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Shedding light on Logbook loans

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02/09/2016

The term “bad credit” is a very sensitive subject in the financial world. Lenders, in essence, view individuals with a poor credit rating as a risk to the well-being of their business and rarely offer them credit facilities. In fact, it is correct to say that individuals with a poor credit history generally find it difficult getting access to credit facilities or a mobile phone contract. For a long time, this was the standard mode of operation so much so that those with a poor credit rating felt like second class citizens.

There was hue and cry, distress, depression and a low self-esteem among those with a poor credit score. Applying for a loan or a phone contract became a nightmare of sorts and those with bad credit had to contend with the all famous line “we are sorry but we can’t approve your application at this time”. Well, this was the case before V5 loans became a reality. V5 loans or what is commonly known as logbook loans indeed changed the loan industry in ways never seen before.

With logbook loans, individuals could now apply for emergency loans without having to worry about the status of their credit score.

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If you are thinking of applying for a logbook loan for the very first time, you probably need more information on how this amazing and lifesaving loan product works. For starters, in order to qualify for a logbook loan, you need to be a legal owner of a car, a van, a caravan, a motorcycle or even a lorry. The reason for this is because logbook loans are secured using a car’s logbook. You sign off your car logbook to the lender in exchange for the amount you receive as a loan. When you do this, your car becomes the property of the lender for the duration of the loan. However, you continue using the car as you make repayments.

Ordinarily, UK logbook loan lenders advance logbook loans up to 50% of the value of your car. To determine how much you are privy to when applying for a logbook loan, it is essential that you provide your lender with your car registration. They will then evaluate its worth and advice you accordingly. However, there are a number of things you can do to ensure that you increase your chances of approval or even the maximum amount you can apply for. For one, you need to regularly service your car so that it’s in good condition. The insurance and tax details of your car need to be up to date not to mention the car needs to be free of any financial charges. The standard duration for a logbook loan is 78 weeks which gives you the flexibility to plan your repayment without feeling as if your back is against the wall.

http://macayanez.com/2015/09/863 Things to note

Getting approved for a loan facility despite your credit score status is a beautiful thing. However, you need be cognisant of the fact that defaults could put your car in jeopardy. In fact, you risk losing your car if you fall way back in repayments. Logbook loan lenders have the legal right to repossess and sell your car if you are unable to meet your logbook loan obligations. You can also be sued especially if the proceeds from the sale of your car are not sufficient to meet the principal amount together with the accrued interest!

How to go about finding legit Credit repair companies

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23/08/2016

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| Credit repair companies

If there is something most of us can agree with, it has to do with the fact that we are largely a debt based society. We are all in debt in some way whether we like it or not. Of course, you are somehow reading this right now and wondering how I can make a sweeping statement like that. Your credit card repayments are up to date, you don’t have a mortgage and simply can’t understand why I made hasty generalisations concerning the sensitive but important issue of debt.

Well, national debt has indeed made sure that all of us irrespective of our financial muscle are in debt in one way or the other. While it would have been a pleasure to delve further into the intriguing subject of national debt, I beg to digress and focus on credit repair companies and how you can go about finding a legitimate company especially if you have bad credit. This simply makes it impossible for you to get approved for a loan facility or a mobile phone contract.

If you live in the UK and distress because of the status of your credit score, you probably have had to contend with numerous enticing offers from various credit repair companies offering quick fix solutions. You also have been promised the heaven only to realise that you were delivered the earth in rather unscrupulous circumstances.

If you are that individual, this post is specifically written for you. It aims to achieve two objectives – enlighten you and help you make an informed decision. Granted, there are thousands of credit repair companies in the UK market all competing to catch the attention of individuals reeling from bad credit. So how do you go about finding a legitimate one?

The reality of the matter is that the credit repair industry has earned a bad reputation over the years because of the uncanny ability to swindle and offer lip service to customers. For this reason, getting the right legitimate service requires that you check whether a given service is duly registered and adhering to the set ethical standards. Ask for registration certificates and licenses to help you verify whether a given credit repair company is offering services legitimately or if it’s simply a briefcase company.

Secondly, ask to be given a contract before you sign any contract specifically outlining your rights as well as obligations. The contract should cover such important and sensitive aspects such as a detailed description of all the credit repair services you are entitled to, the total cost of the services you will be receiving and applicable fees not to mention the duration it will take for you to see tangible results.

Thirdly, a legitimate credit repair company is open and honest about the services they offer. For one, a legitimate credit repair company should never ask you to pay for services upfront or advice you against contacting credit bureau agencies. Fourthly, they need not give you false hopes. Utterances such as “we will help you remove all negative information from your credit report” should raise a red flag as many just use it as a mere PR campaign to romp in as many customers as possible. While it is possible to gradually repair and remove all negative information, blatant promises made to bring in customers should be suspect and held with the contempt it deserves.

Last but not least, if a credit repair company asks you to commit some form of fraud with the intention of repairing your bad credit status that should be grounds for suspicion and a green light that the company is not honest or legitimate.

To sum it up, there are indeed many ways you can approach the issue of credit report repair without involving a credit repair company. However, if you choose to enlist the services of such a company ensure that you get value for money by settling for a legitimate one. Remember the saying, it is better to be safe than sorry!

Why is it essential to enlist services of credit repair companies?

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23/08/2016

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| Credit repair

If you are reeling from bad credit, you probably have grappled with the question of DIY credit repair or resort to credit repair companies. Granted, a lot of people choose the route of credit repair themselves. While it’s laudable, the process can become extremely difficult and a tall order especially if a person has no idea how to go about it or is simply ignorant of contemporary credit repair techniques. As is with any other industry, the credit repair industry evolves on a daily basis and it takes professionals in the industry to fully grasp the extent of the innovative technologies to be able to offer excellent services. In light of this, let’s take a look at why it’s recommended to enlist the services of credit repair companies as opposed to resorting to doing it yourself.

First and foremost, let’s all agree to the fact that credit repair companies fully understand how the UK credit system operates. They know what has changed, what has become obsolete as well as what has been added. As professionals in the industry, they stay on top of any changes not to mention that they have the interest and the resources to stay up to date with these changes. A commoner may not be privy to this information and that is why it’s recommended to enlist the services of a credit repair company.

Secondly, credit repair companies have built networks over the years and they have the resources to work something out with your creditors. They can negotiate better terms with people you owe money to which, frankly speaking, would be a tall order were you to undertake the task by yourself. They have the resources to get flexible repayment periods, lower fees as well as debt consolidation services.

Thirdly, credit repair companies understand how the system works and can accord you step by step advice on the best way to improve your credit score. They understand the best practices and therefore will point you in the right direction. Add to that the fact that they are always at hand and willing to offer you proper advice on how to manage as well as eliminate debt and you will understand why opting for a credit repair company is a smart move.

Last but not least, the reality of things is that those with an open mind to advice and ideas end up benefiting the most. Credit repair companies are not just about raising your credit score. They are also instrumental in offering you the right guidance on how you can avoid getting into bad credit in the future as well as what you need to do to ensure that you maintain a favourable credit score. A person willing to learn will without a doubt be in a better position from the professional advice that they receive from credit repair specialists.

In conclusion, do not be disillusioned or feel as if it cannot be done. You can indeed repair and improve your credit score. You simply need to be smart and do things in the right way!

What are the underlying benefits of credit repair?

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23/08/2016

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| Credit repair

As many of you have come to notice, being listed with a credit bureau agency is a nightmare of sorts. It limits your opportunities and makes your life a little bit complicated. Financial lenders handle all your applications with suspicion and getting a better deal with mobile phone providers becomes somewhat wishful thinking. Well, it is not how bad your credit score is that makes the difference but how much you are willing to repair it and get into the good books. Unfortunately, there is no other way of going about repairing your credit report than taking the proactive approach. You need to make the effort, change how you deal with your finances, and effectively manage your debt if you wish to come out tops and smiling.

However much you might want to downplay it, the reality of the matter is that it pays to have a good credit score. The peace of mind, the ease with which you have your way with lenders, the attractive perks just to mention but a few are things you cannot simply ignore. In light of this, what are some of the underlying benefits of credit repair for an individual reeling from bad credit? Why is it helpful to undertake credit repair?

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Unlike in the past, insurance companies nowadays peg their premiums based on a person’s credit score. In no uncertain terms, it simply means that those with a good credit score enjoy reasonably priced insurance policies while those with bad credit contend with highly priced ones. For this reason, alone, there is every reason as to why you should endeavour to repair your credit report.

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There is no denying that individuals with a poor credit score do pay high-interest rates on mortgage facilities which if not checked leads to further debt and worsening of the credit score. On the other hand, those with a stellar or good credit score enjoy affordable and reasonably set interest rates. The interest rates, as well as the mortgage loan terms, are favourable. They also enjoy a high credit limit as compared to those with a low credit score. As such, if you wish to get affordable and attractive mortgage loan facilities in the future, you should embark on the journey of credit repair now!

Increased chances of employment

Long gone are the days when employment was largely hinged on a person’s resume. Nowadays, employers are more interested in hiring financially responsible individuals and therefore credit reports have become fundamental in the screening process. Basically, employers run credit checks on potential employees to ascertain whether the applicant has unpaid spouse support, child support, bills, or any verdict against them. To improve or increase your chances of employment in the future, it is essential that you embark on credit repair. The sooner the better!

In conclusion, credit scores have a way of affecting you and your family in a number of ways. To be on the clear or the safe side, credit repair is of the essence. You will, a couple of years down the line, be grateful that you took the first step in repairing your credit today.