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Tips on getting a payday loan Approved Quickly in the UK

Tips on getting a payday loan Approved Quickly in the UK

With almost all the payday loan lenders online, it is so easy and convenient to apply for an online payday loan sitting anywhere, with just a click away from your mobile, however to increase the chances of getting your payday loan approved by lenders, you need to be careful with the details you submit, a few quick tips that will help you with your loan approvals. Don’t Lie Don’t try hiding information from your lender while filling in the loan form, as most of the lenders assess your details from a third party organization either private or government, these organizations have all your details and a simple mismatch in the information can lead to rejection of your loan application. Loan Amount It’s so easy to apply for a payday loan but people don’t consider the loan amount they require to repay their debts without affecting their monthly budget, this means people end-up borrowing a large loan amount leading to a never-ending spiral of debt. To avoid this situation use the loan amount calculator that most of the lenders have on their website, these loan calculators will help you with the calculation of actual loan amount requirements within your budget. Loan installments Too many loan installments for a longer period can increase the price of the loan and you will end-up paying more, while on the other hand if you opt for less loan installments this can increase the financial burden on your monthly budget throughout the loan repayment period, so it would be best would to opt for something in-between so that you don’t have to pay a higher...
What Happens When Your IVA Ends?

What Happens When Your IVA Ends?

If you’re wondering what happens when your IVA debt solution ends, let us ask you this – do you want the good news, or the bad news? Let’s start with the bad news, and then we’ll explain why, when it comes to your debt problem and an IVA, the good news means that the bad things really aren’t that bad after all. THIS is what happens when your IVA ends The final review of your IVA An IVA debt solution will usually last for either 60 or 72 months (five or six years). Most IVAs last for 60 months, although your IVA may last 72 months (or longer, in some instances) if property is involved. Once your IVA comes to an end, your remaining debts will be written off (anything up to 80% of the total you originally owed). You’ll then be completely free of your debt problem. Once you’ve made your final IVA payment (or in some cases in the few months before), your IVA Provider will undertake a final review. The larger of IVA Providers will have an in-house team to handle this, known as a closing team. This might involve your provider asking for bank statements, payslips or your latest P60. They ask for this in order to review your current income. If they find that you’ve had a large increase in income, you may be required to make further payments to your creditors. Once the final review is complete, your last payment will be sent to your creditors. From start to end these final few steps can take between six to eight weeks, after which...
IVA or DMP – Which one is the best debt solution ?

IVA or DMP – Which one is the best debt solution ?

As you’ve landed here, we’re going to assume that you’re in the middle of finally sorting out your debts. In which case, congratulations. Around the corner is a future that’s debt-free. But between now and then, you have a critical decision to make in relation to the debt solution you choose. Two of the most commonly compared debt solutions are IVAs and a Debt Management Plans, but which is best? This guide will walk you through it, helping you choose between the two. Before we begin – do you really need a debt solution? Here are the key indicators that you’ve reached a point whereby an IVA or Debt Management Plan is the only solution: Your cards are maxed outYou’re receiving rejection after rejection for creditYour finances feel out of control.It takes a long time to see any progress at all on your debt levelsYou can’t afford basic necessities, like food, clothes and electricity What is an IVA? An IVA is a debt solution that allows you to be debt free in either five or six years, after which time up to 80% of your debt can be written off. The advantages of an IVA are: It runs for a fixed period of timeYou pay a fixed monthly repaymentRepayments are based on your income and expenditure – making them genuinely affordableNo more interest will be added to your debtsYour creditors will no longer be able to contact you, except to send you statementsThere will be a possibility to change your repayments should your circumstances change through no fault of your own (this would be the decision of your IVA...
Is an IVA the best way to pay back your debts?

Is an IVA the best way to pay back your debts?

You’ve arrived at this guide in the hope of a silver bullet – a debt solution that will finally provide you with hope that in the future you could be debt free. Like many in the UK, you’re feeling the burden of debt – phone calls, debt collectors, endless letters. For many an IVA provides a debt solution that brings financial trouble to an end. But is an IVA the best way to pay back your debts? Let’s find out. Key question: What is an IVA? IVA is short for ‘Individual Voluntary Arrangement’. An IVA is a debt solution that acts as an agreement between yourself and your creditors. It sets out a fixed repayment schedule over the course of either five or six years (which one of the two will depend on whether you need to remortgage your home as part of the agreement). Who is an IVA suitable for? To be eligible for an IVA you must meet several criteria: You must live in England – In other UK regions there are different debt solutions, head to the following pages to find out more: Northern Ireland | Scotland | Wales.You need to owe a minimum debt of £5,000 to at least two lenders (some providers require that you owe a total of £15,000).Your debts must be non-priority debts – non-priority debts include credit cards, loans and store cards, while non-priority debts include things such as utility bills, your council tax and mortgage. The Benefits of an IVA An IVA allows you to keep your home (although you may need to release value from it if your home...
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