Monthly Archives: October 2012

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PPI Claiming: Reasons to Make a Claim

From January to June this year, the number of PPI claims have reached 2.2 million, and it now has 500,000 successful claims according to the Financial Ombudsman. The FOS also indicates that it is receiving at least 1,500 claims a day from customers and reputable claims management companies such as www.PPIClaimco.org. However, the banks are slowing down the process by continuously hassling and inconveniencing their customers with delaying tactics.

If you don’t think that you need to make a claim given that you have to face the hassle of slow service and 1,500 claims a day including yours, there are other reasons you should make a claim. It is important that you check the time you applied for your loan, mortgage or credit card. If you can recall that you were not employed during that time or you had a pre-existing medical condition, all your insurances are already invalid.

PPI can only provide for customers who have a good employment and health record and cannot provide for anybody who purchased the insurance being unemployed and having a medical condition. Also, those who were retired and purchased the insurance are automatically ineligible.

You actually get back £2750 on average for a mis sold PPI. As it is sold to almost any loan, mortgage or credit card through the mis selling methods of financial advisers, you might have one on each financing you have now. Possibly, you might also have purchased the insurance thinking it was a requirement or a way to boost your finances.

You’ve actually lost tens of thousands of pounds for mis sold PPI. It is important that you seek the help of claims management companies in ensuring that you make successful payment protection insurance claims as soon as possible.

 

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How General Economy Affects Your Budgets

Budgets are often made based on economic factors that arise in different areas and times of every country or the world itself. Without a consideration for economy, budgets can instantly fail. Economy involves the supply and demand, the prices of products and services and the ability to predict the future prices of products and services, which would greatly be helpful in determining the next financial step in the future.

Economy deals with supply and demand. When a country’s industry sector is strong, there can be a surplus of items. Surplus, by definition, are excess items that would be sold at a lower price to be rid of, regardless of initial costs as it is doing well in exportation or local sales. Clearly, the lower price is because of the lacking demand for the items or services. The higher price of items can be due to the demand while having a lacking production of the products and services.

Knowing these basic principles, you can determine that the items you can purchase today and the services you enjoy today can rise or fall depending on the outlook of the product or service’s original country. In making your budget, take into consideration the economic outlook; if the prices will go up or go down, then decide purchasing items based on quality and quantity.

Quality and quantity are two different things. High-demand products that are deemed “needs” by the public are usually mass-produced and have lower quality. High quality items that are also needs are essential depending on their price and the future “demand” for them, especially if their manufacturers are limiting the supply in the near future.

General economy, even the oil industry, affects everything including your budget. Oil affects the prices of sending goods; when the oil prices are high, chances are the items you receive get higher prices as well.

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PPI Claim Back: What You Need To Know

This year is the biggest year for PPI claims given the big improvements that authorities made for the faster and easier processing of PPI claims. From January to June, 2.2 million claims have been properly filed by customers themselves, but still, banks continue to delay and confuse customers through their own tactics. The Financial Ombudsman reports that it is currently receiving at least 1,500 claims a day and they have reached their 500,00th successful claim.

Seeing all the numbers, it is indeed easy to file a PPI claim and get back your full repayments for one or two claims, but surely, you will need professional help when dealing with multiple financing.

Claims management companies were always the first to help customers, but banks have shot them down along with the Financial Services Authority for “clogging” the PPI claims process channels with bogus claims. Claims management companies allow customers to have a specialist work on their claim and do all the work for them while the FSA called on banks to invite customers to make a claim.

It is correct to say that CMCs never meant any harm and they provided their service under a no win no fee basis. This means that you don’t get to pay them if they don’t deliver their work. Most claimants paid their CMCs because they did a good job on the claim.

If you’re to make multiple claims, consider working with CMCs such as InterestRateSwapsClaim.co.uk regardless of what banks state about claims management companies. Natalie Ceeney, the chief ombudsman of the FOS, stated that it is not the fault of customers and CMCs, but mostly the fault of banks that the PPI crisis is facing difficulty today. CMCs are the representation of customers willing to make a claim for an insurance policy they can’t know if mis sold or not.

 

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For Which People is Car Leasing Advisable?

Every country nowadays offers you a chance to lease a vehicle and it’s quite a good opportunity for people as it can save them from having to deal with future car problems. However, who can actually make good use of vehicles aside from avoiding mileage issues and re-sale values in the future? Take a look.

Cars are built per model and new models come in per year. A car blogger or someone who writes about cars can use leasing to their advantage. Leasing usually brings one a vehicle every 3-4 years. A good in-depth writing about a vehicle will take such average time to get to know the car better and at least point out some of its issues. A writer may opt to lease a second hand vehicle, which would be useful for pointing out future issues of the vehicles without costing them so much money in the process.

Vehicle owners who want to change their cars on a frequent basis can also take advantage of car leasing. Having only to pay for mileage and decreasing car value can be advantageous especially if you love leasing luxury cars or other “show” cars. For once in your life at least, you could have said that you’ve owned a Ferrari, a Mercedes-Benz and Camry and leasing makes that possible.

People who often get more mileage for their vehicles than the intended amount they can only make use of due to daily use for work and errands may have an advantage with car leasing. If they consume more mileage than they should, chances are they’ll be spending less with car leasing. Remember, in leasing, you only pay for the mileage and depreciating value of the vehicle. If you owned the car and racked up the mileage, you’ll be facing problems within the 3-4 years time you own the vehicle.

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The First Signs of PPI Mis Selling

While many have blamed banking incentive systems for the mis selling of PPI on almost every loan, mortgage and credit card in the UK, the main solution to the problem is if customers can become as vigilant as they are with their financial advisers. Customers need to watch out for “bonus chasers”, financial advisers who only merit customers with high rated products to increase their personal commission. Here are a few ways to know if you’re being ripped off and tips how to avoid it.

1. Your Actual Needs

If you’re getting financing, you know what you need it for and how much you need to spend. You depend on financial advisers to help you make your monthly repayments more flexible for your budget. However, if they’re telling you that you’ll need additional loans that are secured to lower your rates or an insurance policy to ensure that you have some time to financially recover as it is a high-risk and unsecured loan, assess the situation carefully first.

2. Your Financial Stature

Always make it a point to review your financial status before you purchase anything that your financial adviser recommends to you. If you find that you have a good and stable economic situation, then proceed to reviewing if you really need the insurance product. If not, carefully review and explain to your financial adviser your particular financial situation in depth. Many people making payment protection insurance claims today are victims of trusting their financial advisers and lacking knowledge about their own personal assets.

3. Know More About Your Financial Adviser

Not all financial advisers are trustworthy. It all depends on how they earn their money. Commission-based financial advisers are well-known “bonus chasers”, who would risk a fair deal with customers just to earn more from their commissions. A fixed-rate financial advisers would practice fair dealing with customers and pay more heed to smaller details. However, ensuring that the financial adviser is never commission based is top priority to know if you’re making a fair deal.

How The Libor Scandal Exactly Affects You

One of the hottest topics in international banking nowadays is the Libor scandal committed by the biggest international banks found in the United Kingdom. Last August, U.S. regulators have fined several high-street UK banks for alleged adjustments of the Libor rates for greater return of investments. It might seem that Libor only affects the bigger banks. If you understand how it works, no matter in which country you live in, you can be affected.

The Libor or London Interbank Offered Rates, is a published average of interest rates that banks can charge each other as they borrow money from one day to a year. It is actually the price of money for international banks. It dictates the retail cost of borrowing for credit cards, mortgages and loans worldwide. Creditors usually use the Libor rates to adjust depending on the market and environment their establishment is located to help them gain enough profit.

With almost every loan, mortgage and credit card set on Libor standards, customers worldwide may be getting less than they ought to get. It affects more than just large business investments; it actually affects simple credit card rates, student loans and home mortgages.

Huge banks such as Barclays and RBS from the United Kingdom were fined around $500 million dollars by regulators for “rate-rigging” the Libor rates for their company’s personal interests.

In reality, Libor may actually have had you to pay the same fee and get more in return. Take note that Libor does not only extend to personal transactions; they also border government transactions. Taxpayer money actually got some financial deals that involved “rate-rigged” Libor worldwide.

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Martin Wheatley Calls for Extensive Reforms in Banking Incentives for PPI Claims

Martin Wheatley calls forward reforms and new banking incentives systems as they play a huge factor in the mis selling of payment protection insurance or PPI. Financial advisers, brokers and bank representatives have mis sold PPI on the context of earning more profit through the incentives system, which fueled the “greedy” attitude of professionals deviating from their true, professional advice.

Financial Services Authority Managing Director Wheatley claims that the incentives system is based on a profitable bonuses system, which enable financial advisers to earn larger cuts from more expensive products. The bonuses motivate many to disregard customer need and instead force them to purchase products that they don’t necessarily need or may over-fund the current situation. PPI is mostly included with these products.

PPI or payment protection insurance is designed to cover loan repayments when customers become sick or have an accident. Disabled to provide income, the PPI pays for the loan to ensure no outstanding debt exists for customers. But because of the exclusions in the policy unknown to most customers, the insurance policy became useless to many customers.

Customers actually paid thousands to tens of thousands of pounds for the insurance policy prescribed or concealed by the financial adviser as part of the financial package. This made the product one of the greatest financial scandals in the United Kingdom.

Banks such as Lloyds, Barclays and HSBC have provisioned a £9 million compensation package for the entire United Kingdom. To date, half the amount has been given back to customers.

Claims handling companies such as www.PPIClaimCo.org continue their efforts to help customers get back the money they deserve. Customers are advised to seek professional help from claims experts before filing their own claim to ensure their success.