The infamous UK payment protection insurance policy banks and lenders have mis sold customers have reached great new levels as Chief Ombudsman Natalie Ceeney of the FOS points out that the Ombudsman is dealing with 2,000 new cases on a daily basis. The staggering average per day has made up at least three quarters of the 283,251 new complaints in the last few months.
Ceeney also points out that the influx of payment protection insurance shows no signs of slowing because banks and lenders often refer customer claims they dispute to the Ombudsman, which takes more time. Lloyds TSB has the highest number of PPI cases referred to the ombudsman, with the ombudsman favouring the customers 86% of the time.
The banking group said that their complaint levels in general were falling. However, many analysts see otherwise. The FOS finds that PPI complaints continue to increase, having customers wait longer to get their complaints sorted and many businesses causing more excuses for delays.
The FOS advises businesses to show real commitment with better customer service and handling of complaints by actively engaging with the Ombudsman.
PPI receives an average of £3000 in compensation if the customer’s claim is successful. In some cases, customers receive more due to compound interests that have gained momentum for years.
It is not a walk in the park to pay for one’s mortgage closing costs even if interest rates have reached all-time lows from 2012 to 2013. Banks are still strict and making it difficult for people to actually get good refinancing deals. You might not even get a good mortgage refinancing deal on good credit scores.
If you take out a $400,000 mortgage in May 2011 with an interest rate of 4.75%, you could actually save more than $200 today as the 4.22% increase in March 2012 had fallen to 3.84% in April 2012. The drop allowed many to become potential borrowers for refinancing especially those with interest rates above 5%. Some were able to refinance their closing costs to at least 4%.
However, to get good mortgage refinancing, it is important that customers have the right requirements, specifically taking advantage of the relief offered by the Bank of America, Citigroup, JP Morgan Chase and Wells Fargo. Their settlement options allow the borrower’s interest rate to be at least 0.25% lower than the borrower’s existing rate, making it a big relief for many.
Customers face the challenge of refinancing being a bit challenging and time consuming especially borrowers who are self-employed may have some problems even if they have notable credit scores and good assets. Customers might have problems with the clogged mortgage pipelines in the country, which has big mortgage lenders 70 days to complete a refinance. Low appraisals is another problem especially for borrowers who have no equity at all.
Regardless if you’re a reactive or systematic investor, the best chance of minimizing your losses and upping your gains is through the help of a well-diversified portfolio. A diversified portfolio has you invest in different industries that are completely unrelated to each other, which helps you minimize your losses if the oil industry slows down but cotton production goes up.
However, you have to be careful; the key to the stock market is knowing when to risk and when to play safe. Diversifying your portfolio so much could have you lose on potential gains. Remember, the higher the risk, the higher the gain.
Diversification is about spreading your investments to different arenas and the best way to ensure you get good safeties in the stock market is to ensure that all business practices by the company or companies are sound. Look at their formulas during a stockholder’s meeting and see for yourself if the company’s plans actually work for you. Also, look at their track record. Think as how a bank would look at a company seeking a loan.
Know if you’re a short-term or a long-term investor; these directly affect the way you invest and your attitude towards your portfolio. If you’re a short term investor, you might be prone to market fluctuations and you’ll need good diversification with minimal to average risk. A long term investor could make investments that may fluctuate and suffer great losses, but with care, could get very high returns in the future nearing the end of their goal.
Essentially, both financial products could possibly disgust you the next time you want to take out a financing from a lender.
According to financial experts, payday loans still win the highest interest rate fees against car title loans. While both stick it out at three-digit annual percentage rates, payday loans gross higher. Most payday loans could reach illegal rates of 300%-400% interest rates in some states while car title loans only get 250% at maximum.
However, most customers still prefer payday loans because with car title loans, lending companies repossess your vehicle if you fail to pay them as this is used as collateral. For payday loans, you could broker your way with debt consolidation, but still pay the exorbitant interest rate.
In some car title loan situations, customers said that the lending company does not take the vehicle away from you “physically”. When they repossess your vehicle, it just means that they hold the title of ownership to your vehicle until you pay off your tab. However, the longer you fail to pay for your financing, at any time the bank could still repossess your vehicle “physically”.
According to most customers, they would prefer payday loans even if it wins the exorbitant interest rate wars; nothing feels better than knowing the lender will not repossess anything you have at home and you could still consolidate your debts in the future.
Certain accidents can happen at any time and they could have you a minor or major injury. Making an accident claim allows you to get compensation from the offending party, given the UK’s compensation culture. However, finding who is responsible is the first thing needed by an accident claim. Here is a short guide to determining who is at fault.
1. Know the Circumstance
If you get into an accident at work, determine the equipment that injured you, who is responsible for the unit’s maintenance and who would compensate you. In a car accident, you would need to determine the plate number, car model, extent of damages and the name of the offending driver.
2. Proving Your Point
However, you cannot just accuse the offenders of their actions until you have supporting evidences. In most work accidents, internal monitoring systems could have captured the events of your accident on film and you could use this to prove your point. In car accidents, an in-car monitoring device can determine what exactly happened.
3. Medical Reports
Get at least two medical professionals check up your body for any injuries. They can indicate your treatment and injury recovery costs through a medical certificate, which would also serve as evidence. It is important that your medical records reflect identical results to prove that your injuries and their severity are true.
4. Submitting a Claim
You could ask a no win no fee accident claims company to help you make your claim and advice you on what to do and say when you make a claim. No win no fee accident claims could actually make the entire claim for you and guarantee you results under a no win no fee basis.
The euro zone crisis actually leaves the western world out of the economic growth loop in 2013 and if you’re planning to move your investments for greater growth, the key is to invest in Asia. Asian countries are growing with greater industries, with customer spending more frequent than in the western world. New businesses are opening up in Asia, making it a good investment choice for the wise
Asia’s GDP growth, except for Japan, had risen at least 50% than in the year of 2011. Notable growth were seen in South Korea, Philippines, Malaysia, Hong Kong and Singapore. The countries, in which many companies outsource business processing or other technical processes, continues to grow with more work available for the economy.
Japan’s downfall in economy is because of its lack of export activity over the past year. With Europe, China and the United States as its biggest clients, Europe’s financial troubles, the United States’ economic stagnancy and its latest dispute with China hamper all its exports, having prices decrease in a surplus all over the country with recent deflation.
But still, new Asian tigers still continue to come up. It would be wise to place your investments in this direction following the financial forecasts for potential growth.
Commotion erupted in the UK financial industry as the bank’s proposition of a PPI claims deadline is being considered by the Financial Services Authority (FSA). While the FSA tackles the trouble of setting a proper deadline while ensuring that customers get a fair deal for their repayments, experts share their own observations of the situation.
Martin Lewis, financial expert and owner of moneysavingexpert.com, is strongly opposed to the new proposition. He said that PPI was mis sold to the UK citizens in a systematic and even deceitful way for almost a decade and he stresses that UK citizens deserve more time than just having the banks end the deal by next year.
PPI was mis sold widely during the “insurance boom” in the last decade. Banks gave incentives to employees who sold many payment protection insurance policies to their clients. The insurance was usually bundled with credit cards, loans and mortgage without the permission of the customers themselves.
However, Martin Flanagan of scotsman.com says that the PPI deadline makes sense as the British economy continues to loom into stagnancy and potential recession. Asking the banks to do two things at once is impractical. He said that with banks setting aside £13b the best thing to do is to move on from this situation, have the banks advertise the deadline so that everyone knows and finally move on to the bigger picture.
Flanagan agrees that the regulators should set a reasonable date for the deadline should it push through and agrees that PPI was irresponsible and shameful UK banking. But he says that it is time that the entire uncertainty of the situation reach a critical point where it finally ends.
You may be disappointed with the first quotation a real estate agent might give you when they first look at your home. With the global economic crisis, it is very difficult to have a high price with lowered property values worldwide. But you could still increase the home’s value by improving on the following areas in your house.
Owners nowadays are very particular about kitchens, especially those with smoke vents or extractors. Kitchen islands can also improve the home’s aesthetic value. To further increase the kitchen’s usability, make sure that all the water and drainage lines are working properly and all the tiles are durable and no tile has any tarnish whatsoever.
2. Living Room
You could increase your home’s value if you’re selling the house with a few appliances along the way. The value can greatly increase in reality. Try installing a home theater room in your house. Soundproof or insulate the walls and your house gains great value for having a lovely recreation room. If on a budget, a 5.1 stereo system with a good television screen can help your home’s value.
As long as the water lines work properly and are at minimal risk of breaking down at any time, bathrooms can work. But by having at least two bathrooms in your house, both on the first and second floor, you could increase yor home’s value greatly. Making a new bathroom is not as expensive as you think it might be.
Experienced investors understand the value of government bonds especially during times of economic crisis and potential financial scandals. Bonds protect the stock market itself, acting as a financial shield to balance out and ensure the stability of the economy. Most early investors are unlikely to invest in government bonds and would likely focus more on equity and mutual fund investments. Systematic investors would most probably have a set of government bonds just in case to ensure the stability of his or her investments.
When investing in government bonds, you will work directly with an issuer. An issuer is the only valid and licensed seller of government bonds. A list of this can be procured in most stock exchange directories. Every issuer has a credit rating. A triple A rating means that there is no chance your bonds will default. However, high-rated issuers may have a minimum bond selling denomination. Some issuers can issue at least $100 bonds; most high rated issuers may have a minimum of $500 or $1000.
Government bonds grow as the economies grow through the yields it has. A great economic growth can earn you a certain percentage of added yield. During economic troubles, if more investors purchase on government bonds, the yields stay normal, or become higher. Annually, the yields increase on an ideal economic plane.
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