by Ajay oberoi | Consumer Proposal, Credit Counseling, Debt Management
Sometimes the feeling of losing your credit cards is like losing your car key or kids in a crowded place. When you lose your card or someone really stole, it can have many damages that you will not wish to handle. You are in a grave treat when you have a high limit or have to pay the bank. The last thing that you will wish to think about is your credit card is in the hand of a bad person. It is a serious thing when you lose or someone stole your credits card. Here are the things you should do if ever your credit card is lost or stolen.
If you confirm that your credit card is stolen or lost, the best thing that you should do is to act accordingly to aid your problem. Do not wait for another day to go to the bank and have your credit reported. When you are sure that it is lost or stolen, call the bank or any institution that has the liability with your credit card.
It’s a problem you lose or someone stole your credit card, however, you will have a bigger problem when you found out that there is a transaction after you lose or someone stole your credit card. To avoid this phenomenon, you have to make sure that the bank is protecting you from unauthorized charges. According to the law, you’re protected by unauthorized transactions upon the time that you report the incidence of lost or stolen credit cards.
It is better to act as the best move in these times. If you found out that your credit card is lost or someone stole it, go to the issuer of the credit card and inform them of your problem. Ask the credit card issuer to have your credit card account freeze, this way there will be no transaction approve for your credit card account.
- Apply for a new credit card or account
It is easier than you have your card replace than having your account replace. If you ask for a replacement for the credit card, you can change the password and you can have access to your account. You can get your new card and ask you to replace the default password for your first use.
With the loss or someone stolen your credit card, you do not want to encounter the same situation. Do precaution and know the process that the bank or card issuer imposes when there is an incident of lost or stolen credit card. Know your right protected by the issuer of the credit card. Check at least twice or three times every day that your credit card/s is still in your possession.
It is very unfortunate to have your credit card lost or stolen. Your whole world can go trembling with the idea; however, if it happens you know what to do. The best and the right thing to do is act fast, go to the issuer of the credit card, and report the incident.
by Ajay oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
Credit Card use has been widely accepted as the most efficient way of handling your urgent or emergency mobile purchase needs. Having a credit card gives you access to purchasing powers or any financial aid for any method requiring trading options. Having access to this kind of trading method gives the option of traveling without you needing to bring along huge loads of money. This method gives you the needed protection that you would prefer to have for your finances enables you to carry on with your day to day tasks without any added worry of where to store your cash or from any threat of your money being stolen. When in use of a credit card, you will have the advantage of using its perk, but it does not stay forever, for it comes with a limit.
What Determines the Limit of your Credit Card?
When your credit card limit is being considered, the bank bases it off the customer’s debt in relation to the customer’s known financial resources at any level. A customer’s credit profile is reviewed as a factor in determining your limit for they comprise of the client’s payment history, related income, and the method of use. Setting the client’s credit limit is not that permanent, for they can vary depending on the use and payment habits of the client, decreasing or increasing it in the process.
What connotes an increase in credit card limit, it might be related to the fact that your credit has improved and is now eligible for more borrows and in some cases the bank would contact you and inform you that you have made the necessary adjustments to qualify and ask you how you want to increase your credit limit funds. Your debt to credit ration might benefit from your unchanged spending habits providing a way for you to have an easy fall back in case of emergency situations. You would also be able to ask for an increase in the limit provided that you have a curated history of on-time bills payment. If you have had a positive impact on credit use then your company would notify you that they have increased your limit for your great participation.
How could your limit decrease? If you have been doing the opposite of what entails you to an increase in the limit, like not falling behind in the payment of your bills and constantly abusing the use of your card even though you have already reached the limit multiple times, then that would net you the credit card limit decrease. It is important for you to track your own credit limit and be able to review your credit card use as well as be able to communicate effectively with your credit card company.
With all these in mind, wanting a higher credit limit is now a very easy task to accomplish. It is important to understand your credit card options and manage your credit card spending habits to be able to build a positive credit score helping you out in the future.
by Ajay Oberoi | Consumer Proposal, Credit Counseling, Credit Repair
Wouldn’t it be good if all debt would just disappear? Debt can be so stressful, particularly if you’re trying to pay down your debt on a very small budget. When you do not have enough extra money, making debt payments could seem like a waste of savings, or even seem too impossible. Further, it’s also easy to get irritated when you have a big amount of debt and much of your payments go towards the interest.
Yet, you’re almost better off making even a small payment, instead of no payment at all. If you do not have any emergency fund or you’re barely scraping by and can’t even pay your existing bills, then you might need to concentrate on those concerns now. However, if you have any funds available, you must be paying off the debt. The following are ways on how to get out of debt with small payments.
SET UP AUTOMATIC DEDUCTIONS
If you got limited budgets, you might feel that small payments aren’t worth it. But, every small bit helps. Did you know that setting up an automatic deduction would stop you from falling into the trap of looking for diverse excuses not to make debt payments? Normally, automatic deductions are an excellent way to pay bills.
CREATE PAYMENT PLANS
If you like to get out of debt easily, especially with a limited budget, you need a plan. Begin by identifying how much debt you have and listing down the lenders whom you own money to. You can order your payments by which debt you believe needs to be paid off first. Then, you can identify how much you can avail to pay off every month.
Once you’ve identified how much you can pay every month, you need to determine how much of that total number will go to every loan. Paying off the high-interest loan in its entirety has lots of benefits; however, if you have a loan, which does not need payments yet, you must factor that in and perhaps pay off other loans first as well.
CHANGE SPENDING HABITS
Someway you got into debt, and there are some potential reasons. You might have debt like school loans, home mortgage and such debts are totally legitimate and necessary. Either way, you need to decide to stop spending today if you like to get out of debt faster. This denotes that even when a mortgage is a reasonable debt, you need to be proactive when it comes to paying off that certain debt and you need to be content not to go out or buy a bigger or costlier home. Regardless of whether you’re an impulse sender or careful spender, if you wish to be debt-free, then you need to select to pay the debt down rather than accruing more.
People oftentimes wonder when they must borrow money to pay off debt. If you have countless different debts, then you can consider consolidating the loans. Remember, having a limited budget should not stop you from paying off the debt you have; however if it can make it certainly tougher. These tips can help.
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair
Canadian homeowners have more negotiating skills than they think when we talk about the Canada Revenue Agency. That’s until the CRA has placed your property and placed a lien on it. Utilizing your home to deal with CRA all comes down to the right timing. If you have some equity in your home and you the CRA money, here are the steps to take.
Everyone knows that tax debt could be alarming; alarming because owing to the CRA money if you cannot pay will likely result in collection activities. Further, tax debt is one of the major reasons why people get behind filing as the money to pay isn’t there and they fear that once the returns are filed, CRA is going to come searching for the money. If you are aware that you have a tax debt, do not wait until the CRA catches up with you. Remember that you can beat them and get a plan, which will effectively deal with your CRA tax debt.
What Are the Options?
In case you didn’t know yet, you more options to deal with CRA tax debt when it has not started enforcement action. A good example of this is homeowners who have tax debt. Let’s say you have or you own a home, have a tax debt, at the same time the CRA puts a lien on the home, this will greatly lessen your options if you really can’t repay them on a monthly basis given that the CRA will become a secured creditor.
The challenge here is your probabilities of being able to make the consumer proposal are extremely lessened once the CRA has taken enforcement action, secured with a lien on your home for instance. The same goes for bankruptcy. If you’re holding the bankruptcy card in your pocket or hoping that filing for bankruptcy may seem like a means to get out of the tax debt, this as well would no longer be a viable option when the CRA becomes secured on the asset such as real estate.
The Faster You Deal with CRA Tax Debt, the Better
Don’t mind problems like financial planning and enforcement action. The presence of tax debt and the CRA collection action against you can lead to damage to your relationship with your family or along with lenders like your mortgage holder or bank, embarrassment at work, and even health issues if you become stressed and have some difficulty coping with the stress.
There’s no need to put yourself through this kind of situation. You will find companies, which can help you with your financial CAR tax debt problem. Selecting the right solution for you could be easier said than done; however, but not if you are aware of your options. Collaborating with a financial consultant employed by you to represent your interest is one great way to assess and check your options and develop your plan.
Remember, dealing with your tax debt before CRA catches up with you will allow you to have relief and move forward on a new footing. Any problem with CRA debt call GTA CREDIT at 416 650 1100
by admin | Consumer Proposal, Credit Counseling, Credit Repair
Let’s face it – money can be a devil at times and a savior at others. We all are told to acknowledge the importance of adequate money management throughout our lives to avoid the problems a lack of finance brings. That’s very crucial, without a doubt. However, some people might face a time they are in dire need of money, despite the sufficient money management they thought they were conducting.
There are plenty of loans available in the market to help you take care of your financial needs. However, almost all of them only allow borrowing a large amount and also have high-interest rates. What about when you need only a little amount of money? Well, that’s where payday loans come in.
A payday loan is basically a small loan that is short-term. You can acquire a payday loan to pay your urgent bills or whatever, and then you will be required to pay back the money. The name ‘payday’ is to suggest that you are supposed to return the money as soon as you get the paycheck on your next payday.
The payday loan industry has seen significant growth in recent years, but it has also received some serious criticism for various reasons. Nevertheless, payday loans are becoming more popular and they have their pros and cons. Let’s take a look at them.
Pros
Payday loans can be really useful.
When you need urgent financial assistance, you may find payday loans as the most suitable option. You can use the amount from payday loans to pay for due bills or any other expenditure that needs to be incurred urgently. You can return that small amount soon enough with your next salary. No matter how good you are at money management, some unforeseen circumstances in life may leave you with no other choice.
They are very easy to get.
The popularity of payday loans also has to do with their convenience. Almost anyone with a steady income, state ID, and a checking account can qualify for payday loans. You can expect to receive the amount within an hour or few hours of application and that can be considered as a huge plus. Some online companies also offer payday loans.
Even people with poor credit scores can get payday loans.
All the conventional loans require you to have a good credit score. That’s one thing that restricts people in times of an urgent need when their money management turns out not so effective. With payday loans, that’s not a problem as the lenders do not generally check the credit score of the applicant.
Cons
The terms of payday loans favor lenders.
Anyone who fails to comprehend the terms and agreement of payday loans can find themselves at a major disadvantage if something goes wrong and they are not able to pay back in time.
People often fail to meet the repayment terms.
The APR (Annual Percentage Rate) of interest on credit card loans is usually under 20 percent. In the case of payday loans, the interest averages to 300 percent when evaluated as APR. This means that payday loans are not a long-term solution and you must strictly avoid borrowing a bigger amount than what is absolutely needed.
It all comes down to personal preference. People who are confident of their money management and can easily meet the repayment terms can benefit from payday loans. Otherwise, other options should be explored.
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair
We all know that payday loans are meant to help us cover all of the unexpected and sudden costs. While they are readily available loans, the main concern for many people is to get rid of this liability in a best possible manner. However, not many people are able to repay the loan. Besides, they end up fixing debt problems and creating more difficulties for themselves than the actual benefit sought out of it.
The basics of a payday loan
Not many of us fully realize the importance of returning such payday loans in time. That is because not all of us do the required planning for repayment of the loan before we actually take a loan. For you to plan a payday loan you must be aware of the basic terms of it as follows;
- A person can cancel a payday loan two days after signing an agreement
- You must return the complete amount of loan except for the borrowing cost
- A person is not required to pay any money unless the loan comes due
- A person may repay the loan before the due date without paying any excess charges to the lender
Once you know these above-mentioned basics (and others), only then you will be able to plan a loan in a way that would not leave you worse off in the end or creating more debt problems for you than proving to be any good. Hence, you must always deal with a payday loan with some sound strategy.
Dealing with a payday loan
There are several strategies to deal with a payday loan and get out of this vicious cycle, however, whichever strategy you choose to apply totally depends on your current financial situation. Let us have a look at some of the steps that might help you in getting rid of the payday loan.
- Don’t Panic – While payday loans are advertised to settle uncertain expenses, the majority of people use it for essentials like food or petrol. Therefore, stop panicking as you are not alone in this. Also, this would allow you to use other credit options wisely
- Stop borrowing more – Usually, people make the mistake of borrowing more loans in the hope of repaying the previous one. This cycle, however, needs to be stopped to avoid falling deep into the debts.
- Free up some funds in the budget – In order to repay a payday loan you must cut down on your expenses by reviewing your monthly budget. For this, you may need to cut expenses such as shopping, travel or dining etc
- Discuss with other lenders – No matter if you choose to consult a credit counselor or repay a payday loan on your own, another option is that you may seek the help of an alternative lender.
By following these tips, you can help yourself in repaying the payday loan in the quickest and most reasonable manner. That is, without taking more loans; however, planning ahead of time or before taking a loan is a factor that should not be ignored at any cost.
