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May 2, 2010

Don’t Be Fooled Into Paying For PPI

Filed under: law — Tags: , , , , , , , , — Tom Doerr @ 3:23 pm

Payment Protection Insurance is designed to protect consumer’s abilities to repay their debts in the event of something unforeseen. However in recent times, it has been brought to light that banks and lenders are exploiting the product through tenuous loopholes. It has been sold to people who are unaware, cant afford it or want it but don’t know they are ineligible. Most banks cunningly tag on PPI to any loan or credit and bank are pressured with bonus incentives to sell as much as possible.

The theory of PPI is great for borrowers, particularly given the rate of redundancies being made in the UK where people are losing their jobs left right and centre. It should mean that 3 months unemployed doesn’t mean going hungry because of mortgage repayments, but the reality is quite the opposite; lenders will avoid paying out at all costs, often claiming that an individual is not unemployed long enough or referencing some obscure small print.

The worst part is that customers are unaware they will never be able to make use of the insurance in the event of an emergency, for example; if you are over 65, employed or otherwise, you could not claim PPI because you are over the age of retirement. If you have a previously documented medical condition, no matter how small, you could not make use of the insurance as you will be considered a high risk customer and as you are more likely take leave on medical grounds. If you are self employed, you are considered a high risk customer, so you will not be entitled to PPI. But in any of these circumstances, banks will have no problem adding it on to a service with no intention of paying if required.

The PPI can take up a significant portion of your repayments, to put it in perspective, if your PPI was 30% of your monthly repayments and for 10 years you had been paying a 250,000/25 year mortgage, with interest this could add up to over 3000 to which you are entitled to reclaim.

There are countless cases of lenders mis-selling PPI just like this and if you are one of them, you are legally entitled to a full refund. Since a bank will most likely dismiss your claim no matter how many times you enquire, it may be easier to enlist a legal professional to do it for you. Doing this can save you all the legwork and give your claim much more authority, most agencies work on a no-win-no-fee basis so you will not be out of pocket. After a watchdog ruling in 2009 lenders are now obliged to correctly sell PPI to customers on the premises that they are not overpriced, customers can chose to opt out at any time and they are fully covered.

There are many loan protection reclaim experts out there to help you claim back your PPI, contact Donns LLP for the best advice

April 20, 2010

Brown Will Force Expense Scandal MPs To Pay Back Legal Aid

Filed under: law — Tags: , , , , , , , , , , , — Tom Doerr @ 5:07 pm

Three MPs who refused to pay back their false claims are at the heart of the expenses scandal, now facing court; they plan to defend themselves using legal aid at the taxpayer’s expense after their initial appeal for parliamentary immunity was refused. This move was condemned by Prime Minister Gordon Brown who declared they will have to pay back the costs.

Brown was accused of making the move in a bid to be seen to take a stance against fraudulent expenses and dishonest politicians in the lead up to the general election. However he may not have the power as legal experts have commented that the government may not have the ability to withhold legal aid which is provided by the state.

The MPs in question are accused of stealing over 60,000 via a variety of claims including false mortgage applications, rent claims and service invoices. However the cost of preparing their defence is likely to run into six figures even without the cost of the prosecution. This cost could spiral however if the MPs manage to have the case thrown to the Supreme Court.

“The government has now introduced reforms to enable means-tested legal aid although they were unable to implement them in time for the MP’s cases” Justice Secretary Jack Straw explained. Brown argued that now the law has changed and although these changes will not take affect until June, he believes it is just cause for the MPs to pay back the money.

Experts have estimated the total cost of the case to exceed 3 million; the investigation has so far cost Scotland Yard over 500,000. Trials will begin at Southwark Crown Court in London on May 27th where a spokesman has confirmed that the MPs were granted an application for legal aid, hiring high priced lawyers that cost hundreds of pounds an hour. If found guilty, the MPs could face up to seven years in prison for stealing taxpayers money.

If you are looking to claim back PPI you could be eligible for a large sum, most people don’t realise they are eligible for a loan protection claim

April 17, 2010

Was My PPI Ever Going To Pay Out?

Filed under: attorney — Tags: , , , , , , , , , , , , , , — Tom Doerr @ 4:47 am

If, in the last decade you have used a financial product such as a mortgage, personal loan or credit it is almost certain that you were sold payment protection insurance from your lender. PPI is designed to cover your ability to repay your debt should you find yourself in difficult circumstances such as injured or unemployed. But due to certain loopholes, lenders have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold.

Many people are, by default, ineligible for PPI but have still been paying for it, if you are over 65, you are not able to make use of PPI because you would be above the age of retirement, even if still employed. Anyone who has paid for PPI over this age is legally entitled to a full refund.

You may have a previously documented medical condition, even small but you will be considered a high risk customer and as you are more likely to take time off work on medical grounds you would not be able to claim the insurance. However the banks will tag it on to a service you may buy even if they have a medical record and are fully aware you will have no chance of using the cover.

You are considered to be in a less stable financial position If you are self employed than someone in full time employment and you would not theoretically qualify for payment protection insurance, however, banks will be happy to sell it to you with no intention of paying out if you need it.

Anyone who has been mis-sold PPI like this or in any other fashion is more thank likely to be entitled to a refund, although you will have to chase the banks for this and it is often easier to enlist a legal professional to do it for you. Even if you have been eligible for PPI, if you need to claim, the chances are that you will have to wait months before your paperwork is even looked at and in most circumstances lenders will put of payments where possible.

There are many solicitors that can handle your PPI claims as due to government legislation it is easier than ever to claim back the money you paid for loan protection.

Can I Claim My PPI Payments Back?

Filed under: attorney — Tags: , , , , , , , , , , , , , , — Tom Doerr @ 4:39 am

If you have taken out a mortgage, personal loan or credit it is almost certain that you were sold payment protection insurance from your lender. PPI ideally covers your ability to repay your debt should you find yourself in difficult circumstances such as injured or unemployed, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold. If you have paid for PPI you may be entitled to claim this money back. What you may not be aware of is why you could be eligible to claim and why the banks could face a huge wave of payouts

There are many people who were sold PPI and were entirely ineligible by their definition, anyone over the age of 65, the age of retirement, would never be entitled to claim PPI as they are likely not to be in full time employment. Anyone who is self employed is considered a financial risk and no PPI policy would cover their ability to make repayments. Anyone with a historical medical condition is unlikely to be able to get PPI cover as they are more likely to be forced off work. Despite this, banks are more than happy to sell PPI to everyone knowing full well it will never cover them if needed.

Banks and lenders have offered products with full knowledge of the situation, something which financial watchdogs have frowned upon very much. Many of the UKs high street lenders have been forced to offer refunds to their customers but many have adopted a ‘don’t ask – don’t get’ policy that means the consumer has to go on the hunt for their money either alone or with legal assistance.

The first step to claim back your PPI is to send your bank a letter requesting a full refund. The bank will reply with a long winded ‘no’ to which you will need to duplicate your first letter and in addition declare your intent to pursue legal action and support from the financial ombudsman. They will most likely respond with a variety of answers ultimately dismissing your claim, albeit wrongfully, due to your lack of authority. The key is persistence and it will significantly help your chances if you do get the ombudsman involved. Ultimately if all else fails, enlist professional help.

The easiest way to claim back your PPI is to use a legal agency as they know what they are doing and will be able to take care of everything for you. This will be much more effective than pursuing the matter yourself and will most likely end in success. Many solicitors are no win no fee so there is no disadvantage to using them.

There are many companies that offer or specialise in PPI claims and they are fully capable of taking control of everything you need for your loan protection claim

April 16, 2010

Hope For Homeowners Dealing With Possible Foreclosure

Filed under: attorney — Tags: , , , , , , — Ginger Taylor @ 11:19 am

The economy has pushed many hardworking families paying mortgages underwater gasping under the pressure of a foreclosure. It is the all-powerful weapon that terminates all rights of the homeowner thereby abdicating their property to the lending institution. The basis of inability to pay the mortgage may be varying like losing a job, may be a pay decrease due to the failing economy, high interest rates, sudden medical expense or a death of a bread-winner.

Homeowners losing their homes is not an isolated situation and the latest research points to a whopping 4 million or more this year. The government is trying to pitch in with the Home Affordable Modification program (HAMP).

The question in many homeowner’s mind these days is how to prevent foreclosure.

The best available is a loan modification. This helps the homeowner set up a more affordable payment either by lowering the rate of interest or by increasing the term period of the loan. Lenders are not happy when people lose their homes. Lenders make their money by lending money and therefore would prefer to have mortgage loans paid. Therefore, most lenders are tickled pink to work with homeowners to establish a repayment plan to keep people in their homes if and when possible.

The mortgage modification has the concurrence of both borrower and lender to the loan and generally the lender examines the background of the borrower before creating a new or better loan term. The conditions that are looked into include the current financial problem of the borrower, the ability to pay the loan, the amount that is owed, the equity in the property and if future positioning favors regular payment. There is no doubt that the financial condition of the future will be a deciding factor. The borrower would have to substantiate their mortgage payment history to prove there was a excellent earlier record.

Restructuring a mortgage is absolutely possible if the borrower effectively conveys their situation through an application and a succinct supporting letter that entails the reasons of the present financial maelstrom and a plan to rectify the problem. These documents should be strengthened with income statements and or income tax documents of the borrower.

Save yourself from the headache of a foreclosure. Loan modification is the solid alternative for the sunk, there is light at the end of the tunnel.

To learn how you can stop foreclosure now contact Janian and Associates for a free consultation.

Janian and Associates Saves Homeowners From Foreclosure

Filed under: law — Tags: , , , , , , , — Ginger Taylor @ 10:00 am

The recession has caused high unemployment rates, hard working people striving to maintain the “American Dream” are presently faced with the potentiality of forfeiting their home. According to estimates, 1 out of every 200 homes will be foreclosed on. With each passing day a person some where is trying to figure out how to save their home. When it comes to foreclosure, one of the most devastating oversight that people make is declining to openly talk with their lender about their circumstance. Sadly, homeowners sometimes wait too late to make an effort to negotiate a deal to save their home. The best thing to do is to educate yourself on the options available.

Fortunately, there are a few different ways to actually stop foreclosure from happening. The fact of the matter is lenders are not in the business of taking anyone’s home. It is important to realize and understand that lenders don’t like to see homes to go into foreclosure. Lenders are in the business of lending money and for that reason would much rather have mortgage loans paid. As such, most lenders are actually eager to work with homeowners to come up with a repayment plan to keep people in their homes if and when possible.

If you are looking at foreclosure you may be able to:

1. Lessen Your Monthly Mortgage Payments
2. Get Your Loan Modified
3. Short Sale Your Property
4. Defer Your Mortgage Payment

The above mentioned are just a few choices that may be applicable, talk with your lender and/or seek legal help from a loan modification attorney to attempt to work something out to prevent foreclosure. Some people believe that it will cost them nothing to just surrender and step away from their home and let it go into foreclosure. The truth is foreclosure will cost you money and will negatively affect your credit. Count the cost. Avoid Foreclosure.

To learn more information about mortgage restructure contact Janian and Associates for a free consultation.

April 13, 2010

Loan Modification Attorney To The Rescue

Filed under: attorney — Tags: , , , , , , — Ginger Taylor @ 2:38 pm

Are you facing a financial catastrophe? Wondering when the economy is going to get better? Are you having sleepless nights worried about whether or not your home is going to be taking away from you, because you are late in your mortgage payments? Life is so unpredictable, today you maybe just perfectly fine. But tomorrow you may lose your job or some unforeseen event may change your life forever. This is how and when a loan modification attorney can come to the rescue!

What is loan modification?
A loan modification is a altering of the terms of your current mortgage to make your payments more affordable.

What is a loan modification attorney and what do they do?
A loan modification attorney is lawyer who specializes in real estate transactions, mortgage negotiations, and aspects related to mortgages.
Many people do not like or think it is necessary to hire an attorney to do their loan modification and they think that they can do it themselves; and truth is maybe they can. But the benefit with hiring an attorney is they know the laws and are far more experienced and savvy than the average homeowner when it comes to negotiating with lenders.

Why do you need a loan modification attorney?
With the aid of a loan modification attorney, you can stop foreclosure and keep your home.

You need a loan modification attorney to guide you through the restructuring process smoothly. Your lawyer will meticulously review your case and will do everything from legal perspective to help you. There are many organizations out there offering similar services. However, experienced lawyers are the ones who typically get the best results. They can calmly talk to your lenders and your lenders will be more cooperative because your attorney uses the law as leverage during negotiations.

For an experienced Loan Modification Attorney contact Janian and Associates for a free consultation.

Should You Pay Down Your Mortgage?

Filed under: law — Tags: , , , , — Michael Williams @ 10:06 am

Many times, people may receive a windfall or bonus and need to choose the best way to use the money and paying down part of your home loan may be one of the choices.

How do you make this decision, whether to pay off all or part of your mortgage or to invest any monies you may receive?

There is no one answer for all people and all times. The present rates of return on the investment you are considering, and how much you are paying on your current mortgage will be the most important factors. As an example, take a $5,000 bonus that you are deciding upon the best use for.

Mortgage calculators available on the web can tell you how much you have to pay on your home loan, but let us just use an example of a 6.25% mortgage with a balance of $25,000 and five years left. Using your $5,000 to pay some of the mortgage off would save you $100 per month, or a total savings over the course of the mortgage of $835.

A CD paying 2.5% would yield $657 over five years, so the benefit here is clear, correct? Wrong. If you receive tax savings because of mortgage payments, you would give up any of those savings if you paid down the loan.

In addition, you pay income taxes on the $657 earnings that you made from the CD interest. Now we have changed our mind and it is not a good idea to pay off a loan and invest instead. This is not automatically the case. What is important to see is that you have to examine the benefits of each situation.

Taxes are an important consideration, and if you are now in such a reduced tax bracket because of retirement, any advantage that a mortgage may give you may be lost. In this case, saving that $178 may be the clear advantage.

You also have to base your decision based on interest rates, since if rates were below 2.5%, your earnings would be less, so you can see that there is no hard and fast solution, but one that must be based on individual circumstances.

Get your courtier assurance hypotheque or assurance hypothecaire

April 5, 2010

Restructure Your Mortgage To Stop Foreclosure

Filed under: law — Tags: , , , , — Ginger Taylor @ 11:56 am

In today’s economy with the rapid rise of unemployment, hard working citizens attempting to hold on to the “American Dream” are currently faced with the probability of losing their home.

Recent studies project, 1 out of every 200 homes will be foreclosed on. With every passing day someone some where is looking for possible ways to save their home. When it comes to foreclosure, one of the major error that people make is failing to openly discuss with their lender about their situation. Sadly, homeowners frequently wait too late to try to negotiate a deal to save their home. The smart thing to do is to inquire to see if there are options available. Fortunately, there are several different ways to actually keep foreclosure from happening. The fact is lenders are not in the business of owning anyone’s home. It is important to realize and understand that lenders are not happy when homes to go into foreclosure. Lenders are in the business of lending money and for that reason would choose to have mortgage loans paid. As such, many lenders are will gladly work with homeowners to figure out a repayment plan to keep people in their homes if and when possible.

If you are facing foreclosure you may be able to:

1. Lessen Your Monthly Mortgage Payments 2. Get Your Loan Modified 3. Short Sale Your Property 4. Defer Your Mortgage Payment

The above mentioned are just a few alternatives that may be available, check with your lender and/or seek legal assistance from a loan modification attorney to make an effort to work something out to prevent foreclosure. Some people believe that it will cost them nothing to just give up their home and let it go into foreclosure. The fact is foreclosure will require money and will negatively affect your credit. Can you afford it? Probably not. Avoid Foreclosure.

To learn more information about loan modification services contact Janian and Associates for a free consultation.

March 29, 2010

How Can I Reclaim My PPI?

Filed under: law — Tags: , , , , , , , , , , , , — Tom Doerr @ 7:13 am

If you are reading this you will undoubtedly know what Payment Protection Insurance is and it is likely that you have realised that you may be entitled to claim this money back from the payments you have made on a financial product. What you may not be aware of is why you could be eligible to claim and why the banks could face a huge wave of payouts.

For the better part of the last decade banks and lenders have forced PPI down the throats of every Tom, Dick and Harriet looking to buy a financial product. It is almost guaranteed that, if you were made to add PPI to your loan, it was probably never going to cover you anyway. There have also been many reports of banks cunningly tagging on PPI to a product and by agreeing to the terms and conditions they implicitly agreed to pay for PPI, something that was not shown in the price of the product.

All along, the lenders knew full well that the products they were selling were entirely inappropriate for the customers, something which financial watchdogs have frowned upon very much. Now many of the large lenders are being forced to pay back the money to customers but they are still adopting a ‘don’t ask – don’t get’ policy meaning the customer has to chase them for their money, often alone but more successfully with the help of legal experts.

To claim back your PPI you first need to send your bank a letter requesting a full refund. The bank will reply with a long winded ‘no’ to which you will need to duplicate the letter in addition declaring your intent to pursue legal action and support from the financial ombudsman. They will most likely respond with a variety of answers ultimately dismissing your claim, albeit wrongfully, due to your lack of authority. The key is persistence and it well significantly help your chances if you do get the ombudsman involved. Ultimately if all else fails, enlist professional help.

Using a solicitor to claim back your PPI is hassle free as they are experienced and do all the running around for you. Their success will most likely be swift and stand a better chance than acting on your own behalf. If you shop around you will probably be able to find a no-win-no-fee solicitor which means you can get back all of the money you are owed.

If you are looking for the best PPI claims lawyers then why not speak to Donns LLP, the best lawyers for dealing with your PPI claim.

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