making a mis-sold PPI claim yourself

Five steps to making a mis-sold PPI claim yourself

Posted by & filed under .

Just when you realised that the bank you owe money to in debt (credit card, loan, or mortgage) found a way to rip you off by mis-selling a PPI policy, you can actually legally make a claim for the premium and interest payments be returned to you in weeks. There’s a straightforward way of making PPI claims and you could do it yourself. Alternatively, PPI claims advisers are also very much willing to assist you in getting your money back.

PPI in general is a great add-on financial product for credit consumers to take out. It is usually offered alongside cards, loans, and mortgages to help borrowers keep up with their repayments in times when they become ill for a long time, have an accident, or get unemployed for a while making them miss their dues. However, it was discovered that banks employed a number of unlawful schemes to sell this products to unsuspecting customers.

If you have no idea what to do, you could follow this five-step process to reclaiming a mis-sold PPI.

STEP ONE: Determine the existence of Payment Protection Insurance in any of your credit accounts. You can check your bank statements, credit agreement forms and other documents for it. See references to PPI including the amount you’re paying for it and the date you were signed up. Incidentally, if you’ve lost any paperwork, you may request your bank to furnish a copy for you.

STEP TWO: When you have established that you were signed up to PPI you can begin you reclaim by putting it in writing. Ask the bank to review your account details and the policy you were sold as you suspect it was wrongly applied alongside your debt.

making a mis-sold PPI claim yourself

Describe what happened during the sale and specify the information you were told or those that you were deliberate kept in the dark with. There are several ways as to how a PPI policy could have been mis-sold to you. Have a look at the situations below.

• You were told that PPI was a compulsory product; was automatically added to your account without being told an opt-out alternative.
• You were made to believe it increases your chance of getting a higher credit limit or loan amount; or told that your application is less likely to be approved without taking the insurance alongside.
• You were not clearly informed of the costs and cooling-off period.
• You were not informed of the terms and conditions, including extent of cover, exclusions, and limitations – this pertains to age limit, residence status, employment status, pre-existing medical conditions, having availed of policies of the same nature, etc.

STEP THREE: Let the bank take care of the PPI claims review. There should be a window of 6 or 8 weeks for the review to be completed. Follow up communication is encouraged if you feel that you need to know what’s going on. There may also be times that the bank will contact you to ask for additional information and documents so be ready to provide them that. (more…)

IVA Mortgage

Posted by & filed under .

An IVA is normally found to be a good solution to a personal debt crisis. There many people across the UK who have benefited from IVA agreements that have proven to be a life saver. An IVA agreement is basically an individual voluntary agreement that allows a holder of a debt that is overwhelming, to find an amicable solution of repaying the debt. One of the consequences of the IVa agreement is that it will hurt the applicant’s credit ratings.

So, what happens to a holder of an IVA agreement or previous holder of such an agreement who wishes to purchase a home? There is a special facility provided for people in such circumstances. It is referred to as an iva mortgage. An iva mortgage is a mortgage facility that is advanced to holders or previous holders of an IVA agreement. The purpose of the iva mortgage facility is to enable the holder purchase an affordable home for themselves.

There are certain financial organizations that provide iva mortgage services to holders of IVAs. This they do despite the fact the IVA holder has an adverse credit rating and is considered a financial risk. The mortgage is designed to accommodate this fact. While holders of an IVA will be financially challenged due to the monthly payments towards the IVA agreement, they may still apply and qualify for an iva mortgage.

The iva mortgage comes with certain conditions. If the applicant has had the IVA agreement for at least 6 months and has been faithfully making the monthly payments as stipulated, then they may get about 50 per cent funding as their iva mortgage. The interest rate charged will be much higher because of the considerable risk that IVA holders are perceived to be.

Previous holders of IVAs may get funding of up to 60 per cent of the value of the property to be purchased. The loan to value ration is considerably much lower than for other applicants. Though the applicant will be stretched out financially when buying a home under such an agreement, the opportunity to own a home is considered a privileged one and taking up such an opportunity should be considered a wise investment choice.

getting a mortgage loan

Mortgage Loans and Payday Loans…A Good Mix?

Posted by & filed under .

In recent years getting a mortgage loan has become much more difficult. It was only a few years ago that lenders were approving mortgages even to customers who had a less than perfect credit history, but it now seems that those days are well and truly over.

Are you looking to get a loan to buy your dream home, but are unsure if a history of taking out payday loans will hurt your chances?

If so, then you need to relax and look at the situation objectively. As long as you always paid the loans back on time and were an ideal customer, then the fact that you took out payday loans should have no bearing on a mortgage lenders decision to give you a home loan.

Obviously, if you took out multiple payday loans and then had trouble paying them back, missing payment deadlines and being charged late payment penalties, then you may find that this will come to the attention of a mortgage lender, and they will take it into consideration when reviewing your application.

At the end of the day, there are so many different factors that come into play when applying for a mortgage, that even if you do have some blemishes on your financial record, there may be more positive things on your record that will save the day.

getting a mortgage loanMore about payday loans

The vast majority of payday loan companies are now completely legitimate, which is the main reason why they have become so popular.

By visiting a website such as you can apply for a loan in minutes, and see cash in your bank within the hour.

Just be aware that you should only take out a payday loan when you desperately need short-term cash and there are no other options available. Also, be confident that the money can be repaid on time, because failure to do so will result in extra fees and a note on your credit file.

As you can see, payday loans should not be taken lightly and should not be messed around with. The majority of people who get these loans have no trouble paying them back, but a small minority find themselves getting deep into debt, taking out multiple payday loans and never ending the cycle.


If you want to secure a mortgage loan to buy a new house, then it will work in your favor to get your credit score in good standing. You may want to consider seeking advice from a credit repair specialist, so they can look over your case and advise you on the best way forward.

Importance of mortgage schemes in the market

Posted by & filed under .

It is a well known fact that there are many schemes which can help you to find a good house in real estate market. You can select home of your choice from internet that would go a long way in making you feel happy and satisfied. Many people want to renovate their homes depending on their requirements and preferences. It can prove to be a costly affair which can result in lots of expenditure. There are different facets in construction of a house such as plumbing that may prove to be financially draining. You can apply for mortgage against your house so that you would get required loan which would help you in undertaking developmental work in your home. Rate of interest might vary because it can fluctuate depending on current market scenario.

Fixed interest rate can become very handy if inflation is very high. There are many instances when people applied for floating rate and they were offered higher interest rate which resulted in greater monthly expenses. Refinance is a wonderful option because you can use them to lower your overall monthly expenditure if interest rates are down. You must also have a look at closing cost in order to get accurate value of the loan for which you are applying. Credit rating must be on a higher side so that interest rates would be lower in the process.


Why PPI Is So Toxic To Your Finances

Posted by & filed under .

A lot of people are writing to ask why we consider PPI to be so toxic to their finances. This is a valid question, so we’re going to give you a valid answer.

You see, the concept of payment protection insurance sounds really good. Who doesn’t want to be protected in the event of an emergency? Who doesn’t want to be protected just in case things don’t really go as well as one would hope? That’s the idea behind payment protection insurance, but it doesn’t work out this way at all. The reality is that things get to a point where it’s not a valid policy in reality.

For example, if you already had a preexisting condition at the time that you were signed up for PPI, you will not be able to claim the sickness element. It would be rejected. What protection does that honestly give you when you’re sick? What protection does that lead to when you’re not feeling good? What protection does that give you when you just don’t feel like yourself anymore? That’s our total point here — there is truly something about PPI that sounds good, but it just doesn’t give you what you truly need.

That’s why it’s so important to make sure that you don’t pay another pound — you will need to fight back against PPI. Don’t get sucked into a world where you have to honestly pay for PPI day in and day out. It shouldn’t be part of your loan, and you should be able to prove that you were mis-sold the policy to begin with. This means that you were pressured into taking something that you didn’t really understand, that you didn’t really need, and that wouldn’t actually benefit you because you were never a good candidate for PPI in the first place. A lot of people feel like it’s just something that’s par for the course but you have to be realistic. That’s a lot of money that could be sitting on the table, and if you’re thinking about trying to get things taken care of, you have to take action quickly.

It’s better to honestly ensure that you have everything worked out, but who has time to really handle these things on their own? It would be smarter to make sure that you’re going with the right legal representation. Good luck and make sure that you take action — your money is waiting for you!