debt Archives – MFA Finance

Best Practices When Applying For Loans

February 25, 2018July 29, 2019 - by Betty Thorp

The process of applying for a loan can be intimidating especially if you have no idea of what you are doing. Getting a loan can be exciting because you know that is will better your life in one way or another. But still, it gets scary because if you make any mistake, it might have a negative impact on your life.

Before getting any loan the wise thing that anyone should do is learn all there is to learn about the loan so that to achieve the total best. Regardless of the situation, there are best practices when applying for the loan that you need to understand before getting the loan.

Choosing the right lender

There are so many lenders around you. That will make the whole process of looking for one very confusing. That’s why you should take your time before settling for any lender. Every lender will offer different ranges of interest rates, and the conditions that they have will vary.

Shop around so that you find a lender that will fit all the needs that you have. If you get a lender that understand you, then it will not be an issue when its time to pay back the loan.

Don’t take more

People will make the mistake of taking a loan more than they need. That will affect them when it’s time to pay back the loan. Before going ahead and getting the loan, gauge the financial situation that you have at the moment and how much will be comfortable to borrow.

Don’t fall into the trap that most lenders try to trap people with by giving you more than you have borrowed that will leave you in a debt trap that you might not be able to handle. That will not will be one of the mistakes that you can make once you get the loan.

Credit score

The credit score will affect so much the loan that you will get so make sure that is accurate. It will make a difference when it comes to the interest rate. If you have a poor credit rate, you might end up paying more. So before getting the loan makes sure that the credit score is something that’s somehow presentable.

Credit score should continue being accurate even after getting the loan. That will help so much with the payment of the loan, and you will not deal with any delayed payment.…

Debts Consolidation

How to Stop Bailiffs

February 12, 2018October 7, 2023 - by Betty Thorp

Understanding your rights with bailiffs is the first step to protecting yourself and your property against forced entry and other unfortunate events. The court bailiffs have powers to enter into your property and do different things all in pursuit of penalties or financial obligations that you did not pay. However, they only resort to this solution when other avenues for collecting the fines fail. You can educate yourself on the rules governing bailiff’s actions and their preferred way of carrying out the prescribed job. Such information should help put you in an improved position regarding your fines obligations, protection of your dignity and recovery of properties based on pending or finalized criminal charges. Here is a guide on how to stop bailiffs.

Complaining

Complaining can be a way out when you realize that a court bailiff is not following correct procedures regarding the possession of your goods. A complaint should come in the form of a written document stating your reasons for your suspicion of unfair conduct. You should send the complaint to the delivery manager in the court handling your case. There are additional opportunities presented by the formal complaint. They include the making of a claim regarding the bailiff for any loss you suffered due to the mishandling of the process. You can contact your legal advisors or attorneys for additional advice regarding complaints.

Application for suspension

You can apply to suspend the warrant of control, and you should file a formal application form recognized by courts in your city and hearing center. The court will not refuse to access the application. However, this is a matter of time-saving and hoping for the best. The court may intervene in time before the bailiff is done with rounds on taking control of your assets. The bailiff will persist with the work until when the court issues the orders in favor of your application for suspension.

The application requests your creditor to agree to shift the payment burden to a later date and probably to introduce a new payment plan so that you can easily honor the repayment plan. Thus, this method relies on successful convincing of both the court and creditor. However, the court may convene a short hearting because deciding to accept your application based on your circumstances at the time. Thus, it is always worth the try.

The type of debt

The type of debt affects your options for stopping bailiffs. If you owe a debt that includes forced entry enforcement when you default, then there will be no reprieve immediately, and you have to focus on the other two methods outlined above, with the help of an attorney. However, when the debt only requires the bailiffs to make demands and execute forced entry, then your response should be to comply with the request for entry and then come up with a significant amount to show your willingness to offset the debt. After that, you should plead for additional time with the bailiffs, and they will have to call their delivery manager to listen to your plea. In most cases, they will agree to go away with an installment of the total money due.…