Tag Archives: financial

Payday Loans Paid Enter the UK Payday Lending Market

Paydayloanspaid.co.uk has entered the payday loans online market in the United Kingdom. With a team of financial experts who bring with them an inordinate amount of experience in the unsecured loans sector in the UK, they aim to bring something different into the challenging internet, payday lending sector.

Head of online operations, Jenny Statham explained, ‘’Many payday loan applications are declined from a number of the main lenders in the United Kingdom due to their reliance on passing one application. Our payday loans are slightly different in that we can use our strong relationships with some of the payday lenders to ensure the majority of the applications are approved.”.

Payday loans are a somewhat sensitive subject and have featured heavily in the mainstream British press in recent times, but it appears they could be featuring in the UK lending sector for some time. With some APR’s of payday loans surpassing 4 figures, they have – in some quarters – been rightly criticised. Jenny Statham added, ‘’ we try to make sure any potential applicant are fully aware of the associated costs that come with the payday loan agreement they enter into.  Our advice to people who are considering entering into a payday loan agreement with  a lender they have sourced through Paydayloanspaid.co.uk is to primarily focus on the repayment terms, if they are unable to meet the repayments costs then it is important they do not take on the payday loan.”

With a plethora of payday loan operators frequenting the internet it can be difficult to decide what lender to choose from.  Jenny Statham advised, ‘’if you are looking to secure a payday loan, it is important not to use the first lender you find. Spend some time researching the different providers to ensure you get the very best deal. As there are so many in competition with each other now, there could be some great deals to be found out there”.

Paydayloanspaid.co.uk is one of countless payday loan lenders in the United Kingdom in what some commentators are calling a ‘’saturated market”. They hope, however, to hit the ground running with an easy to use online portal, quality customer service and modest acceptance rates for new applications. Jenny concluded, ‘’we hope to attract people to our online portal who may not have used a payday loan, but have the capacity to service the loan, as new applications will typically have a greater chance of being accepted for a payday loan through our approval system”.­­­­­

Via EPR Network
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Paydayloansavailable.com Aiming to Decrease Application Times

Paydayloansavailable.com is the latest online payday lender to have adapted an online lending portal to service UK residents who may be in need of an unsecured lending facility. With the onset of broker style lending,  payday loans are now being processed online in the UK by many service providers using state of the art ‘’Pingtree” technology, working in unison with the UK’s leading payday lenders, and the application facility now being operated by Paydayloansavailable.com is certainly no exception.

The application harnesses secure technology to enable new and existing applicants to push their details through to a panel of lenders after submitting one application form online. The details are transmitted through to the lenders via the application and the subsequent decision is made by one of the chosen payday loan lenders. Jenny Davis, applications manager at Paydayloansavailable.com explained, ‘’we have decided to integrate a Pingtree style application within the site to give applicants a credible opportunity to access funds. The main advantage we have is that all of our applications are submitted to different lenders. The payday providers will then either accept the loan application based on the data that has been submitted, or it will be declined. Either way there is a reduced time implication which can only serve to benefit our customers”.

Online payday lenders are now entrenched within the UK’s unsecured finance sector and it is evident the increased competition has not always culminated in an improved service provided. But, Paydayloansavailable.com aims to at least serve their customers quicker than ever before, as well as giving them increased opportunity to secure short term, unsecured funding online. Jenny Davis added, ‘’there is still a real need in the UK for short term loans and unfortunately there is not the availability of funding through the mainstream lending channels. Whilst we do not condone irresponsible lending, it is important to acknowledge there is a need for credit and we hope to be able to provide an opportunity for finance”.

Paydayloansavailable.com is aiming to make an impact on the lending sector in the UK. Despite their relatively short time operating online, by implementing cutting edge technology into their service provision, they may well be making a positive statement of intent.

Via EPR Network
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Free Online Loan Modification Course By LoanModificationForFree.com

“Amid surge in foreclosure activity, the creator of the LoanModificationforFree.com program urges Obama Administration to do more to solve the foreclosure crisis”

According to the creator of the only truly free online loan modification course, the Obama Administration must do more to address the foreclosure crisis.

In a recent blog entitled, “Is the Obama Administration Helping or Hurting Distressed Homeowners?”, Jeremy Kossen presents data that suggests that two months after the Administration rolled out the “Making Home Affordable Program”, there has been little relief for distressed homeowners.

Mr. Kossen cites some unfortunate statistics:

• According to a report from the Federal Housing Finance Agency (FHFA), completed foreclosure sales increased 900 percent between March and April this year. 
• According to RealtyTrac, a company that compiles foreclosure data, reports that 342,000 households received at least one foreclosure-related notice last month. This is an increase of 32 percent, compared with notices issued last April. It is also the second consecutive month in which more than 300,000 households got a foreclosure filing.
• According to the Wall Street Journal; on April 15th, 2009, one of the nation’s largest mortgage servicers, GMAC, acknowledged that only 10 percent of their customers that are facing foreclosure actually qualify for Obama’s “Making Home Affordable” program.

“The Obama Administration should be commended for taking a proactive approach by promoting loan modification as a tool to prevent foreclosure”, says Jeremy Kossen. “But more needs to be done and the administration needs to be honest with the American people about who can realistically be helped with ‘Making Home Affordable’. Thus far, the program has helped far fewer people than promised.”

To enable distressed homeowners to negotiate their own loan modifications, LoanModificationForFree.com offers a free seven lesson course covering all aspects of the loan modification program and information on the Obama Administration’s “Making Home Affordable” program. The only requirement to participate is the completion of a brief, one page application, at which point the homeowner is immediately provided with a username and password which gives them access to the full loan modification program.

About LoanModificationForFree.com:
LoanModificationForFree.com is the only truly free online loan modification course, designed to educate distressed homeowners on strategies to stop foreclosure and obtain a loan modification. LoanModificationForFree.com, like other free online resources such as Google, Yahoo! and Facebook is funded by advertising and does not charge homeowners a fee for this service.

To learn more about LoanModificationForFree.com call (805) 617-0506 or visit www.LoanModificationForFree.com.

Via EPR Network
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M&S Money Announce Winner Of M&S Travel Money Loyalty Points Competition Prize

M&S Money has announced the winner of M&S travel money prize. The Bolton mum-of-four is celebrating after winning one million M&S loyalty points worth £10,000 to spend in store.

Janet Smith was delighted when she received a call to tell her she was the lucky winner of the competition organised by M&S Money.

Anyone buying M&S travel money using their M&S credit card or chargecard between 1 May – 30 June 2008 was entered into a prize draw to win one million M&S points. There were also five prizes of 100,000 M&S loyalty points worth £1,000 each.

Janet was entered into the draw after buying Canadian Dollars from the bureau de change at the M&S store in Bolton. Janet and her husband Paul used the currency during a trip to see their daughter Jennifer, who emmigrated to Canada two years ago.

Janet said: “I was in the shower when I got the call to tell me I had won – I couldn’t believe it. It’s a wonderful prize and I’m looking forward to spending the money at my local store. I’m going to start by treating my mum for her 88th birthday next week. I’m so glad I bought my travel money at M&S.”

Fraser Millar, M&S Head of Travel Services, said: “We had a tremendous response to the competition with over 100,000 entrants. We hope Janet enjoys spending her points in M&S.”

M&S Money offers the same currency exchange rates across all services including telephone and online ordering ensuring that customers get the same deal however they decide to purchase their currency. The bureaux also offer a commission-free currency buy back service with a wide range of currencies available.

M&S Money has been continually expanding the availability of the Travel Money service. Currently Travel Money is available at bureaux de change in over 100 M&S stores, as well as by telephone and online through the M&S Money website.

About M&S Money
M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers insurance for homes, cars, travel, pets and weddings, as well as loans, savings and investments.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 76 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer – quality, value, service, innovation and trust.

Via EPR Network
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Debt Management Company Gregory Pennington Have Warned Consumers About The Dangers Of Credit Card Transfers As A Means Of Debt Management

Responding to findings that many credit card holders are transferring their debts onto another card, debt management company Gregory Pennington said that this is another sign of rising costs of living limiting people’s ability to repay debts, and warned of the risks involved in transferring debts between credit cards.

The report by Abbey showed that almost a quarter of people with credit cards will transfer on average £1,600 of debt to another card in the next year.

Abbey said that borrowers are opting for cards with 0% interest periods in order to avoid their debts getting any bigger, and switching to another card once the 0% period is over.

A spokesperson for Gregory Pennington commented: “Most of us are now feeling the pressure of a weakening economy in one way or another, and for those people in debt, it can be an extremely worrying time.

“Credit cards with 0% interest periods can be very tempting, because they essentially stand for ‘free’ money, if only for a limited time. Unlike many forms of debt, interest won’t grow in these accounts until the 0% interest period finishes, which is very appealing to people struggling with debt.

“This particularly applies to people with credit card debts, because once the lenders do start charging interest, it tends to be very high. The average APR on a credit card is currently around 17.4%.”

Taking advantage of the best deals around makes sense, but the spokesperson warned that ‘juggling’ debts between credit cards is potentially dangerous if used as a means of debt management, and should not be considered a long-term solution.

“Every credit card you take out will be listed on your credit rating, and while abiding by the terms of a credit card reflects well on the borrower, some creditors may become concerned if they see you have had a string of credit cards for only a few months at a time,” she said. “In this sense, your credit rating could suffer.

“Eventually, it’s possible that lenders will start refusing applications, or reduce the credit limit – which is especially a risk with the credit crunch ongoing. If that happens, borrowers can either repay the debt in full, or face high interest rates that can cause the debt to grow very quickly.”

The spokesperson continued that there are cheaper, more effective debt solutions available. “A debt management plan or debt consolidation loan might be a better option for people trying to manage their credit card debts. Both set out affordable payment plans that can be scheduled over a longer period of time – although it’s important to realise that the longer the repayment, the more interest can build up in the long run.

“For those with more serious debts of around £15,000 or more, an IVA (Individual Voluntary Arrangement) could help. An IVA allows people in debt to repay only what they can realistically afford. They do this over a fixed period, normally five years, after which any outstanding debt is written off. An IVA may, however, require a homeowner to free up some of the equity in their home. It also requires a real commitment to making regular monthly payments and has a significant impact on an individual’s credit rating. We advise people to speak to an expert debt adviser before making a decision.”

Via EPR Network
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LV= Research Has Revealed That Thousands Of Landlords Have Failed To Join A Tenancy Deposit Protection Scheme, Leaving Renters Money At Risk

New LV= research has revealed that thousands of landlords have failed to join a tenancy deposit protection scheme, leaving up to £4 billion of renters’ deposits at risk.

The findings, from home insurer LV, reveal that 29% of renters who have moved in the last 12 months are not part of a tenancy deposit protection (TDP) scheme. Despite this being a legal requirement for landlords to ensure tenants’ deposits are protected by the Government approved scheme.

Introduced in April 2007, the TDP scheme was set up to ensure that tenants’ deposits are not wrongly withheld at the end of a tenancy. The LV= research found that 48% of current renters are unaware that such a scheme exists, and a further 24% said they had heard of the scheme but didn’t know any details of it.

All rental properties where a deposit has been taken since April 2007 are legally covered by the scheme, yet among private renters just 27% said their landlord is signed up. This means thousands of tenants could be at risk of having problems recovering their deposit, with over 77% of renters stating they had previously had some or all of their deposit money unreasonably withheld. The average deposit taken by landlords in the last 12 months is £670, so the potential loss is considerable.

To counter this 13% of private renters surveyed said they had refused to pay rent towards the end of their contract, because they expected problems to arise with the return of their deposit.

Under the TDP scheme, landlords must sign up with one of two schemes run by three Government approved financial companies. In the ‘custodial scheme’, the landlord pays the deposit to the scheme for safekeeping, and in the event of a dispute independent adjudication will decide who receives the deposit money.

In the ‘insurance scheme’ the landlord retains the deposit and pays a premium to an insurer, who will return the money to the tenant if the landlord does not comply with the adjudicated outcome of any dispute. With both schemes, landlords have 14 days from the date the deposit is taken to inform their tenant of the scheme details.

The LV= survey also revealed that 40% of people living in private rented accommodation don’t have any home contents insurance in place, despite the fact that rented properties are more prone to being burgled. Also, of those that do have home insurance, only 10% have a policy that includes a legal advice helpline, which could be used in the event of a dispute with a landlord.

John O’Roarke, Managing Director of LV= home insurance, said: “This research highlights the need for the Government to raise the profile of this legislation and for it to be more strictly enforced, to protect both renters and landlords, as awareness is currently very low. Although the majority of private landlords are undoubtedly honest, our research shows that many tenants have experienced problems getting their deposit money back in the past, and are worried this could happen again.

“The average deposit is over £500, which is a significant amount of money, so renters need to make sure they know their rights. Renters should also always ensure they have home contents insurance in place, as not only are they more likely to be burgled than home owners but some polices will include a legal advice helpline, which could be used in the event of a contractual dispute.”

Via EPR Network
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