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What to Do If You’re Having Problems Paying a Payday Loan Back

There are many people who take out a payday loan in good faith, with the full intention of paying it back as they should. However, there are just as many who have something happen that prevents them from meeting that obligation. Then there are a few who feel they’ve been treated rather unfairly due to high fees and other expenditures in regards to the loan. Now, the worst thing a consumer can do is try to ignore the loan. You took it out, so you owe it. If you’re having real financial struggles, then you need to talk to the lender and seek out a resolution that will work between the two of you. There are other steps you can take as well, and we will discuss these for you below.

Steps to Take When You Can’t Repay Your Payday Loan

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While everyone’s situation is different, the following advice can keep your situation from worsening. Remember, ignoring a debt isn’t going to solve your problem, it will only worsen it and can actually lead to legal troubles as well. Allow these strategies to be your guide and don’t be afraid to follow through on one or several of them.

When should you consider shaving back on expenses?

Of course, if you are struggling to pay on your payday loan then you need to cut back on what you’re spending. You need to figure out if what you’re spending your money on are necessities or just wants. You have to learn how to pinpoint priorities to keep yourself on track and avoid pitfalls. If you see a financial problem looming that is going to impact your ability to pay on a loan, then of course you need to immediately speak with someone about changing your repayment date, or doing a deferment.

When should you think about cancelling your recurring payment?

If you reach a stage where you can’t afford to pay for groceries, or keep the lights on because you have a payday loan you’re trying to take care of then it is time to consider cancelling the payment. You need to be able to get the essentials for daily life, like:

  • Rent
  • Food
  • Utilities
  • Transportation
  • Medication

If you took out a payday loan at your credit union then the process of cancelling it isn’t as complex as it is if you go to a unknown payday loan lender. A financial institution offers more flexibility. You do need to call a few days ahead of the scheduled payment, and make sure you have a new date and time to offer to start the repayment back up again. Some lenders will continue to charge you interest though, so there are several areas to look into. Still, a reprieve like this can really help a lot.

When should you consult with a free debt adviser or counselor? 

When you’re struggling with bills and you’re trying to develop a proper budget plan to live more wholesomely a free debt adviser can help. There are many who are more than willing to help guide you and put you on the right path. If you follow the advise given then you can begin to get control of your debt and gain relief from financial pressures. You’ll learn how you can start a savings plan, though it might be small at first. You’ll also learn how important it is to build an emergency fund. Your debt adviser will work with you every step of the way until you feel more secure and capable.

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The main things you should learn from a debt adviser involve developing a debt repayment strategy and a savings plan. You should be able to easily map out a plan after several meetings with a financial counselor. The bottom line is sticking to it so you can continue developing the proper financial habits.

 

Talking to Bill Collectors: What Can You Do?

Too many Canadians run from their debt and try to bury their head in the sand. It’s not because they are losers–it’s simply because they just don’t know what to do. They think by not communicating and not answering those letters the debt will somehow just disappear, but that isn’t going to happen. One of the worst things that a debtor can do when a debt collector calls is to avoid the phone, or trash the letters. It leads to a very bad place–especially with regard to credit worthiness. The truth is, it’s very important to speak to your creditors as soon as possible. If you make an initiative to work through your credit problems your creditors or more likely to work through your financial difficulties with you. You simply have to take action and do something about your problems.

So, just how should you talk to collectors when you do answer that phone? It depends on what kind of outcome you want to achieve!

Talking to Bill Collectors the Right Way

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We all want to be talked to with a level of respect and understanding, no matter what the situation might be. When you’re talking to bill collectors, no matter how frustrated you feel, keep this in mind. Think about how you want to be treated. Your positive attitude will get you the results you want far faster than being confrontational. Even though the bill collector will test those waters, keep your cool. Let’s take a look at a few tips.

  • No matter what you can’t lose your temper as it won’t get you what you want
  • Don’t just tell the bill collector you don’t have time for them. Arrange a new time to call and talk
  • You need to be ready to ask questions and answer theirs as well
  • If anything seems inaccurate bring it up in an intelligent manner, not belligerently
  • Have a defined plan on how you’ll catch your debt up and stay on top of it
  • Be willing to follow the advice of the collector
  • If you’re having a bad experience with a collector ask to speak to a supervisor, and request a new collector to speak with. Explain exactly why. No matter what, you still have consumer rights.

 Work Out a Feasible Plan With the Collector if You Owe Some Money

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Even if you don’t owe all of the debt, but some of it, you need to work out a plan that is right for you. You have to negotiate. Most will want something upfront to show you are sincere, and then devise a plan following a first payment. So, if you know for a fact that you’re liable for some of the debt owed then you should:

  • Be honest with the collector and own up to some of the debt, but make it very clear you’re disputing a portion of it
  • If you’re disputing a portion of debt then you need to pay what you owe immediately. However, if it is a substantial amount most collectors will arrange to have payments made
  • It is wise to write to your original creditor and explain why you are disputing some of the debt
  • Always keep copies of any correspondence
  • When paying on a portion of a debt always include your account number, the amount and the current balance

Honesty is always the best policy, and when Canadians are upfront with collectors there is more flexibility provided. The benefit of the doubt is actually given. Once you get on top of your debt you need to stay on top of it and don’t make the same mistakes. Develop a well thought out financial plan and stick to it to avoid those same pitfalls.

 

 

 

 

There Are Alternatives to a Costly Personal Loan for Canadians

Canadians don’t always have to turn to a costly personal loan to overcome financial hardship. There are options available to them.  These more affordable choices will protect credit and actually assist with building a better credit history. Before ever applying for any type of loan, the borrower should weigh the reasons as to why they need it. Depending upon the reason, or the need–there might be far better alternatives with lower interest rates available. Perhaps you need only a short-term loan that you’ll be ready to pay back in only 30 days? If that is the case you can often avoid those costly interest rates!

Also, if you have been turned down for a traditional bank or credit union loan, don’t worry and stress. There are millions of people who face this same dilemma. Credit requirements with traditional banking institutions can be far stricter, but this doesn’t mean to turn to a bad credit personal loan either. When you want to solve your debt problems, or you’re in need of emergency assistance you need to speak to a professional to get your finances on the right track. Canadians shouldn’t live in the shadow of a few late payments when they work hard and deserve better.

Let’s take the time to consider what an individual can do right now to avoid high cost personal loans and get life back on a positive track.

Go with a Financial Strategy that Works

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Many payday loans and short-term loans make it look easy, but it isn’t always. One alternative to these is taking a loan out that helps you boost credit as long as you make your monthly payment on time! Also, what about those that offer money back on the loan because of good faith payments? These types of cash loans are available to consumers as well. It’s important for anyone taking out a loan or other financial support to use it as a financial tool that will help them to overcome an unanticipated expense. Any financial assistance should never be seen as free money. 

What financial strategy really works right for you as an individual or family? For many, finding a way to cover financial gaps is the main goal and they see no other way. Maybe they aren’t weighing their priorities? That is what we are striving to help with here. If you do move forward with taking out a personal loan, there are some common traps you want to avoid!

  • Don’t choose a personal loan that pre-computes interest because this creates a larger interest rate on a payment than what is actually necessary.
  • You can’t avoid the origination fee that comes with a personal loan, but you can save money by looking into the APR versus the interest rate. 
  • You can avoid the pre-payment penalty if you just ask if the loan company charges one.

We recommend doing your research before you go with a personal loan like this. If you’re smart and take your time a personal loan with a low interest rate and no origination fee can be helpful for the short-term; but you do need to be smart! Make certain you can pay off a loan such as this in a reasonable amount of time, otherwise higher interest rates can really beat up the finances.

Off Beat Ways to Celebrate Valentines Day on a Budget

The day of lovers–that’s what Valentines Day is all about.  But those constant, influx of commercials can make some Canadian couples feel uneasy and filled with anxiety. If the idea of this holiday looming scares you, there’s no need for it too. No one ever said you had to spend a fortune to express your love. That’s a sad myth. It’s the thought that counts, believe it or not. Most women appreciate a man just showing them they can be romantic. Finding something uniquely different can really make the heart throb, and save a great deal of money at the same time. It isn’t that you’re going cheap either–just more original! After all, what is so romantic about dinner and a movie? You’re fighting crowds and having no privacy either.

Let’s move on to ideas that really make this day blossom with love…

Off the Beaten Path for Valentines Day

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Where should a lover begin when planning a Valentine’s Day date? Some men know and some just remain confused. You don’t want to fall into those cliche activities any longer. Just imagine taking your love for a day at the spa–rather than a high priced dinner out. What do you think matters the most? I’d say most would take the spa day, any day of the week! Let’s look at some other amazing ways you can spend Valentines Day with your lover without over spending, or the day being all about money in general!

  • Why not go to a romantic exhibit? At one of these drinks are served, and some serve finger foods. What would be more intriguing and authentic than enjoying fine arts together and having an animated discussion over what you view? Of course, you have to enjoy art–but it’s an idea.
  • Why not cook together at home? Choose some cuisine you’d enjoy creating together and simply enjoy one another’s company. Have a nice bottle of wine to go with it, and maybe some kind of luscious dessert. You’ll both be all set!
  • Rent a cabin for a couple days. The price isn’t too costly and you have amazing amenities–hot tub, fireplace, guest champagne, and so much more! You can have that intimate time you want while enjoying the wonders of the outdoors in a rustic, ambient atmosphere.
  • A winter picnic would be dynamic, wouldn’t it? Even if you’re in a colder region, bundle up in some warm, cozy blankets together. Enjoy a cup of soup and warm sandwich. It’s romantic and unique–this is what matters the most!

c1bf66c11de9c95460d7c9b0356db5baJust remember what this day is all about! Show your significant other exactly how much they mean to you as an individual. You don’t have to follow all the hype, just be you. You don’t even have to intentionally budget your Valentine Day spending either. When you focus on what is most important everything else falls into place.

HAPPY VALENTINE’S DAY!

 

Time to Start Planning Savings Resolutions in 2017

 

Planning savings resolutions might strike fear in some Canadian households, but it really can be easier than you think! If you’re really going to be successful this time around you have to look at how you’ve managed years in the past too! Find your mistakes and don’t make them again. Pinpoint your weaknesses and do everything you can to avoid them. For example, if you crave dinner out 1 time a week, start making plans to slash that to every other week. At least for awhile. Another thing that smart Canadians can do is connect with other Canadians who are financially conscious. Surrounding yourself with those people who have similar goals is just smart.

Furthermore, we want to stress how significant committing to a specific goal really is. For example, if you decide that there will be a no spending day then you have to stick to a resolution like that no matter how difficult it feels. You can still find a ton of entertainment that is free, and have just as much fun too! However, you don’t want to be so restrictive you feel suffocated. This is something that you’ll find mentioned in many financial blogs across the internet and it is very true.

 

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Setting Goals and Sticking to Resolutions

When it comes to your financial goals the first thing you have to do (if we haven’t already mentioned) is to identify them. If you haven’t pinpointed these then it’s time to do so. Identifying a clear goal will motivate you to meet it. You also have to create a plan to resolve difficulties. If you’ve been struggling to meet the same goal every year–develop a new strategy. Sometimes consolidating debt might be an option that works best. Every situation is different, so just weigh the odds. But, don’t ever just give up and say: “next year we will do it.”

We aren’t going to give you the same things other websites do. Here, you’re going to find some unique ways you can start meeting your 2017 goals, so let’s get started. We feel certain you’re already well aware of the importance of staying on budget and cutting back, right?

Consider boosting your 401k retirement savings–Because it just makes sense, right? You better bet it does, and when it comes down to retiring you’ll have more than what most do, all due to smart thinking and pre-planning! The goal should be to contribute at least 3% but better at 6%.

Don’t join a gym, just use what’s available–When you think you need a gym, you’re just looking for excuses to not exercise. Use what is all around you to get that workout in and you’ll find it to be just as good, or even better.

Cut back on bad spending–Forget about McDonald’s and Starbucks, you don’t need it. Focus on trying to live healthier and you’ll save a lot more!

Remember, just small changes will help you get on track. Begin with a plan of action you can accept and will stick with and take it from there. It’s all about progressing to your final goal and achieving life satisfaction.

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