Talking to Your Lenders About “Goodwill” Adjustments

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You might have heard of “goodwill” adjustments from financing companies and borrowers of such companies. Goodwill adjustments are missed repayments in which the creditor will not list on the credit conduct of customers and instead “adjusts” the missed repayment amount to the following month. Goodwill adjustments are great ways to avoid problems with your credit conduct. However, gauging the right timing to talk about such to your lenders is important.

If you have missed one or two repayment terms, you’ll want to talk to your lenders about these adjustments. However, look into your finances carefully and see if you could perform well in the next six months to a year. As you look into these details, you can gauge if you could properly negotiate a goodwill adjustment with your lender.

Lenders usually allow customers with high credit values and those having highly-priced or rated financing to have goodwill adjustments as long as they do not or seldom commit the error again. However, if you have adequate to above-average credit scores, you’ll need a good repayment performance before you could ensure that the lender will give you a goodwill adjustment.

The best way to ensure you could get goodwill adjustments is to avoid missing repayments in the first few months. Building confidence with your lender or creditor is important. Once they have confidence in your repayment capabilities for at least a few months to a year, you can guarantee yourself a goodwill adjustment easily.

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Financial Ombudsman Struggles With Mis Sold PPI

Filed in Insurance Leave a comment

On a daily basis, the Financial Ombudsman Service (FOS), UK’s independent organisation that helps resolve issues between customers and banks, is handling thousands of complaints against financial institutions. To date, it is continually receiving thousands of complaints just for PPI policies alone.

The FOS states that the most complained about institutions are both Barclays and Lloyds Banking Group. Barclays has received 19,000 worth of complaints pertaining to their financial products, of which 90% are for mis sold payment protection insurance. Lloyds has over 20,000 in customer complaints with 94% percent of the complaints relating to mis sold PPI.

Both banks, along with other top banks such as HSBC and RBS, have set aside a £9bn compensation package for the entire United Kingdom. Customers with successful claims have been given half the amount of this package.

PPI is designed to provide repayments for any customer’s financial commitments should they face financial difficulty having been laid off work, sick or had an accident. While these are sold along with financial products depending on one’s credit scores, the exclusions of the policies have never been highlighted to customers. The high court has ordered UK banks to refund PPI to their customers instantly.

However, financial institutions and other banks continue to reject claims from customers. The FOS reports that these banks may still not have enough resources to provide the refunds to customers, based on their interactions and complaints they forward to such banks.

PPI is the biggest financial mess banks and financiers have committed against their customers swindling tens of thousands of pounds for an insurance policy that they are not sure they are eligible for. To ensure that customers make a successful PPI claim, it is advised that they seek help from claims experts to ensure their success.

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Deciding on Getting an Instant Cash Loan

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All this talk about cash till payday loans opportunities can really be enticing. After all, almost everyone is experiencing difficulties with money thus making next day pay loans and the likes an attractive option.

But like any responsible individual, you’d first want to make sure that you’re indeed making the right decision. As they say, a wrong move in handling financial matters could very well take a long-term toll. If you’re still in limbo, the following information would surely help you make a decision.

The reason why the idea of loans for cash today are popular is because it answers an immediate need for cash. Those who eye these financing mediums are in a situation where they really need money. To give you further idea, pay day loans would be helpful during the following situations:

  • Emergencies when you need extra money to cover unexpected expenses such as hospital and medical costs
  • Overdue bills that you might have overlooked
  • Unbudgeted expenses that you really need
  • When cash on hand can’t last until the next pay day
  • When you only need a relatively small amount of money

 

On a bigger picture, an instant cash loan provides different benefits. These include:

  • Better management of finances

Getting a loan is one thing while paying for it is another. Common debt nightmares are often caused by the inability to pay back big loans on time. If you get the traditional type of mortgage loans, you have access to really big amounts of money. While this is attractive at first, one has to realize that a bigger loan also equate to bigger responsibilities. As much as possible, you want to get a loan that you can pay back as early as possible.

 

  • Set timeframe to payback the loan

Next day pay loans need to be paid back on the nearest salary day. Such terms forces you to settle the amount on the set date. This enables you to be free of any responsibility early on.

 

  • Easy and fast application

People who have experienced successful payday loans would tell you that these loans are very convenient. For one, you can take advantage of one-day processing. Note also that competitive pay day loan providers offer loan approvals after 15 minutes. Some process application in an hour.

 

  • Multiple loan channels

It’s not easy to skip work or put off tasks just to process loan applications. Lenders give borrowers the convenience of applying for an instant cash loan through their office, via phone, or the Internet. Phone-in applications can be as fast as 15 minutes. You just have to prepare the necessary personal and financial information. Same thing goes with Internet applications where you’ll just email or attach required documents.

 

  • No credit check

Even those with bad credit can apply for payday loans. Financing institutions offering these short-term loans don’t consider your credit score. Also, the loan itself has no bearing with your credit rating.

 

Instant cash loans are promising solutions you should really consider. You just have to be aware of the advantages and disadvantages of these loans according to your own situation. Otherwise, these are services you can rely on during troubled times.

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Debt Relief: Declaring Personal Bankruptcy

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Personal bankruptcy is unavoidable especially if you have tried your best to manage your assets. While there’s no use to regret your financial decisions, declaring personal bankruptcy is the only way you can get out of your ordeal. Declaring your personal bankruptcy can save you through debt relief and consolidation as you work on a plan to finally repaying your debts in the future.

However, before you declare bankruptcy, you’ll need to know a few things. In declaring personal bankruptcy, you allow authorities to help you discharge some of your debts through financial aid. However, not all debts can be secured. Second, you’ll need to consider which debts you can handle as they are already “secured” or they have collateral that you could use to pay for the entire debt.

Third, consider the cost of the entire process. Declaring bankruptcy doesn’t often work as you expect it to be. It doesn’t clear all the financial aspects of your case that leaves you in a clean financial state afterward. Personal properties will be used to pay for your debts. You’ll also need to work with consolidation to address at least part of the debt as agreed.

The reason for filing bankruptcy is also a big importance to consider. If you suffered debt because of overspending using credit, don’t declare bankruptcy all at once. You can only file bankruptcy after six years from the last time you used authorized aid. If you find yourself in the same position having suffered business failure and job termination, you’ll find yourself having no relief at this point.

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Day Trading: The Essentials You Need to Know

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When investing in the stock market, one of the things you’ve heard from other investing friends is day trading. Many may claim to you that it’s the easiest way to increase your finances over a short time. This notion should be shrugged off. Day trading is about buying and selling security using borrowed money or leverage. Day trading means taking advantage of the small movements in the stock market to buy and sell securities and earn profits.

A day trader needs to know the following:

1. Day traders are knowledgeable about the stock market and has experience investing in equities.

2. A day trader must know how to limit their losses. Day trading can increase the profits by not having a solid stock position by the closing of the market. However, some purchase stocks and allow it to grow overnight. However, the increase in the next day can mean a loss at a later time in the day.

3. Day trading means much losses in your money. The borrowed money, or leverage that you get is something that you could easily lose if you’re not careful. See to it that you are capable of repaying these leverages for the sake of your profits before placing any orders in the market.

Day trading is also a technique by most investors to minimize their losses for individual stocks. Individual stocks can increase or decrease greatly. By day trading, they are capable of at least recovering some percentage of their potential losses from one business to another.

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