Companies classify debt advice IVA in different ways. Some debts are more important and are described as priority debts. Other liabilities should, in theory, only once repaid priority debts have been treated. A mortgage payment or rent is clearly a priority debt in the eyes of those who provide tax advice. Non-payment of housing costs could lead to homelessness, a result generally avoidable. Payday loans (such as a payday loan, credit cards, store cards, or a normal bank loan) are non-priority debts. Of course you should pay if you can afford, but only after covering essential as your mortgage or rent.
Knowledge of professional tax advice does not extend as widely as we might hope. Individuals who are facing mounting debt problems are often not easy to bring down a financial problem as described methodically. This is not surprising considering the enormous potential costs (in interest and costs) associated with not repay a payday loan. It is not surprising, although the means for direct collection of money owed to the creditor is granted at the time of the payday loan.
The end result is that even when people can not really afford a payday loan is often credited. This often leaves people with enough money to pay the mortgage or rent it, if they can, they must find the money somewhere. What is the easiest way to get the money? To get a payday loan seems to have fitted the bill for a million people around the United Kingdom over the past year.
This type of loan is totally unsustainable because it results in a repayment of debt accumulation that will eventually have to be addressed. This is the point where suppliers are contacted tax consultancy, company debt management and debt charity by an individual who came to the realization that they can not cope financially.
The accumulation of payday loan debt is not quite up to the need to finance the costs of essential anyway. Tax consulting professionals report that their customers have received "special offers" from payday loan companies to get easy money for a summer holiday for their birthday or Christmas. Anyone who has struggled financially for a period has probably done without so many "luxuries" and can not be anything but the temptation for a while 'short-term financial freedom. Inevitably, some people succumb and find they are more in debt.
If you're reading this and are worried about your personal finances, please do not find themselves prey to payday lenders prey. If the debt is already causing problems adding a payday loan will almost certainly make things worse and more painful for the future. A better move would be to contact reputably sources of debt or tax advice so that you can determine what options are open to you to bring your financial affairs under control again.
Source: http://EzineArticles.com/6830575
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