When acquiring a personal payday loan or payroll deductible payday loan, consumers take on a debt that can last for several years. In order not to lose sight of the value that has already been paid and what remains to be removed, it is good to be aware of the experts’ tips:
Control the installments of your payday loan with spreadsheets
When signing a contract, the document should indicate not only the fixed amount of the installments but also the interest that will be incurred over time. The first step not to get lost in this tangle of numbers is to create an Excel or Google Sheets spreadsheet on your personal computer, indicating what has already been paid and the installments to be won each month. The ideal is to make a flap for each year, separated by 12 months. That way you can see more clearly. If you have an accountant’s help, try to make some charts or spreadsheets that can cross your debt with your monthly budget to estimate how much you may have left over each month.
Access your payday loan statement
If you are a retiree or a pensioner and your payday loan was made in the form of payroll deductible payday loans, the INSS website provides an online consultation of your statement. To access, you must enter the Social Security page, enter your benefit number, date of birth and CPF. In case of doubts, the support of the organ is available through the telephone 135. Even having access to this information, the ideal is also to transfer the data to a personal computer. That way you can make more accurate estimates of how much you still have to pay and in how much time.
Ask your manager for the payday loan statement
Banks or financial institutions that offer personal payday loans can also provide your debt data. Consult your manager, ask for a detailed statement, or log on to internet banking to make that query. If you are not detailed enough, the bank should be consulted in person and you have the right to have access to the information. If you encounter any irregularities when you cross the statement with your payment vouchers, it is important that you report it immediately. Ask an accountant for help, redo the debt accounts periodically, and see if the interest is within the margin that was agreed in the initial contract.
All of this follow-up is even more important if you want to renegotiate the debt soon enough. If you receive some extra money or even get your back, this money can help you take out a payday loan or real estate payday loan, for example. Have the whole payday loan history in hand and be prepared.