5 reasons Prepaid Payroll Cards are better for Payroll

Payday is something greatly anticipated, but with lengthy queues and delays when cashing cheques, the day is not without its frustrations. For companies, printing, mailing, tracking and reconciling cheques can become a laborious, complicated task – far costlier than electronic alternatives.

That’s where prepaid payroll cards come in. Here’s why they are a better payroll option than cash or cheque:

1. It’s a better way to pay

Prepaid payroll cards make payday a breeze – not to mention cutting costs. Companies that make use of these cards experience a streamlined, safer employee payment process that’s far less expensive than paying wages by cash or cheque. It’s the perfect way to pay under-banked, contract, seasonal, temporary, and satellite office employees efficiently and easily – improving the payday experience across the board. The low issuing fee further contributes to cutting down payroll-related costs.

2. It’s a better way to get paid

No bank account? No problem. Prepaid payroll cards grant instant access to wages – a safer alternative to cash and cheques. It’s a smarter way to manage money – employees can use the cards in the same way as traditional debit or credit cards, without the hassle. One can easily withdraw from ATMs, pay bills and make purchases online or in-store. Continue reading “5 reasons Prepaid Payroll Cards are better for Payroll”

Estimating Your Credit Score

There’s many benefits in estimating your credit score. For one, if you know how much your score should be, you will be able to tell whether it’s time to apply for credit or if you need to wait another month or so. Applying for credit is a serious matter and it’s not one that should be taken lightly. If you’re going to fight for the credit you want, you need to look at your score before anything else.

It’s all about your past credit history. If you’ve been late on some credit accounts, this will show up and affect your score. In addition, if you’ve been using too much of your credit balances, this will show up as well. Lenders will also look at their current relationship with you. So if you have great credit but you’re already paying things slightly late with them, they will still look at this as a problem.

Credit Score

You might feel that credit scores just aren’t fair, but the truth is that they really do protect you more than you might expect. The credit score you have doesn’t care what gender you are, what religion you are, or where you’re from. It’s all about how you pay accounts and how much you use credit. It’s the snapshot of what type of buyer you really are.

There are tools online to give you a better idea of what your credit should look like, but in the general sense you need to start by looking at your credit report. You can order a free credit report every year that doesn’t have your score. This is good when you’re trying to figure out mistakes on your credit. This is also why keeping good credit records is a smart idea. After all, you just have no idea when you’re going to need to use those records to prove something was paid off. Even though mistakes don’t happen all the time, they are still an issue that can be on the horizon.

It’s always a good idea to do what you can to improve your score. If you know that you’ve paid things late, it’s not the end of the world. Just make sure that you start paying your bills a little earlier. There are automatic draft programs that can keep you on track if you’re willing to just let everything be drawn from your bank account every single month. But as always, this is completely up to you to figure out. Good luck!

The True Nature and Place of Credit Cards in Your Life

Cleaning out your finances for the spring season? You’re not the only one. Indeed, many people are starting to look harder at their finances than ever before. This means that you really need to figure out what belongs in your life, and what doesn’t belong in your life. Your finances are up to you to figure out. You can’t just go off of what your friends are doing, and probably can’t even go off of what your family members are doing. Relatives aren’t a good reference for finances either. You need to really take matters into your own hands. This doesn’t mean that you have to do it alone — not at all. There are plenty fop great resources out there to help you figure out everything. However, the final responsibility is yours to take action. Indeed, so many people end up working hard, but they don’t follow through. You have to have follow through in order to make change.

The best thing that you can really do is start with credit cards. Believe it or not, credit cards really do have a place in your financial blueprint. They’re like mini training wheels for financing bigger things down the road. If you can handle the little things, then lenders are confident that you can handle bigger issues.

Financing a car is something that you’ve probably thought about. Can you imagine having a brand new car to enjoy? The wind in your face, the blue skies ahead of you, and not a care in the world? Well, it all starts with credit cards and other small finance items.

Credit Cards

If you don’t have a credit card right now, you need to get at least one. Even if you have to go and get a secured credit card, it’s okay. You get to really make sure that you have a small bit of finance going at all times. A secured credit card will start out small and grow as time passes. As long as you pay the card off on time every single month, your credit will grow very well. Paying late is the worst thing that you can do for your financial blueprint. By paying late, you’re really telling lenders that you’re not concerned with your money as much as you would like them to believe.

Credit cards have their place in life. The trouble comes when people think that they should put all of their purchases on credit cards. Even if you are using a rewards credit card, the truth is that you’re paying big time for in the long run. You’re still having to pay interest on the card, and that’s not something that you’re looking forward to at all. Break out of the habit by reminding yourself of your interest rate.

As your credit grows, don’t be afraid to look around for better credit terms. If your current credit card company cannot do this for you, then you need to look outside of them. Let the credit card company know of the other offers you’ve received. If they’re valuing you as a customer, then they shouldn’t have a problem lowering your interest rate or doing something else nice for you.

The world of credit is vast, but as long as you keep sight of your goals you just aren’t going to lose. Good luck!

Credit Scoring Tips

Has your application for credit been declined or refused? These credit scoring tips may help you with future applications and give you background information as to how your application is credit scored by financial institutions.

Electoral Roll

If your name is not on it, rejection is almost certain. The roll is updated every October by local councils, but not fully loaded on to credit agency databases until the following April. The banks check personal identities against the roll held at a credit reference agency, but the agencies cannot guarantee to have the full data in place from local authorities until the following April. So someone who moved home in November could wait until May before their credit score improves.

County Court Judgments


Check your credit files as you may have a CCJ or default. Any more than one in the past year spells a credit rejection, but if it’s more than six years old it’s not counted.

Past Credit History


This usually makes up around 35% of your credit score. Maximum points if your payments on existing loans are regular and timely. You score less points if you regularly fall behind on store, credit card and HP agreements. If you have many credit cards this won’t count against you as long as payments have been maintained.

Address


Full points if you’ve been at your address for the last three years, but if you’ve moved house frequently, most systems will reject you. Your postcode cannot be used as the sole reason for denying you credit, but does have a weighting in your score.

Employer

The longer you have worked with the same employer, the more credit points you earn. People who move jobs regularly are regarded as a poor credit risk, even though they maybe earning a high salary because of job hopping. This is particularly applicable in the IT and Media industries.

Bank


More points if you’ve been with the same bank for years assuming you’ve had a problem free relationship. You score more points if your agreed overdraft limit has never been exceeded. Less points if it has.

Salary


If you earn a high salary, you won’t necessarily score more points. Salary is always asked for but usually ignored, except for mortgages. As salary is non-verifiable from data held at agencies, what you put down is deemed unreliable.

Related Parties


The systems will check similar surnames at the same address. If they have poor credit history, your application is likely to be referred.

Number of Credit Applications


You are regarded as risky if your credit file shows more than six credit applications in recent months, they take no account of whether you have been rejected or accepted. Three to four applications per year is regarded as normal. It’s also wise not to respond to a junk mail offer too soon as earlier applicants are more likely to be rejected. Records show early applicants are more likely to default.

Age


Usually not a major factor in the score card, although it can be easier for younger applicants. If you are 45 and have never applied for credit, the systems regard this as suspicious compared to a 25 year old taking out their first credit card.

CCJ Removal – Credit Repair

Credit repair information for removal of County Court Judgments (CCJs)

Do you find it difficult to obtain loans, mortgages and finance because of CCJs on your credit history files?

You may ask yourself does credit repair really work, or is it just a myth or scam?

Well, the honest answer is yes in certain cases we can remove CCJs (County Court Judgments) .This process of CCJ removal is known as “Set Aside CCJs”.

A large number of CCJs are the results of undefended Claim Forms ( previously Summons). You probably are unaware of the response needed, so do nothing so a “Judgment By Default” is entered by the court. Even if you pay the debt, the judgment stays on record because it has not been “set aside”. There are other reasons, which will also be accepted. But first…

Check Your Credit File

If you haven’t already done so, check your credit files. The two companies that supply 99% of all credit reference requests in the UK are:

Experian Ltd, PO Box 8000, NOTTINGHAM NG1 5GX
Equifax (UK) Ltd, PO Box 3001, GLASGOW G81 2DT

Write to both companies quoting your full forename(s) and surname, with your previous addresses for the last 6 years together with a cheque/postal order made payable to that company. Within 2 weeks you should receive your credit file together with a useful booklet. Believe it or not, some credit repair companies will charge you ridiculous amounts of money just to get this information for you!!!

The two things you should look for on your file are:

1. Default – With the date and amount. A Default is a formal demand for payment of an Agreement you have missed three payments of. You cannot pay or satisfy a Default, it just sits on your credit file for six years, whether paid or unpaid,which can be harsh since there are no clear legal guidelines to protect you or give you rights. For instance, how can you objectively regard an account to be in serious default as it differs from company to company. In our opinion, it would be practically impossible to remove a default from your file. For this reason we do not offer a repair service for this.

2. County Court Judgment (CCJ) – With date, case no., court name, value, defendant, and whether satisfied. Good companies will offer a credit repair service for CCJ Removal, with an initial free assessment. If they can help you then they would charge you a fee for one CCJ, with charges for each subsequent CCJ. You should always compare other credit repair services and especially look for those that are backed by a money back guarantee if they are unable to “set aside” your CCJ.

Let’s get back to discussing about CCJ removal.

Do you have the original summons/claim, or failing that, the name of the claimant/plaintiff, (the one who took out the claim/summons), the name of the court, and most important, the Case/ Claim Number? Without the claim/ case number, the courts will not even read an application. If you don’t have the case details, don’t worry, credit repair services can carry out an “Official Search to Establish the Facts”, for a fee .

If you have already made an appeal to the court, made a written defence to the court or appeared in court as a defendant with regards to this case, then unfortunately you cannot “set aside the CCJ” as the courts won’t want to know. Sorry…but that’s the truth.

Beware of others claiming to remove CCJs, most of the time the information they provide is outdated and inaccurate. Also remember in legal terms the word is spelt “Judgment” not “Judgement”. If this is not stated correctly, can you really trust others?

And most of the information is provided here for free.

Valid Reasons To Set Aside A CCJ:

1. I was away at the time and did not have enough time to reply.
2. I did not receive the Summons/Claim.
3. I did not believe the judgment would be given if I did not attend court.
4. I agreed an out of Court settlement, so judgment should not have been given.
5. I needed more information as to the reasons for the summons, which were not forthcoming before judgment was given.
6. I was not able to attend court on that day.
7. I did not receive the proper default notice.
8. I did not receive notice that a judgment had been entered.

Save yourself 1 000’s – Remember, if you are looking to remove a CCJ from your file, there is no benefit in settling it, unless you have some pressing reason to do so. After 6 years the CCJ will automatically be deleted.

Remember, if you are looking for a loan/mortgage, then there are facilities for CCJs/Defaults.