Finance Guest Post

Picture the scenario. You are sitting in a restaurant, or you are in a shopping mall. As you are asked to foot the bill, you slide down your hand in your pocket to only find you do not have your wallet. It rings alarm bells as you find your purse is missing.

First off, you have to face embarrassment

Secondly, it puts your life at stake as it carries most essential credentials such as a driving licence, identity proof, credit card, debit card, home keys, cash, passwords and other vital documents.

This situation is undoubtedly devastating

Losing a wallet is a serious concern when it carries your documents. You can become the victim of identity theft and fraud for years. After losing a billfold, you cannot sit idle. You will have to contact the police and block your cards as immediately as possible. Before you get into it, you will have to know if your wallet is thieved or misplaced.

Most of the time, people think that they have lost their billfolds only to find but had forgotten it in a drawer at their work desk or in the car. You must search for all places before freezing your cards and informing cops.

Search all clothing, pockets, bags, and car. Call recent locations like restaurants and bars. Sometimes you leave it on the counter at the time of making payments. Do not hesitate to call them if they have spotted your purse. Nobody would like to retain your wallet if you have left it on the counter. Do not expect a business to call you.

Search your house for wallet patiently. Never think about the problems you will likely face if you do not find it. Look around the visible areas where it is more likely to be spotted such as a near nightstand, desk drawers etc. Your first search can be panic-stricken, so make sure that you search your house, clothing, pockets, bags and car again. Do not assume that your wallet has been snitched without making an excellent effort to search for your wallet. It would be frustrating to cancel your cards only to find that in the pocket of your trousers.

Going your way back through your routine may help you jog your memory. Do not overlook areas where it seems to be unlikely to have a wallet. If you have misplaced it in public transport, contact a security staff department. They can help you get your purse back. If you have looked everywhere and have not found your billfold, get ready to take the following steps.

There is nothing to worry about if it has little money, and as long as it is about embarrassment you will face, you can call your friend to transfer money to your digital wallet, or you can get payday loans with 100% acceptance.

Call the issuer to block your card

Thieves can do a lot of harm with your finances, from maxing out your credit card to withdrawing all funds from your bank account, imposing liability on you. Call the bank or direct lender who has issued you a debit or credit card. The sooner you get it frozen, the better it is. Otherwise, you will end up paying credit card bills and loans opened by somebody else. Inform your institution of theft. Your bank will immediately block your card and issue a new one with a new account number. They will freeze your existing account quickly to prevent unauthorised transactions.

Take this step as quickly as possible. Your institution will ask you the last transaction made by you to make sure that no unauthorised purchase has been made before you inform them. Otherwise, you will be responsible for paying as minimum as £50 provided you report them about the theft within two business days. If you report after 60 days, the amount can go up to £500 for illegal purchases.

File a police report

This option seems trivial, and hence you may ignore to get into the hassle of filing a police report, but it can cause severe damage down the road. You will have to inform the cop:

• The place where you think you lost your wallet
• The time you believe when you lost it
• A description of your billfold
• Wallet items – it can be driving licence, ID cards, debit and credit cards, vouchers, membership cards and loyalty cards

It is a minor crime, so you can go to the nearest police station to report it or call the cop by dialling 101.

Inform credit reference agencies of the theft

Of course, you will never want a thief to open new credit cards and take out loans by stealing your identity. It can cause a serious damage to your creditworthiness. Protect yourself from being a victim of identity theft by informing credit reference agencies – Experian, Equifax, TransUnion – of the theft scenario and request that they place a fraud alert on your credit report.

You only need to request an alert with one credit bureau because it will inform the others. The fraud alert will stay on your credit file for three months. However, you can get it extended for a further seven days. You will need the following documents for the extension.

• A police report
• An identity theft report

Report DVLA about your missing driving licence

Whether you carry a debit or credit card in your wallet or not, driving licence is something that must be in your purse all the time. To avoid identity theft, you need to inform DVLA as soon as possible of the theft. Though you can report them on the phone, it is better if you visit there in person. The staff will process the application to reissue the licence. You may be liable to pay fees. Make sure that you carry a copy of police report with you.

Change your home locks if keys are missing with the wallet

If you have lost your home keys, you should immediately change your locks. There is a risk of barge-in. Even if you have got your billfold back, you should change the locks. A pickpocket can have duplicate keys to damage your property. Robbery cases are high in the UK and are continually soaring. If you do not want to be mugged, make sure that you get it done as soon as possible.

Look over your credit file

Once you have called a credit reference agency to put the fraud alert on your credit report, they will have a watchful eye on your accounts. If they receive any request for opening a credit card and a loan, they will ask you if you made this request. Though the fraud alert will keep you from becoming the victim of identity theft, you should be on guard too. Keep tabs on your credit report from time to time. Download your credit report from all credit bureaus to see if it shows any fraudulent account. You can get a free report once a year.

Check for any strange activity – if it has any inquiry or any account that is not in your loop. After the expiry of 90 days, the alert will be removed, and you are likely to have lines of credit in your name. Make sure that all the accounts in your report are familiar to you. You can lower your guard when it comes to monitoring your credit file.

Call your health care provider

Not all people keep health insurance cards in their wallets. If it was in your purse when it was snitched, call your health care provider. Since someone may start using your card to attain medical benefits, you should immediately report the theft to the insurance provider. They will change your policy number and reissue a card with a new one.

Bear in mind that it may take a bit long time, probably a week or longer, making you unable to use your insurance to pay for prescriptions. You will have to manage such expenses on your own. It is recommended that you keep all the bills to get reimbursed.

Cancel membership of gym and clubs

If you have subscribed a membership program of a gym or a club, make sure that they know about the theft of your cards because somebody else could use them to have fun. Cancelling a membership can cost you some fees, but some do not charge any penny if you prove that your wallet has been purloined.

Buy a new wallet

Once you have informed the police and other local authorities of the theft, the next step is to buy a new wallet. Fill it with new cards and other important stuff. Of course, you may get your old purse back, but you cannot hang around waiting for it.

What can you do to prevent damage?

It can be annoying to get into the process of filing a police report, blocking cards, changing personal information and home locks. You can avoid this hassle by minimising the risk. Here is what you can do to protect yourself.

• Do not keep things you do not need

Strip your wallet off stuff you do not need when you step out. If you are going to a shopping centre and you want to make payment in cash, you do not need to carry your debit and credit cards.

Make sure that you keep cash as much as you need. It is okay if it is slightly over your budget, but money should not be three or four times more than you need. Do not keep passwords and other documents that you do not need. Driving licence is a must, but do not carry other identity documents like passports. Before you stuff things into your purse, ask yourself what you need and what you do not need.

• Scan all documents you keep in your wallet

It might be hard to remember all the things you keep in your purse, especially when it carries everything from passwords to documents. A good rule of thumb says that you should scan it into your desktop. Save it on your email id, so that you do not need to make a checklist at the time of theft. You can immediately inform the cop what it carried without missing on an item. Store your password details in a PDF format in multiple locations.

If you do not want to take the headache of scanning documents, you should use a lost wallet app. Many of them are available without any cost. These apps replicate the content of your wallet and secure them with a password. Some apps provide a facility of emergency numbers so that you can call straight away.

• Be on guard

When you are out of home, try to keep your wallet in front pockets of trousers. Back pockets are vulnerable. Be aware of your surroundings. Take your purse with you when you need it. If you think that you are being stalked, cross the road or go into a shop and wait there until you know you are safe. Beware of pickpockets when you are travelling in public transport.

The final word

Even though you have reported the cop about the crime, you cannot wait for getting your stuff back. Thieves are always at large even after several months. Much as you are cautious enough, you are likely to have lost your wallet. You cannot tear up the theft by roots.

If you get caught in this situation, you should follow the tips as mentioned above. The sooner you act, the better it is. You might feel like it puts you out, but this is the only thing you are supposed to do. Try to keep as minimum things as possible in your wallet to reduce the damage. Shoving what you do not need into your wallet is not a smart act.

Though you cannot expect thieves to have mended their ways, at least, you know what you need to do if it happens.

Owing to paucity or loss of jobs effectuated by the economic and fiscal turmoil in the international scene, credit scores have undergone a drastic reduction. Inflation and escalating prices have greatly accentuated the woes and sorrows of the common man. Despite the obvious pitfalls of a fledgling economy, there are some financial institutions that provide personal loans to people with poor credit. Your credit score is immaterial in this regard. With the abundance of lenders today, you need to realize that a consumer’s current credit condition may not be due to his/her fault. The companies assure consumers of the prompt and reliable services via programs and myriad websites.

The Fundamental Characteristics

According to some industry insiders, the relative mechanism is designed for the convenience of a concerned under. You can fill the form very easily. An affirmative feature of this loan is that you can find more lenders who are providing effective and convenient repayment options to clients with dismal credit. Nevertheless, you should remember that personal loans differ from a general loan or regular, adequate investments. The main reason is that you need more payments from a customer to increase the profit parameters for the lending institution. Although lenders require enhanced interest rates to offer such loans, this mode of investment can verily provide financial support and rebuild credit. You can use this loan for numerous purposes, which can include the purchase of a car, the payment for a memorable vacation or medical expenses coverage. But before going for any investment, let us know how to decide our investment goals.

Decide Your Investment Goals

You need to be little serious about your financial adventures and think before you actually do it. Firstly, you need to figure out your requirements from an investment i.e. what you are expecting in return from the investment. You also need to check the feasibility of your expectation from the same. At times, people expect a return in a comparatively small period that seems to happen in a very rare case and get disappointed when they don’t get the desired result. Hence, this is recommended to analyze to which extent you can expect a return and how much investment is justified in a specific stock on bond. Once you have got how much you can receive from an investment and can set a goal for the same.

How Long You Want to Invest For

You are supposed to plan in advance how much you are going to invest in a particular stock or policy. You can get the help of financial advisers to help you with same. There are various financial experts who provide investment advice in various online portals. If you are willing to get a specifically personalized financial strategy, you hire a personal financial advisor to plan the same for you. They will listen to your requirement carefully and suggest the best options considering your expectations from an investment.

For example, if you are planning to buy a home in next 2 or 3 years, investments in the stock market may not be an intelligent decision as the prices fluctuate according to the performances in the market. There are possibilities that after 2 years, when you plan to withdraw your investment, you may not get the desired profit to utilize buying the home. For small period investments like this, you are supposed to invest more in cash savings accounts that provide fixed interest on deposits.

However, if you are investing to utilize it in your second innings i.e. your retirement life, you are advised to think about the plans that will reap profits in the long term. Investing in mutual funds, life insurance plans, as well as stock market, can help you gain profit over the years that will prove very useful in later of your life.

Make an Investment Plan

Once you have decided whether you have to invest for a longer or shorter period, you need to make an investment plan. You are supposed to ask yourself what kind of what kind of returns you are expecting from an investment. Whether you would plan by yourself and how much can pay for your adviser’s fees. How often you would like to review the performances of your investments and what are the conditions you would like to make a change. Except for the main product charges, the funds you will be investing may have other charges as well such as on and off going charges. Ongoing charges consist of Annual Management Charge (AMC) and other operating charges that you may get details from a mutual fund representative. If you are unable to decide these things for yourself, you can discuss with your financial consultant to get an idea of the same. Also, a personal financial adviser will help you what kind of investments are right to give you the desired result.

Invest in Insurance Plans

Investing in an insurance plan is among the safest decisions one can make to get returns in long-term. Insurance plans have been designed to protect the policyholder as well as their loved ones in the future if something unfortunate happens with them. To better understand what type of insurance plan will be the most suitable, let’s get to all the existing insurance options available for you.

Life Insurance: Under life insurance policies, you need to pay a fixed premium every month and they will protect your loved ones in case something happens to you. This means when you pass away, the insurance provider will pay a hefty amount to the beneficiaries i.e. your loved ones to fight their financial challenges. They can utilize this amount to take care of pending debts, medical expenses, and other essential expenses. Just by dropping a request on an insurance portal, you can receive cheap life insurance quotes from a range of insurance providers in your locality and decide on a plan best suiting your specific requirements.

Health Insurance: Health insurance are considered as important as having a life insurance plan as these plans can greatly protect you and your loved ones from fatal accidents as well as serious diseases and extend their existence with you. These plans ensure that your loved ones don’t depart in an unfortunate way when you expect it the least. Investing in these plans can save you a lot when your loved ones’ age and get diagnosed with a serious disease.

Annuities: Annuities are a great investment option if you are looking for the ways to get a decent return in later years of life. Under these plans, you can choose to invest when you are earning and enjoy a guaranteed income every month after your retirement. This monthly income can help you take care of your daily-life expenses and spend your retirement comfortably.

Mortgage Protection: These insurance plans are great when you don’t wish your loved ones to suffer after your departure. Also, these plans can save you from losing your home, in case you fall ill, meet an accident or just lose your employment. You just need to pay a fixed monthly premium to your insurance provider and they will take care of your monthly premium when you go off work. If you saved a few bucks in your bank account, you can also decide to buy the insurance with a single premium and can ensure a safe shelter for your loved ones.

The Market Directive

Usually, people are inclined towards personal loans since banks are not interested outside the ambit of credit scores. This effectuates perpetual refusals and denials, which puts customers in a fix while you try to invest in rebuilding your credit rating or a healthy future. Moreover, banks or other financial institutions can no longer provide fiscal protection or loans, let alone validation. This has enabled customers to search for a more viable and reliable alternative. Industry pundits say that credit ranking used to be fairly reliable once upon a time. As things turn out now, lenders need to discern the logic or reasons behind the slump in credit ratings. You must evaluate the economic history before going forward with the loan initiative. To be precise, the banking feature is devoid of clear reason. Personal loans for people with poor credit entail the possibility to bolster and revamp your credit avenue alongside getting money within a short time.

The Immediate Relief

By accessing these loans, you can benefit from the different payment options in no time. Customers can avail this juncture to save time, money and energy. You will find that the online mode of application usually requires lesser documentation if compared to traditional loans. You must affirm the exact amount you are borrowing. In addition to this factor, you can compare a throng of offers to determine and decide the most feasible solution to your financial problems. Discussion of fiscal credentials or assessment of myriad offers with lenders regarding terms of the process can certainly enhance the possibilities of obtaining a viable loan.

The Market Stance

You have different diversifications at this juncture. You have student loans, car lions, payday loans, pawn transaction loans, rent-to-own and title loans falling within the present bracket. There is also debt consolidation, anticipation loan, credit cards and refinancing folds that embolden the functional efficacy of personal loans.