes them again) that sports car drivers get into more accidents. The same goes for cars that are commonly used as street racing cars.

In order to keep your costs down choose a less controversial car as your first, preferably one with a lot of safety features, something that earns brownie points with the car insurance companies for anyone. Once you have established a good driving record and have a few years experience under your belt, you can opt for something more exciting.

Think About Taking a Higher Deductible

If you are confident that you are one of the 4 out of 5 young drivers who will not be involved in an accident, then taking a higher deductible can save you quite a lot of money on almost any insurance policy. Just be prepared for the fact that if you do have a small “ding” you will have to cover the cost of the repairs yourself, without the insurance company ‘chipping in’ to help.

Third Party Only is Not Always the Best Answer

A lot of young drivers opt for third party only car insurance because it is the cheapest option available to them – the minimum coverage required by law. This does not always pay off in the long run though.

Many insurance companies take that thinking into consideration in the case of a young driver, and will actually make the third party insurance premiums almost as high as the more comprehensive coverages because they know that the risk is higher that they will be paying out on the policy anyway.

Take an Extra Driving Course

Taking a defensive driving course will look good in the eyes of car insurance companies, even if it is not so long since you took – and passed – your first test. These courses are usually quite inexpensive and do not take too long (about an afternoon) and if you “pass”, which you should as all the rules are fairly fresh in your mind,  then you are almost guaranteed at least a small premium discount.

Cra insurance premium due but can’t quite cover it before payday? A short-term loan from Loan Pig can help. 

The post Can Young Drivers Ever Score Cheap Car Insurance Rates? appeared first on LoanPig.

source https://www.loanpig.co.uk/cheaper-car-insurance-for-young-driver/

Top 5 Benefits of Same Day Loans

Some consumers have had bad experiences with same day loans. This is the reason why they consider this their last option. However, there are times when you simply cannot avoid this. These loans are of great help especially when there are emergencies you and your family have to contend with.

So for those who are thinking about getting same day loans (https://www.loanpig.co.uk/same-day-loans/) for emergency purposes, here are the top 5 benefits to consider to ease your worried mind.

Immediate Access

Short term loans almost always give immediate access to the funds that you need, thus, these come in handy during emergencies. These cash loans deposit the funds into your bank account instantaneously. It makes it possible to pay rent on time, or allows you to pay your mechanic for the car repairs you need to in order to go to work. The speed of these lenders is among the biggest benefits of using such loans in case of emergencies.

Individuals With Bad Credit are Still Considered

Most of these loan providers don’t even check your credit when approving your application. This is great news because you can access the cash you need regardless of your credit score. So for those having bad credit history, there is still hope because you can still be approved for a payday loan. This is definitely a big advantage compared to traditional bank loans. Bank lenders would not extend credit to loan applicants having bad credit. So you cannot count on them during emergency cases.

Easy Application

The simple application process is one of the reasons why people go through with same day lending. It doesn’t take a genius to fill out their forms. Majority of the same day lenders ask for no more than your basic information in order to get online. It can be done in as fast as five minutes. This is a great benefit when you are in a hurry and in dire need of the money.

Shorter Repayment Terms

Most of these same day loans offer shorter repayment schemes. These short periods allow the loan-seekers to pay off their debt more quickly. Thus, less interest is incurred and you pay less back in total in order to pay off your entire loan. There are terms that last for a week up to a month. So the less you avoid procrastinating the payment of your emergency loans, the better your financial situation.

Flexibility

Other lending institutions don’t offer financial flexibility the way same day lending does. They are available all day everyday, 24/7. Big banks can’t do this and you need to go to them personally in order to apply for such loans. So if there’s a real emergency, you have more flexibility and access to the money, asap. So if you suddenly need cash in the middle of the night, this is definitely one option to consider.

If you need quick cash, don’t disregard payday loans as a solution. It can offer you the perfect financial aid to survive an emergency. They give tons of advantages to consumers who need to get out of a financial rut fast. So try this the next time you need a lending solution. It might save your financial situation in the long run.

This is a re-share article. Original Source : http://www.advancedpersonalloan.com/loans/top-5-benefits-of-same-day-loans.html

Advantages and Disadvantages of Using a Debit Card

Most people are very used to using a debit card these days and many even use it on a daily basis. Debit cards do have their critics though and not all financial experts think that over-reliance on a debit card over other methods of payment is always a good idea. Indeed like many things debit cards have their advantages and their disadvantages. Here are some of the most important explained:

Debit Card Use Advantages

There is certainly quite a lot to be said for the convenience of using a debit card as well as some distinct benefits:

• Safer than Cash – Carrying around large amounts of cash is never a good idea, but then again heading for a night out or to go shopping with just £20 in your wallet is simply not going to cut it most of time. As ATM machines can be found almost anywhere these days then a debit card allows you to only get out cash if you really need to while you use it to pay for many other purchases instead.
• Online Shopping and Bill Pay – Because a debit card can be used in the same way as a credit card it means that cardholders can take advantage of all the great online shopping opportunities that are out there as well as make regular bill payments online in many cases – saving you the hassle of paper checks, stamps and trips to the Post Office.
• Easier to Keep Track of Spending – Many people have done this at least once – written a paper check and then forgot to record the transaction in their check register. The end result is often very expensive (and often embarrassing)  in terms of bounced check fees and overdraft charges. Debit card transactions are posted right away online – even credit transactions that do not “clear” immediately – so it is much easier to keep a daily eye on what you are spending and how much money you have left!
• Great for Those Without a Credit Card – If you have poor credit – or no credit at all – getting a credit card can be hard and that can potentially prevent you from doing all kinds of things like renting a car or booking travel arrangements. Since a debit card can be used in lieu of a credit card in most situations these days they can really help people who are still trying to build their credit out.
• Teaching Tools – Those under the age of eighteen cannot apply for a credit card of any kind and even when they do reach their 18th birthday the rules governing credit cards are much tighter than they once were and getting a student credit card is much harder than it once was. There are a growing number of prepaid credit cards that are specifically designed for teens though and using one can be a great way to learn all important money management skills – as well as being “cooler” than having to pay in cash.
• Less Loss Potential –  If a £20 note falls out of your pocket chances are it is gone forever. If you lose a debit card however once you report the loss to the bank within 48 hours the most the law says you can be held responsible for is £50 and in fact many debit cards are covered by either VISA or Mastercard’s zero liability policy.

Debit Card Disadvantages

The downsides associated with debit card use mainly revolve around the fees charged but there are one or two other disadvantages as well:

• More Fees: There are potentially quite a few fees involved in regular debit card use that can add up quite quickly. The largest of these fees tends to be the charges you incur when you use an ATM to withdraw cash – if you use an ATM that does not belong to your card issuer’s network then you may be charged two fees – one by your own bank and one by the ATM owner and these days these fees when combined can be as high as $5 per withdrawal. Monthly fees and PIN transaction fees can add up as well. Many of these fees can be avoided though if you shop around carefully as some debit cards offer a much better value in terms of fees than others.
• Dealing with Problem Transactions – Sometimes people are faced with a dilemma when making larger purchases or purchases online – which should they use, their credit card or their debit card? In one respect paying with a debit card may be a better idea as the item is paid in full. On the other hand though if there is a problem with a transaction or you need to return an item getting your money back on a debit card can be a lengthy and confusing process, whereas if you had opted to use a credit card the transaction would simply be reversed and you would not be “out” the money.
• Recurring Transactions – As people spend more and more time on the Internet they tend to sign up for all kinds of services that have a monthly charge attached to them – everything from a TV service like Netflix to music services like Spotify and 101 things in between. Most of these services accept a debit card as readily as they accept a debit card. The danger is though that you will forget that one of these payments is due and the charge will be made when you do not quite have enough money in your bank account to cover it and you will be tied up with overdraft fees and cancelled subscriptions, something that would probably not be an issue with a credit card.

In the end how and when they use a debit card is up to the individual. With some careful shopping around you can find debit cards that have lower fees attached to them and there are ways you can minimize the fees you are charged – asking for cash back when making a debit card purchase instead of withdrawing money from an ATM for example. Life without a debit card can be rough these days so using them occasionally is almost a must, and can be quite beneficial if you use it sensibly.

The post Advantages and Disadvantages of Using a Debit Card appeared first on LoanPig.

source https://www.loanpig.co.uk/debit-card-pros-and-cons/

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