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Archive for July, 2016

Home Safes – The Basics

2015 saw nearly half a million homes burgled in England and Wales. While this number continues downwards, for the victims burglary can be a traumatic experience.

One option for keeping your valuables safe and out of the reach of burglars is to consider having a Eurogradesafe installed in your home. You can buy home safes that can not only protect valuables from theft they can also protect them from fire as well.

The range of home safes from which you can choose is vast. Depending on the type you choose the average cost can be anywhere from £50 to over £1,000 for a top of the range model. Deciding what type of safe you need will come down to how much you need to protect and the locking mechanisms. Where either space is limited, or you don’t have a lot that needs protecting then a small safe may be appropriate. The larger safes are better where you have a lot more to store, especially A4 documents for example. As for locking the safe, most come with either a key lock or a digital lock. The key lock is the more traditional locking mechanism while the digital safe relies on the entering of a pin code onto a numeric keypad. Since batteries power the numeric keypad they will eventually run down. Digital safes also supplied with a set of emergency keys to unlock them in situations of emergency.

When buying a safe, it is worthwhile checking with your insurer if they have any conditions on the type of safe you should have. Equally, buying one that has industry approval can be helpful. In the UK you should look for safes that have Association of Insurance Surveyors (AIS) approval.

Can You End Up In Court If You Don’t Pay Back A Payday Loan?

If you have ever taken out a loan for a reasonably short amount of money, under the conditions that you will pay the money back on or around your next payday, this is what is known as a ‘payday loan’.

You’ve probably all seen the adverts, and some of you may have even been tempted to apply for one yourselves, but what actually does happen if you take out a payday loan and you cannot make the repayments; is there a chance you could end up in court? This article runs through the general procedures and protocols that all the major payday loan companies follow, and the potential consequences you could face.

It’s worth mentioning, before we get into more detail, that should you not be able to make your first repayment, you won’t be summoned to court. In fact, the major payday loan companies follow a general protocol which allows you several opportunities to find the money – though you may incur further charges on top of the original agreed repayment fee.

The first thing you should do if you find yourself in a position where you cannot make the repayments is contact your loan provider to talk about alternate payment plans. Communication is key, and the more you let them know, the sooner you can resolve your financial crisis as opposed to trying to ignore the inevitable. As we mentioned earlier, the first consequence you can expect for a late repayment is the addition of interest on your repayment amount. The amount of interest varies between different loan providers, and you can also expect to be charged with a repayment fee.

Under these circumstances, by law, your loan providers must treat you fairly and reasonably, suspend recovery of the debt if you are developing an alternative repayment plan, and also direct you to an independent money advice service. You however continue to fail to comply with the alternative repayment plan, and therefore there are further steps payday loan providers can take.

It is again worth mentioning that although a lot of payday loan companies get a bad press, new laws and leniencies in their guidelines mean your individual situation and circumstances are taken into consideration before court action is taken. Court action is not something the average loan provider will do lightly or swiftly, but consistent failure to comply might leave them with no other option than to take out a court judgement.

If you do find yourselves in a civil court the outcome will be entirely dependent on the amount you owe and your individual financial and living situation; if you are in a dire situation the judge will take this into account. Before you reach a court order, the more likely consequences will be added fees or having your details passed onto a debt collection agency.

Remember that if you are in financial turmoil, you have options to seek advice from an independent money advice service.