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Smart Help With Payday Loans

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Loan - Investors King
  • Smart Help With Payday Loans

When most people are thinking about how to get out of payday loans, they often assume that the solution is paying off the loan with another. However, it isn’t. Unfortunately, this is an all too familiar problem.

It is common knowledge that it can be quite scary to be in payday loan debt. If you have a looming repayment date and cannot afford to repay, there’s some light at the end of the tunnel. All you have to do is follow the 5 steps below to help in dealing with payday loans that you are unable to pay.

  1. Stop Panicking

Payday loans are often marketed as a way to fund a ‘one-off’ expense that’s unexpected, such as a car MOT. However, the reality is that about 40 percent of people use payday loans to pay for essential items such as gas and food or rather getting to work and putting food on the table.

25 percent of people use payday loans to repay other forms of credit. If payday loan debt is something you are struggling with, stop panicking since you are not alone. It is possible to become debt free without the need to take any additional loans.

  1. Step the Borrowing Cycle

One common trap that people tend to fall into is not actually being unable to afford it in the first place, but rather feeling that there’s no way out besides taking out another loan followed by another, and so on.

You must stop this cycle. Taking out loans constantly one after the other might seem like a fix to your problems, but it isn’t. Drawing a line undertaking multiple payday loans will help you stop sliding deeper into debt.

  1. Cancel Your CPA Payday Loan Payment

Payday loans are non-priority debts, which means that they should only be paid from the money that remains after you have paid priorities such as living costs, food, household bills, mortgage, and rent. If by paying back your payday loans means that you will run short of money to pay for priority expenses, you need to stop the money being taken.

When you were applying for the loans, you provided your card details to set up the Continuous Payment Authority (CPA). It is how the vast majority of payday loan companies take repayments. However, it is a direct link to your bank and the payday lender is free to take the money whenever they feel like it. If you don’t have sufficient funds to cover the full repayment they often try several times.

If you don’t have enough money in your account, the bank will slap you with some charges. So, if you are unable to afford it, it is better to cancel your CPA. It is easy to do:

– If it is the date the payment is due, call your bank and request for the cancellation of the payday loan payment.

– If it is between 1 and 5 days away, email a letter to your bank.

– If it is more than 5 days away, send a letter to your bank by post.

To keep the payday loan company in the loop, it is advisable to send a copy of the template letter to them too. However, do this only after the bank cancels the CPA.

  1. Repay Only What You Are Able to Afford

One of the main issues that people have over the operations of payday lenders is the collection process. The reality is that nobody can make you repay more than you are able to afford. You can tell how much that is and even prove that to the payday lender using tools such as the Debt Remedy tool.

What is Debt Remedy?

It is an approach to giving free debt advice online to anybody in need of it. It is both a debt solution and money management tool that works out the available options depending on your budget. It is easy to use, quick, and you never even have to provide your name.

How Do You Use the Tool?

You simply enter your income and outgoings. The tool will then budget payments such as bills and rent to ensure that the most important companies and people get paid. It then provides you with a personal action plan that will help you deal with your debts including any further step you should take.

Can I Talk to Somebody?

Yes. If this is what you prefer, you and call and speak to one of the debt advisors.

  1. Living a Life Without Payday Loans

You have stopped the borrowing cycle and regained control. With professional debt advice and budgeting assistance through the Debt Remedy tool it is possible to manage your outgoings within your income, without having to take additional credit.

Its possible to clear your arrears, budget for priorities, budget for future payments, and receive one of a range of debt solutions to help in the management of your debt over the longer-term, but only if you have the right partner.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

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Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

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IOCs Accused of Blocking Direct Crude Sales to Dangote Refinery

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Dangote Refinery

Dangote Industries Limited (DIL) has accused International Oil Companies (IOCs) of obstructing direct crude oil sales to its refinery and forcing the company to use costly middlemen.

This development comes after a statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) suggested a “willing buyer-willing seller” dynamic was in place as mandated by the Petroleum Industry Act (PIA).

Devakumar Edwin, Vice President of DIL, countered NUPRC CEO Gbenga Komolafe’s claims, stating that IOCs consistently make it difficult for local refiners by pushing sales through international trading arms, which inflate prices and bypass Nigerian laws.

“These middlemen earn unjustified margins on crude produced and consumed within Nigeria,” Edwin stated.

He noted that only one local producer, Sapetro, has sold directly to DIL, while others insist on using trading arms abroad.

Edwin detailed the financial impact, citing instances where DIL was charged a $2-$4 premium per barrel above the official price.

In April, DIL paid $96.23 per barrel for Bonga crude, which included significant premiums, compared to a much lower premium for West Texas Intermediate (WTI) crude.

While acknowledging NUPRC’s support in resolving some supply issues, Edwin urged the regulatory body to revisit pricing policies to ensure fair market practices.

“Market liquidity is essential for fair pricing. We hope NUPRC addresses these issues to prevent price gouging,” he stated.

This dispute highlights ongoing challenges in Nigeria’s oil sector, where domestic refiners struggle to secure local crude amidst complex market dynamics.

The outcome of these negotiations could significantly impact the refinery’s operations and broader industry practices.

The situation underscores the need for transparent and efficient crude supply systems to bolster Nigeria’s refining capacity and economic growth.

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Dangote’s $20 Billion Refinery to Begin Petrol Sales Next Month

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Petrol - Investors King

Aliko Dangote announced on Monday that his long-awaited $20 billion refinery complex will commence petrol sales starting next month.

The announcement came during a press briefing held at the refinery site in Lagos, where Aliko Dangote, Africa’s richest man, detailed the project’s progress and future plans.

“We are proud to announce that the Dangote Refinery will begin selling petrol from August,” Dangote stated confidently.

“This milestone marks the culmination of years of meticulous planning, construction, and overcoming numerous challenges.”

Dangote’s refinery, touted as the largest single-train refinery in the world, is designed to process 650,000 barrels of crude oil per day once fully operational.

The facility aims to not only meet Nigeria’s domestic demand for refined petroleum products but also contribute significantly to export markets across West Africa.

“We have entered the steady-state production phase earlier this year, and now we are ready to begin commercial sales,” Dangote explained. “Initially, we will focus on petrol production, with plans to expand our product range as we ramp up to full capacity.”

The refinery’s launch is expected to alleviate Nigeria’s longstanding dependence on imported refined products, thereby boosting the country’s energy security and reducing foreign exchange outflows associated with fuel imports.

Beyond petrol sales, Dangote revealed ambitious plans to list both the refinery and its associated fertilizer plant on the Nigerian Exchange Group (NGX) by the first quarter of 2025.

This move aims to attract broader investor participation and unlock additional value for shareholders.

“We are committed to transparency and accountability in our operations,” Dangote emphasized. “Listing these subsidiaries on the NGX will not only strengthen our corporate governance framework but also enhance the refinery’s financial sustainability.”

Challenges and Future Prospects

Despite celebrating the imminent commencement of petrol sales, Dangote acknowledged challenges encountered during the project’s execution, including delays in securing land for a petrochemical facility in Ogun State, which incurred substantial costs.

“We faced bureaucratic hurdles that resulted in significant delays and financial losses,” Dangote lamented. “Nevertheless, we remain steadfast in our commitment to advancing Nigeria’s industrial capabilities and contributing to economic growth.”

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