Frugaling

It’s easy to become a victim of a loan or credit card scam. Even if you think you are being careful, you can fall prey to clever scammers. This can end up causing you a real headache, and issues can continue for several years after the scam takes place.

For this reason, when you are borrowing money or using credit cards, you should be aware of the potential scams that exist. If you have this knowledge you reduce the chances of identity fraud taking place and credit being applied for in your name. Here are some of the most common deceipts that you should look out for.

Fees to pay upfront

It’s not unusual for application fees to be attached to a loan. However, these fees should be completely transparent. They are also usually rolled into the overall cost of the loan. This means that the payments you make every month include everything that you owe.

You should never be asked to pay fees upfront, before you have received the loan service. Any lender that asks you to do this is not legitimate. You could end up paying money, and never receive the loan that you need.

Offers made by phone

It’s illegal to make a loan offer over the phone. This is why you should never engage with any lender who uses the phone to make an offer. All loan offers should be put in writing and all terms should be clearly explained. If you have any queries regarding the details of the offer, make sure they are addressed before you accept the loan.

Wire payments requested

You should never be asked to wire money to a lender, in respect of fees. Any fees that are applied to the loan are normally included in the monthly repayments that you make.

If a lender asks you to wire money to them, they are not likely to be reputable. You should avoid dealing with them and look elsewhere for the money you need.

Copying the name of legitimate lenders

One of the cleverest scams around involves fake lenders copying the name of legitimate companies. These helps them to seem as they are offering an honest service. You should always be wary of issues like this.

Some of these scammers use PO boxes which is usually a sign that there is an issue. It’s always a good idea to check potential lenders with the Better Business Bureau. Doing this helps to ensure that they are legitimate.

Being asked to update credit card details by clicking a link

It’s not just loans which present scammers with the opportunity to take advantage of people. There are also plenty of credit card scams around. One of the most common of these scams is being asked to update credit card details by clicking a link in an email.

If you receive this type of request, you can be sure that it’s fake. Your credit card issuer will never ask you to update details in this way. If you click on the link, and provide information, you enable the scammer to commit fraud. This could leave you with a difficult situation to deal with.

Promises to reduce interest rates

Another common credit card scam that you could fall prey to is the promise of reducing the interest rate that you are paying. There are legitimate ways of reducing credit card interest rates. Responding to a pre-recorded call, offering a reduction, is not one of them. These calls are normally from scammers who are simply looking for a way to get money from you.

To do this, the scammers will normally include a request to send money in order to get the service. If you do send any money, you will find that you are worse off financially and the service does not actually exist.

Credit repair promises

Some scammers promise that they can repair your credit. They may ask you to part with money in order to make this happen. These promises are illegal.

The only way to repair credit is to ensure that repayments are made on time and wise credit decisions are made. If you pay people money to repair your credit, all that happens is you become financially worse off.

Allegations of potential fraud

If you receive a call from someone saying there is potential fraud on your credit card account, it can be tempting to trust them and do exactly as they ask. However, by doing so, you could be opening the door to potential fraudulent action being taken.

This is because these scammers normally ask you to provide additional information in order to make sure that your account is secure. They usually already have some of your personal information which makes them sound legitimate. This is not the case. They are actually trying to get the additional information that they need in order to complete their fraudulent actions.

In summary

There is nothing wrong with obtaining credit, as long as you know you can afford the repayments without causing yourself financial difficulties.

However, you need to be careful that you do not fall foul of any of the loan and credit card scams that exist. If you do, it can be difficult to rectify issues. You can end up being significantly worse off financially. You can also have problems getting legitimate credit, until the problems are resolved. This can be a major concern if you encounter a large expense that you cannot afford to pay outright.

In order to prevent these issues from happening, you need to be aware of the scams that you could be subjected to. Having this knowledge means that you are better able to protect yourself. Never feel pressured into making decisions or providing information. It’s always better to double check that you are not being scammed. Reputable lenders will not mind you querying their intentions. They will understand that you are protecting your own finances and the privacy of your identity.

Why Customer Retention Should be a Priority for Small Businesses

Acquiring new customers is always a good thing. After all, there’s no such thing as a “bad sale,” and every business wants to expand their reach and –– in the end –– make more money. However, it is possible for small businesses to focus too much on gaining new customers. Indeed, by trying to expand too quickly, small businesses may inadvertently alienate their most loyal customers. Here, we’ll explain why customer retention is so important, plus, share a few relevant tips to help you maintain good customer relations as well:

Benefits of Customer Retention

No two businesses are the same. Yet, regardless of size, industry, or product, getting a new customer is almost always more expensive than retaining a current one. In fact, it’s anywhere between 5 to 25 times more expensive to land a new client than it is to maintain a working relationship with someone already on your books. What’s more, it’s much easier to convert an existing customer than a relative stranger if you decide to roll out a new product. (This also presents the opportunity to upsell certain clients.) Lastly, customer retention is integral for branding purposes. Loyal, happy customers are invaluable to small businesses because of their ability to evangelize on a company’s behalf. A few positive reviews from satisfied customers early on in a business’s existence can give it the boost it needs to succeed.

Customer Retention Tips

Adopting a customer-first approach sounds great on paper, but it’s actually quite difficult to implement in real life. Thankfully, the following tips can help you hang on to your best customers on a consistent basis:

• Reward customers with loyalty bonuses. Special promotions, sales offers, or early access to product launches are all great ways to show how much you appreciate your most valued customers.
• Invest in new technologies to improve your service. This might mean purchasing a new POS by Retail Management Solutions for your pharmacy; or it could be a smart play to buy a new soda machine for your restaurant. Offering new-and-improved products and services will resonate with consumers (especially if your customers have requested them in the past!).
• Hire more customer-facing staff. People hate having to wait, and they equally dislike dealing with automated features (chatbots) when they have an urgent problem. By bringing on more customer service team members, you can increase your company’s ability to handle a large influx of customers.

Conclusion

Growing a business is a balancing act. Yes, it’s important to court new markets, but you shouldn’t lose touch with your most devoted customers doing so. Fortunately, the above tips will help you achieve your ambitions without forgetting your roots!

They say that patience is a virtue. And while that’s true, you shouldn’t have to wait until you’re old and gray to land a high-paying job that you find fulfilling and engaging. Yet, many capable professionals resign themselves to menial positions and waste the early years of their career toiling in dead-end jobs that afford them neither the salary nor the satisfaction that they deserve. Given that fact, today we’ll share four ways that talented pros can get a high-paying job early on in their career. Check them out here:

Network

Think you’ve got a million-dollar idea? Fantastic, then you’ve taken the first step toward financial security. However, you won’t get very far in the business world if you try and accomplish everything on your own. In order to achieve your goals and ambitions, you’ll need plenty of help along the way. As such, never pass up an opportunity to make a connection with key players on your team, in your company, and within your industry at large. Whether you’re interested in perfecting the art of dental office design or developing new data software –– the value of a quality business contact simply can’t be overstated.

Leverage Your Success

Some professionals vehemently dislike negotiating with their bosses. To be fair, it’s easy to see why negotiating can make people feel uncomfortable. Nevertheless, if you want to make as much money as possible, then you’ve got to get comfortable with standing up for yourself and asking for payment consistent with your quality of work. Don’t be afraid to catalog your successes and demonstrate your value to your bosses.

Keep Your Eyes Open

It’s impossible to predict when a new, exciting opportunity will present itself. As such, career-oriented pros must then always keep their eyes peeled for a chance to explore a new career path. Switching jobs, entering the world of freelancing, or starting a business on your own are all difficult transitions. The good news is, managing to pull them off successfully can produce some massive benefits in the long run.

Make Yourself Indispensable

Plain and simple, only the very best professionals reach the top of their field. Furthermore, only an extremely small minority of pros land an excellent job early on in their career. With that in mind, it’s important for ambitious professionals to go above and beyond if they desire to secure their dream job before their 40th birthday. One final thing: don’t ever give up if things are looking down. The business world changes all the time, so always keep your head up and stay positive!

Sometimes you can lose track of our financial situation, and when you get a clear look at things, you find that the situation is unmanageable. In these instances, you have to take a sober look at things and make decisions that can help us to get you back to financial stability.

For many people in the UK, this means choosing between two options for discharging debts, and Individual Voluntary Agreement (IVA), or bankruptcy. Each is a fair option depending on your specific situation. However, you should also consider other paths before committing to either of these very disrupting scenarios. Before settling on any specific option, you must find a way to manage your debt that is appropriate to your personal circumstances.

Bankruptcy

If you have a serious problem with debt and cannot manage it, bankruptcy is a legal option that might help. It offers many potential advantages to those who cannot pay off their current debts including:

• Creditors will stop harassing you. They cannot take legal action against you.
• You can keep certain items needed for you to continue working and some personal items of value. However, you might have to sell your car.  
• You can keep a reasonable amount from your income needed to live.
• Payments into bankruptcy cannot last longer than three years. 
• Debts included in bankruptcy do not have to be paid back. 

There are, however, many downsides to filing bankruptcy. They include: 

• Your credit rating will be affected for six years, and it will be difficult to get new credit during that time.
• Bankruptcies are listed publicly so everyone will know your intimate private financial details.
• Your home might be sold if there is any equity in it. You might also have to sell some of your assets to satisfy creditors. 
• You might lose your job, or your business might be shut down and your company assets sold to pay off creditors. 
• Your financial affairs could be limited up to 15 years if there is a bankruptcy restriction order filed against you.
• Bankruptcy could affect your immigration status

If you are considering bankruptcy, you should carefully think through the benefits and repercussions with your spouse and a legal advisor.

An Individual Voluntary Agreement (IVA)

IVAs were created as an alternative to filing for bankruptcy. It is for individuals who are in financial distress and seek an orderly way to pay off their debts. The process creates an affordable repayment rate for individuals so they can get out of crippling financial debt. 

An individual voluntary agreement (IVA) is an agreement between you and your creditors to help you pay off your debts at an affordable rate and over a period that allows you to continue to generate income and pay your new bills. This option is likely the better option for you than bankruptcy if you:

• Could lose your job if you apply and get bankruptcy protection. Some professions, like police officer and military jobs, do not allow you to file an IVA.
• Have, or are considering applying for a power of attorney on behalf of someone
• Currently, have spare income each month, or you have a lump sum of money that can be used to make repayments to creditors
• Own a business
• Have assets like a home, boat, or other valuables that you want to keep.

An IVA can provide certain advantages over a bankruptcy filing. They include:

• You can continue to use your current bank accounts
• You do not have to notify your bank about an IVA and can continue to use your same bank accounts to make payments. 

More flexibility than a bankruptcy

IVAs are designed to work within your current situation. It looks at everything you have and what is possible and then comes up with a workable solution for you with your creditors. There is a focus on having you retail your property and other assets while you pay back what you owe. 

You Can Use an IVA to Stop a Bankruptcy

Creditors will often push individuals to go into bankruptcy to get the money owed to them. This can be catastrophic to someone who owes money to them. An IVA can be used to halt bankruptcy proceedings. 

IVA Risks

IVAs are designed for individuals whose situations have stabilised. If you are not sure of consistent income or are still spiralling down financially, an insolvency practitioner will step in and end your IVA. At this point, creditors can force you into bankruptcy. Benefits of bankruptcy. You will also likely pay more to creditors in an IVA than you would in a bankruptcy. 

Choosing between an IVA and bankruptcy is a complicated decision. Take your time and select the one that best fits your situation and needs.