Payday Loans in the US – Differences from one State to Another

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Payday loans in the US are fairly simple and require no more than an ID card, your bank account information, and proof that you have some sort of income. In less than 24 hours you can get the amount of money that you’ve asked for.

Certain lenders have different processes and different prices. However, what happens if you are not satisfied with the amount of money you can borrow in your state? What if you wish to get money from a different state?

Payday Loan Place Window Graphics

All US states have different processes in which you can borrow money and not only. The sum of money that you can borrow is different as well – and it does not matter if they are payday loans, installment loans or mortgages.

With the things above being said, let’s take a look at some terms that you should understand before you get a payday loan in another state.

APR

APR stands for “annual percentage rate,” and it consists of a percentage that, hypothetically, you will need to pay in one year. For example, if you borrow $700 and the APR is 300%, in one year you will need to pay $2100 back. It’s just a simple calculation. The APR is the way that the lender makes money off borrowers.

The APR is different from one state to another, but generally speaking, the APR works on the basis “the smaller the amount of money borrowed, the smaller the APR is.”

Most states work on an APR of 450%, but the percentage can vary. If you are thinking of borrowing money from a lender form another state, be sure to check the APR first.

Term

One thing that you should worry about is the term. This refers to the amount of time in which you should return the money back to the lender. The term can be from 10 to 30 days, depending on the lender and the state in which the lender resides.

The trick here is to choose a lender with a very big term in which you can return the money. Some borrowers have difficulties when trying to return money back in such a short amount of time.

Rollover

If you really experience troubles with returning the money, you are allowed to do a rollover. The rollover consists in extending the time period in which you can return the money, although this involves some additional fees as well. There is a limited time of rollovers in each state.

Also, be aware that some states don’t have a rollover. In this case, you will need to return the money in the exact amount of time you have established with your lender.

Legal actions

If you fail to pay the money even after a rollover and the term has expired, you can find yourself in a difficult spot. Calls upon calls from the lender asking you for the money can occur – and in a worst-case scenario, a debt collector could show up at your front door with police included.

To conclude the above information, getting a payday loan is tricky. However, if you have the nerves and courage, you can borrow money from a lender which resides in another state.

Image credits to: Taber Andrew Bain  on Flickr


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Different Ways Social Trading Can Help You Trade Like A Pro

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social trading

The financial markets are attracting more investors for all the right reasons. There are plenty of opportunities to make money in the financial markets and getting into the market is easier than ever. There are also more resources that help you learn about the instruments you want to engage, which means mastering the market is also easier to do.

One of the most intuitive ways to learn about the market while banking profits at the same time is social trading. Rather than trying to understand the market on your own, you now have the ability to learn from top traders and meet fellow investors through platforms like Ayondo. What are the benefits of social trading? Read on to find out.

Earn While You Learn

The biggest advantage offered by social trading is the ability to learn while earning profits at the same time. Instead of spending time getting to know the market by browsing through tutorials and watching videos, you can use a more hands-on approach and learn while observing real trades.

On top of that, you can choose to participate in the trades being made. From the platform, you can set up a live account and directly copy the trades of top traders in real-time. This means you make money whenever they make money.

The approach certainly allows you to earn while you learn. You get more insights on how the market works, a lot of chances to test your own strategies while learning the strategies of professional traders, and still bank profits along the way.

Collaborate and Share

Social trading platforms also allow you to connect with fellow investors. Rather than trying to figure out the market on your own, you now have one more tool in your trading arsenal: collaboration. Using live chats and the social features of the platform, you can exchange ideas and get insights from other traders.

In return, you can share your own insights and contribute to the community. This is a great way to accelerate your learning process and expand your network. It won’t be long before you start making real friends in the trading community and building stronger relationships with other investors with similar interests.

Eliminate Personal Bias

The last, and perhaps the biggest, benefit of social trading is getting other perspectives. When you have other investors sharing ideas and insights, you no longer have to worry about getting caught in a series of bad trades due to personal bias.

Even better, you can choose the best social trading platform to use in no time with the help of this InvestinGoal guide on social trading. The reviews and other resources available on the site are just as valuable if you want to find the right community of traders to join.

Social trading is the next big thing in the financial markets. It helps more traders enter the market of their choice without the usual hassle. If you want to enjoy these advantages, find a good social trading platform that suits you and set up your account right away.


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Platinum Rapid Funding Shares: Funding Options For Small Businesses

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Merchant Cash Advance

Platinum Rapid Funding Group is a merchant cash advance company, helping small businesses obtain working capital. For over six years, they have had an impact in helping entrepreneurs reach their goals through providing funding options. Merchant cash advances are still relatively new and many individuals are unaware of how they work and how they can help. To explain it better, they have answered a few of the most common questions they get to business owners understand what is available to them and their options.

Is a Merchant Cash Advance Right for a Small Business?

If a business is struggling to obtain funds through traditional funding sources, a merchant cash advance is a great option. Money can be obtained quickly and getting approved is typically easy.

The money can be used for a variety of things to benefit a business. Common uses include paying vendors, upgrading equipment, and even hiring new employees or independent contractors. The saying is, people need money to make money. A merchant cash advance can be the right push needed.

Repayment is based upon future credit or debit card sales. This is good for smaller businesses who might not have an idea on what their daily revenue will be.

What is the Difference Between ACH Funding and Credit Card Splits?

Automated Clearing House (ACH) funding and credit card splits are the two preferred methods for repayment of the merchant cash advance.  An ACH is a daily bank withdrawal on the account based on the weekly or daily payment. A credit card split is the percentage of daily card processing payments.

With ACH funding, a business owner can stay with their preferred processing company instead of switching to match Platinum Rapid Funding. The merchant will give Platinum Rapid Funding access to their online bank account to ensure that repayments can be made. Each month, the percentage is debited from the account.

What Are a Few Examples of Small Businesses That Platinum Rapid Funding Can Help?

Platinum Rapid Funding has helped business of all different industries obtain funding. There are a growing number of business owners who simply need a reliable option to turn to when kick-starting a new product, idea, or overall growth. Most of the businesses that come to us for funding have been around for five years or less. There is always a soft spot for these young, excited business owners who are trying to really do something about their business and take it to new heights.

How Can a Person Get More Funding Insights from Platinum Rapid Funding?

Platinum Rapid Funding has a team prepared to answer any questions you may have when considering a merchant cash advance. A representative is available during business hours from 9 am to 6 pm EST to answer any questions. Readers can find more information and apply at www.platinumrapidfunding.com or follow them on social media. While you’re there, check out our newest feature, our  blog that discusses all topics beneficial to business owners.

 

Photo source: pixabay.com


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Planning your steps to financial freedom

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financial freedom

Financial freedom for many may seem far away, for some even impossible. There are an abundance of things you can do to ensure this becomes a reality. Planning is required, and hard work is needed but creating financial freedom is possible through just a couple of simple steps to you should follow.

1. Have a percentage in mind to save

Saving is one of the most importance factors when it comes to establishing financial freedom and one of the best ways to do this is to decide what percentage of your income will go into savings each month. For example, this could be 10% of earnings, but for some with more comfortable salaries this could be increased to 50%. If you chose to set this up through a direct transfer, the funds will automatically go into a savings account and quite often these numbers add up quickly, which may leave you surprised when you check your available funds. The percentage you chose to save can be adjusted accordingly to your current financial position. It is unlikely that around Christmas you will save extra, but ensuring you have a certain sum automatically saved each month is one of the best and most productive ways to maximise your household income.

2. Invest in Property

There are many lucrative ways that can make your money stretch further. Property is the only asset that produces two different returns on investment, capital appreciation and rental yields which helps to secure financial freedom over the likes of stocks and shares. Capital appreciation refers to the amount a property will appreciate by in the future. In 1998, an average London home was worth £115,000, however two decades later in 2018 the average property price exceeds half a million at £671,412. Besides this monetary growth, rental returns can be gained alongside and property investment specialists like RW Invest offer properties in which you can secure solid returns and potential for capital growth in years to come, meaning that eventually the property will end up paying for itself. Click here to view their full portfolio: https://www.rw-invest.com/. Buy to let property is emerging as one of the most popular ways to grow your income, as well as being a stable way to entrust your money.

3. Aim to diversity your income

Diversifying your income is one of the best ways to create wealth as it provides an extra level of security. Having more than one income stream allows a safety net to ensure you always have an income from one or more other avenues. Many people have avoided serious financial difficulties because of diversifying their income, this may include obtaining a second job. If you are unsure how to add extra income then consider selling unwanted items, involving yourself in part time work or venture into freelance work or an independent business.

4. Ensure all debts are paid

This can sometimes be easier said than done, but one of the most essential things to remember is as soon as you pay off your debt the quicker you will receive financial freedom. To avoid this altogether avoid spending money you don’t have in the first instance. If you are in substantial amounts of debt, calculate how much you owe and set yourself a strict time frame, and be wary not to incur any additional bank charges in the meantime.


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What Brexit Means for UK Small Business Owners

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Brexit

It feels as if the process of the United Kingdom leaving the European Union has been going on forever.  Not only have the negotiations become interminable but the drama within the Houses of Parliament is something straight out of the Game of Thrones.

Whilst the political intrigue helps to sell newspapers it does little to help small business owners from the Midlands to the Highlands – many of whom are trying to determine how the UK’s divorce from the EU will impact everything from hiring to purchasing.

As such the question on the minds of many business owners is what sort of impact will Brexit have? Granted, the situation remains fluid with pundits proclaiming everything from a deal is almost in place to collapse of the British economy. With that in mind, here is some insight as to what Brexit means for UK economy – specifically small business owners.

Import Taxes are Likely to Change

It doesn’t matter if you are importing cheese from France or used auto parts from junk yards in Houston, Texas, the spectre of Brexit is likely to lead to an uptick in import taxes – even if it is only in the short-term.

The reason is that the UK has operated under the trade rules of the EU for roughly 40-years and during that time Her Majesty’s government has become overly reliant on the rules created in Brussels and not Westminster.

Whilst some of this is to be expected – after all, the EU is an economic community first and foremost – Brexiters saw this encroachment as an erosion of the nation’s sovereignty. However, what many leave supporters failed to recognize is that there is likely to be a period where the Customs and Revenue departments will either lack clear guidance on what rules to follow or will default to laws which pre-date the UK’s entry to the EU.

In either case, this is bound to create a vacuum whereby the taxation of imports is likely to go up. Even if this is in the short-term, it will particularly impact small business owners as they have fewer resources to cushion the blow from rising costs.

Granted some of this increase in duty tax and VAT will be passed on to the customer, but this also risks driving said customers into the arms of larger businesses – many of who are in a better position to renegotiate prices in the face of higher taxes.

Small Business Financing

A potential unintended consequence of Brexit will be its impact on funding for small businesses. This is because programmes such as the European Investment Fund (EIF) to where able to deploy billions of pounds in investment for small businesses in EU member countries, such as the UK.

However, time is running out for UK business owners to take advantage of this programme and to date, the Government has given little guidance on its plan to offer a replacement.  

According to the Economist, the EIF had invested nearly £2 billion in the UK since its inception but the void left by the absence of this funding could not only impact today’s small businesses but also would-be entrepreneurs and the long-term impact could be a significant loss in tax revenue from these new and growing businesses.

Yet, the outlook is not all doom and gloom as programmes such as SEIS (Seed Enterprise Investment Scheme) and EIS (Enterprise Investment Scheme) will continue to provide tax relief for investors of early-stage companies and whilst this won’t bridge the gap it will help to ease the blow.

Changing Tax Landscape

It doesn’t matter if you are the CEO of BT or running an independent pharmacy outside Cardiff, you should expect changes to the corporate tax code. Whilst most economists believe the changes might be beneficial to businesses in the short-term. For example, a reduction in the corporate tax rate would help most small business owners.

However, it remains unclear how such a reduction in revenues would impact government services and this could impact the customer base of many small businesses.  This uncertainty could lead to a reduction in consumer spending and this could have a dramatic impact on the cash position of many small businesses.

Psychological Warfare

The British are known for their ability to carry on through adversity, it remains unclear how successive generations which have grown used to the relative ease of travel and trade afforded by EU membership will cope with life after Brexit.

As such, many are asking whether the British are ready for Brexit? Whilst this is largely a matter of psychology, the fear would be that the potential negative impacts of Brexit would impact consumer confidence.  However, we won’t really know if this is the case until next year as such small business owners across the country are wise to keep calm and carry on.

Image credit: publicdomainpictures.net


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How will a growing population affect the UK’s economy?

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The UK’s population reached around 65.1 million individuals in 2015 and is expected to go beyond 70 million people by the time we reach 2026. Will the UK’s growing population result in the government having to make revisions when it comes to the amount that they need to invest into the nation’s economy?

True Potential Investor, who are on hand to assist when you want to open a personal pension account, investigates in the infographic below. Check out the graphic and you’ll discover the UK’s GDP, Great Britain’s Historic CPI inflation rate, the UK real households’ disposable income per head and much more when various generations were turning 16 years old and adjusting from education to work life.

From these findings, a few pointers are made for what future generations may face if trends are anything to go by. Keep reading to find out more…

 growing population


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Three Ways to Turn Your Car into Money

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Turn Your Car into Money

There comes a time in most of our lives when we need a little extra money. Perhaps you’re trying to save up for a vacation or you just have some debts to pay. Having a little extra money in your bank account would go a long way and so you set out to find ways to do that. You look into part time jobs, you cut back on your expenses, or maybe you even start selling some things around your home.

If you’re the owner of a car, it could be the answer to your problems. There are several ways that you can turn your car into money and start reaching your financial goals a little sooner. Here are just three ways you can do this.

Use Your Car for a Job

One of the best things you can do is use your car for a job. There are plenty of places where you can get an extra job driving around, earning a little more income in your spare time. For example, there are probably restaurants in your area that could use some delivery drivers. Or, in some places Amazon is looking for people to deliver packages in their local area. All you need to do is driving something from Point A to Point B and you earn some extra money.

If you don’t want to drive things around (or if you don’t want your car smelling like food), consider driving people around. With apps like Lyft and Uber you can sign up to be a driver, and then drive people to their destinations. The great thing about working for one of these companies is that you get to choose your own hours. So if you have a busy or unpredictable schedule, you can choose which times you work, and earn money on your own terms. To learn more about what it’s like to work for a ride share company, you can check out this article.

Rent Out Your Car

Your next option is to let someone else drive your car. If you don’t need your car at all times you can bring in some extra income by letting someone else drive it. There are many instances where someone is in town for only a few weeks and doesn’t want to go through the hassle of buying a car. By letting someone else use your car you get to bring in extra money without really having to do anything.

If you’re going to go this route there are a few things you should keep in mind. First, you obviously won’t have your car for an extended period of time. If you need your car to get to work every day, this probably isn’t the right answer for you. On top of that, you have to worry about any damage someone else might cause to your car. Check into your insurance policy to see what it covers and consider running a background check on anyone who wants to borrow it. For more on renting out your car, try this guide.

Sell Your Car

Finally, your last option is to sell the car entirely. If you don’t use your car much it’s probably just taking up space. By selling it you get a quick cash influx, and don’t have to worry about things like upkeep, insurance, or parking fees.

To sell your car, you have a few options. First, you can take it to a local dealership. There are tons of used car dealers all over the country, so you should have no trouble finding several near you. If this option doesn’t suit you, you can sell the car privately. This option is a little more risky, but if you can find a good buyer, you may be able to get more than at a dealership.

The great thing about this option is that you can sell your car no matter what kind of shape it is in. Even banged up or broken down cars can get you a little money, so don’t worry if your car isn’t in the best shape. You can even search for “where to sell a totaled car” to find some places in your area willing to buy a completely wrecked car.

Put Your Car to Good Use

If you need some extra cash, and you have a car, you’re in luck. As you can see, there are plenty of options out there for turning this car into some extra cash. Think about how much money you need, how much free time you have, and how much you really need the car. The answers to these questions will help you to determine which route is best for you.


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The Differences Between Bankruptcy and a Part IX Debt Agreement

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Bankruptcy and debt agreement

What is a Debt Agreement?

A debt agreement is a formal and legally binding contract between you and your creditors, which while not formally being a bankruptcy, does fall within the auspices of the Bankruptcy Act 1996. Under such an agreement, your creditors agree to accept from you an agreed amount of money, which you are in a position to be able to afford, over an agreed period of time in settlement of your debts. Once the amount agreed has been paid in full, anything further you may have owed your creditors which was contained in the agreement is gone, with no legal recourse to pursue you.

How Does it Work?

In a part 9 debt agreement, you work with a debt agreement administrator to prepare a proposal to your creditors, making an offer to pay a certain sum of money to them, in full payment of your debts, over an agreed amount of time. It may be that your income leaves you in a position where repaying everything you owe is just not possible. Through the debt agreement, you may only offer to pay a certain percentage of the overall debt. Even a reduced amount may be attractive to creditors, especially if they may well actually receive less if they push you into a formal bankruptcy. If a majority of the creditors accept your proposal, an agreement is entered into, which is legally binding on all parties, with each receiving the same percentage of money repaid.

What Debts Can Be Included?

Not everything can be included in a debt agreement, and you can still be liable for these even after everything else has been paid. A debt against a property is considered a secured debt and the creditor may force a sale to recover some or all of the loan, with any shortfall then possibly becoming part of a debt agreement. With unsecured debts such as credit cards, utility bills, overdrafts or unpaid rent, a debt agreement is generally possible, while unpaid fines to a court and child support is not. Neither are any additional debts you may accrue after the debt agreement proposal has been received.

How Does Bankruptcy Work?

Bankruptcy is a legal process, which can release you from much of your accrued debt, whereby you are declared unable to pay your debts. You may enter it voluntarily through a debtor’s petition, or it may be forced upon you by a creditor. A trustee will be appointed to whom you must declare all of your assets and liabilities. The trustee will then be responsible for selling your assets, as permissible, to help repay some of your debt. You may be ordered to make compulsory additional payments if your income is above a certain level. Bankruptcy generally lasts for three years and a day, during which time you may be ineligible for certain types of employment, or be subjected to restrictions on obtaining any credit or even travel.

It is important to understand that entering into either bankruptcy or a Part 9 debt agreement is a very serious move and before deciding about either, it is essential to receive expert advice on your situation and listen to your options to deal permanently with that unmanageable debt.


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Understanding the Biggest Challenges Faced By Small Businesses

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small business

No matter what line of business you are in, you’ll most likely share the same challenges that other small businesses do. Even though it may seem that different businesses have varied problems, on the face of it that may look true, but underneath it, all the challenges any small business owner faces are the same.

In our experience, once business owners scratch beyond the surface to recognise the core challenges, they can go about creating adequate solutions. This is why we are listing some of the most common issues here, with our advice on how to overcome them.

Creating Cash Flow

Getting your business off the ground and settled into a steady flow often involves massive injections of cash coming from all angles. Generating a stable cashflow can be one of the trickiest challenges for a new small business. As a solution to this, you can try online invoices, meaning that funds can be deposited directly into your bank account, saving a lot of time chasing payments.

Minimising Operating Costs

Naturally, the goal of any business is to earn a handsome profit. This will not be possible if you have huge overheads to pay off that has to come from your turnover. One way to ensure that your business can grow and still remain possible is to be prudent with operating costs.

As well as costs for physical items, such as buying inventory or equipment, renting premises, and paying wages, there may be hidden costs you hadn’t thought about, such as merchant fees for credit card payments. Wherever possible, try to minimise all these kinds of operating costs, whilst still providing the best service to your customers.

Managing Time, Team, and Clients

Whilst these three entities may require different tactics to manage effectively, for companies like www.receptionhq.com, it is one of the biggest gripes they hear about from small business owners. There is no doubt that every small business would add an extra hour to the day if they could, but since the days are not 25 hours long, this is not possible. Companies have to find a way for efficient time management in the way that suits them in the most effective way.

Managing people is different from managing time, but still requires ample foresight and planning. You must arrange your team in the same way that you might order your time, since having a productive workforce will help your business thrive. Business owners should try to juggle their employees to ensure they are extracting the best attributes from each team member.

The final grievance we hear about from small businesses is how to manage their clients. All organisations need to be customer service focused these days in order to get the edge over their competitors. This is not always easy for small enterprises, which is why we thoroughly recommend outsourcing some of your customer service processes.

Get Help From the Professionals

There are companies that provide a complete online reception service, including answering calls 24/7 if you require it, and they can also forward any call for you to accept it straight away, or one of their receptionists will immediately send you a message. If you are experiencing any trouble with the customer service end of your business, then you can contact the company to see how it can help your business to level out this end of your operations. Many small businesses overlook the importance of having the front end taken care of, but the use of an outsourced service can easily be offset by the benefits that virtual receptionists bring.


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How To Speed Up Conveyancing As A Buyer

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conveyancing

Often when buying property, it is the conveyancing stage that has the most holdups. This can be frustrating as a buyer if you need the property transfer to be completed quickly. The average transfer takes between eight and twelve weeks, which is too long for many buyers. We’re sharing some tips on how to speed up the conveyancing process as much as possible so that you’re not left waiting a long time.

  • Limiting Factors

Be aware from the offset, that when buying a property there are many factors beyond your control. This means that no matter what you do to try and hurry the process along, you might be met with several delays that you cannot manage yourself. These factors may include waiting on mortgage lenders, the other side’s conveyancer, or issues further down the chain. However, there are still many things you can do as a buyer to ensure the sale goes through as quickly as possible.

  • Have Your Finances In Order

The fastest way of completing a property transfer is to be a cash buyer. However, this is not always possible, and so if you are going to be getting a mortgage and hoping for a fast completion, then you should let your lender know. You should tell them about your deadline and ask if they will be able to meet it. If they are not able to meet it, then you can switch to another lender that can comply.

  • Complete All Identification Documents And Pay For Your Searches As Quickly As Possible

Make sure that when you instruct your conveyancer to start the proceedings, you have provided them with certified identification, and this will mean no unnecessary holdups later on. Also, pay for all your searches upfront and then confirm exactly when you want them submitted (e.g. after survey results or mortgage offers). This should keep the process moving along, with no unnecessary delays.

  • Do Not Delay Submitting Enquiries To The Seller

During the property sale, once the contract has been received by your lawyer, they will submit enquiries to the buyer and their lawyer. If you have any specific enquiries you want to ask the seller, try to get these to them as soon as possible as they may need some time to reply. Some supporting documentation may also be required, so submit your enquiries as early as possible to not waste time.

  • Provide Your Signed Documentation To Your Lawyer In Advance

There is a lot of paperwork in the property transfer process that will require your signature, including the contract, mortgage deed, and transfer deed. Get these signed and sent to your lawyer as early as possible in order to limit delays. Take note that conveyancers or solicitors will only be able to accept signed originals of most of these documents, so get them signed and posted early.

  • Hire The Right Conveyancers To Speed Things Along

It can be frustrating waiting for things to move along if you’re a buyer in a hurry, which is why there are experts that offer their customers extra help when they are looking for a speedy sale. Check out Brisbane based River City Conveyancing for help with chasing aspects of:

– The sale contract

– Search results

– Answers to enquiries

– Contacting and chasing the seller’s solicitor, agent, and even the seller personally

If you’re looking for a swift sale, then there are certain things you can do to speed up the process, but ultimately there are some things out of your control, and managing that means hiring the right conveyancer to limit the delays as much as possible.


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