How to Avoid Missing the Due Date for Your Bills

Missing the due date with your bills can have devastating consequences to your finances and credit. If you want to ensure that you are never late with paying the money you owe, it is important to read through this article very carefully. There are lots of different things you can do right now to save yourself a lot of aggravation in the future. One of the main reasons that so many people’s credit rating is low is because of late bill payments. These tips can help you increase and maintain your credit rating.

Pay as Many Bills as you can Online

The first thing you should do is to register an account with as many different billers as possible. Paying your bills online is a very quick and easy process, so you will definitely want to do this right away. This will save you from having to mail in your payments, which can be quite time consuming. It also provides you with an easier way to keep track of how much you owe and when your bills due.

You can simply go online to see the due date if you aren’t sure. Most companies accept payments online these days, and it is a huge convenience for everyone involved. It’s also important to consider that going online to pay your bills can minimize the chances of having your identity stolen. You might be surprised how easy it is for an unscrupulous person to do this with an old bill you have thrown out in the trash.

Setup Automatic Payments

If you don’t already have automatic payments set up with your billers and creditors, it is important that you do so. This will make it easier for you to pay your bills on time, as you won’t have to worry about remembering when the due date is. The money that you owe will automatically be taken out of your account each month. This makes paying your bills much easier and a lot less risky.

Utilize Account Reminders

Even those who have already set up automatic payments with their billers should still opt for account reminders. These alerts will tell you when it is close to the due date so you will know. This can be a good way of reminding yourself to check your statement to make certain it is completely accurate. Take some time to log into your online accounts and look for settings that will allow you to enable account reminders/alerts.

Request an Extension

A lot of creditors will work with their customers to ensure that they pay the money they owe. Sometimes they are willing to extend the due date if the person is going to have trouble paying their bill on time. If you think you might have to pay one of your bills late, you should contact the biller right away. Failing to do so will only make the situation more complicated and stressful.

Pay Your Bills Early When You Can

If you are able to pay any of your bills early, you should always do so. This will guarantee that you won’t be late making any payments, and it can reflect well on your credit. If you are trying to build up your credit rating, you should make a point of doing this as often as possible. If you are paying back a loan, make sure there won’t be any fees for early repayment.

Get into the Habit of Bill Paying

Young people who are new to paying their own bills will need to get into the habit of doing this. Choose a specific date to go over all of your expenses so you know exactly what you owe, how much and when it is due. This habit will serve you very well as you go through life. You should treat doing this as if you have a very important appointment for a job you really want.

Choose a Method of Organizing Your Finances

There are numerous ways to keep your finances organized, and it is important to find one that will work best for you. The more organized you are in this way, the more adept you will become at paying your bills on time and in full. Choose a place to keep paper bills and other important financial documents so you don’t lose track of them.

Create a Rainy Day Fund

A rainy day or emergency fund can be of great use when an important expense suddenly pops up in your life. You will definitely want to make a point of setting aside money so that you can take care of these expenses as needed. If you end up losing your job, you will have money to keep paying your bills until you can find something else.

What You Need to Know About Repaying Your Student Loans

Many people of all ages throughout the UK know how it feels to be stuck under the crushing weight of massive student loan debt. If you want to repay the money you owe as soon as possible, you will need to get some helpful tips and advice first. In this article you will learn about some of the best ways to get rid of your debt so you can start living your life again. As hopeless as your situation might seem, there is a way out.

How Repayment Works

The very first thing you need to know is how repaying your student loans work. Once you graduate, your loan payments will be taken out as part of the tax system. This is the same whether you are an employee of a company or have your own business. Even those who are working overseas will still be taxed for their student loan repayments.

Student Loan Types

You can get either mortgage style or income continent student loans. A vast majority of people in the UK have contingent loans. With contingent loans, there are two individual types of repayment plans.

The first repayment plan applies to wherever you went to school in the United Kingdom. The second repayment plan is only for those who have studied in England or Wales. Mortgage style loans are only for those who began going to school prior to September 1998. These loans have a fixed term.

When does Repayment Begin?

You won’t really have to start paying back your student loans until 6 April after you have completed your schooling, but it doesn’t begin until the following year. If you have a Plan 1 loan, payments will be taken out of your paycheques when you begin making more than £18,330 annually. If you have a Plan 2 loan, you won’t need to start paying it back until you are making more than £25,000.

Your Income is No Secret

Student loan companies will know exactly how much you are making from your job by using your National Insurance number. They tell HM Revenue & Customs to alert your employer so that the appropriate amount can be taken out of each paycheque you receive.

You won’t have to content with a repayment deduction if you start making less than one of the two amounts specified above. If you begin making less than that at any point, you won’t have to make any repayments until your income has risen appropriately. It is important to keep in mind that these loan companies always know what you make, so you cannot hide this information.

Self –Employed Individuals

Those who are self-employed will find that HMRC determines the total amount that you owe based on your tax return documents. When you are going about filling out doing your tax return paperwork, you need to select the student loan option. Failing to do this is illegal and could get you in big trouble with the government.

Working Overseas

If you plan on working overseas for more than three months, you will be required to submit an Overseas Income Assessment document. This paperwork will ask you to provide income information that will determine what your repayments are going to be.

Repaying Your Student Loan Sooner

You certainly have the option of paying back your student loan early, and it is something that a lot of people want to do. There is always the option of making individual payments to the student loans company directly. The more you pay them, the sooner you can gain financial freedom. It is highly recommended that you do pay extra, as it will ultimately help you save money. The larger your student loan repayments, the less interest you will have to worry about. Alternatively you could take out a loan via a company like to repay it back quicker.

There are plenty of ways to get your loans paid off earlier, such as taking on a part-time job. The more money you make, the sooner your debt will be taken care of.

Trouble Repaying

If you are struggling to repay your loans, it is important that you contact the student loan company right away. Let them know that while you are making enough to have the repayments taken out, you are unable to live comfortably. There is a chance that your repayment amount could be temporarily decreased until you are on better financial footing.

Budgeting is Important

One of the best ways to ensure that your loans get paid off as soon as possible is to start budgeting. Make sure that you write out a detailed budget with all of your recurring monthly expenses. This will help you to know exactly how much you can afford to pay back. A budget will serve you well throughout your entire life, but it can be especially helpful with taking care of student loans.