Posts Tagged ‘bank’
Monday, May 3rd, 2010
Banks brought out Payment Protection Insurance to cover a consumer’s repayments in the event they lost the ability. However recently, it has been publicised that banks and lenders are exploiting the product through questionable loopholes. It has been sold to people who are uninformed, have not been quoted the cost or want it but don’t know they are ineligible. Most banks cunningly tag on PPI to any loan or credit and bank are pressured with bonus incentives to sell as much as possible.
The theory of PPI is great for borrowers, particularly given the rate of redundancies being made in the UK where people are losing their jobs left right and centre. It should mean that 3 months unemployed doesn’t mean going hungry because of mortgage repayments, but the reality is quite the opposite; lenders will avoid paying out at all costs, often claiming that an individual is not unemployed long enough or referencing some obscure small print.
The biggest con of all is the fact that you will most likely not be able to ever use the insurance in the event of an emergency, for example; if you are over 65, even if you are still employed, you could not claim PPI because you would be above the age of retirement. If you have a previously documented medical condition, no matter how small, you will be considered a high risk customer and as you are more likely to be off work on medical grounds, you would not be eligible for the insurance. If you are self employed, you are considered a higher financial risk customer someone employed full time, so you will not be entitled to PPI. But in any of these circumstances, banks will have no problem adding it on to a service with no intention of paying out if it is needed.
The PPI can take up a significant portion of your repayments, to put it in perspective, if your PPI was 30% of your monthly repayments and for 10 years you had been paying a 250,000/25 year mortgage, with interest this could add up to over 3000 to which you are entitled to reclaim.
The have been thousands of cases of banks mis-selling PPI just like this and if you are one of them, you are legally entitled to a full refund. You may need to be persistent with the banks and this can take time so it is sometimes easier to enlist a legal professional to do it for you. Doing this can save you all the legwork and give your claim much more authority, most agencies work on a no-win-no-fee basis so you will not be out of pocket. After a watchdog ruling in 2009 lenders are now required to correctly sell PPI to customers ensuring they are not overpriced, customers can chose to opt out at any time and they are fully covered.
There are many loan protection reclaim experts out there to help you claim back your PPI, contact Donns LLP for the best advice
Tags: bank, Claims, credit, Insurance, loan, mortgage, payment protection, PPI
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Monday, April 26th, 2010
If you are looking for car insurance ASDA car insurance can meet your needs. Like insurance sold in other parts of the world, this insurance offers protection of financial holdings if your are in an accident. Instead of paying from your own purse for the damage or medical bills caused by the accident the insurance you have purchased will pay for those damages and costs. The insurance can pay to repair both your vehicle and other vehicle if you are at fault.
Car insurance can be expensive, but much of the cost depends on you the driver. If you take steps to protect your driving record, then you will pay less for insurance than if you are not cautious. Some of the steps you can take include avoiding traffic violations and accidents.
You will find many other factors that may influence what is paid for insurance. While you may be in control of some of the factors, there are other factors over which you have no control.
Persons that have a poor credit rating will often pay more for insurance than those who have a good rating. Insurance companies have done studies that indicate credit score can determine the likelihood of their having to pay for an accident. To offset the potential loss, persons in this category pay more for insurance.
Your insurance cost can also depend on the neighborhood in which you live. Vehicles in some neighborhoods are subject to more vandalism than are those in another neighborhood. In addition, there may be more accidents in your neighborhood so that you are more likely to spend more for insurance.
Here is good news for persons that were good students in school. Your hard work can pay off when it is time to purchase insurance. Since good students are less likely to have an accident, they also pay less for insurance.
When choosing a vehicle, the choice you make can influence the cost of insurance. If it is more costly to repair your vehicle, you will pay more for insurance. If the vehicle you choose causes damage that is more costly to repair on the average, then you pay for that cost in insurance premiums. Vehicles designed to operate at high rates of speed or with powerful engines often cost more to insure. Even the color of the vehicle you choose to buy may affect the rates you are charged for vehicle insurance.
You will find many factors that are used to determine the rate of the insurance you must pay. The company will enter each factor into their computer before giving you a price quote and to determine your final insurance rate. Good drivers who drive a family sedan are likely to pay less for insurance than poor drivers in sports cars. Some people even ask for a quote on the price of insurance before purchasing a new vehicle to help them to determine which vehicle is the best to keep their costs down.
ASDA car insurance companies will give insurance quotes online. This helps to determine the best available rate for your particular situation.
You can always find a good online discount broker. local car insurance Your high-risk standing makes it difficult to find car insurance. Every year shop around to see if you can do better, you may be surprised.
Tags: asda, bank, business, cars, coverage, Insurance, lender, liability, security, warranty
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Tuesday, April 20th, 2010
If you have taken out a mortgage, loan or credit, it is likely that your lender sold you payment protection insurance. PPI is designed to help customers repay debt should they find themselves in difficult circumstances such as becoming unemployed or getting injured, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold. If you have paid for PPI, whether you tried to use it or not, you may be entitled to claim this money back. What you may not be aware of is why you could be eligible to claim and why the banks could face a huge wave of payouts
The common misconception is that everyone is eligible for PPI but this is not the case. If you are older than 65, the age of retirement, you would never be entitled to claim PPI as you are likely not in full time employment. If you are self employed you are technically considered a financial risk and no PPI policy would offer to cover you ability to make repayments. If you have a historical medical condition you will be unlikely to be able to get PPI cover as you are more likely to be forced off work. Despite this, banks are more than happy to sell PPI to everyone knowing full well it will never cover them if needed.
Banks and lenders have allowed this situation to continue with full knowledge of the consiquences, this is something that has brought great negative attention from financial watchdogs. The government is forcing many of the UKs high street lenders to offer refunds to their customers although some have adopted a ‘don’t ask – don’t get’ policy meaning the consumer has to go on the hunt for their money either alone or with legal assistance.
The first step to claim back your PPI is to send your bank a letter requesting a full refund. The bank will reply with a long winded ‘no’ to which you will need to duplicate your first letter and in addition declare your intent to pursue legal action and support from the financial ombudsman. They will most likely respond with a variety of answers ultimately dismissing your claim, albeit wrongfully, due to your lack of authority. The key is persistence and it will significantly help your chances if you do get the ombudsman involved. Ultimately if all else fails, enlist professional help.
The easiest way to claim back your PPI is to use a legal agency as they know what they are doing and will be able to take care of everything for you. This will be much more effective than pursuing the matter yourself and will most likely end in success. Many solicitors are no win no fee so there is no disadvantage to using them.
There are many companies that offer or specialise in PPI claims and they are fully capable of taking control of everything you need for your loan protection claim
Tags: bank, Claims, Finance, Insurance, Lawsuit, lawyers, loan, mortgage, payment protection insurance, PPI, refund, repayment, soliciters, sue
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Tuesday, April 20th, 2010
Three MPs who refused to pay back their false claims are at the heart of the expenses scandal, now facing court; they plan to defend themselves using legal aid at the taxpayer’s expense after their initial appeal for parliamentary immunity was refused. This move was condemned by Prime Minister Gordon Brown who declared they will have to pay back the costs.
Critics have considered it as a move by Brown to be seen to take a harsh stance against expenses fraud in the lead up to the general election, but some legal critics have commented that there is no reason why anyone should not receive legal aid and have it paid for by the state.
60,000 was reportedly stolen by the MPs through false mortgage applications, rent claims and service invoices. But the cost of the prosecution will far exceed that figure, at the expense of the taxpayer the price of preparing their defence is likely to run into six figures even without the cost of the prosecution. There is further risk of the MPs having the case thrown out the Supreme Court which could send the cost even higher.
Jack Straw, Justice Secretary said the government was now introducing reforms to implicate means-tested legal aid although it would not be implemented in time for the MPs cases. For this case, Brown argued that the law has changed and although these changes will not take affect until June, it is just cause for the MPs to pay back the money.
Experts have estimated the total cost of the case to exceed 3 million; the investigation has so far cost Scotland Yard over 500,000. Trials will begin at Southwark Crown Court in London on May 27th where a spokesman has confirmed that the MPs were granted an application for legal aid, hiring high priced lawyers that cost hundreds of pounds an hour. If found guilty, the MPs could face up to seven years in prison for stealing taxpayers money.
If you are looking to claim back PPI you could be eligible for a large sum, most people don’t realise they are eligible for a loan protection claim
Tags: bank, Claims, credit, gordon brown, government, Insurance, loan, mortgage, payment protection, politics, PPI
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