As the credit Crunch realy starts to bite more and more people are using Payday Loans to cover for emergancies. They are a fast and simple way to secure a loan that is repaid when you get paid. 

What are Payday Loans ?
are a very simple and hassle free way to get a short term loan until you get paid at the end of the month. They can be used for emergancy borrowing when times are tight. For example, you have to travel to work by car as public transport is just not an option. Your car breaks down and you cant get to work, catch 22, no car, no work therefore loss of pay - a visous circle. with a payday loan you can get an emegency loan the same day paid straight into your bank account and get your car fixed. Problem solved.

How do Payday Loans work?
Very simple. You can apply for a Payday Loan via the internet using a single page form. There are no credit checks and you can have the money the same day. The only requirements are:-
1) Yo must be over 18
2) You must be in full time employment and earning more than £750 per month.
3) You must have a bank account to pay the loan into
4) You must have a debit card. This card will be used to automatically take the loan amount back out of your bank accounyt when you have been paid.

Can I get a Payday Loan?
If you are over 18, in full time employment and earning more than £750 a month, you are likely to qualify. All you then need is a bank account for us to pay the loan in, with a debit card for you to repay!

What information do they need?
Generally the simple online form requires the following information:
Your name and address
Your date of birth
Your contact telephone numbers and email
Your work and pay details
Your bank account and debit card details
 
Why do they need all this information?
As responsible loan providers the company have to verify:
That it is you taking out the loan
That you are in full time employment and able to repay the loan
That they put the money in your account and no-one else’s account
That you can repay them in a simple and hassle-free way

How long does it take?
It takes as long as it takes for you toi fill in the form. You will get an instant desicion once you have completed the online form. Once approved the money will be in your account the same day. Note with some banks it may take 1-3 days for the money to clear.

How much can you Borrow?
You borrow from £80 upto £750 depending on your circumsatnces. Below is a table showing what the costs of payday loans are:-

Amount Borrowed    Amount you repay
    £80                                     £100
    £100                                   £125
    £200                                   £250
    £300                                   £375
    £400                                   £500
    £500                                   £625
    £600                                   £750
    £750                                   £937.50

Now this equates to a Typical APR  of 1845% which sounds horrendous but lets look at some comparisons of other types of lending.  

Type of Loan     Amount       Months     Total repayment     APR     Actual Interest
Installment           £500            36                   £745             16.9%           49%
Installment           £500            60                   £970             16.9%           94%
Payday Loan       £500             1                   £625            1845%         25%

This puts things into perspective. The two longer term loans seem to have much lower interest rates (APR) but in reality you will end up paying a lot more back then if you borrowed in comparison to a Payday loan, this is why Payday Loan companies always focus on the actual amount you will pay back not the Interest rate. Personally I think that if I needed to borrow money for an emergency I would prefer a payday Loan to a normal long term loan as it will be cleared the next time I get paid.

How do I pay back my loan?
Easy – the loan company will take the agreed repayment amount from your debit card on your next payday – there’s nothing else for you to do.

Can I defer my payment?
Yes - although after deferring the payday loan twice they will ask you to start reducing the balance. Deferral will incur new charges for every month the loan is deferred – but still at our fixed rate – there are no additional charges.
What if your payday or debit card details change
If your payday has changed, or you have a new debit card, just contact the customer services department and they will change your details straight away.

What if I have problems paying?
Payday Loan companies understand that people’s circumstances can change. If this is the case, you must let them know as soon as possible and they will always do their best to help.
The most important things to note are:
Don’t borrow money you don’t think you can pay back
If you are having difficulties then always contact the company as soon as possible and they will help.     

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Help for Executors in gaining Probate. Free Guide

I get asked quite a lot about what to do when someone dies and you have been nominated as an executor. Now I am not a Probate Lawyer, I write Wills which is a totally different process and skill set. For most estates the process is quite straight forward and I have listed the duties of an executor in another post.

This week a friend of mines father died quite suddenly. He immediately thought of me when he wasn’t sure what to do. His mother was obviously distraught and he and his brother were trying to sort things out. I talked him through the basics of what to do the first being to contact the probate office to get the process going. I then realised that I already had all the information he required in an excellent book that the Government have written.

The book is called What to do After Death in England and Wales. It breaks down into manageable chunks the actions you need to take as an Executor. There are checklists and lots of useful information. The book is written in plain English and leads you through the process so that everyone can follow it.

Feel free to download the Book here. What to do after death in England and Wales

Popularity: 37% [?]

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Soaring Bills leaves 5.4M Homes in Fuel Poverty

As the price of oil, gas and electricity keep on soaring it is estimated that household energy bills have risen by £4.3bn this year. This takes the average annual household energy bill to a staggering £1,292 per year. According to the comparison and switching site uSwitch.com there are now 5.4 million households - defined as spending 10% or more of net income - in fuel poverty. This is after the highly publiced latest rounds of price increases. uSwitch.com said that nearly 30% of pensioner households are now in fuel poverty as are 20% of families with only one income and 17% or working single parents.

Depressingly this is not the end of future price rises, uSwitch.com have warned that there will probably be another round of price rises that may be as high as 14%. This will drive more and more people into fuel poverty and the danger is that, especially in the case of pensioners, people will have to turn their heating off. Again it is the vunerable that will be affected the most. If you have elderly neighbours please keep an eye on them especially when the weather turns colder.

I would advise everybody to look at their energy bills and check if you can save money or lock in a better fixed rate on your supply. You can save money by switching it easy to do and will save you money.

Popularity: 26% [?]

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Dont buy expensive coffees from the likes of Starbucks on the way to work
If you can wait till you get to work to grab that first coffee in the morning, you will find it much cheaper or for most people free. This will save you at least £2.50 per day, not to mention the time you spend queing up to get that expensive coffee. If you didnt buy that coffee every morning (what about the one you buy at Lunch time!!) you would save:-
Monthly saving = 20 days at work@£2.50 per day Total Saving £50 per month

Take your own Lunch to work
Most of us are lazy and buy sandwiches for lunch. Now if you look at what you are paying for these overpriced sandwhiches I will bet you that it is at between £2-£4 per day add in that little snack bar or bag of crisps to go with it and thats another pound gone.
Monthly Savings = 20 days at work@£3.50 per day Total saving £70 per month

Do you buy a newspaper everyday?
If you bought a newspaper everyday, thats between 50p and 80p a day. How many times have you bought a paper and either just scanned the headlines or not even read it!!. I used to buy the Guardian everyday and found the only reason I bought it was because I liked the crossword, thats 80p a day for the crossword. Why not get the free papers such as the Metro or just read the news on the Internet in your Lunch break.
Monthly saving = 20 days at work @50p per day Total saving £10 per month

Do you go to the Car Wash?
I used to take my car every sunday to the car wash. I worked out this was costing me about £4 - £6 depending on weather I went for the basic was or the super duper deluxe wash shampoo and dry. Then once a month I went for a full valet costing me another £10. Buy washing my car myself ( and its more fun with the help of the kids!!) I saved quite a lot of money. It only needs a bucket some soapy water and a bit of elbow grease and the job is done for free. I am also getting a bit more exercise to boot.
Monthly saving = Once a week @£5 total monthly saving £20

Dont buy Branded goods at the Supermarket when you go shopping.
We have all been brainwashed into Brand Power. Take Heinz Beens for example. We all swear that they are the best beens you can get but when people blind taste them against cheaper alternatives most people cant tell the difference. Something else that most people dont know is that factories that produce these branded goods also produce the cheaper non branded alternatives. Many moons ago I worked for a large multi national company and was involed in production line automation. I used to see different packaging used for exactly the same product. So you would have one packaging line for Marks and Spencers and another packaging line being used for a much cheaper non branded version. Same product just a different box! By changing your shopping habits you can save a fortune and still use quality products. By doing this you can reduce your weekly shopping bill by 20-30%, this is a massive saving on anybodys bill. I have noticed that the discount type stores such as Aldi and Lidel are booming at the moment and other retailers are seeing reductions in turnover. This is because people are looking at saving money and the Weekly shopping Bill is one of the families biggest commitments. Another tip is shop online, why, because you will find that you end up spending less even with the delivery charge. We shop at Tescos and my wife has started shopping on line. She has set up a weekly shopping list for all the essentials such as Toilet paper, bread, milk etc and then shops to a menu so she knows what we needs. This has vastly reduced the amount of food we throw away and we dont get sucked in with all the impulse buys that we used to spend on. If you have children you will know that you end up buying stuff because of pester power, this has now gone and our weekly shopping bill is much lower.
Monthly saving (conservative) £40 per month

So what could you save per month?
Coffee saving   = £50
Lunch Saving    = £70
Newspapers      = £10
Car washes      = £20
Weekly Shopping = £40
Total possible savings £190 per month

Now just think what you could do with £190 per month, pay off your mortgage quicker, save it, pay off some credit cards the list is endless.

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Nationwide offering a 30% Discount on Home Insurance

The well known and trusted Nationwide who are one of my favourite Financial Institutions as I have posted about before here are running a promotion on their Home Insurance products.

They will give you a massive 30% discount on your Home Insurance if you take out both Buildings and contents insurance together and they will also beat the price you paid for last years cover or pay you up to £100.

I think this is a cracking offer but it is only available if you apply online. Financial Institutions are making more and more incentives for people applying online as it reduces their operating costs thus allowing them to be more competative.

If you are looking for a quote for your Home Insurance be sure to check out this offer from Nationwide.

Popularity: 27% [?]

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How to secure a NO CREDIT CHECK Loan in 24 Hours or less!!!

As the credit crunch starts to bite most unsecured and secured lenders are really tightening up on the criteria for offering loans. For people who have a bad credit history this means that they can find it very difficult to secure any kind of Loan.

There is one company in the UK that offers a Solution. They are called Logbook Loans. If you own your own car they will give you a loan secured against the value of your car. They do not have credit checks and the amount of loan they will offer you is purely based on the value of your car. They will Loan between £500-£50,000

If you meet the following criteria they will give you a loan. You can repay the loan early therefore reducing the APR % and the total amount you pay back. I would recommend this type of loan only for short term borrowing as if you let the Loan run for the whole term you will pay a huge amount of Interest. They will normally approve your Loan in 24 hours or the same day and they can even pay you on the same day as a cheque or as cash.

These are the criteria for a log book loan.

• Do you own your vehicle
• Is the vehicle clear or nearly clear of finance
  • There are no Personal credit checks
  • The loan is secured on your car
  • Borrow between £500-£50,000
  • You can apply instantly online
  • You will get your money in 24 hours or less

A bad credit rating is something that now affects more people than ever before. A Logbook Loan is an ideal solution for those consumers who have bad credit and are in need of a secured loan, bad credit loan or a payday loan. Having bad credit is something that can prove to be a real struggle, especially when someone is looking to borrow money for home improvements, holidays or any other purpose.

These Loans should only be used in emergencies but are very useful for getting through a difficult time. Remember you are using your car as security and if you default on the Loan you may loose your car.

Popularity: 53% [?]

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Mortgage rates Reducing despite the Credit Crunch 

5 September, 2008

This article was taken from a specialist broker magazine and is quite telling on waht is happening in the Mortgage Market even though the Bank of England maintained rates at 5% yesterday.

According to research carried out by Moneyfacts, the average two-year fixed rate has dropped to 6.39%. This is roughly around the same level that was seen just before the credit crunch.

Moneyfacts Michelle Slade says that "a good indication of what is going on in the market is the average rate. As the top ten lenders make up over 77% of the market it is interesting to see what they are up to.

All the main lenders have cut their two year fixed rates since the peak of early July 2008, with the exception of Northern Rock which has put up its rate by 0.01%, as well as increasing its arrangement fee by £500. The biggest cut comes from the Halifax where the rate has gone from 7.27% to 5.99%, as of the start of this week. Although Halifax now offers one of the best rates it has a high arrangement fee relative to its competitors.

Bradford & Bingley and Cheltenham and Gloucester have also passed on significant cuts, but this has been offset slightly by an increase in their average fees

Michelle goes on to say that "the cost to lenders in obtaining the funds for mortgages on the money markets has dropped significantly in the last few months and we are now seeing some relief for borrowers who are looking for a new deal. The increase in borrowers monthly repayments should not be as much as it would have been had they remortgaged two months ago, which will hopefully mean more borrowers can afford to remain in their homes.

“I doubt we will see rates being cut to levels similar to when base rate was last at 5%, but we should hopefully see further cuts from the big lenders in the coming months. Only time will tell if we have finally turned a corner, but this is the most prolonged period of cuts we have seen since the credit crunch began.”

You can check out all the lenders current offers at

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Top Tips on on how to change your Gas and Electricity supplier.

Follow these top tips to give you confidence to switch your gas and electricity supplier.
Before you begin, get together your last few energy bills, add up the amount you have spent or work out how many units you have used. If you don’t have these and you pay by direct debit work out your monthly payments and hence your yearly payments.

Tip 1 - make sure you look at summer and winter bills as they will be different.This will give you a balanced view of your yearly spend spread out over different seasons.

Tip 2 - If you do pay by monthly direct debit then make sure when you look at the pricing you tick the box saying you pay by direct debit as you will get even bigger savings by paying by direct debit.

Tip 3-  when looking at different suppliers you are obviously looking for a supplier with lower costs and the biggest savings but also look at the customer services as some Uk suppliers have much better customer service ratings than others, this may have an effect on who you choose as lousy customer services may be a problem if something goes wrong. You can look at these ratings at www.energywatch.org.uk
 
Tip 4- Are you looking for a Green energy product. Most suppliers have a green energy option. Some suppliers offer this at no extra cost and some charge a little extra. By taking the green option you can reduce your carbon footprint and help protect the environment.

Tip 5 - Consider an online managed account. Most of the UK suppliers have online managed accounts. This means you can submit meter readings online, get paperless billing and contact customer services via the internet. This again saves paperwork and you are in control of your meter readings.

Tip 6 - Try to steer clear of Pre payment meters. This is by far the most expensive way to pay for your energy and if you want to change the new supplier may want to change your meter. As said before the cheapest way to pay is by direct debit.

 
Tip 6 - When changing supplier be aware that you have a statutory cooling off period which is 7 days from the date of your application.If you are going to change supplier and you are going to pay by direct debit you will need your bank account details handy.

Tip 7 - when you have completed your registartion for your new supplier take meter readings so you can give these to your new supplier, make sure you pay any outstanding bills to your old supplier. If you have overpaid your current supplier you will get this money back.If you don’t clear any outstanding bills your new supplier will not be able to make the transfer.

Tip 8 - Always use more than one comparison site. They may have different deals on offer on each site. Having looked at all the sites out there the two reccomended are shown below as they cover 90% of the market.

Tip 9 - Ignore the win back teams who may call you if you switch unless they can beat the new supplier you have chosen ( sometimes it does happen). It does gaul me that if you switch supplier and a win back team offer you a better deal from your current supplier why were they not offering you the same deal before. Loyalty in this market counts for nothing as all the energy companies will never tell existing customers about any special deals for new customers.

Take a look at these two comparison sites and see if you can save money on your gas and electricity Bills.

Comparison site 1. This is Uswitch.com you will have seen them adverting heavily on the TV. They specilise in Gas ann Electricty and there system is very easy to use. They cover virtually all the suppliers out there depending on your postcode.

Comparison site 2 This is Moneysupermarket.com. Most people have seen them on TV and they are a well respected comparison site that although they do not specilise in the energy market they sometimes come up with better deals than Uswitch.

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