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   Thursday, September 6, 2007

As a result of a directive from the Financial Services Agency, Banks in the United Kingdom are now being instructed to return fees to clients they are deemed to have overcharged. This is of major significance to those involved within the areas of Debt Management, Debt Settlement and Bankruptcy in general as these figures could be quite substantial overall
Long overdue, this affair could cost in excess of £300 million at the end of the day. Part of the problem lies with potential conflict of interest scenarios whereby the conveyancing quite often is carried out by the Banks own appointed “Panel Solicitor” who are unlikely to question too deeply any of the banks own imposed charges. The Lawyers feel that there quite often is case for being removed from a lenders panel if they were to question the ethics of the transaction and to be honest it is always better to have an independent conveyancing professional supervise this type of transaction anyway.
To put it simply, the problem is as follows. At the outset of any agreed Mortgage or Loan there is always the fine print that entails what additional charges there are that need to be settled in the event of early settlement. It’s funny this (actually it’s tragic but that is another issue) but these issues are very rarely to be seen when they are busy trying to prostitute themselves into trying to get you to do a deal with them in the first place.
Back to the matter in hand, the points referred to, cover a wide variety of issues and one of which relates to the cost of early redemption of the mortgage. This last fact is quite ludicrous as if they haven’t made enough out of you during the term of the deal but that is another issue. The bottom line is that your lender shouldn’t make alterations to your agreed amounts without your prior acceptance of these changes. If they do (which some of them have done) then you should complain to the Financial Services Watchdog – the Financial Ombudsman.
If you think you have spotted any changes then the first thing you and/or representative should do is go through your original agreement with a fine tool. If they are insisting on more and have dreamed up some spurious excuse for this and you don’t agree then threaten them with the Watchdog and don’t take this lying down! If they refuse or give you some sort of lousy explanation that we all know smells then complain and threaten them with the Ombudsman. This usually is enough to get them to cough up the money as at the end of the day none of our glorious financial institutions likes the bad publicity of being dragged through the Courts and also the papers!
As in all areas of negotiations then as a matter of course do not accept the first offering that they deign to throw at you. I have a client who has just settled a matter with the UK’s largest Mortgage lender (you know who you are) over a dispute over interest charges and they initially offered him a derisory £25 compensation figure and when the agreement was finally settled it end up at £379!
So the moral of the story is? Always (repeat always several times) check the fine print of any contract before you sign it and if someone tries to “slip something past you” without you knowing and you find out? The sooner that you disabuse them of this notion, the better for you and for some of the other silent borrowers that these institutions have either “ripped off” over the years or are trying to rip off now! Howl and complain as loud as you can!

Scott James writes regularly on Finance issues and more on the above can be found at http://debt-consolidation-services.ws/debtmanagement/  and http://personalbankruptcy.name/bankruptcy/


Unsecured Loans: Penny Wise, Pound Wiser
If you are a student with a loan against your name, the recent government announcement is definitely not going to make you any happier. If the recent buzz in the official circle is to be believed, the Government will double the interest rates on student loans. The present interest rte on such loans is 2.4%. But, it will be raised to 4.8% in September.
One of the reasons for this hike in interest rate is the retail prices index (RPI) for the year 2007. Come March, every year, the RPI index changes. In March 2007, the RPI is levelled at 4.8%. In comparison to a couple of years back, students are borrowing much more. Their total debt is somewhere around 18 billion. Student debt is a big problem for the UK Government.
To overcome the troubles associated with this hike in interest rates, students will have to be more circumspect in their spending. A strict discipline has to be maintained in their budget to ensure that they are financially sound. A credit file will be maintained on them to check how they use and repay their unsecured loans, store cards and any other form of financial assistance.
Missed payments might make it difficult for you to get good unsecured loans in the future. One of the ways in which you can beat the debt trap is by making full and final repayments on time. Secondly, take care not to take on more loans than you can afford to pay back. Compare loans before taking on any financial assistance. Before signing up any credit card deal, always read the fine print carefully. See the total costs that the card entails. If you are in any doubt, consult any comparison sites for guidance.
A comparison site will not only give you the best rates of some of the financial providers in the market, they also provide you with a platform on which you can compare loans before deciding on unsecured loans of your choice.


Insurance : An Essential Means To Protect Yourself
Insurance means you have protection. This is a worthy step toward secure living. In today's life where dynamism and speed is the name of the game, uncertainties and stress is also on the rise. The speed with which the world moves forward and we have to follow suit often upsets the body clock and biological mechanism and often result in events or accidents which translates into monetary or material losses.
To counter this, one important Insurance that most people have on their minds is that which covers their cars. This is because a car is not only something you drive to carry yourself around but also something which is close to your heart. The good news is that there are many insurers who offer car insurance at discount rates by presenting different schemes that can work very well for you. These discounts may vary from region to region and company to company. But most of these can be attractive all the same because they are designed to attract customers by offering them several benefits. You have to check if you qualify for the set of conditions you would be required to meet to avail to these discounts.
These discount offers bring in their own sum of thrills because you never know what pleasant surprises await you. Your driving profile is often the single-most important decisive factor in your chances of being considered for such discounts. Naturally the insurance companies want to set an example by having a safe driver as a model who at the same time, will save them claims!
At the same time, do not make the mistake of believing that some people are, by their temperament or by virtue of their astrological sign, prone to accidents. By adding safety features and anti-theft devices, you can improve upon your risk profile tremendously. What more, you may even join a safe driver's club, for instance to display your reliability—and thereby a cheaper car Insurance.

About the Author: The author is a business writer specializing in Insurance, Breakdown cover and many more.