Reclaim a mis-sold PPI now – find out how much you can get back

Payment Protection Insurance, which is intended to cover a consumers debt repayments in times they become unable to due to sickness, accident, or unemployment, has been discovered to have been mis-sold to potentially millions of financial borrowers several years ago. Due to the discovery of such fiasco, a lot of people have started lining up banks sending in requests to have their policies and their accounts reviewed for a potential compensation.
PPI claims have flooded offices of financial institutions nationwide. In fact, a great majority of these claims have already succeeded.

But how has PPI been mis-sold and how can people make PPI claims? Let’s all have a look at the basics.

First of all PPI has been intended as an add-on policy for both the consumer and the bank’s protection. It prevents the debt from piling up on the consumer’s end while it also protects the bank from potential loss due to unpaid credit. But it just happened that profit-oriented institutions and their staff found ways to cheat people by applying sales tactics that breached regulations.


Credit-takers were made to believe that PPI was a compulsory product and applications are never going to be approved without it. There are instances where people were just forced into buying the product without being told the very important information about it. Some were also ineligible – under 18 or over 65, with pre-existing medical condition, and not employed full time, but were still signed up to the policy.

PPI’s cost can also skyrocket and most people do not know about it. In cases of policies applied to credit cards, the premium amount depends on how much balance is due. In loans and other lump sum agreements, the policy can cost thousands of pounds. These details were not often discussed to consumers.
If you want to find out how much you have paid to PPI and for how long, you can start by looking at your statements and your loan agreement forms. These documents contain reference to the policy. Also, an insurance policy certificate should follow through following the sale; whether you were aware you signed up to it or it was automatically added to your account. All pieces of information should be there.

When you’ve got all these details together and you want to make a PPI claim just as others did, write to your bank about it. Tell them that you wish to get your payments back on the policy premium and whatever amount of interest it rolled from when you had it.

Attach the relevant documents you collected to your letter and let the bank facilitate a review for 6 to 8 weeks. During this time your best option will be to wait for the notification. The decision that your bank will make about your claim depends on the validity of the case and the evidence presented. They will also have to refer to other pertinent information about your account in their database.

If they fail to communicate with you, you have every reason to follow up or lodge a complaint against them at the Financial Ombudsman Service. The FOS specialises in resolving financial disputes between banks and consumers, especially PPI claims. You can lodge the same complaint if you feel that the bank’s decision was done in bad discretion.

And while there has been no set deadline yet as to how far back PPI claims can be made, you’d best do it now so you can get your money back in weeks. There are cases though that claims were made for policies dating to ten years back. It isn’t conclusive but the earlier you act to resolve a mis-sold PPI policy, the bigger chances you get at claiming your money back.

Estimating Your Credit Score

There’s many benefits in estimating your credit score. For one, if you know how much your score should be, you will be able to tell whether it’s time to apply for credit or if you need to wait another month or so. Applying for credit is a serious matter and it’s not one that should be taken lightly. If you’re going to fight for the credit you want, you need to look at your score before anything else.

It’s all about your past credit history. If you’ve been late on some credit accounts, this will show up and affect your score. In addition, if you’ve been using too much of your credit balances, this will show up as well. Lenders will also look at their current relationship with you. So if you have great credit but you’re already paying things slightly late with them, they will still look at this as a problem.

Credit Score

You might feel that credit scores just aren’t fair, but the truth is that they really do protect you more than you might expect. The credit score you have doesn’t care what gender you are, what religion you are, or where you’re from. It’s all about how you pay accounts and how much you use credit. It’s the snapshot of what type of buyer you really are.

There are tools online to give you a better idea of what your credit should look like, but in the general sense you need to start by looking at your credit report. You can order a free credit report every year that doesn’t have your score. This is good when you’re trying to figure out mistakes on your credit. This is also why keeping good credit records is a smart idea. After all, you just have no idea when you’re going to need to use those records to prove something was paid off. Even though mistakes don’t happen all the time, they are still an issue that can be on the horizon.

It’s always a good idea to do what you can to improve your score. If you know that you’ve paid things late, it’s not the end of the world. Just make sure that you start paying your bills a little earlier. There are automatic draft programs that can keep you on track if you’re willing to just let everything be drawn from your bank account every single month. But as always, this is completely up to you to figure out. Good luck!

Crush Your Stress With a Same Day Loan

Stress, stress, stress — the financial world is full of stressed out people. Sometimes life just creeps up on you, and you have to make sure that you do just about everything in your power to get things done. Gone are the days where you could just wait till the last minute to handle everything properly. You want to make absolutely sure that you are focused on getting the right things done at the right times. Anything less than that is going to end up messing with your financial future quite a bit.

Don’t beat yourself up if you made a mistake. The truth is that most of the financial mistakes people make are actually fixable if they would just focus on fixing them. Instead, people panic and give up before they’ve had a chance to do anything. If you’re finding that you’re spinning your wheels financially, a same day loan can get you back on track. These are pretty fast loans that allow you to really get things done — there’s no waiting, no fuss, and no hassle. You just apply online and you’re good to go. Of course, you must make sure that you’re getting the right information and application terms.

Same Day Loan

We can’t stress this enough — beating yourself up is not the answer. Neither is running around trying to approach all of your family and friends. You have to be able to look at the situation and realize that now is the time to take action. Hesitating is only going to make the problem worse. There just comes a point where you have to realize that the cost of inaction is truly the greatest cost of all. The problem with trying to get things set up in a slow manner is that your financial emergency could still be raging. What if you could skip the hassle and pain and move right into the solution phase? Loans let you do that, and you can pay them back at a slower pace than what your financial emergency demanded. Give it a chance and you might be surprised at how the world opens up for you. Just don’t forget to apply online for the best results around!

Can Women Get Out of Debt Like Men Do


It seems like a sexist question, but before you beat us up — understand where we’re coming from. There is a need for specialized discussions about personal finance, and that’s what we’re trying to do here. We figure that it’s all fair game if you’re willing to truly change your life. Why wouldn’t you want to take matters into your own hands, when you can really have the resolution that you’ve always wanted? Getting out of debt isn’t something that’s easy, for anyone. But we believe with the right information, the right tools and definitely the right resources, all things are possible.

The Real Problem

The real problem is two-fold: time and information. A lot of women feel pushed out of the personal finance discussion, because so many resources are geared towards men. Women are expected to focus on motherhood and supporting their partners. This is something that used to be “just fine” with a lot of women, but they’re starting to really want their own space. They’re starting to really want their own claims. That is something that really does make a difference. Why wouldn’t you want to actually get things done if you could? Wouldn’t it make a lot more sense to focus on a better financial life for your family?

Are Women Really Different From Men, Financially

Some really do argue that women aren’t different from men in terms of finances, but we see time and time again that this isn’t the case. The truth is that women aren’t offered the same personal finance information. They also tend to be a lot more conservative than men, fearing losing everything. This comes from a lack of information, in our opinion.

It’s 2013 — we figure that it’s safe for women to finally embrace both sides of the equation — being a good caretaker as well as being financially savvy. Why wouldn’t you want to explore both sides if you could get away with it?

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The Rise of the Financial Blueprint

Your financial blueprint is really what will make all of the difference. This doesn’t have to be a very complicated document at all. It just needs to be something that you can write out and stick to. In essence, think of the financial blueprint as your roadmap to everything else. If you can focus on that roadmap, then everything honestly comes together quit nicely. On the other hand, if you start drifting away from that roadmap, that’s where a lot of your problems start. The best thing that you can honestly do is make sure that you have a clear understanding of what you want. What type of goals are you really shooting for? That’s going to make the difference when it’s finally time to get things moving forward.

The best part of this is that once you build your financial blueprint, you don’t really have to alter it too terribly much. Oh, every few years you’ll want to change things up. For example, we’re talking about getting out of debt. Once you’re out of debt, you’ll want to focus more on just staying out of debt and growing your money. Having a healthy current account tends to make for a much smoother financial life as well.

Getting Help With Your Financial Blueprint

If you need help with your financial blueprint, all you really need to do is reach out. Citizens Advice Bureau has plenty of nonprofit counselors standing by to help you. They can also refer you to other resources that you might not have thought about. This would be better than just assuming you don’t have any options to speak of, right? Absolutely.

Sometimes you can also just get an accountability friend — someone that you already know, like, and trust. When someone knows you, it gets harder to actually tell them that you will do something but you refuse. It makes a lot more sense to actually have someone that will correct you when you begin to veer off course.

Battling Emotions

Emotions are going to be the toughest part here. If you’ve already been in debt, you might feel that you just can’t get out of debt without facing other problems. This isn’t something that has to be that way at all. Getting out of debt opens so many doors, and you don’t have to be someone that is going to suffer needlessly. It might take a little longer than you thought, but you can get out of debt.

Making It Stick

The truth to making it stick for women is to continue to overcome those emotions. Emotions can turn a logical decision into one that you wish you had never made. The truth is that you just have to believe in yourself enough to make things happen. Otherwise you’ll just end up spinning your wheels and making life difficult on yourself.

The Road Ahead

Trying to get your financial life together is hard whether you’re a man or a woman, but women seem to struggle to pull it together. This doesn’t have to be this way at all. Women are more than capable of taking back their financial lives and getting out of debt just the way men do. However, the reality is that they’re going to have to approach the problem from a slightly different perspective in order to really win the day. If you’re a woman reading this, please understand — we’re not trying to put you down at all. Instead, we want to empower you to continue making great financial decisions. It’s a really tough world out there, but that doesn’t mean that you can’t move on to having the financial life that you’ve always wanted. Keep in mind that none of the changes we’ve suggested in here should be taken as overnight advice. That is, we’re not saying that your life will suddenly change for the better. We’re saying that it will take time but things can get better if you’re willing to put in the work. Stick by your accountability partners and you should be just fine. Why not give it a go today? You’ll truly be glad that you did!

The True Nature and Place of Credit Cards in Your Life

Cleaning out your finances for the spring season? You’re not the only one. Indeed, many people are starting to look harder at their finances than ever before. This means that you really need to figure out what belongs in your life, and what doesn’t belong in your life. Your finances are up to you to figure out. You can’t just go off of what your friends are doing, and probably can’t even go off of what your family members are doing. Relatives aren’t a good reference for finances either. You need to really take matters into your own hands. This doesn’t mean that you have to do it alone — not at all. There are plenty fop great resources out there to help you figure out everything. However, the final responsibility is yours to take action. Indeed, so many people end up working hard, but they don’t follow through. You have to have follow through in order to make change.

The best thing that you can really do is start with credit cards. Believe it or not, credit cards really do have a place in your financial blueprint. They’re like mini training wheels for financing bigger things down the road. If you can handle the little things, then lenders are confident that you can handle bigger issues.

Financing a car is something that you’ve probably thought about. Can you imagine having a brand new car to enjoy? The wind in your face, the blue skies ahead of you, and not a care in the world? Well, it all starts with credit cards and other small finance items.

Credit Cards

If you don’t have a credit card right now, you need to get at least one. Even if you have to go and get a secured credit card, it’s okay. You get to really make sure that you have a small bit of finance going at all times. A secured credit card will start out small and grow as time passes. As long as you pay the card off on time every single month, your credit will grow very well. Paying late is the worst thing that you can do for your financial blueprint. By paying late, you’re really telling lenders that you’re not concerned with your money as much as you would like them to believe.

Credit cards have their place in life. The trouble comes when people think that they should put all of their purchases on credit cards. Even if you are using a rewards credit card, the truth is that you’re paying big time for in the long run. You’re still having to pay interest on the card, and that’s not something that you’re looking forward to at all. Break out of the habit by reminding yourself of your interest rate.

As your credit grows, don’t be afraid to look around for better credit terms. If your current credit card company cannot do this for you, then you need to look outside of them. Let the credit card company know of the other offers you’ve received. If they’re valuing you as a customer, then they shouldn’t have a problem lowering your interest rate or doing something else nice for you.

The world of credit is vast, but as long as you keep sight of your goals you just aren’t going to lose. Good luck!

What You Need To Tell Your Children About Money

What child doesn’t list their parents as their own personal heroes? Most kids are wired to look up to you, and that’s a good thing. You get to make a serious impact on the lives of your kids, and teaching them about finance is probably one of the top things that you can actually do. It’s better to make sure that you can give them great lessons now than watch them make heartbreaking decisions later. It’s not quite their fault, however — they simply haven’t been introduced to sound personal finance theory. They think that credit will be able to prop them up, so they keep doing it. They’re going off the lessons that they see from people around them. Now, we could all step back and demonize the credit industry at large, but remember; they’re supposed to be adults at that point. They have to know that credit is a tool, not a free for all party with no consequences. Despite what Hollywood says, you have to manage your credit responsibly.

If you’re nervous about talking to your kids about money, don’t worry — many parents are. You have to make sure that you’re being as encouraging as possible. You need to let your children know that money is very important. This flies in the face of what most people teach. They teach that money doesn’t really matter — it’s just paper. If you take this attitude with your kids, you can’t be surprised when they turn around and treat money like mere sheets of paper. You have to instill within them a healthy respect for money. that doesn’t mean that money has to be the end all, be all of everyone’s lives. However you do need to let them know that money plays a big role in our society. How we take care of our money makes a big difference in how we get to actually enjoy money later.

So, what do our children really need to know about money? Quite a bit.


One, they need to learn that money is gained from providing value. Just hoping that they will go to a good school and pick up a good job afterwards isn’t enough anymore. If you haven’t noticed, our society is becoming more and more competitive for just about everything. Even basis jobs that seemed like they would be open to everyone are now being pickier about applicants. It’s a tough world out there, and your children need to know that. Encourage them to save as much money as possible. You can’t get anywhere fast without a healthy savings account. Even though they might not get a lot of interest from these accounts, they are going to help them out in case there’s a big emergency. Far too often, the emergencies that we think about just aren’t real emergencies. They’re emergencies because we didn’t take time to save. They’re emergencies because we just don’t have anything extra. There’s no reason to spend every single bit of a paycheck.

Yes, when you’re just starting out you might have to spend a lot more of your pay than you expect just on survival. But as time passes, you’re probably spending money on the things you like, rather than the things that you need. There’s something to be said about that. You have to make sure that you cover all of your bases rather than just going for the stuff that looks good. Five years from now, all of the extra clothes in the world won’t get you into the home of your dreams.

Speaking of dreams, you need to encourage your children to start thinking about their own goals and plans. The easier that they start, the more likely it is that they’ll meet their goals. Just as you need to teach them how to save and how to budget, you need to teach them how to grow their money. Do they have dreams about opening a business? A few side businesses where they can raise extra cash could be the best thing that ever happened to them. Make sure that you pinch off a little bit of money every month for the tax bill, and also for savings.

Instilling your children with a healthy sense of money means encouraging them to have fun. Far too often we try to go too strict and it ultimately backfires in the worst ways. We think that it won’t happen to our children, but the reality is that extra-strictness usually doesn’t end well at all.

You have to get yourself in a mentality where you can share this information without being too overprotective. Obviously the advice that you would give to a 6 year old is much different than what you would give to a 17 year old. As the parent, it will be up to you to figure out the way to proceed with your children.

Also, if your kids have any questions, you should make sure that they get answered. Even if you don’t know the answer, there’s the Internet available all of the time. It’s better to show your children that you can look up information rather than just assume that they don’t need to know that information.

This path will require a lot of honesty from you, and it might teach you a few things as well. Indeed, if your financial house isn’t in perfect order your kids will pick up on that. They will probably want to know why your bills are behind, or why you haven’t been saving as much as you should. Take it as healthy and honest criticism. Cleaning up your finances can make sure that you have things under control in a big way. Over time, your financial plans will change, and that’s okay. Share some of the experience with your children — they will benefit from it in the long run!

6 Payday Loan Alternatives

Are you looking for quick cash to ease your financial worries? Applying to payday loan lenders is certainly one option that you can explore, but in some cases it is not always the right choice.

With this in mind, let’s take a look at some payday loan alternatives:

Use your savings

If you have an emergency financial situation, then maybe you could dip into your savings account to get some quick cash? Sure, this is not an ideal situation, but it’s probably better than taking out a high interest loan.

Ask family members

Most people never consider asking family members for help when they are short of cash, but it is certainly a viable option, especially if your situation is urgent. Remember, your family members won’t charge you interest, so it can be a good way to loan a small amount of cash.

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Contact your bank

Another good alternative to payday loans is to contact your bank. You might be able to get a small personal loan if you have a good relationship with them, or they may even extend your current overdraft, which means you will have immediate access to extra funds.

Apply for a credit card

Many credit card companies now offer introductory rates for new customers, which means you can often get a credit card with a low interest rate or even a 0% interest rate. Just make sure that you pay off the balance as soon as possible, because once the introductory rate is over you will then be charged a much higher rate.

Sell some items

Maybe you have some unwanted items just lying around the house? If so, then you can turn these items into immediate cash, by selling them online, taking them to a pawnshop, or even having your very own garage sale.

Sure, you probably won’t get full value when you are looking for a quick sale, but some money is better than no money.

Ask your employer

Payday loans are high interest loans that you can get until your next ìpaycheck.î With this in mind, why not cut out the middleman and go directly to the source by asking your employer for a cash advance on your wages.

At the end of the day, the worst thing that they can say is no, and if successful, you can get the money you need without having to pay interest or worry about late payment fees or debt collectors turning up at your house.

Capping Payday Loan Rates – is this the answer?

Despite only being introduced to the UK around 5 years ago, payday loans have quickly become one of the most popular types of credit in the UK. Their opportunistic marketing campaigns and constant media attention have meant that we’re now unable to open a newspaper or turn on the TV without seeing articles and advertisements related to this short term credit source.

Ever since their introduction, payday loans have been surrounded in controversy regarding their interest rates, debt collection strategies, marketing campaigns and flexible lending criteria. This has forced the OFT to carry out investigations on a range of payday lenders. While many of these investigations have highlighted very few problems regarding the regulation of these companies, a handful of firms have been shut down as a result.

The most recent revelation surrounding payday loans has been regarding a cap being put on the interest rates. The OFT have proposed that there should be a limit to the interest rate that payday lenders are able to charge, arguing that this will help to reduce the amount of people getting into trouble with payday loan debt.

There is no doubt that payday loan debt is becoming a problem in the UK, however will capping these rates help to solve this problem? We’ve investigated various theories in a hope to answer this question.

Daily Fines

StepChange (a well-known debt charity) receive hundreds of calls every day from people struggling with payday loan debt, and although they do partially blame the high interest rates, they identified the late payment penalty charges as the real problem.

Different payday loan firms will have different late payment procedures, some will charge daily penalties, and others will simply let the interest mount at a rate of one percent per day. This means that the longer you go without paying, the larger the balance is going to get, so before long, you could be facing a balance that is twice what you initially borrowed.


Multiple Loans

As outlined above, if a debtor misses their scheduled payment, charges will be attached to the account, this in itself is a problem. However, the real problem starts when someone takes out another payday loan in order to pay off their current payday debt.

Payday loans are designed to be a short term fix and using them for any purpose other than this will result in financial problems. Using payday loans to pay off current payday loan debt is known as the ‘payday loan trap’ – the longer it goes on the more trouble the debtor gets into.


Many payday loan lenders now allow you to log into your account online and extend the promise date. While this seems like a good idea in tough times, it can prove to be very costly. This is because an ‘administration fee’ will be added to the balance, and of course interest will accrue at the normal rate.

Having multiple loans rolling over at the same time is very dangerous, and is not recommended under any circumstances.

Capping the rates – the solution?

Many will argue that the high interest rates are the source of the problem, but capping them will not be the solution. This poses the question, what would be a more suitable solution?

Some have suggested that capping the amount of payday loans a person can have at any given time would solve the problem of the payday loan trap. The problem with this is; how would it be implemented? Payday lenders pride themselves on offering a very quick turnaround; anything that could slow this process down would not be welcomed.

Currently there is nothing circulating to suggest what the rates will be capped to, or indeed whether it will actually happen. Many feel that the successfulness of the interest rate cap will be dependent on what it is capped too. Many also feel that if the cap is significant, we could see the end of payday loans as they’re known in the UK.

This article has been written by Jason Scott on behalf of Guarantor Loans Online, for more up to date information on the loan market visit

Types of Loans for Home Based Businesses

More individuals are choosing to work from home, drawn by the lure of blogging and ecommerce. If you truly want to turn your new home business into a full-time job, however, you might need to plan on investing some start-up money in it. This money could be used to purchase inventory for an online shop or to help offset advertising costs, for example. In these cases, you may find yourself in need of a loan to help pay for your start-up home business costs. It’s best to examine your different loan types carefully to find the right fit for your needs. For home businesses, the two most common types of loans on offer are small business loans and home equity loans.

Small Business Loans

Because a business run from home falls under the category of a small business, it follows that a small business loan could be the right option. Although there are many different terms and conditions that could accompany small business loans, they are quite similar to regular business loans. You can expect to present a business plan to a loan officer. This should lay out your business background, goals, and projected financial figures. In addition to a business plan, a loan officer will also look at your credit rating, experience in your chosen field, and the likelihood of your business succeeding. One of the benefits of taking out this type of loan is that you don’t have to answer to a board as you would if you found investors.


Your business plan is the most important part of landing a small business loan. Even if you have just started a website using basic e-commerce solutions, you must appear confident in your meeting with a loan officer. Be prepared to state how much money you need and why, along with the timeframe in which you expect to be able to pay it back. Be sure to be both conservative and realistic in your loan application. If you have difficulty making timely loan repayments, it could affect your credit score and ability to gain additional financing for your business in the future.

Home Equity Loans

Another type of loan that is typically used by home business owners is a home equity loan. This is only available to homeowners, however. This type of loan uses the equity you have built in your home as collateral for a new loan. It is considered to be low risk for the lender, making it easier to secure and with lower interest rates. One factor to consider is that in today’s tight housing market, lenders are more cautious about home equity loans. You may not be able to borrow as much with this type of loan as you would with a traditional small business loan. However, for many small businesses you don’t need too much start-up money at first. For example, if you are running an online business you may only need funding for ecommerce development, which can be quite cost-effective.

The specific terms and conditions of both types of loans will vary quite a bit between lenders, so it’s best to compare all options carefully. The right financing situation will depend on the type of home business you run as well as your projected sales goals.

Salary Cut? Here’s How to Handle It.

When it comes to your job, there’s some good news: you didn’t get fired! You still have a job to come to work to day after day, which means that you’re still going to be able to give your family the life they deserve. People get really worried when their company starts making changes, but for the most part, you walked away without too many scratches or cuts…or did you?

You see, you might still have your job, but the company may have asked you to take less pay for the same amount of work. Of course, everyone knows that companies don’t just “ask” you to do anything — they’re telling you that you’re going to be taking a pay cut because it’s not feasible for them to pay you that higher paycheck anymore. Every business owner knows that one of the highest expenses is payroll. It costs money to make money and it costs money to pay the workers, and it costs even more money to manage their benefits and other human resources information that’s absolutely vital to promoting a good company culture. If you really want to make sure that you’re on the safe side of things, you might want to think about a future where your salary would be cut and how you would make sure that your family is still safe even with the decrease in pay.

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First and foremost, if you have a spouse that isn’t working because you wanted them to stay home, it might be time for them to try to get a job. Sure, it’s nice to be able to start a business, but if you’ve got to actually dig down deep and get money quickly, you might have to have your spouse just take a job that pays some sort of income. It’s not fun and it’s certainly not anything we look forward to doing, but the last thing that you will want to find yourself being unable to pay the bills because you’re thinking about so many bills at one time hitting your account. That’s something that’s only going to stress you out and make it harder for you to focus on what matters.

You will need to make sure that you’re study your budget and that you can make changes. Yes, there are going to be essential services in there — we’re not asking you to give up your security system alarm if you really feel that it makes you keep safe.

You may need to even start thinking about buying different groceries than you’re used to. Yes, you can use coupons but you shouldn’t just use coupons to save money on things that you wouldn’t normally buy. Hunt for new deals or even ask the local grocery store to help you get bulk deals. Buying things in bulk can really save you a lot of money.

Overall, there are a lot of things to think about when it’s just a cut in pay and not an actual job loss. One concern that can’t be stressed enough is the need to find another job. Yes, you might really like your job. However, if you’ve already had one paycut, don’t think that your company will just keep it at just one. If they need to save more money, you could end up taking another cut or even lose another raise — that’s something that can make you feel like they don’t value you at all. Continue reading “Salary Cut? Here’s How to Handle It.”