Payday Effect

Credit and Finance Companies in London

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2-6 Salisbury Square
London
EC4Y 8JX

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Helping you get out of debt fast.

What Are My Debt Options

If you are in debt there are a number of options for you. Don’t ignore the problem as things will continue to get out of control. By admitting there is a problem early and taking a stand you could avoid the worst possible situation. Depending on how far in debt you are and what your circumstance is will depend on which route you should go down. The various options available to you if you are in debt include an IVA, a debt management plan or bankruptcy. Let’s look at each of these and outline what is involved. An IVA is an Individual Voluntary Arrangement. It is a legally binding Government Approved repayment plan which helps people in financial trouble to repay their debts over normally a 5 year period and there is a possibility of up to 70% of the debt being written off, as part of the arrangement. IVA’s were introduced as part of the Insolvency Act 1986. An IVA can benefit you as your debts are repaid with one monthly payment which you can afford, you are protected from further court action, you will not be bankrupt and creditors are dealt with by the IVA arranger. An IVA does however affect your credit rating for six years and if you are a homeowner you will need to release some of the equity in your home. You can apply for an IVA if you are finding it hard to keep up with more than two of the following: repayment of loans, store cards, credit cards, over draft etc. Your debt must be over £12,000 and you need to be able to pay off at least £150 and be in full time employment.A debt management plan is another way you can begin to pay off your debts in one monthly payment, consolidating all your debts into one without the need to borrow more. You will not have to deal with your creditors and you will receive information about who has been paid from your monthly repayments, with creditors repaid fairly. The plan will ensure you can still afford your essential living expenses such as mortgage and council tax. Debt Management Plans are suitable for people who are having trouble repaying all their debts and can only afford to make a monthly contribution.When a person has money troubles and becomes bankrupt the control of all the debtor's assets, with some exceptions, pass to a trustee whose job it is to sell and distribute all assets to the creditors. Any debtor who you owe more than £750 can apply for a bankruptcy order. Once a bankruptcy order has been made the debtor loses any right to his property apart from any equipment that may be needed for business use and basic domestic equipment, such as clothes, bedding and furniture and maybe some pension rights.If you are a homeowner and you go bankrupt you may have to sell your house. However, the law discourages the trustee from forcing a sale in the first twelve months where the debtor is married with a young family.If the bankrupt has surplus income above his needs, it may be necessary to make contributions for up to three years. The trustee may also claim, any property acquired by the bankrupt, such as inherited assets until the debtor is discharged from the bankruptcy. Such acquisitions will be released for the creditors' benefit.During bankruptcy it is not possible to get credit (loans, mortgages etc) of more than £500 from anyone, without disclosing bankruptcy status. It can also become difficult to carry on business once declared bankrupt and some employers will not employ a bankrupt.Before you get to the level where bankruptcy is the only option please seek debt management advice.

How Can a Payday Advance Help

Sometimes things happen and you need some extra cash before you next get paid. Maybe your car has broken down or you break a tooth. These emergencies are things that just can’t wait. This is when a payday advance comes in handy. A payday advance is used to give you financial help between your wage packets. They are very quick and simple to attain. They are available to anyone over the age of 18 who has a monthly income of over £750. To apply for a payday advance you only need to fill in a short application form and the lender will let you know more or less immediately if you have been approved. Most of the lenders will transfer the funds directly into your bank account on the same day you get approved.Payday loans are very simple, if you have a monthly income and you are over 18, even if you have bad credit it is still possible to get a payday advance. Make sure the lender you use is transparent and makes very clear the rates any fees and repayment terms and conditions of the loan.How Can a Payday Advance Help Me?• Unexpected bills which occur mid month• Spent too much and your cash won’t stretch until next payday• Medical emergencies normally can’t wait• If your car breaks down and you can’t get to work it has to be fixed straight away• A close friend or relative has a special occasion for which you need to buy a giftPayday advances can be applied for online 24 hours a day. You do not need to visit a bank and you can apply within minutes from your home. The Advantages of Payday AdvancesPayday advances are simple and easy to apply for. The paperwork is minimal taking minutes to fill out and response times are very quick. You know whether you are approved almost instantly so you have the funds available for the unexpected things that happen.

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