How To Avoid Costs
In this article we’ll dispel another myth that logbook loans are excessively expensive and costly and how you can make savings with your loan. We should make it very clear from the outset that logbook loans should only be used for short term borrowings and not for your long-term borrowing needs. If used in this manner V5 Solutions logbook loans can be a useful and cost effective way to borrow money over a short term.
We’ve already explained the potential costs and charges that could be incurred and these are all easily avoided if you follow these very simple rules.
This is the easiest way to ensure you don’t incur any late payment charges. At V5 Solutions we offer you a variety of methods to make your payments quickly and easily, to ensure they are received in good time.
The simplest repayment method is by Standing Order. We can set this up with you at your loan appointment and it is an automatic payment from your bank account to ours on a specific day each week. This will ensure your payments are made on a day or date when you know there will be funds in your account and there will be no risk of you forgetting to make the payment. We can set you up on a Standing Order payment scheme at any time, just give us a call on 01603615191.
We issue each customer with a NatWest payment book to make payments directly into NatWest Bank. This gives you more flexibility as you can pay on any day of the week and it is useful if you have cash on you and are regularly making payments into your bank anyway. You must remember to make the payments each week and it would be a go idea to note this down in your Diary and Calendar.
We also accept Debit Card payments over the phone. However there is a 50p charge for each payment made and we don’t recommend this for your normal weekly payments. We offer the service primarily for customers that might have missed a payment and need to make an urgent payment to us to avoid incurring arrears.
You can also make a secure Debit Card payment to us via the MyV5 page on our website. There is no charge for these payments and for your convenience you can make them at any time of the day or night. You should remember that your payments should be made in accordance with your loan agreement to ensure you don’t incur any arrears or late payment charges.
By settling your loan early you can make significant savings on your loan as you will receive a discount on the loan repayments. Our loans are very flexible and you have several options available to settle our loan early. You can settle your loan in full at any time by making a one off early settlement payment. You can contact us at any time and request a settlement figure and the sooner you can settle the agreement the less interest you will pay and the larger the savings are.
You can overpay your logbook loan whenever you have additional money available. This is a great way to settle your loan if you have extra cash available each week or month, but you can’t afford the whole settlement amount in one payment.
Partial Early Settlements
This is an efficient way that allows you to settle your loan by making partial early settlements. It is best used by over paying your loan account with regular or one off over-payments. To really benefit from making these over-payments you must ensure that your loan account is up to date at all times.
If you are experiencing extreme financial difficulties you may wish to consider surrendering the vehicle to us. We will sell the vehicle and settle the account for you and any excess monies raised will be paid back to you. This avoids incurring any late payment and repossession charges. You must ensure the vehicle is in good condition to avoid incurring repair fees to make the vehicle sell-able.
Keep In Contact
If you encounter any financial difficulties during your loan term that might affect the loan repayments you should contact us as soon as possible and let us know. We will work with you to ensure you don’t incur unnecessary costs or charges while ensuring you make affordable repayments on your loan agreement. You can contact us by email or phone 6 days per week and we will do our best to work with you.
It is crucially important that you maintain any payment arrangements that we agree with you and if you are unable to maintain these payments you should contact us as soon as possible.
Address & Contact Details
As our agreements can be 18 months or longer in duration, there is a chance that you might move address or change your contact numbers during that time. As with all your other Utilities you should update us as well. If we have to send you payment reminders and these are not received, because you have not informed us that you have moved, then you may incur unnecessary charges and fees for tracing you. You can update us with your new address details by calling us on 01603615191.
Remember our V5 Solutions logbook loans should be used responsibly for your short term borrowing needs and you can make significant savings if you are able to settle your logbook loan early.