Payment Protection Insurance Claims and Premiums Rocket
The recent tide of misselling of Payment Protection Insurance in the UK , in particular the outlawed single premium PPI cover, is ripping back to catch those offending banks and lenders through the UK courts.
If you have been 'sold' either Mortgage Payment Protection Insurance, Loan Payment Protection Insurance or credit card insurance during the last four years, you more than likely have the opportunity to claim all of your premiums back!
Before you go running to many of the no-win no-fee PPI claims lawyers that are springing up everywhere, your first port of call should be to complain to the offending bank, lender or finance company that mis-sold you the protection. If you do not get any from them then you should immediately contact the Financial Ombudsman
The number of PPI mis-sold policy complaints being upheld against financial services companies has soared during the past year, according to the Financial Ombudsman Service Annual report, which deals with public complaints about Insurance.
The number of complaints about payment protection insurance misselling tripled to 31,066 during the last year, this followed a five-fold increase in complaints during the previous year.
The number of PPI complaints upheld by the Ombudsman was an astonishing 89 per cent proving that the policies were widely missold.
The Ombudsman blamed the situation on the economic downturn, saying some firms were not investigating claims properly before they were referred to the service because they were watching their bottom line.
It added that survey evidence suggested that many consumers were being put off pursuing complaints against companies because of the unhelpful attitude of the firms involved.
If you believe you have been mis-sold a PPI policy you should write to the company involved.
You should tell them that you do not believe that the PPI you bought was sold in your best interests.
you should tell them thatunless they can prove that the policy was fair and reasonable and that yuo were treated fairly when sold the insurance - that you demand a full refund of all premiums, and subsequent interest on these payments, that you have paid in relation to this policy.
You should also inform them that you also expect 8% interest to be added to each payment you have made - as this is the statutory amount a UK court would pay.
Around half of the complaints against PPI misselling related to six of the UK’s largest financial institutions! PPI is still a good product for Accident Sickness and Unemployment protection, however it is wise and much cheaper to purchase this type of cover on a monthly basis from one of the leadinbg Uk independent PPI providers.
Some examples of these are:
Burgesses - the UK's leading PPI suppliers
Personal Accident - Compare mortgage protection and Income protection insurance rates and plans
iProtect - offering free swtich facilities at great rates
British Insurance - various PPI online offerings at competitive rates
Understanding PPI Labels: credit card insurance, loan payment protection insurance, misselling, mortgage payment protection, PPI
Credit Cards - time to bring the Banks to order!
The Bank of England steering committee are meeting today to discuss Interest Rates and are likely to drop the base rate by at least half a percent to 1.5%. This will be the lowest UK rate for over 350 years. Will it make a difference? Well certainly to those of us who have interest only mortgage repayments or large commercial borrowings, but only if these banks (source of all the current problems) pass this rate cut onto the us customers. If they dont then the Government have simply increased the banks profits by .5 percent!
Which brings me to Credit Cards. Credit cards are the lifeblood of the Internet and the majority of transactions could not be achieved without them. They are the most used form of transaction and are essential to the free flow of the modern money supply.
So why are the pariah banks allowed to charge extortionate rates for this this form of essential credit? These anti-social institutions are charging you and me anything between 12% to 30% for the privilige. These Interest Rates are outrageous and it's high time the Government cracked down on these thieves and brought them to bear to explain their 'criminal' loan shark rates!
It is essential that credit card rates are brought in line with all the other forms of borrowing if the Government is serious about pump priming the economy.
Write or email your member of parliament today to express your views about these outrageous and economy damaging rates.
The credit card debt in the UK is massive and needs to be addressed immediately if we are to stand any chance as a nation of dragging ourselves out of debt and recession.
If you are lucky enough to be still employed and have a large monthly credit card debt, think about how you are going to pay these extortionate bills should the worst happen and you lose your JOB. Personal Accident provides a range of
income protection and lifestyle protection insurance products which will cover your credit card debt for 12 or 24 months should you become unemployed. Vist
Personal Accident for some future peace of mind and don't forget - Write to your MP complaining about the loan shark credit card companies!
Labels: credit card insurance, credit cards, credit crunch
AXA Warns over 3.7 million people are struggling with credit debt
A quarter of the population is facing financial meltdown with many of the effects of the credit crunch to blame, according to new research from AXA
According to AXA over 3.7 million people who are struggling to control their finances are failing to cope with mounting credit card bills and 1.02 million people have borrowed too much money and can't keep up with mortgage repayments.
And AXA warns that some are facing worse problems with over three quarters of a million people saying they have been forced to apply for an Individual Voluntary Arrangement and around half a million threatened with the bailiffs, or worse, repossession.
Some 6.1 million people have no savings left at all and around 1.7 million people say their investments have all but disintegrated thanks to the credit crunch. According to AXA, in all some 11.6 million people (25 per cent of the adult population) are said to be struggling financially with a significant number – around 1.3 million people – admitting their finances are entirely out of control.
The statistics have been published to coincide with the launch of AXA's My Budget Day website, which provides consumers with a series of online tools designed to help them take control of their finances in just one hour each month.
Labels: credit card insurance, credit crunch
Credit Card Insurance is Essential in Credit Crunch
In a recent press release
Sara-Anne Burgess of Burgesses highlighted the dangers of not having adequate or possibly no credit card protection insurance.
As important as all your other monthly outgoings, have you considered how you are going to pay all your credit cards if you suddenly lose your job and become unemployed? Are you aware of
credit card payment protection insurance?
At least you will have to struggle to find the minimum interest repayment. What if you can't find a job that quickly?
The BBC Panorama program recently highlighted the plight of homeowners houses being repossessed for unpaid credit card debt. You can avoid this happening to you for very little if you buy through independent
credit card protection insurance and lifestyle protection insuirance specialists such as Personal Accident and Safety First
Labels: credit card insurance, credit card protection, credit crunch
