portpatrickfolkfestival.org http://www.portpatrickfolkfestival.org My WordPress Blog Mon, 24 Jun 2019 01:46:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.2 Doing business loan with a collection agency in Canada http://www.portpatrickfolkfestival.org/doing-business-loan-with-a-collection-agency-in-canada/ http://www.portpatrickfolkfestival.org/doing-business-loan-with-a-collection-agency-in-canada/#respond Mon, 24 Jun 2019 01:46:46 +0000 http://www.portpatrickfolkfestival.org/doing-business-loan-with-a-collection-agency-in-canada/

If you currently have a credit account in the collection or have already had to deal with a collection agent, then you know that the process can be both complicated and intimidating. Nobody wants to have a credit account in a collection agency. This means that when it comes to processing and talking to a collection agent, most Canadians are unprepared and uninformed. The good news is that we take care of you. We will teach you everything you need to know about Canadian debt collectors and how to deal with them if any of your credit accounts fall into their hands.

Who are the collection agents?

A collection agent (or sometimes called collection agency) is a company engaged by a credit or loan company. Collection agents come into play when a person stops making payments for a loan or a credit account. Generally, they work either for a fixed amount or a percentage of the total debt owed to the creditor.

Who will you deal with?

 Who will you deal with?

Depending on who you owe money for, you will face either an internal collector of the company or a collection agency engaged by your creditor. If you are contacted by an outside agent, he or she was probably hired by your creditor for joint work or sold your account to the collection agency in question. In either case, you will first receive a written notice and will receive telephone calls from your agent.

Questions to ask during your first phone contact with a collection agent

When a debt collector makes contact with you for the first time, make sure you get the following information and make a note of it for your own sake:

Ask if you are talking to your original creditor or if it is a collection agency

Ask for the name of the person you are talking to, their phone number, and the name of the collection agency they are working for

Ask for detailed information about the debt they are trying to extract from you; to whom do you owe money, how much do you owe and when does the debt start?

Make sure that the information given is familiar to you. If this is not the case, check your previous reports.

What to do if it’s your debt

If it is your debt, it is in your interest to repay it immediately. Refilling a rush as quickly as possible after being contacted by a debt collector is the quickest way to fix the problem.

Paying down the debt immediately is obviously the best thing to do, but we understand that it is not always possible for everyone. If it is your debt but do not have the funds to repay it, here are some options:

  • Be as open and honest as possible with the debt collector. Explain your financial situation and why you can not repay your debt immediately.
  • Ask your agent if there is a repayment plan. Could you make a few payments instead of just one big amount?
  • Always ask for written proof after an agreement because, unfortunately, not all collection agencies are as honest as you think.

When you are able to repay your debt or decide to do it:

Do not repay in cash

 Do not repay in cash

Without a doubt, make sure to get a receipt or other verification information regarding the payments you have made. In addition, to avoid confusion, do not try to contact your original creditor once contacted by the collection agent (unless it is really necessary)

What if it’s not about your debt?

 What if it's not about your debt?

If, after verifying the information provided by the collection agent, you decide that it is not your debt, here’s what you should do:

Talk to your debt collector and explain why you think it’s not your debt

Then enter into communication with your original creditor and see how and if they can solve the problem

Ask for a copy of your credit report at Equifax or TransUnion. If the debt you believe to be an error appears on your credit report, you will need to contact them and your original creditor so that the error is cleared. Incorrect information on your credit report may affect your rating negatively, which would prevent you from being eligible for credit or a loan in the future.

Finally, if for some reason you do not trust the collection agent who contacts you, you can contact your original creditor to verify the identity of the agent.

Your rights when it comes to dealing with a collection agent

In Canada, there are laws that protect the consumer from the dubious practices of some collection agencies. When dealing with a debt collector, here are some signs you should keep an eye on:

A collection agent has the right to contact your family, friends and employers to request your personal information such as phone number and address. However, they are not allowed to ask for further information. If a debt collector harasses you or people you know, contact Financial Consumer Agency of Canada immediately.

A debt collector should never ask anyone else to talk to you about repaying your debt.

A collection agent should never use violent, threatening or abusive language.

A collection agent is not allowed to contact a consumer after 9:00 pm or before 7:00 am, on statutory holidays, or certain hours on Sundays.

Are Canadian debt collectors regulated?


In Canada, there are federal laws that regulate financial institutions. If one of these institutions or organizations (collection agencies) acting on the back of a federally regulated institution contacts you about a debt, you have rights. If you have any questions regarding these fees, contact the Financial Consumer Agency of Canada.

If you are contacted by a collection agency that is not regulated by the federal government, you should contact the offices of the consumer agency in your province.

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Alternatives for your debt consolidation http://www.portpatrickfolkfestival.org/alternatives-for-your-debt-consolidation/ http://www.portpatrickfolkfestival.org/alternatives-for-your-debt-consolidation/#respond Fri, 07 Jun 2019 01:41:02 +0000 http://www.portpatrickfolkfestival.org/alternatives-for-your-debt-consolidation/

It is indicated for a valid reason for the “asking price”. Just because there is a house shown at 0000 it does not indicate worth this amount. This is another point where it will help you to really have a real estate agent. Most agents are to classify sales prices against new revenue in the specialist region, and this is the best way to learn in case the value is inflated or not unrealistic.

The last effect can be a good one.

The last effect can be a good one.

You will encounter lack of worry about your obligations plus an excellent experience when it is accomplished with your debt consolidation. In the event of anything properly and you pay the mortgage the far you are imagined, then it certainly will be debt-free with the exception of a mortgage, because not with a car cost. You will see no credit cards that are larger and you will be able to save some of your money for the factors you actually want.

If one is to be aware about the current economic scenario one must be familiar with the truth that there is an economic crisis and people are dealing with the financial crisis. Since it is not possible to switch to high rent towards the landlords one must avoid their properties and residences. Banks and other financial institutions will also be unprepared to provide home loans. For some alternative you would undoubtedly be looking into this problem. In the event you get an apartment on the lease with little credit as well as in the choice of locations will be an icing on the dessert.

Alternatives solution

Alternatives solution

Once this happens, so, you will have a spic-and-period start. You will have peace you need to keep in life without the load of customers breathing back down.
Cheap loans are legitimate and definitely affordable should they have low interest rates. You never need to be worried about paying half of your salary once you get loans that could be cheap. The low interest rates of such low-cost loans allow you to save some of your earnings yourself while buying a home you will be able to own on a quarterly or regular basis.

Credit card loans are a significant reason behind concern for many people as of late. It does not seem very difficult to swipe credit cards, and to acquire something, and all of this planet. Invisible taxes, along with interest levels in conjunction with late payment make the debt so huge 1 does not know how to put an end to its debt spiral.
Another alternative to pay your obligations out and fix your credit will be to borrow money from members of the family unit or friends. It is often better to get a loan if you have someone who trusts enough to borrow money to get out of debt.

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Loan between individuals or loan from a financial institution? http://www.portpatrickfolkfestival.org/loan-between-individuals-or-loan-from-a-financial-institution/ http://www.portpatrickfolkfestival.org/loan-between-individuals-or-loan-from-a-financial-institution/#respond Sun, 26 May 2019 11:58:20 +0000 http://www.portpatrickfolkfestival.org/loan-between-individuals-or-loan-from-a-financial-institution/ You hesitate between making your loan with an individual or with an organization?


Loan between individuals or loan from a financial institution?

Loan between individuals or loan from a financial institution?

Loans offers between individuals are growing more and more in France today. Thanks to this solution, borrowers who do not wish to go through financial institutions can borrow. It is a question of understanding the advantages and the disadvantages of a loan between individuals to know the concrete differences that there is with a loan from an organization and to know in what circumstances it is necessary to set up a loan between individuals.


The advantages of a loan between individuals

loan  individuals

First, personal loans are accepted for everyone, including sensitive profiles. This includes people who do not have a permanent employment contract, no fixed income, people with low incomes, those with a banking history, and so on. The criteria for accepting a loan between individuals are generally more flexible than those of a financial institution.

This can be explained inter alia by the fact that this type of loan is often made between relatives. It is possible to borrow from a family member or friend. However, it is also possible to borrow from one or more unknowns, particularly through platform sites.

There are sites for simple linking, and others more reassuring for lenders because more demanding of the profiles of borrowers for more security. In addition, there are also sites collecting funds between individuals who offer loans at single rates. These are also intended to be more reassuring for lenders since the repayment of the loan will be dependent on several borrowers.

The legislation is fairly well done so that individuals can borrow under all circumstances or lend safely. It is the drop in savings rates that is pushing individuals today to put their money in a loan between individuals. Interest on these loans is higher than other available investments.


The disadvantages of a loan between individuals

The disadvantages of a loan

Since peer-to-peer lending often takes place between people who know each other, it is important to remember the saying that good accounts make good friends. It is certain that when you sign a loan with a bank, it is less likely to get angry with your family.

In any case, be aware that it is strongly recommended to establish a contract, whether or not you know who is lending or borrowing money. It is even mandatory when the amount exceeds 760 € under penalty of not being able to recover his money in case of conflict. In the absence of a written document, the court will treat the loan as a gift and there will be no recourse. It is important to learn about the terms of such a contract and the different documents that must be established to ensure maximum security (debt recognition, etc.).

The loan between individuals is a very interesting remedy in certain circumstances but does not allow the borrowing of very large sums or the establishment of a revolving credit. It is a profitable investment for the lender but also riskier than a placement in bank because dependent on the solvency of others.

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Succeed in grouping your loans: the secrets http://www.portpatrickfolkfestival.org/succeed-in-grouping-your-loans-the-secrets/ http://www.portpatrickfolkfestival.org/succeed-in-grouping-your-loans-the-secrets/#respond Tue, 14 May 2019 01:32:21 +0000 http://www.portpatrickfolkfestival.org/succeed-in-grouping-your-loans-the-secrets/

Credit consolidation is today the best way out of overindebtedness. When you subscribe to more than one personal loan and that each month, you are forced to pay several monthly payments, the situation can quickly become heavy and cause over-indebtedness, if the borrower fails to properly perform his debts.

What are the secrets?

What are the secrets?

To deal with this kind of situation, the repurchase of credit can be of great help. However, the success of a repurchase of credit is not systematic: it is conditioned by the respect of some important points.

1 point if question

1 point if question

Clustering is not a hasty decision. It deserves reflection and requires a questioning, before making its decision definitively. It is important for this, to wonder if one really needs to make a credit surrender? In order to get an answer to this question, it is important to review the monthly payments that you will have to pay every month: to do this, do not hesitate to call the credit agencies to which you must pay monthly installments.

If the possibility of modifying certain parts of the contract has been mentioned in your credit agreements, try a negotiation to find out if it is possible to reduce your monthly payments and spread the repayment period. If you have tried everything but in vain, do not hesitate to inquire about the possibilities of making a credit redemption.

The loan buyback can, in some cases, reduce your monthly payments by half. And therefore, allow you to save for possible future projects. Start by making an inventory of your credits: loan work, home loan, consumer credit, auto loan… Above all, avoid hiding some debts to your credit repurchase adviser.

2nd point: Choosing between a broker and credit repurchase institution

2nd point: Choosing between a broker and credit repurchase institution

The second thing to do is to choose between using a broker who will act as an intermediary or directly consult an organization specialized in credit repurchase. If each option has its own advantages, your choice should be made according to your situation and your knowledge of the field.

If the domain of the repurchase of credit is not new to you and that you think to be able to negotiate yourself the conditions of your new contract, nothing is worth a direct interview with the credit organization which you wish. On the other hand, if the domain of the repurchase of credit seems to you too complex or that you are afraid to see your file refused by the establishments of repurchase of credit, prefer to resort to the services of a broker: after having simulated a loan, it will be in able to choose a suitable offer and direct you to the cheapest offer. In addition, knowing the field well, it will have more credibility with the bank, which will be an asset to see your request for repurchase of credit.

3rd point: Remember to save after accepting the repurchase of credit

3rd point: Remember to save after accepting the repurchase of credit

A repurchase of credit would not be profitable if you do not grasp the situation to improve your financial means. Take advantage of your reduced monthly payments, save money and build funds. Do not be fooled by the simple fact that your buying power is increasing: focus instead on the possibility of building up savings to finance future projects yourself and finally freeing yourself of any debt in the long term.

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Simulation of the Student Loan http://www.portpatrickfolkfestival.org/simulation-of-the-student-loan/ http://www.portpatrickfolkfestival.org/simulation-of-the-student-loan/#respond Fri, 19 Apr 2019 11:41:28 +0000 http://www.portpatrickfolkfestival.org/simulation-of-the-student-loan/

Studies are a period of transition: the young student is no longer a child, but not yet fully adult. While most of them receive financial assistance from their parents, it may be necessary to obtain credit in order to meet all the needs. In order to find the best offer, it is necessary to go through an evaluation stage – for this, the simulation of the student loan is essential.


The principle of the simulation of the student loan

student loan

The student loan simulation has several interests:

Forecasting : The simulation of the student loan first makes it possible to calculate the amount of repayment monthly payments corresponding to the credit one wishes to make. The majority of credit agencies, primarily banks, offer online credit simulators. As with any loan, all you have to do is enter the amount of money you want and the amount of time you want. Nevertheless, a student loan is of a special nature. Real bet on the future, many banks use criteria of refinement in their base of evaluation, in particular the age, the curriculum, the university establishment, the number of years remaining in studies, the year of obtaining the last diploma or the city of residence.

Comparison : Since most banks use online simulators, and it is still possible to obtain offers directly from the institutions, the student loan simulation allows you to choose the most interesting offer. The first index is the rate practiced. To do this, we must take into account the APR, ie the annual percentage rate of charge (sometimes simply called TEG) which corresponds to the real interest rate applied, ie the interest rate. basic and other expenses (fees, insurance, …). But the simulation of the student loan also allows to have other useful data for the comparison. 

In particular, the range of amounts that may be granted. The minimum usually runs around 1500 €. The offers differ mainly on the maximum that can be lent: if it is generally 45 000 €, it sometimes reaches 60 000 €, even 75 000 €. In case of significant financial need, the simulation of the student loan can quickly and directly eliminate too weak offers. 

Also, repayment terms may vary between different agencies, including the period during which the borrower will be free of any payment. Likewise, various other data are essential in the comparison. Many institutions encourage the underwriting of an insurance which makes it possible to protect them against the risk of unpaid credit at the occurrence of various events (illness, death …). It is usually offered directly by the lender but it is always possible to subscribe to the insurance institution of your choice. However, the amount of insurance remains a fact not to be overlooked when comparing the various offers through the simulation of the student loan. 

Finally, banks also take into account the personal situation of the borrower. This is why they often ask for various information during the student loan simulation. The chosen course is an important factor since large schools are often partners of banking companies. It is then advisable for the student to inquire at his school, prior to the simulation of the student loan, to find out if such a partnership exists. If so, very advantageous conditions and rates exist.

Security : Since the student loan simulation is a way of predicting in advance the terms of repayment and the terms of the contract, it also helps to realize the importance of the commitment made. All credit must be repaid. While it is an essential aid when needed, it also represents a significant burden for many years. The simulation of the student loan makes it possible to adjust one’s needs according to one’s capacities so as not to contract a credit which one will be unable to respect. That’s why it’s an important step. Especially since a student loan is often the first major commitment made by a young person. In order to be safe, the simulation of the student loan involves a first step that is the needs assessment.



Personal needs assessment or the pre-simulation stage of the student loan

Personal loan

The student loan simulation requires the borrower to thoroughly assess their needs. In fact, the higher the amount borrowed, the higher the monthly payments and the higher the credit load. The preliminary study is therefore not trivial.

It is advisable to draw up an inventory of foreseeable expenses. For a student, they can be divided into two categories: tuition-related expenses and those related to the costs of daily living. Among school expenses, the cost of registration, as well as social security and mutual insurance costs, must be taken into account. The student, during the study prior to the simulation of the student loan, must also count the ancillary costs related to the acquisition of the tools necessary for his studies: expenses related to books, supplies, sometimes even the purchase of a computer.

Secondly, the simulation of the student loan involves the inventory of the expenses of the daily life which include the rent & the rental charges, the expenses of transport (subscription to an urban transport or expenses of car), the various expenses of subscription (telephony , internet), food expenses and other expenses (for example, registration for extracurricular activities, clothing expenses and all things related to leisure activities: cinema, outings, etc.).


After the listing of expenses, it is necessary to establish the possible income that the student perceives: they can constitute in scholarships, a salary or the remuneration of an internship, a housing allowance even the help given by the family.


Once this inventory is drawn up, it is sufficient to calculate the difference between the expenses and the foreseeable income to obtain the need for financing. This will calculate the amount needed and perform the simulation of the student loan.


This step can seem long and tedious. Yet it is indispensable: not only because it allows the student to be aware of the budget available to him, but also because it is the means to precisely assess his needs and to commit himself for good reasons . Moreover, the student is not immune to a good surprise and the inventory can lead to a negative balance showing that the student actually has a financing capacity.


Nevertheless, if this is not the case, after the calculation of expenses / income, the student will have to compare, via the simulation of the student loan, the offers proposed by the different organizations to choose the most advantageous. As such, online credit comparatives are very useful.


Online credit comparisons

Online credit comparisons

Many sites have specialized in recent years in the comparison of credit offers. Very useful, they make it easier to choose future borrowers. Complementary to the student loan simulation, they often have their own assessment tool and can help the young borrower to make the best choice.

Most comparative sites, offering a simulation of the student loan, ask the information of conventional information: the number of months of repayment chosen and the amount of the desired loan. They then make it possible to obtain a list of credit institutions for which the amount of the monthly payments is indicated, while describing each offer. As such, it is necessary to monitor several points:

Some sites do not take into account insurance costs and do not have an option to consider it in their analysis. It is therefore a cost that the student will have to compare himself.

Most are not fully specialized in the simulation of the student loan and do not ask for information that, however, can prove to be major for the calculation of a loan offer, or even for obtaining credit. This is particularly why it is essential for a student, to inquire beforehand to his school to find out whether partnerships related to his curriculum, or his place of registration, exist.

Also, it is not uncommon for comparison sites, offering a simulation of the student loan, do not detail the services offered by agencies. It must therefore be borne in mind that a deposit will almost always be required. It happens that this is not the case, but this is subject to certain conditions: in particular the student loan on the state bond is possible only when the credit is subscribed with an established list of banks.

Given all these elements, the use of comparative sites must be done in a complementary manner. It can make it possible to make a first simulation of the student loan as an indication, or to inform globally the future borrower on the organisms to study and on the general services that can be offered to him. However, it does not replace the personal analysis that must be performed, both in terms of financing needs and the comparison of offers. It is therefore useful; but let’s remember it, simply in a complementary way.


In conclusion, the simulation of the student loan includes several stages and is guided by three keywords:

  • The forecast of the amount granted and the repayments to be made;
  • Comparing different offers to obtain the most advantageous service;
  • Security for the borrower who, by carefully preparing his project, may not end up in a situation of over-indebtedness.


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Rejected loan: what are the most important reasons; Frequently? http://www.portpatrickfolkfestival.org/rejected-loan-what-are-the-most-important-reasons-frequently/ http://www.portpatrickfolkfestival.org/rejected-loan-what-are-the-most-important-reasons-frequently/#respond Fri, 12 Apr 2019 01:33:34 +0000 http://www.portpatrickfolkfestival.org/rejected-loan-what-are-the-most-important-reasons-frequently/

Before issuing the requested sum, the banks and credit institutions carry out in-depth checks and analyzes to determine the level of creditworthiness of the applicant, with reference to his present and past situation. In fact, should criticalities emerge, the bank will be forced to refuse the loan request to eliminate the risk of insolvency, or not to see the sum granted return.

Why can a loan be rejected?

Why can a loan be rejected?

The reasons that can push a bank or any credit institution to reject a loan application are different, but essentially linked to the applicant’s assets and liabilities, or to its credit history. When evaluating loan applications, credit institutions carry out checks to assess the investor’s creditworthiness and determine its creditworthiness, or the ability to repay the requested sum.

In this phase the credit institutions will analyze the data present in the Credit Information Systems, of the databases in which all the information relating to the credit situation and to the relationships between the individual saver and the credit institutions are collected. These records contain the information of all those who have applied for a loan in their lives, and not just bad payers.

A report as a bad payer or a protested subject could therefore represent a valid motivation for the bank to refuse a request for financing, representing the proof of the high risk of insolvency to which the credit institution could expose itself by providing the requested sum.

Among the reasons that can lead to a refusal are all precarious work situations with atypical or expiring work contracts, with salaries that are too low compared to the amount of the possible repayment installment. Also the presence of other financing in progress, because they could generate a state of over-indebtedness for the customer, which would not be able to sustain the payment of the repayment installments and all other recurring expenses.

What to do if a loan is rejected?

What to do if a loan is rejected?

If the loan application is rejected it is important to spend some time before submitting a new request. All information relating to denied loan applications is in fact reported to end-to-end company, the body that manages all credit information, and kept in the archives for at least 30 days. For this reason it is important to spend at least a month before making a new request.

Furthermore, in case of refusal by the first credit institution, it is important not to contact others immediately. All the banks have access to a single information network and therefore are able to verify not only the credit history of the individual saver and his current financial position, but also if he has made other requests and with which banks. So in case of refusal, the chances that the response of the new bank is also negative will be very high.

Another solution to be evaluated before making a new request is to look for a guarantor, that is a person who can intervene in cases of economic difficulty of the holder of the loan. In this case it is essential that the person offering himself as guarantor has a stable financial situation and a provable source of income. Better to check these conditions before going to the bank again.

What are the other possible solutions?

What are the other possible solutions?

The loan with the assignment of the fifth represents a possible solution to be considered in the event of refusal. In this case the possibility of deducting the installment directly from the salary or pension represents a valid form of guarantee for the bank. If, on the other hand, the reason for the refusal is due to the presence of other ongoing loans, it is possible to evaluate the debt consolidation solution, which allows the various loans to be combined into a single installment and the conditions revised, changing the amount of the monthly installments or the duration of the loan.

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