People with bad credit and having their own vehicle may sometimes rely on title loans when they are in financial crisis. Before putting your vehicle as collateral, you must think about the consequences in case if you fail to pay back the loan. As per the Missouri laws, lender has the right to repossess and sell your vehicle if you fail to pay back the loan. But there are specific rules that the lender has to abide before starting the repossession process.
Missouri title loan companies are regulated by the Division of Finance. The repossession process can only be started when the loan is 10 days past due. So a late payment that is only 5 days past due cannot start the repossession process and the lender cannot threat about it.
When the loan is 10 days past due, the lender needs to send a notice of “Notice of Default and Right to cure”. In this notice, the payment that is due is mentioned along with the deadline to make the payment. It also has the warning that failure to make the payment will start the repossession process.
According the Missouri laws, the deadline to make the payment has to be a minimum of 20 days. This will give time to the borrowers to cure the default, even after the loan is 10 days past due. Thus, in total Missouri residents get 30 days to make the payment after the loan is past due. This is a considerable amount of time as compared to other states.
During the loan tenure, if a borrower is late for the second time in making the payment, the lender has to wait for 10 days again before sending the “Notice of Default and Right to cure”. This notice will have the same information like the first notice and 20 days grace period. This notice will have an additional warning. This warning clearly states that if the borrower is late for the third time, he will not receive a notice again, nor will they be entitled to “cure the default”.
If the loan payment is not made within the grace period, the lender has the right to repossess the vehicle. He has to send a notice to the borrower and inform about their intention to sell the vehicle and give at least 10 days to the borrower to repay the loan in full and take back the vehicle.
Lenders are allowed to keep the profits after the sale of the vehicle in order to recover the unpaid loan balance and other financing expenses. Title loans Missouri companies can also use the proceeds from the sale to recover their repossession costs, or any other expenses associated with the vehicle.
According to the Missouri laws, if the lender makes excess money after the sale of the vehicle, they are required to “return the excess funds to the customer.” Conversely, if there is any deficit after the sale of the vehicle, the borrower has to pay the difference amount and the lenders are allowed to charge interest on it.
Whenever I use my business card, many people ask me why I am so worried about your credit scores. This question is usually followed up by a statement and 3 rebuttal questions: Do you have enough money like $300,000 in cash to buy a home? Can you a buy a new car worth $30,000 in cash? Can you pay $3000 in cash for your son’s or daughter’s studies without giving a second thought on it?
Many people will answer NO to these questions because they don’t have millions and millions of dollars available in their checking account. The answer to these questions can be yes only if your credit score is in good shape.
Nowadays, almost every bank and financial institutions will check your credit scores before granting any new credit. Your credit score also plays a vital role when you are looking for good job opportunities. Even the landlord, insurance companies, cell phone companies, utility companies will check your credit worthiness before getting into any kind of business relationship.
All these things prove that your credit worthiness is the most important component of your entire financial portfolio. Credit bureaus are managing billions and billions of consumers’ reports. So there are high chances of errors and inaccuracies getting reported on the credit reports. Make sure that you check report once every six months for any inaccurate negative items that might be hurting your credit scores.
Before applying for a credit card or personal loan, it is important that you have your credit history in good standing. If the credit score is above 750, you can easily get favorable interest rates and credit lines. This will be a big savings in interests in the entire lifetime. Hence it is important to care about your credit scores throughout your life.
- Helpful Article:
Nowadays it is very easy to open a bank account with any bank. There are variety of bank accounts to choose from ranging from savings and current account, investment and loan account. It’s like whatever type of account you are looking for, it’s right there for you. For example if you want to open a current account, there might be handful of different current accounts with any given bank, each with its unique features.
Although there are different types of accounts available for the consumers, banks also make the process of opening the account very simple and compare their options. Finally, you will find an account that perfectly fits as per your requirements. A good way of comparing different types of accounts is to browse through the internet and shop with different banks. Banks will clearly mention their terms and conditions regarding different types of bank account. The fees structure will also be mentioned clearly, along with other features like overdraft or identity theft protection, or if there is any type of insurance cover included with the account. Some banks offer home or insurance cover along with opening a new account. You will also know about the added perks with your account, such as airport lounge access, mobile banking option, or even air miles or other rewards. The application process is also very simple and everything can be done online in a few clicks.
You can also visit a bank and clarify all your doubts regarding the different types of accounts. You can go to the bank in person at your local branch; you can talk with one of the representative over the phone. They will explain you everything in details along the features. You also get the opportunity to explain what you are looking for in an account, and the representative will find the right account for you.
There’s nothing to panic when you see so many accounts to choose from. Compare bank accounts easily by using the bank’s online account comparison tool or talk with a representative directly. Once you know all the features, you will be able to make the right decision.
- Install natural shade around your rental property
Texas is known for its hot, dry weather. During the summer months, it can quickly get over 100 degrees in the shade. As a result, renters are looking for ways to keep themselves cool. It is a good idea to have trees and bushes that provide natural shade on your property. The shade helps to keep the home cool, potentially lowering energy costs, and the trees and bushes also make the grounds quite beautiful. Choosing the right plants for the weather and soil type is of great importance. Any local nursery will be able to assist you in learning what your choices are. You also want to make sure that you purchase trees and plants that you can keep manicured on a regular schedule. If you are unable to do the landscaping yourself, look into hiring a company to do it for you.
- Invest in a swimming pool
A swimming pool may seem like a large investment, however it can sway many renters to pay the extra money for the rent. People love to take a dip in the pool during the hottest days of the year to cool off and relax. Think about your pool surrounded by beautiful landscaping, making your rental property the envy of Plano. To get your pool project started, make a few phone calls to area Plano pool service companies to assess your space, learn about pool regulations for rental properties, as well as what is needed to maintain a clean, safe pool. A quality Plano pool service company will listen to your questions and offer several choices that will suit your budget and property.
- Hire a great maintenance team
After gaining the attention of would-be renters with the exterior of the property, the inside has to live up to the same standards. Having a highly skilled and dedicated maintenance team can mean the difference between quality, long-term renters, and those who stay for several months then move on to something better. Small issues like changing a faucet that leaks, or fixing a clogged toilet have to be addressed very quickly. Small issues like these can very quickly turn into a large expense if not handled in time.
These small tips can make a world of difference in the amount of positive cash flow your property or properties receive on a monthly basis. While it may not be possible to implement all the tips at once, evaluate what would make the most sense for you to invest in first, then move from there.
Having a good credit score takes a lot of work. Building a good credit score is a process and will take time especially if it is not in your favor. Fortunately, there are things that could be done to boost this important number. Of course there are cases like bankruptcy and foreclosure that is hard to get by. If you credit score is around 500, this will take time to rebuild. Sometimes it is possible to fix the small dents in your credit history so it will be easier to apply for a loan from a top San Francisco mortgage broker.
- Correct mistakes on credit report. This is said to be the most important thing to do. Acquire copies of credit report. Stated on law, you are entitled to get a free copy every year. Take time to go through each and check for any errors related to payments or credit limits. Any inaccurate entries should be disputed. You should send them a letter along with supporting documents. This is done around 30 days.
- Paying down large credit. Having too much debt can affect your credit and it will lower down credit score. A way to correct this is by paying down your debt. As we all know, a person incur debt because they don’t have ability to pay. However look at savings or funds that can help you pay down huge debt. This is helpful if you are applying for mortgage.
- Divide debt on various credit cards. Even if your debt is not that big, it will hurt if you have a lot of balance in a single credit card. It is ideal if you don’t use more than 20% of credit limit. If you have a card with high balance, try using other cards. There are balance transfers program offered by credit cards. Utilize your options.
- Beg your creditors. This can actually be done. There are some creditors who are willing to withdraw items from credit report. This is true if you have been good customer. You can request for goodwill adjustment. You can get creditors to withdraw small items which can in turn give your credit a boost.
- Negotiate. There are cases when credit score is lowered when you have dispute with creditor. Negotiate with them a non report of your situation after settling with them the amount. They will do this because they will rather be paid than reporting to credit bureaus.
Anyone would think that an industry as heavily regulated as the consumer finance market would not be prone to scandals as widespread as the payment protecting insurance (PPI) saga, but where there’s money there’s always greed. The truth is that lenders saw a sneaky and underhand way of getting their customer to part with more money than they needed to, and for many years this went largely unnoticed by the powers that be. However, suspicious customers eventually took action, and once an investigation was undertaken the bubble burst.
- How did they do it?
The answer to the question is: very easily, and by taking advantage of consumer’s lack of understanding of financial products. When granting someone a mortgage or loan all they needed to do was get them to believe that, in the first instance, they needed a PPI policy and, the cherry on the cake, that they had to take the policy provided by the lender. This happened on a widespread basis, and led to many people erroneously taking out a more expensive PPI policy than was needed. In other cases, customers were sold policies that were of no use to them or were no told they were even being sold a PPI package.
- Who Can Claim?
Anyone who has had a PPI policy in the past few years can use a PPI calculator and claim back the fees if it is deemed to have been mis-sold to them. Many thousands of people have already claimed, yet it is believed that only 10% of those who have ever held a PPI policy have so far made a claim to get back the mis-sold fees. It is telling that the collective lenders – of which some 20-odd were involved – have collectively set aside over £14bn to finance repayments, and this figure is almost certain to increase in time.
- What Happens Next?
Assuming the banks honour the High Court instruction to pay back mis-sold PPI fees – and there have been fines levied on some that took too much time to do so – the coast is clear for claimants to get back what they are owed with relative ease. However, for many the prospect of handling such a procedure alone is too daunting, and this is why using the expertise available from a PPI Claims Company may be a wise choice. However you claim, the fact is you are entitled to your mis sold fees, as well as compensation.
Finding a venue for important occasions like marriage, birthday party, or office conference is an important decision to take. A lot of things depends on the space where you are going to organize the event and whether it will be a successful one or not. People who will come at the event will predict a lot of things looking at the venue. In today’s busy schedules, everyone cannot visit each and every venue in person, especially if you or your organization is traveling for this occasion. Here, an online venue finder will be of tremendous help. You will save a good amount of money and valuable time if you can select your venue online itself. Here are few important things to consider when you use an online venue finder effectively.
Whether you are looking for a place for a marriage, birthday party, office conference or for any other occasion, it is important to know what you want and your needs before you start your search for the location. You should decide your venue depending on the number of people invited, the events that you are going to organize, and the type of set up you want have planned for. If you have thought about putting a screen in this venue, then you need to arrange it accordingly. If this is a function to celebrate, then your guests will need a large space to dance and sing; and if it is for some office purpose, where your guests will sit and take notes or use their laptop, then so much space won’t required.
You can discuss with your office colleagues, possible attendees, and loved ones in preparing your dream list. The beauty of the venue finder is that it is a great first step in finding the most perfect location.
Take the help of an online venue finder to explore all your options in or outside of your community. With the help of this resource, you can find almost any kind of space in which you feel interested. Perhaps, you will find many places about which you have not heard before. The right location or the space is a key piece of any event. Do your homework and be very specific about your requirements so that you are able to find the right venue with the help of an online venue finder.
These tough economic times we are currently experiencing in the UK have affected us in a number of ways, and have arguably changed the way we live our lives. The majority of us are now much more aware of our spending and are even seeking ways in which we can stretch our income by taking on extra hours or a second job.
Unfortunately though, with households budgets stretched to their limit, any unexpected expenses such as broken down cars or household appliances could break the budget and leave you in financial trouble. Even despite your best efforts, high priority bills and credit commitments can be left unpaid resulting in debt and black marks on your credit file.
Rather than burying your head in the sand and hoping that things miraculously get better; you need to be practical and tackle your debt head-on. We’ve come up with five steps that will help you get debt free quicker than you ever expected:
Step One: Contact your Lender
The first thing to do when you are behind on loan repayments is contact your lender. Failure to do this could result in further late payment fees or charges being attached to your account and in extreme cases; defaulting of the loan.
Be honest with the lender and explain your situation in full. The chances are they’ll be sympathetic and will look to formulate a payment plan in a hope to get your loan back on track. This payment plan may mean breaking your current repayments down into weekly installments or splitting the arrears into future monthly repayments.
It is in the lenders best interest to get their money back; however they’re not going to formulate a payment plan that’s not affordable for you. Often they’ll run through a debt-to-income calculation in order to work out exactly how much you can afford per week/ month.
Step Two: Create a Budget
If you haven’t already done so then now is a great time to create a budget. When creating your budget the first thing to do is to write down all sources of income, this will include your main salary, any benefits you may receive and any additional sources of income such as investment income or student grants. Next you need to write down all outgoings, you may find using an online budget planner such as the one on the Money Advice Service will help, normal outgoings include: mortgage or rental payments, transport, insurance, utilities, food, health costs and subscriptions – be sure to include your scheduled loan repayments in this section too.
If having subtracted your outgoings from your income you are left with a negative figure, or with very little surplus income; you need to make some cutbacks. The first place to look is your non-essential outgoings such as entertainment and leisure. Next, assess your essential outgoings such as energy and insurance costs; by comparing costs using an online comparison tool you could find that you’re paying over the odds and therefore could be saving large amounts of money each month.
Step Three: Put any spare cash towards your loan repayments
Lastly, you need to discipline yourself to put any spare cash you have towards your loan repayments. At first it may be tough not to spend this on leisure purposes such as going out, but the more money you’re able to put towards the repayments, the quicker you’ll be debt free.
While you’re in debt, your number one priority should be getting out of it meaning any going out will need to take a backseat for the foreseeable future. While you may have agreed on a payment plan with your lender, you should always aim to pay off the arrears as quickly as possible to save yourself money in the future.
Any business who deals with the consumer market will find having insurance is a requirement to run a successful enterprise. This insurance is often referred to as commercial insurance and is meant to offer a level of protection that will protect the business should any issues arise. There are several aspects this insurance covers that will help to ensure that the business never has to close its doors due to lawsuits or simply not having the money to fix repairs or damages.
- What Commercial Insurance Covers
The categories which commercial insurance at santam covers ranges from the property of the business to the cars that employees may drive on a daily basis. Businesses not only have the property in which their business is housed, but may also have products in warehouses and the like that need protection. If there were to be a fire or vandalism, this insurance kicks in to help cover the losses and can be a great way to avoid more out of pocket expenses. If the business has fleet vehicles for transporting goods or for employees to utilize for sales, then the insurance will also cover the automobiles, which is mandatory in every state.
- Liability Insurance for Commercial Uses
One of the dangers a business takes on is having someone injured on the premises or affected by something the business does. For example, if an employee were to get hurt on the job, the insurance policy would help arrange care and the like for the injured employee. However, most businesses decide to have liability insurance to protect themselves should a consumer become injured. For example, if a consumer were to enter into a showroom of the business, slip and fall. This is an accident that can happen to any business, despite the precautions which are taken and it can mean a lawsuit with a high amount of money paid to the consumer. With insurance, the business can offset some of these costs.
- Finding Insurance for your Business
There are several companies that cater to business insurance and it is imperative that the business check out all the companies to find the best rate available. The owner of the business will also want to look into the policy and read more about the components of the individual policy that they are getting. They should look at the deductibles they are paying, as well as the annual amount they are paying. In addition, they should read for any clauses in place that could prevent the insurance company from paying. Through taking the time to research the company properly, the business owner can rest assure they have the correct policy for them.
If you owe someone money and they begin court proceedings against you but you do not respond, you can be issued with a County Court Judgement (CCJ).
A CCJ is a formal acknowledgement authorised by the court that you owe money. This will arrive in the post and will confirm the amount that you owe, how and who you should pay and when the payment deadline is. You need to respond to this within 14 days of receipt; if the judgement is ignored and payment is not received, you can be summoned to court and forced to pay your debt as well as any additional court fees.
The record of your CCJ
If you receive a County Court Judgement, it will stay on the Register of Judgments, Orders and Fines for 6 years.
Banks and loan companies will refer to this information if you apply to them for money, and they may reject your application based on records of CCJs on the register. This can also make it difficult for you to obtain a mortgage, credit card and even a bank account in the future.
To view the record of your CCJ you can access the register of judgements for a small fee – a simple search will incur a cost of £4.
How to remove the record of your CCJ
The easiest way to achieve removal of your CCJ record is to pay the outstanding order within a month of it being received. If you do this, the judgement will be completely removed from the Judgments, Orders and Fines register.
If you pay after the month grace period, you can request for the CCJ to be marked as “satisfied”. The order won’t be removed and will still be visible on the register, but people viewing it will be able to see that you have settled the payment. To do this you will need to contact the court to tell them that you have paid the debt, and provide proof of payment along with a £15 court fee.
However if you have received a County Court Judgement and don’t believe that you should have, you can contact the court to request that the order is “set aside” – this means that the CCJ will be cancelled and no record will be kept. This can be applied in cases where you either believe that you don’t owe the money, or didn’t receive or respond to the original claim forms sent before the CCJ was issued.
To do this, you will need to complete an N244 application form and may also be liable to pay an £80 court fee. You will also have to attend court to explain why you do not owe the money, so therefore why the CCJ should be set aside.
Alternatively, your record will automatically be removed from the register 6 years later.
Beware of companies offering to remove the record for you
The above mentioned methods are the only ways to legally remove a CCJ from the register. Some companies may claim that they can remove the records for you, but they will often charge large fees and can encourage people to commit perjury in the process, which is illegal.
The Office of Fair Trading has warned that the help given by these companies can be incorrect and misleading which can result in getting you into deeper trouble and worse debt. These companies may also operate as a front just to sell loans to vulnerable people.
If you are unsure on how to proceed when you receive a CCJ, seek professional advice before taking action.
Rosie Percy writes for a diverse range of topics and industries including education, health and finance. Rosie has written for the Guardian and other lifestyle blogs, and now lives and works in Brighton.