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The future of the PPI Claims Market – What’s Next for ppi?

Payment protection insurance claims, since 2011 have been a prominent & popular topic amongst members of the British public & finance industry workers alike.

Since the judicial ruling during May 2011 there have been 100s of 1000s of payment protection claims from disgruntled customers that have sought to claim back the cash that they are owed from the financial corporations that have miss sold this insurance product to them.

But what does the future hold for this market? Are there still evermore people out there that still need to claim compensation?

The short answer is yes. It is estimated that there are only 1 out of 4 ppi claims that have been claimed for to date, so pure mathematics dictates that the majority of these wrongly sold financial solutions are yet to be claimed for by the many thousands of miss selling victims all across the united kingdom.

In terms of regulation however, this is becoming more and more strict with over 100 companies being closed down due to violations of policies implemented over companies wishing to trade in the financial claims’ market, this will no doubt shape the future of payment protection insurance claims, by ensuring that the companies that survive, will be the ones who choose to trade fairly with members of the general British public.

You can expect more advertisements as times go by, also, it is likely that the banks’ will send out more and more letters to people that have been miss sold this product, & they will likely announce that they are doing this more publicly to the residents of the United Kingdom, as the banks’ have made it very clear that they wish to have the claims’ epidemic completed so that they can attend to other areas of business & focus on further growth.

As more time passes, certain cases could become harder to trace, with many companies ceasing trading the documentation could become increasingly awkward to track down & pursue through to a completed case, this is yet another reason why haste is necessary when dealing with payment protection insurance complaints, the longer you leave it the more difficult it can be to process.

It is expected that there will be another spike in claims’ but this is not expected to be due for some time because the ppi claims industry traditionally requires some kind of ‘spark’ or ‘reason’ for people to take the initiative & reclaim their cash, many advertisements are still running from some of the larger claims’ management companies, and this is set to continue with the recent news that more than 70% of British people are still yet to make a claim.

With harsher regulation, it is expected that the market will become much more open to new businesses, but, as stated above, any new payment protection insurance claims companies will need to take extra care that they adhere to the rules for this market, and provide an honest, transparent & efficient service, a good example of one of these companies that adheres’ to all necessary legislation is http://ppiclaims4you.co.uk a UK based company that offers low cost ppi claims, on a no win no fee basis.

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March 25, 2014
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Simple Steps to Repairing Credit and Living Debt Free

Having poor credit touches every area of our lives today. Many companies check credit scores before they hire you. Insurance companies increase premiums with an unfavorable credit score. Buying a home or renting depends on your credit ratings. Repairing your credit is not difficult; it takes work and sticking to it.

Review your credit report

Assessing your credit report needs to be first on your list. Obtain an annual free copy of your credit report. Visit annualcredit.com to request a copy from all three credit-reporting companies, Equifax, Experian, and TranUnion. Get an accurate snapshot of your credit history before you start repairing financial damage. Know exactly where you stand, and what needs addressing directly. Disputing errors on your report will remove unfair damage done to your credit.

Create a payment plan

Stop spending; put all credit cards away until you can manage your expenses. Reduce amount owed by creating a realistic budget. Paying bills on time improves your ratings. Keep paying cards you can manage on time. Deal with credit cards that are over the limit and accumulating late fees immediately. Call your credit card company and start negotiating a payment plan that you can handle. Once you negotiate, do your best to stick to the plan. Set up an automatic bill payment with the bank to pay bills on time. To see immediate results pay down your lowest amount. Once having paid off the first card, take that amount and add it to the next lowest card until you finish paying every bill.

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Stick to it

Create a workable budget and keep paying those bills. Pay on time being late only a few days can have an adverse impact on your credit score. If you missed a few payments do not be discouraged start over and keep going. If you know, you are going to miss a payment, or send it late; call the credit company and see whether they will give you extra time. Stay with your plan and you will succeed. Closing your credit card accounts does not increase your score so keep your cards but do not use them. Applying for new credit cards will lower your score. If you need to borrow money to help pay your bill, you can borrow from your life insurance company.

Rebuilding your credit can take time but is well worth it. Set yourself a realistic goal and face up as to why your spending has gotten out of your control. Sell items you do not use, downsize personal needs until you are debt free and happy again.

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February 24, 2014
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The Truth About Debt Consolidation Companies

debt-consolidation-companies-300x198Many people who are experiencing financial problems have seen advertisements or read about debt consolidation companies. The concept of debt consolidation is easy to understand. It sounds like an attractive alternative to other solutions like bankruptcy. Unfortunately, the majority of debt consolidation companies will not really help people in trouble. There are some very valid and good debt consolidation companies today although they are difficult to find. It is important to understand the truth about debt consolidation companies.

Extended Loan Terms Increase Debt

One of the things that attracts so many people to debt consolidation companies is that promise that there will be more money available every month. This claim is technically true. Many companies structure a loan so that monthly payments are lower than what was being paid before consolidation. These lower monthly payments are usually because the term of the loan is very long. Although a long term does save money every month, it actually increases the amount of money the borrowers will repay over time. Consolidation companies operating in this way are actually increasing debt.

Underlying Financial Issues Are Not Addressed

The most significant point about debt consolidation companies is that they do nothing about the underlying financial issues that caused the debt initially. Once the debts are consolidated, the clients will likely have access to credit cards and other accounts again. The clients receive no long-term financial counseling or planning. The poor spending habits could return quickly so that debt starts to accrue immediately. The result could be a cycle of debt that never stops or that ends in bankruptcy. Some debt consolidation companies make money from this cycle.

Fees and Penalties Can Become Overwhelming

Debt consolidation companies charge various fees for services. Additionally, most contracts with consolidation companies include very heavy penalties and fees if any monthly payments are late or missed completely. These fees can immediately start to harm the finances of a household. The fees could even start to accrue every month until the amount becomes too large to repay with current income. The debt consolidation company normally aggressively pursues repayment of these fees.

Some Companies Are Predatory

The reality is that some debt consolidation companies are predatory. They prey on families or individuals who need financial help in order to avoid evictions, foreclosures or bankruptcy. Some debt consolidation companies flip loans with clients. This means offering clients a new loan for a larger amount before the original loan was repaid. The new loan is then loaded with fees so that the consolidation company makes more money. Predatory practices occur frequently in the industry.

Guarantees Are Not Always Honored

Many of the promises that debt consolidation companies make cannot be honored. A number debt consolidation companies cannot really guarantee that clients will be eligible for a loan despite advertising to the contrary. The companies cannot always eliminate all debt or find lower interest rates. Although the guarantees are not kept, most clients must still pay some type of service fee. This leaves many families deeper in debt even though the consolidation company did not provide any real assistance.

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January 21, 2014
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Unbiased EZTrader Review

EZTrader has long been one of the most popular binary trading platforms on the market, but some problems have caused people to migrate to other trading platforms in search of more money. This website has recently come under new ownership, and many of these problems have been corrected so that it can compete with other modern platforms. If you want to get started or improve your profits with binary trading, then EZTrader might be the best for your needs.

User Interface

If you use most of the other binary trading platforms, then you might notice that they all look very similar. This is because most platforms use the same white label software. EZTrader has a proprietary system that you won’t find anywhere else, but many websites have tried to imitate it.

The most notable feature of EZTrader is how easy the user interface is. It just takes five steps to get started. Open an account and select a financial instrument. Choose to call or put the trade, enter the amount of the trade and click the “Execute” button to trade the financial instrument.

Both beginners and seasoned traders will love the user interface because it’s very easy to use.

Payout Amounts

The payout amounts were one of the biggest problems in the past with EZTrader. Most trades would only have a payout percentage of 65 percent, but sometimes they were as low as 50 percent. This was significantly lower than other brokers, and it led to many people leaving.

The new owners have improved the payout amounts to about 80 percent. You might even find some payouts as high as 90 to 95 percent if you’re lucky. This allows investors to make much more money than before.

Spread Price

Some brokers charge a spread price to initiate trades. These have become very unpopular because investors want to make as much money as possible, and they don’t want to pay for trades. Most of the best binary trading platforms have eliminated the spread price, and EZTrader is one of them.

You no longer have to pay any extra money for your trade. If you want to invest $100, then that’s all you have to pay. This allows you to make money on tighter trades and deals.

Lockout Period

EZTrader originally imposed a 15-minute lockout period that kept investors from trading for 15 minutes after initiating a call or put. What seemed like a good investing decision could become a nightmare within those 15 minutes, which caused many investors to complain.

The new EZTrader just makes you wait five minutes. This is much better for people who want to capitalize on short trends before they disappear.

Conclusion

There are many binary trading platforms that are vying for the top spot. EZTrader is largely recognized as one of the easiest platforms to use. New investors will love the simplicity of EZTrader’s system, and seasoned investors will like the large number of financial vehicles that are available. This is definitely a platform worth checking out.

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January 1, 2014
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Best Way to Negotiate Business Debt

Negotiating debt is an increasingly important component of business management, whether the business is successful or not. This has never been truer since the whole world started reexamining the loose lending standards that led the economic collapse in 2008. The days of lending money without scrutinizing the borrower are gone.

The debt you owe defines the net worth of your business. Unless you have been living under a rock, it is important that you consider negotiating your business debt seriously in order to prevent the business from going down the drain. The whole process is more complicated, but below are some basic ideas about what you can do to negotiate the debt.

Doing It Yourself

This is a good place to talk about so-called “DIY debt negotiation”. The first step to getting out of debt is to stop adding to it in the future. This is done by paying the balance in full on any business credit cards that carry high-interest rate. If you do not have the right amount to pay in full, you can always attempt to negotiate the debt with the creditors. By setting aside a minimum amount to pay off the balance you will feel like gaining traction. The emotional lift from wiping out the debt step by step all by yourself is well worth whatever frustrations you might go through during the process. It can give you encouragement to continue with your business and teach you more about debt negotiation skills. The catch here is, if you get intense about paying off the business debt, your credit score as well as your savings may deteriorate.

Entering Credit Counseling

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Credit counseling for debt negotiation can sometimes be a good idea. But it is surely more complicated that doing it yourself. The agencies that negotiate debt might be technically nonprofits but often you will pay money for their services. One thing to look for is the free education an agency is willing to provide. Otherwise, you could end up paying high fees and getting bad advice. You should also know that hiring a counselor is a spending decision. That means interviewing multiple counselor for the task. A certified counselor will help you determine the necessary steps to take in order to get flexible repayment schedules, extra fees waived, and in some cases, reduced balance. Many agencies also try to get you on a debt management plan which enables them to talk to the creditors on your behalf. The best place to find these agencies is the Association for Independent Consumer Credit Counseling Agencies or aiccaa.org.

Using an Attorney

Finally, you will be forced to make this dizzying financial decision – contacting and attorney – if nothing else works. The title ‘debt negotiating lawyer’ is regulated. Remember that, hiring an attorney for the business debt should be a partnership relationship rather than work-for-hire. It is up to you to weed out the bad attorneys from good. A good lawyer will help you identify the fundamental problems, set goals and provide objective suggestions.

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November 25, 2013
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Choosing the Best Debt Consultant Company

Details of a good credit counseling company

Good credit counseling companies can give suggestions on how to manage your money and debt, assist you with developing a budget as well as free educational pamphlets and workshops. Their counselors are trained in a number of categories including consumer credit, money and debt management as well as budgeting. These types of counselors will discuss with your, your entire financial situation and lead you step by step with a plan to deal with any and all financial issues. The first consultation generally lasts about an hour with an offer for follow up appointments.

A good credit counseling organization will send you pamphlets and other free information in the mail about itself and the services it offers without any requirements from you nor your situation, if an organization doesn’t do that. Don’t go there.

What you should do before visiting an organization

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Make a list of organizations you’d like to visit and before doing so, visit your State Attorney General’s office. Here they can let you know if customers have filed complaints about any of them and if so, what about. However, just because there are no complaints doesn’t mean the organization is good.

When you go and visit each organization, there are numerous questions you’ll want to ask such as the following:

Questions to ask

What services does your company offer? Be on the lookout for an organization that has a wide range of services including budget counseling and savings classes. Avoid any business that leans towards a debt management plan as being your only option before spending time discussing your situation.

Do you offer free information? If not, don’t do business with them.

What are your fees? Take notice in set up and monthly fees and get them in writing.

Will there be a contract involved? Read before signing anything and ensure that any and all verbal promises are in writing.

Are you licensed to offer your services in my state? Obviously if they’re not consider it a major red flag and leave.

How are the staff paid? If they are paid based upon the contributions you make or any fees, go elsewhere.

Additional questions and tips

Find out the qualifications of their counselors, are they accredited or certified by an outside company? If so, then by who? How are they trained? Push towards using an organization whose staff are trained by a third-party.

Ensure all of your information including your name, phone number, address and financial information are kept confidential and secure.

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October 22, 2013
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Stock Funds to Make Money Investing in a Bad Stock Market

In a bad stock market it’s difficult to make money on the upside, but it’s not impossible.

Down markets are tricky. There can be certain sectors of the market that create the downturn, and in this case finding those sectors with strength offer opportunities to buy good stock funds.

Stock Funds for High Risk Investors

There are stock funds that play the downside of the market. These funds are called short funds. When you short individual stocks, these stocks make you money when the stock price goes down. You can also buy stock funds that do the same thing. In fact, some of the more aggressive funds will multiply the downside by one or two times the loss.

For example, if the S&P 500 index goes down one percent, there are stock funds that will return two percent for that day. Again, these funds are not for the weak of heart and you must know the risks before purchasing them.

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Sector Funds

There are stock funds that focus on a particular group of stocks or a sector within the market. In a really, really bad stock market almost everything goes down, and it’s extremely difficult for most stock funds to make money. But in a bad market there are always some sectors that remain strong.

Sector stock funds can make money in bad markets because people gravitate to strength.

Diversified sector funds are another way to play a bad market. These stock funds will allocate money along a wide range of stocks within the sector and sub-sectors. The key here is diversification. This type of fund may compress your gains, but the lower risk factor is what attracts many investors to these stock funds.

Dividend Stock Funds

These stock funds usually invest in companies that have steady returns and pay dividends. You want to invest in a good quality fund that holds mid to large cap companies.

The theory here is, those companies in the fund earn money in all types of markets – good or bad, so even if the stock price takes a temporary hit you will still make money in the interim from the dividends. When the stock market rebounds, these companies will be the first to see price appreciation.

Foreign Stock Funds

In bad markets not all ships sink at the same time, and there are plenty of foreign stock funds to choose from.

If you go back historically, when the U.S. market took a slam some of the Asian markets actually went up. If you have a global downturn, then all bets are off.

Remember too, you don’t have to invest in just one stock fund. If you want to try your hand at investing in a bad market you can diversify among different stock funds. In this case you can lose in one and still make money in the others; this will still provide you with gains in a bad stock market.

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September 5, 2013
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Credit Card Safety – Tips to Stay Safe

Credit card fraud and theft are big problems. Thieves can take every once of credit you have if they are given the chance. But do not fret, there is a way to help protect yourself from thieves who would love to get their hands on your cards.

Prized Possessions

Protect credit cards like your prized possessions. Do not give them to others, especially not the numbers, and show them to only those who you can trust with the information such as reputable companies. If someone calls you or emails you for your card number, do not give it to them. Only do so if you called them, so you are sure they are who they say they are.

Internet Safety

Credit card securityWhen using your credit cards online, stick to reputable companies. Do not give out your card information to anyone unless you need to. Some places store your information for you in an account. Protect your passwords to those accounts just as you would your card number. And it is best not to use personal information such as dates or names as your password. If the thief knows you or knows how to find out, he or she may gain knowledge of those dates or names, and be able to guess your password easier.

Worth of Receipts

Receipts often have at least part of your card number. Sometimes the whole number. Keep your receipts and don’t leave them lying around. You are protecting that information and you still have the receipt from your purchase should you need it to prove how much the item really was to prevent shady people from trying to charge you extra.

Card Company Benefits

Some credit card companies provide help to further protect your card. Some may call you if any charges look suspicious, others can provide you with temporary numbers to use online so you do not give out your real number. Call your card company and see what kinds of things they may have available.

In Case of Theft

Always be prepared. The day may come when someone somehow manages to steal your card information. There is still a way to stop them from getting too far. Make notes ahead of time of your card companies’ phone numbers, your card numbers, and their expiration dates. Keep the notes hidden in a safe place away from your cards. So if your cards are ever stolen, you can immediately contact the companies and let them know: stopping the thieves in their tracks.

Quick Summary

So once you get a card, write its information down including the company’s number in case the card gets stolen. Treat it like a prized possession and only show those deemed trustworthy and who need it. Choose reputable companies to make purchases from and guard your passwords well. Save receipts and keep them safe. Also check out your card company for any helpful services they provide to help you combat any thieves wanting your precious card number.

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August 1, 2013