Archive for July, 2010

What it Means to Have Canadian Car Insurance

Thursday, July 8th, 2010

As with all insurance car insurance is a necessity and you should try to get as much as you can afford. Canadian car insurance varies from one province to another but whatever the cost one should never drive without insurance. That may be a very costly mistake.

Canadian law requires all drivers purchase automobile insurance. The insurance companies assess each application against many variables. The various rates are based on these assessments.

There is a minimum amount of insurance coverage required by Canadian law. Except in Quebec, the coverage is up to $200,000 for injury and personal damage to others. Should the claim be higher then you will have to be liable for the balance except for $10,000 in property damage. Quebec has a requirement of one quarter of that amount because the government covers injuries to individuals.

A strategy you may want to consider in buying your coverage is to buy the minimum. Afterward you evaluate assets and needs in order to buy additional insurance. This, as any other insurance, is a protection against some unforeseen disaster in the future.

Your insurance company will want to know the details about your car, how old you are, the number of times that you have had an accident or received tickets for road infractions, your gender, and where you live. They will assess your risk factor with this information. From this assessment they will set the rate you pay.

Typically in Canada the basic policy will protect you if you are liable and there is damage to another person. This is referred to as third party liability. The insurance will protect you if you are injured in an accident. If a driver is not insured or you are a victim of a hit and run there is coverage provided should you be injured or die.

Also available as optional is coverage including all perils, comprehensive and specified perils, and collision. All of these options or a combination are available for protection should you lose or damage your car due to fire, collision, theft and other risks. You evaluate your options and then find out the cost. You may feel that some are more important to you than others.

There is also coverage for your classic car. This has many stipulations and the cost is rather high. However, after the amount you have paid or the work you have put into this vehicle you may think it is very wise to have the special classic automobile insurance.

Generally you buy insurance through licensed brokers who are really intermediaries between you and the actual insurance company. They usually deal with different companies and try to find the best coverage for you. They are independent, offer advice and support, and are very respectful of your needs. You may want to deal directly with one specific insurance company who will assess your requirements and offer you the service. Today, you can also buy automobile insurance online.

Protect yourself and your family. Try to purchase the best insurance that you can possibly afford. In spending it now you may save yourself some outstanding costs later.

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Canadian Car Insurance FAQ:

Question: Why is canadian car insurance so expensive for newly arrived immigrants?
I was paying 250 quid in the uk and now they want $3000 odd! Talk about havin me pants down! Any ideas on the best insurance company to use?

Answer: Because your driving history didn’t follow you. Some things you can try:

1) Get the UK to supply you with a certified printout of your driving history (driver’s abstract)
2) See if your UK Insurance provider has a Canadian Subsidiary
3) Visit insurance hotline as they will instantly compare rates filed with the the insurance regulators and you can see who is best for you. Rates can vary by thousands for the same driving history and same vehicle

Question: Is there a website where I can get a canadian car insurance quote?
I know there are some, but I’m looking for one that doesn’t require your personal information. And if possible one that can let you enter in vehicles older than 1995.

Answer: I would start by calling up the company that your parents are insured with and ask them for a quote. Be sure to point out that your family has been insured with them for x years. Sometimes, you can get the best deal of all just by staying with that company.

Also, you can ask at your banking institution. They are often allied with insurance companies — like TD Canada Trust, which also has TD insurance. That way, they already know most of your information and only need to ask a few more questions.

Another possibility is an insurance broker. This is not the same thing as an insurance agent. A broker deals with several insurance companies and looks at your unique situation and can recommend the best (for you) of the companies he (or she) deals with. To find one near you, look up insurance brokers in your yellow pages. They are, of course, listed after the insurance agents — just don’t confuse them, because the agents are the representatives of only one company.

Question: Does your canadian car insurance rate go down if you have a child?
We are expecting a baby and people keep telling us this, but not sure if its true.

Answer: With children it usually goes up.

Question: What Canadian car insurance company will give me the lowest rate if I’m just buying my first car at 18?

Answer: I don’t know about the lowest rate BUT I will advise you to google any company for their payment of claims. Cheap insurance is one thing but if they don’t pay the claims, what good are they.

Question: If I am traveling to Canada do I need canadian car insurance?

Answer: To drive your vehicle legally you are required to have proof of insurance. The necessary document can be obtained from your insurer in the US and will be required if you are stopped for any reason and asked for proof of insurance. While you do not require specific “Canadian” insurance your are required to have proper insurance on your vehicle.

Question: Can I borrow my friend’s car under his insurance for a day under the canadian car insurance law?
I need to borrow my friend’s car to go to niagara falls for one day? Can I do that? I currently live in toronto and I have no idea for the insurance rules here?

Answer: You can with his permission. You aren’t planning on crossing the border, are you? If you do I don’t know how that would work. I suppose a notarized “He has permission to use my car on this date” would help if you are.

Question: Are credit scores used in Canadian car insurance rates?

Answer: It depends on what province you live in. In provinces where it is all private (Ontario, Alberta, Maritimes, Territories) it is becoming more and more common, however not all companies use it. Government run insurers do not use credit as a basis for determining rates.

Question: Why are car insurance rates in Canada almost 3 times of US cities?
Canadian Car Insurance rates are off the roof. It doesn’t make sense to me.

Answer: Depends on where in the US you are comparing rates to. Plus you do realize the minimum liability limit you have to carry in every province/territory in Canada (except Quebec where you can’t sue for bodily injury and only need to carry property damage liability) is $200,000/accident (there are no per person limit) where in the States it can be as low as $20,000 per accident (Louisiana and Oklahoma).

How to Repay Payday Loan Debts

Tuesday, July 6th, 2010

Taking debt is easy, but repaying it becomes equally difficult. Same becomes true in context of payday loan debts. These are easy to avail and subsequently become an attractive proposition for borrowers. As a borrower, sometimes you seek more than two payday loans in fact, in some cases the number can go up to three or four. However, this practice leads to a huge financial burden. Once trapped in that vicious debt cycle, things become much more difficult to handle. Nevertheless, with many easy repayment options available, all such difficult situations must ease down.

Under all above mentioned circumstances, the best possible alternative is applying for professional help. Since not many of you are aware of this facility, obtaining relevant information about the same becomes extremely important. A debt consolidation service may prove to be highly efficient in this regard. It offers instant relief from all short term credit debts. It does not really matter what the nature of loan is. There are solutions for every type of problem, since the debt market has become quite extensive.

Timely Repayment

Even though easy solutions are available to deal with any type of debt related issues, personal responsibility is equally important. You need to be responsible to make timely payments of your all outstanding dues. This further shows that resort to any relief help only when the situation has completely gone out of control. Make prudent decision regarding your finances as an old popular adage goes, “prevention is the best cure”. While obtaining any payday cash debt, show your presence of mind and always settle on for the best. There is no harm in gaining short term financial relief provided it is for the right purpose at the right time. Never delay payments because they accumulate and finally result in heavy amounts. One important reason for such an acute accumulation is unpaid interests and service charges. Since payments are delayed these service fees and interests keep on accumulating. Subsequently, you end up paying double the original borrowed amount.

Some Careful Observations

Always try to seek an amount, which complements your current income. Never ask for funds in excess of your requirement. As long as payments are on time or due date, no financially troublesome situation arises. Even no help for consolidating payday loan debts is needed. So make sure that borrowed money is paid back on your next payday. However, lenders also take utmost care in ensuring smooth organization of their borrowers’ finances. They consider employment status, bank account details, personal information and other such relevant information before disbursing funds. You should be able to show a fixed and constant income flow in order to be eligible for any monetary relief.

Above discussion makes it crystal clear that a right approach towards finances may really come in handy. Efficient management of your money can certainly help you come out of any grave economic situation. What all to be done is repay your cash well in advance, so that all embarrassing and humiliating circumstances may be avoided. However, if the situation is grossly unfavorable seeking credit counseling or help may become absolutely necessary. It may help you repay all outstanding payday loan debts effectively.

Payday loan debts may become irritating if not paid off on time. Under those circumstances they need an urgent solution. debt consolidation service may provide much needed relief in such situations.

Payday Loan FAQ:

Question: What happens if someone took out a payday loan in my name?
I’m going through a nasty divorce that has been dragging on for almost a year. A couple of days ago, both my brother and sister got phone calls from someone claiming to be a collection agency for a payday loan company saying that I had taken a payday loan and failed to pay on it. I have never taken a payday loan and my attorney cannot take action until I have something in writing. What can I do?

Answer: It does not sound like an actual collection company, (actual collection companies can’t state they are calling because of an unpaid debt unless they are talking to the lendee… fdcpa guidelines), don’t know what it is but it sounds fishy. If you do talk to this person DO NOT give out any personal information, and inform family/friends not to give out theirs. Given that you are going through a divorce my best guess (and it is only that), is that it is a private investigator from your former significant other. Best of luck.

Question: Are there any legitimate payday loan companies online that will not keep directing me to other sites?
I’m so sick of filling out information to get a payday loan. I don’t have a choice but I need money to pay my rent, I understand everything that comes along with the loans, but are there any legitimate sites that will give me a payday loan and not keep sending me to different sites that direct me to another site?

Answer: Nope, that’s their gimmick. Keep you filling out applications, putting your sensitive info in over and over…

I would keep an eye on your bank account if you gave any of those numbers to anyone… you may actually get CHARGED for applying!

If you are hell bent on getting a payday loan, do yourself a favor, and go to one you can actually walk into and talk to a human behind the counter.

Question: How do I stop a wage assignment from a payday loan company?
I have some payday loan company’s that want to assign my wages how do I stop it? A friend told me about sending them a letter to revoke my signature on the wage assignments but is that paper legal?

Answer: Theses types of wage assignments are not legal in some states….. only government entities can attach a wage assignment for like student loans, unemployment over payments, child support, etc.

Internet payday lenders most generally cannot pursue you legally for defaulting unless they are licensed to do business in YOUR state.

The only way that they can try to assign your wages, is if the contract you signed with them has a clause that you agreed to a “voluntary” wage assignments”

Question: Do payday loan lenders file criminal or civil charges if you default on a loan?
I took out a payday loan and have defaulted because my bank account is overdrawn. They are leaving voicemails stating it is going to the legal department and to court. Is this a criminal matter or civil as in they can only sue me, or can I be in criminal trouble for defaulting on a loan?

Answer: Defaulting on a payday loan is not a crime and can’t result in any criminal charges. If fraud is used to take out the loan, the individual can be prosecuted for that–but otherwise, such debt-related issues are not considered to be a criminal matter in the United States. They can, however, sue you in civil court.

Question: If you have paid more interest then you borrowed on a payday loan do you have to continue to pay the loan?
My husband got a payday loan back in February and he pay $236.00 every two weeks and that does not go to the principal. Once he has paid more then the loan in interest does still have to pay the loan?

Answer: Yes, the principal is still due. Interest is a fee which is charged for the service, it is due in addition to the principal.

Question: I had a payday loan and am now being threatened with “involuntary collections”, what are those?
I took out a payday loan and my fiance lost his job afterwards. I haven’t paid the loan for the last three months because every amount I offer that I can afford to pay, they will not accept as a payment arrangement. They are now saying they are sending me to the legal department for “involuntary collections”. When I specifically asked what that entails, the man told me he wasn’t allowed to say because of collection practices. What do “involuntary collections” mean?

Answer: It means they get a judgment against you and have your check garnished or take it from your bank account or in some cases they can take property from you.

Question: Anyone know how to get out of the payday loan trap?
I live in FL, 22, work full time. I loaned money to my brother and over-extended myself and am needing help now. My credit score is around 600 and can’t seem to get a loan for around 1500 to get my out of this mess. Any ideas would be awesome!

Answer: Here’s what you will have for options:

First, you can find a part time gig, make a little extra money, and just pay it out that way.

Second, call your brother, explain the mess that he has put you into, and see if he will repay.

Third, Call the payday loan place, and let them know what you have and can re-pay. Ask them if they will be kind enough to let you pay this out over a month or two. Yes, this is last for a reason. That 1,000% interest rate they have, will let you pay them out over a month or two, but you will pay more.

Question: Where can I find instant faxless loan payday?
Every payday loan company rejected me. I just need to loan 700 to pay for my bills, could you recommend me some I want easy approved instant loan with no fax request.

Answer: If “every payday loan company” rejected you, what makes you think you are going to find one? There is a reason you are being rejected. Do you have a job?