Want Out of Your Mobile Contract, Just Send Them a Text

If there is one thing we always have at hand, or know where it is, and that is our mobile phones.

They are always near, and always on, and almost always in use. We are either sending a text, watching a video, listening to music, take a photo, make a payment, doing something on a mobile application, or even yes, making a phone call.

And as if these little wonders were not enough on their own, applications for our mobiles are being developed daily. With many of these applications directed at saving us money, or helping us with our finances.

Most credit cards today have a mobile app to help you not just track your spending, but also alert you to when you have a payment due, and if you are reaching your credit limit.

Online and mobile banking is used by just about everyone, under a certain age, and who goes into the bank branches these days, not too many people. All things banking can be done using your mobile phone and the bank’s application.

However, there is a price to pay for these mechanical marvels, in some instances they are not cheap.

The Past and The Future

Years and years ago it was all about “minutes” to talk. Using the phones to make a phone call could be expensive; today is it is more about data.

Data and the actual cost of the phone.

Again in the past, if you signed a new contract with a mobile carrier you could get a new mobile phone for free, you just paid the contact each month, and the phone cost was absorbed into this monthly charge.

With so many people have new hand set these days, we are not buying the latest and greatest new mobile phone on the market each year, or every other year.

This in addition to nothing new being added to mobile phones, the technology has stagnated for now, we are not buying new handsets. This has caused the manufacturers to have to charge for the new phones, so carriers now do not just give the handsets away when you sign a new contract, you may be required to pay a deposit, £50 or more, £150.

This even with a contract.

And it is the data now that is costly. As we use our phones more and more online, 2gig of data can be eaten up rather quickly, and if we stream music and videos, 5gig may b more what we need.

So our mobiles are a part of us, and a part of our finances each month. And the contracts can be confusing, and also expensive.

Text to End a Mobile Contract

Have you tried to switch mobile phone carriers, ever?

It can be difficult.

You need a PAC/porting authorisation code to move your mobile number to another carriers, plus your current carrier will want to know why you are leaving, may try to charge you a fee to leave, or some early termination fee, it makes leaving difficult.

But not any longer.

Mobile carriers have nine (9) months to update their systems, but if you want leave you just text PAC to 65075 to start the process. This gets you a PAC to begin.

The switching code will be good for 30 days, and the provider must also tell you other important information:

* The date your contract can end without a penalty

* The price you have been paying

* Any alternative deals they may have

* Your new service provider must arrange the switch in one (1) day

In addition, if you are unsure about switching, such as if your contract has ended or not, you can text INFO to 85075, to inquire without switching.

Consumer Group Director at Ofcom, Lindsey Fussell stated, “Breaking up with your mobile provider has never been easier thanks to Ofcom’s new rules. You won’t need to have that awkward chat with your current provider to take advantage of the great deals available.”

This will put power in the hands of millions of people who’re paying more than necessary when they’re no longer tied to a contract.

The Chief Executive at the CAB, Gillian Guy said, “Almost nine in 10 people think that charging loyal customers more is unfair, and we agree.”

“We look forward to hearing about the concrete actions Ofcom will take to end this systematic scam.”

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<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”” data-mce-href=””>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”” data-mce-href=””>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”” data-mce-href=””>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.