The best piece of advice available these days is - AVOID USING PAYDAY LOANS. Even if you are using them sensibly you are encouraging a business that earns much of their profits from exploiting vulnerable people. -- Hector Wang
The PPI Scam. For many borrowers, the cost of Payment Protection Insurance has increased the cost of borrowing greatly; many of the borrowers were coerced into taking up the insurance including some who were not eligible to benefit in the first place.
If you believe that you were misssold The first thing to do is gather all the facts together. You can either do it yourself or use a reputable company to do it for you, either way many PPI claims are successful, so do not let the loan company put you off - they will try all kinds of tricks but keep persevering. - R Stephenson
"It is OK
sometimes to pull all of your money out of the equities market. Oh and
please don't put my name on the Website" -- London
Mony a mickle
maks a muckle. (small, insignificant contributions can over time add up
to quite a lot) -- Old Scottish aphorism
Do not just
accept that the rate of interest gives a true picture of the cost of
the loan. Ask what the monthly repayments are, then phone
around and see what other companies are offering. The APR is
not always the true cost of the loan. Most payment protection
schemes can add greatly to the cost of borrowing and are in most cases
almost worthless -- Dave Levitator
1.Keeping a record of all of your transactions, although taking a short
while to enter, can save a lot of headaches and time later. A list
checked against your bank statement is sufficient for those who are not
financially minded. 2.Budget by putting
by one twelfth of your normal yearly household bills in a bank account
each month. Do this with items such as household insurance's,
gas and electricity, water, community charges, car insurance's and tax
etc. When a bill comes in you can pay it with your mind at ease that
the cash is there to meet the bill. Regards, -- Ian
Richards. Jun 1999
Be wary of
signing anything that isn’t properly filled in. Also
don’t accept oral promises, get everything in
writing. - Timothy White, London
Consumers. Always read the small print on the front and back of any contracts
before you sign them. Ask for explanations for
anything you don’t understand, and if there is anything you
don’t like in the contract don’t sign it until the
seller has changed the contract and initialled the changes.
Keep all the relevant paperwork such as contracts, guarantees,
warranties, or receipts. -- Anon.
Buy large items with cash. Credit cards can give free insurance, and
additional rights. - Sebastian Henderson, Guilford.
Returns. Always remember to double-check your arithmetic. Remember to
sign and date the return as well. - Anon
Independent debt counsellor are hard to find but it is essential to meet up with a trustworthy expert before attempting to take action on personal debt. Debt consolidation schemes can be very dangerous and can be every bit as pernicious as payday loans.
discipline are the only things that can improve your rating.
Ignore the organisations who claim that they can clean it up
little sincerity is a terrible thing, and a great deal of it is
absolutely fatal." - Oscar Wilde