From money laundering to the classic luxury trap – payment remarks or debts from the petitioner can hit the best and is nothing to be ashamed of. The fastest way out is to take an iron grip on the economy with proven methods. The sooner, the better. Taking out a mortgage loan and settling expensive debts is just one of all the tricks and in some cases requires that other measures be taken first. In this article, we offer as many as 10 tips that can improve your financial situation if you draw one or more payment notes.
The digitization of online services comes with many benefits. One is that today it is much easier to apply for loans and compare loan offers than before. But this also places higher demands on you as a borrower and, evidently, many Swedes end up in the so-called luxury trap every year. When the income no longer covers all the loans, interest and expenses, it is easy to start getting payment notes. They are not only difficult to get rid of – because this means you have to settle your debts – but also affects your ability to take out new loans for things that really matter.
So what exactly is a payment note?
A payment note is a type of barrier that leads to poorer conditions or limited opportunity to take out a loan. It can also affect the possibility of renting a home, subscribing for different subscriptions or getting a job. Payment remarks are distributed by the credit reporting companies, based on information from the Crown Prosecutor’s Office.
Abuse of credit, injunction, personal bankruptcy and residual taxes are some things that can form the basis for a payment note. A payment note remains with the credit reporting companies for three years, which is impossible to do. But in the meantime, you can do everything in your power to influence your debts. Read more about payment remarks here.
10 tips for a better economy in spite of payment note
- Make a decision
A mountain of debt grows only if you allow it to grow. By gaining full control of your total debt amount and what you are spending money on, it will be easier to start putting things right. Put your income and expenses into a profit and loss account. An economical cold shower is probably just what you need right now!
- Sell everything you don’t need
Everyone has something they don’t need at home. Electronics, clothes, bikes, paintings or grandfather’s old hunting trophies – most of it can actually be sold, so start a free account on a sales site online and see “worthless” things transformed into money in no time. Want more tips on how to live more economically and thus be debt free faster? Read our great savings guide.
- Contact the lenders
Many people feel uncomfortable talking to lenders who are waiting to get their money, but the fact is that a call can go a long way. Hear if there is a possibility to write off or write down some of your debts. Many times, companies feel that it is better to get part of the debt paid, than no money at all. See if it is possible to make a new installment plan that is sustainable in your current situation.
- Avoid credit information
Every time you make a credit purchase online, you risk the company doing a UC check on you. For many, this may result in lower credit ratings, which in turn affects your chances of getting a loan. If you also have payment remarks, your chances are even worse. In addition to stopping making unnecessary credit purchases, you can also cancel any unused credits. On minuc.se you can do a credit report on yourself to get an overview of your existing credits and your current credit rating. It does not affect your current status to check. Credit information stays in the register for three months and the more you draw during this time, the lower your credit rating. Read more about creditworthiness here.
- Collect the loans
Many loans from several different lenders mean high interest rates and more payments to keep track of each month. It also doesn’t look good for your credit rating. By collecting your loans into a larger one with the same lender, you can both lower the interest rate and increase your future chances with the banks. When researching terms and offers to collect your loans, you can take the help of a free loan broker. Then only one credit report is taken on you, instead of each individual lender examining your financial status. Collecting the loans is an easy way to get debt-free faster, as you do not have to spend money on fees and other unnecessary costs and can instead pay off more on the loan. Here and here you can read about how others in the same seat have done to improve their finances.
- Find a co-borrower
For those with large debts, many payment remarks and low creditworthiness, it can be difficult to get good terms when you want to collect your loans. But if you take the help of a co-borrower, your chances increase significantly, as it offers a completely different guarantee that you will be able to manage your payments.
- Count down
Becoming completely debt free is a process that can take several years. When you convert your spread loans into a larger one and get a picture of exactly how big your monthly expenses are, you can start counting down the days until you are completely debt free. Along the way, as you repay the loan, you can renegotiate the terms and interest rates in order to speed up the process. And remember that the better you manage your payments, the more credible you become in the eyes of the banks, which positively affects your credit rating.
- Work more
It may sound like a matter of course, but even if you already have a job, you should look into the possibilities of wiping out the cash. Is there a higher position available that matches your skills and can pay more? Is there an opportunity to work overtime? Do you have someone in your friends circle who needs help with something on weekend nights? It’s not about working hard for yourself, but the day you become debt free you will thank yourself for those extra passes that speeded up the process.
- Put the bills in the first room
When you do everything in your power to become debt free and avoid future payment remarks, you should not forget to celebrate when you have achieved your goals. To live on the minimum of existence and never do anything fun, no one feels good. However, you should make a hard budget where bills and amortization always come in the first room. Seeing how the numbers are slowly starting to move in the right direction is actually a great pleasure in itself and few things are as satisfying as regaining control of the economy!
- Look forward
The day you become debt free and stand without payment remarks, you will surely have a whole new outlook on your finances and what it means to borrow money. Obviously, getting into financial hardship is stressful, but many who go through it also look positively at what has happened, as they now have full control and can make strategic decisions going forward. If you need help managing your buying behavior, you can get free therapy through Natty Bumppo. You are applying for this.
Is it possible to borrow money despite payment remarks?
Borrowing free from loans is hardly an optimal method, but if you get into a Good Finance and need to get rid of money, it is actually possible to borrow despite payment remarks. For example, many SMS lenders disregard both payment remarks and credit checks, but the interest rates on these loans are generally higher than on a regular private loan, not to mention the effective interest rate. In addition, the repayment period is extremely short compared to other loans. SMS loans are easy to get through, but at the same time, they are often the source of people getting into debt from the beginning, so it’s not something you should see as a sustainable solution to get back on your feet. Read more about how SMS loans work here.
Payment remarks and high-interest-bearing liabilities are certainly difficult, but do not necessarily mean a downward economic spiral. Getting a really stable economy is not something that happens overnight, but if you just take a few steps in the right direction you will quickly notice the difference – and that in turn gives rings on the water ahead!