October 1st, 2012
Few in this world would argue that we are in the midst of difficult times. Wages are down, austerity is up and it feels as if month by month many of us are forced to further cut already thinned budget to make ends meet. One of the primary areas where individuals and families look to save money is when dealing with common household bills. Some would assume that this would equate to reverting back to eighteenth century living conditions, however with a few tips and tricks valuable funds can be saved without having to sacrifice a high standard of living.
One benefit of living in the modern world is that we have more opportunities to shop around for better prices than ever before. No longer are we held in financial slavery by the whims of a certain company’s prices for heating oil or gas. Instead, one can often get free, no obligation estimates to ascertain whether these household bills can be lowered by switching providers.
If we consider last year’s particularly harsh winter, it becomes more apparent that heating costs may prove to be a grave concern this year as well. The good news is that many heating companies can give a homeowner a free assessment as to the efficiency of a house’s insulation and some even will go as far as to insulate a house for free in order to retain loyal customers and lower potentially high household bills.
Nonetheless, the most effective way to save on household energy costs in to be cognisant of any excess power consumption. Purchase energy efficient light bulbs and other appliances. Discard an old thermal heater and replace it with a more cost-effective one. Double glazed windows are an excellent means to cut back on the household bills associated with heating for a relatively small investment. Should one choose to follow this handful of tips, the money saved will add up over time and considering these economic conditions appear a long way away from rectifying themselves, as the saying goes a penny saved is a penny earned.
September 17th, 2012
Three Things That May Be Holding You Back From Making Your PPI Reclaim And How To Fix Them
Do you know people who have been reimbursed thanks to a PPI reclaim? Have you considered a PPI reclaim yourself? Maybe, you’ve even used a search engine to locate a template to make your own claim, using the search string PPI reclaim. If so, what’s holding you back from making that PPI reclaim?
Could it be you don’t have the original loan agreement, or know if it actually contained PPI? Maybe you’re not sure if it did that it was actually missold.
- Don’t worry.
- No Agreement.
No problem. Contact your lender for a copy of the agreement. Lenders can charge you £1 for a copy of the loan. They can also charge you £10 if your account has been closed and you need to ask for a full breakdown of your account. Can’t recall the name of your lender? Request a copy of your credit report. All your outstanding debts of the past six years will be on it.
Not Sure If Your Loan Included PPI
PPI is supposed to ensure payments are covered in the event you lose work because of accident, unemployment or illness. Look words like loan protection, loan care or retail payment protection.
Not Sure If The PPI You Purchased Was Missold
Were any of the items listed below not fully explained to you at the time of your loan transaction?
- PPI is optional and not a necessary adjunct for loan acceptance.
- You don’t need PPI if you have alternate coverage.
- PPI is useless for anyone that is retired or otherwise unemployed.
- PPI is generally not designed to cover personal business losses for those self-employed.
- Pre-existing medical conditions are often excluded in PPI agreements.
Did your insurance agreement terminate before the loan did? Did it list one name when in fact the loan was joint? Did you feel bullied or stalled in your loan proceedings until you signed the insurance agreement?
If any of the above circumstances apply to you then you may have a good case for a PPI reclaim. Time to download that PPI reclaim template and start claiming your reimbursement.
August 1st, 2012
Bank accounts savings have evolved over time to become an integral part of our day to day life and undeniably offer a good alternative to hold money that is not needed for immediate use. Money and assets are managed responsibly when kept in bank accounts savings and has also proved to be a handy option when one is strapped for cash.
Opening banks savings accounts is intended to be rather straight forward but there are a number of things that one needs to consider prior to making a decision on what bank or financial institution to opt for. All banks have different types of savings accounts each with their own terms and conditions. Most of them invest heavily in vigorous advertising campaigns to lure prospective customers. All the more reason why new customers should be wary of the various and sometimes subtle provisions pertaining to bank accounts savings over and above the hype.
Bank accounts savings are invariably the best place to save money and savvy customers can take advantage of the various promotions and incentives offered that relate to certain types of bank savings accounts. Interest rates vary and are mainly dictated by the prevailing economic climate at any given time. Customers need to understand the best bank accounts savings are not necessarily those with the highest interest rate. What was an appealing bank account may not be so after the bonus period has expired.
The main banks are Barclays, Halifax, Nationwide, NatWest, Lloyds TSB, Standard Bank and HSBC to name a few. More information is available online and the customer service personnel of any bank can usually be reached via a dedicated telephone line which may in some cases be a toll free number. Interest rates and other returns of the various banks can be calculated and compared online making it easier for new customers to make an informed choice on whatever product they opt for. The choice is yours.
July 31st, 2012
Due to the rife mis-selling of Payment Protection Insurance, going back twenty years, there has been a massive increase in people making claims for compensation. Try using ppicalulator.net at PPI claims calculator These can be made by the policy holder, through writing to the offending financial institution. Most people however, use a debt recovery company to make a claim. Such companies use solicitors to do the paper work needed to make a case. They take care of the hassle involved, but charge a substantial fee, for the privilege. This is normally around 20% plus vat of the recovered settlement payment. But crucially, most firms work on a no win – no fee basis.
It is hard to over- emphasize how prevalent the mis-selling of insurance policies has been. Although the majority of claims being made are legitimate, it is fair to say that a degree of opportunism abounds. Sadly, the debt recovery companies, are getting a bad reputation for cold- calling people, actually cajoling them to claim. Equally ,many people appear to be unaware of whether they were or were not mis-sold PPI. This leads to a fair share of bogus submissions being made. Everyone wants a piece of the action!
Another worrying trend in the UK, is the increasing amount of fraudulent claims made on motor insurance policies. Many policy holders claim on injuries and accidents that never actually occurred. Whiplash and back injuries are frequently sited for bogus claims. This phenomenon has led to an increase cost for insurance policys, and an ever growing alertness from insurance companies to spot fraud.
This trend for an increase in claims, also effects the house insurance market, but probably to a lesser extent. There is no doubt, however, that a culture has evolved in the UK whereby claiming recompense for one reason or another has become extremely commonplace. There doesn’t seem any likelihood of this trend diminishing in the near future!
June 22nd, 2012
Many people have become started making claims against banks for mis-sold PPI following the April 2012 verdict that validated the Financial Service Authority (FSA) guidelines on selling Payment Protection Insurance (PPI) and its application on a retrospective basis. PPI Claims And Procedure
Gather Details of the PPI
The first step in making PPI claims is to gather details of the loan and PPI. PPI Claims And Procedure
If the applicant has not retained details of the PPI or loan a “subject access request” under the Data Protection Act with a payment of £10 mandates the bank to reveal within 40 days all details held by them. Sellers are however obliged to retain records only for six years.
Determine the basis of mis-selling
The next step in making PPI claims is determining the basis for compensation or how the PPI was mis-sold.
As per FSA guidelines banks could sell PPI only after a minimum of seven days after the loan was sanctioned, had to provide a personalised quote detailing the cost and clarify that PPI was optional.
A case for mis-selling PPI is however not limited to such factors. Many banks also sold policies to people who were not eligible for such policies in the first place. Even the handwriting on the loan or PPI application form being different from the debtor is reasons enough to claim that the PPI was mis-sold.
Calculate the Compensation Due
The next step is making PPI claim is calculating the compensation due. The basic PPI calculator considers the premium paid multiplied by the number of payments and adds interest to the amount.
PPI claims may however also include among other specific considerations:
Loan interest for the amount equivalent to the PPI premium amount on the assumption that without PPI the original loan amount would have been lesser
Compensation for damages arising out of loan default if the mis-sold PPI added to the loan burden and undermined ability to repay
Approach the Bank
The next step in making PPI claims is writing a letter to the bank providing
Details of the PPI including the date of availing PPI, premium amount and number of payments
Reasons why compensation is due
The amount of compensation claimed
If the bank does not reply within eight weeks or refuse to make the compensation the applicant can approach the Financial Ombudsman Service and file a similar claim against the bank. Alternatively the applicant can approach the county court and file a suit.
May 14th, 2012
Were you mis sold credit cards and is left wondering how you will claim back the money? This is an experience many have had to deal with at some point of their business transactions. Your way of approaching such a situation is what determines whether you will successfully get a refund or not.
There are two known ways of seeking reclaims on a mi-sold credit card. You can either decide to go for it all by yourself or hire the services of an agent to help with the follow up. You therefore need to carefully evaluate the pros and cons of each option before going with the best.
The advantages of going for a refund all by yourself are: It is safe as you avoid the risk of hiring crooks. It can also be convenient if you have an understanding of the whole process of making a reclaim on a mis-sold credit. However, the disadvantage comes in when you are not very conversant with the entire process. The company expected to make the refund of a mis-sold credit might take this as a weakness, bombarding your hopes of ever making a successful reclaim through unrealistic postponement of meetings as well as imposing hectic procedures that might see you give up on the process.
Hiring an agent is considered the best option of making a reclaim on a mis-sold credit. These agents are experienced and have the full knowledge on how to make a successful reclaim due to their continued exposure to the whole process. One of the disadvantages of using agents is that they have to be paid at the end of a successful deal. However, considering the fact that they will have made a reclaim, this payment given to them is never a constraint. You therefore need to choose an option that you believe will help you get back your mis-sold credit.
April 16th, 2012
Most people of the UK are now wondering why payment protection insurance are being adding their credit cards without knowledge. PPI’s are suppose to hold some sort of protection when it comes to paying mortgage loans, car loans and or personal loans. However most lenders aren’t informing people that they are evening paying out of these insurances.
Mis-sold credit card insurance is suppose to be a form of protection plan. Consumers who are interested in buying a card are easily mis sold insurance due to the cost of the insurance being added to their monthly rates and or maintenance fees. Other times a company will advise you to get the cover because it could assist with your approval and or it was mandatory for you to get it. Unclear information pertaining to your credit card insurance and or PPI, leaves room for question. It also leads to you possibly being sold something without your knowledge.
Before you begin setting up a payment protection claim, you will need to take the time to look over your policy. You will need to find out just how much you have put into your policy. When you’ve been mis sold credit card insurance, there is a huge possibility that there is a refund present.
Most funds are charged to you on a monthly basis which means that you will be analyzing your outstanding balance. Average cost is around 79p per Â£100 outstanding. This means that you might be looking at a nice sum of money to be paid back.
Whenever everything has been established, the next step is for you to submit your claim. It is advisable to make sure you are fully detailed when it comes why you believe credit card insurance was issued to you, the amount in which you are believed to be owed and the redress you seek.