Recently, a piece of legislation was passed that allows consumers to reclaim PPI payments and interest in certain situations. The law is fairly sweeping and holds banks, lenders and credit card companies responsible for clandestine sales of the insurance. What I want to tell you is that claiming PPI refunds id easier than you think it is.
Payment protection insurance, or PPI, is usually attached to any type of loan or borrowing contract. This applies to basic loans, credit cards, mortgages and other types of borrowing situations. Until recently, many of the lending companies were selling this coverage to consumers as an add-on without disclosure. In some cases, consumers were not even aware that they were purchasing the coverage.
In that interest, the new legislation makes it possible to file a claim for PPI refunds as far back as 6 years. The claim can be done yourself or through a consumer rights firm or agency. The good news is that getting PPI refunds is easier than you think. It is a simple process of determining that you were either mis-sold PPI or was not aware of the terms or that you even HAD insurance.
All that is required is proof that you did not have full disclosure of the sale and you’re on your way to reclaiming that money. All the firms that are providing this service are doing it on a basis of no upfront fees or costs to start the process. In addition, in the occurrence that your PPI refund is denied or lost, you do not have to pay the firm anything. The attorneys get paid ONLY if they are successful.
Using a firm to reclaim PPI monies means that PPI refunds are easier than you think to get. Since the attorney firms get paid only if they win the case, they are very adamant about preparing the case and pleading your cause. This alone makes PPI refunds easy to file for and receive.
It is possible to file the claim yourself, but the process may be a bit more timely and costly overall. Another piece of good news is that even if you have begun the process on your own, you can still involve a consumer rights firm. Believe me when I say that getting PPI refunds is a simple process and will cost very little in the big picture. This is especially true if you can go back several years and reclaim the money.
PPI refunds can be claimed back for several reasons, including, but not limited to:
Being unaware of purchasing or being sold PPI. Full disclosure not being made at the time of purchase. If you were sold PPI that you do not need. If you were sold PPI without knowing the costs and terms of the policy. If you were pressured into the purchase. If you were misled to believe that you would receive a better rate with a PPI purchase.
Any of these conditions can make PPI refunds a reality for you. Look into it today and put some of that money back where it belongs; in YOUR pocket!
Finding a business credit card with no personal credit is tricky because you will need to consider a number of things. For the most part, you need to have a satisfactory level of credit scores from at least three credit reporting agencies. In order for you accomplish the first step is to search for credit card companies and dealers that can offer you even a small credit without the use of your personal credit as basis.
After you have found credit card companies and dealers, you have to make sure that each should present a business payment history to the credit bureaus. Because by reporting to these bureaus, you are slowly establishing credit scores. So, your company should at least be registered on three different credit bureaus. And after that, you must complete the requirements needed for the basic lender approval or everything will go to waste.
Completing the basic lender approval requirements is easy by simply presenting a business license or a phone line. If you are unable to present these simple requirements, your application to get a business credit card with no personal credit will be declined.
Before your business credit card with no personal credit gets approved, you have to maintain a good business credit and make sure that your business and accounts are all right and in order. You also have to fill out a form of assets collateral coverage. But before you apply, ask your lender first about the application to make things easier for you. Once you have everything all set, you might soon find yourself holding your long-awaited business credit card.
Most credit cards offer cash advances. However, there are many hidden costs that can be quite costly. When you take a cash advance, a standard fee of 3% will be tacked on. Additionally, a cash advance interest rate will apply. This rate is often 5% to 15% higher than the standard APR. A very select few credit cards do offer 0% cash advance interest rates for up to 1 year, but when the introductory period ends, the APR still skyrockets into the high 20′s.
If you intend to take a cash advance and are not able to get a 0% interest card, there are a number of things to take into mind. Here are just a few expensive cash advance scenarios and some possible solutions:
1.) Let’s say you have a balance of $1,000 on your credit card and you take a $1000 cash advance. Two months later, you pay $1000 towards your bill. Guess what? Your interest rate will still be the astronomical cash advance rate, not your regular rate. Why? Because credit card companies apply your payments to your lower interest balances before higher interest balances. That means you’ll have to pay off your entire $2000 balance to avoid paying 29% interest on your credit card.
One way to avoid this is to use a credit card that has no balance or a new credit card. Both of these situations prevent you from getting slammed by cash advance interest rates on previous balances.
2.) Now let’s say you use a new credit card to take a cash advance of $1000, but are unable to pay it immediately. Over the course of a year, your $1000 cash advance at a 29% interest rate could accrue interest of $300 or more. That’s an expensive $1000.
One way to avoid this situation is to take a cash advance from one credit card and transfer your balance to a 0% balance transfer credit card. This will not only save the cost of a year’s interest, it will also provide a lower interest rate after the 0% introductory term.
Taking a cash advance is expensive no matter how you look at it. However, there are ways to cut down on the hidden costs these transactions have. Finding a credit card that offers a 0% cash advance rate is ultimately the best way to avoid these fees, but even without a 0%, smart consumers can survive ending up in credit card hell.
It is truly sad that more people are not aware that it is very possible to settle credit card debt personally without ever having to deal with a legal representative. If the credit companies that you owe money to decide to take legal action against you, they will charge you with their no doubt costly legal fees.
It would be wise to call the credit card companies yourself and try to work out a settlement agreement with them on a personal basis. The credit card companies really don’t want the situation to progress to the point where they have to take legal action, so they will probably be willing to negotiate even if your account has been delinquent for several months.
Start by trying to adjust your interest rate and lower service charges that have been applied to your account. Once you know what the credit company is charging you, you will be more prepared to negotiate effectively with them on a settlement.
In your efforts to reach a debt settlement with the credit card company you should focus your efforts on negotiating over the interest rate and service charges first, not discussing the principal. The credit card companies make their money off the service charges and interest rates on your account, so try to make a deal that benefits you both mutually.
Next Comes the Hard Part
The money that you spent on purchases that has already been paid by the credit card company, called the principal, is the hardest aspect of your debt to negotiate over with credit card companies. They don’t want to have paid for something and not have you pay them back.
Getting your way with negotiations over the principal is not easy, so don’t feel bad if the credit card company refuses to budge. Even getting the company to adjust your interest rate or service charges is difficult. Remember that the credit card company’s goal is to get their money from you, not repossess your things.
Regardless of what agreement you reach with the credit card company, you need to be prepared to follow through with your end of the deal. If you fail to meet the terms of your settlement plan, you can expect the credit card company to take aggressive action to get their money, not a second chance.
There are actually large numbers of credit cardholders who do regularly use their cards without any understanding of the different fees involved, let alone what the APR is and how it functions. The APR or annual percentage rate determines what cards many new users will choose as well. Of course, either way, a credit card’s annual percentage rate will have an impact on what the costs associated with card use will be year after year. The APR’s role in this may be overlooked or not fully realized by cardholders.
The first question for many cardholders is what exactly this annual percentage rate or APR is and it works. Essentially, this term describes the amount or rate of interest that you will end up paying for any carryover balances on your card’s account. Moreover, the APR is also affected by the use of added features like cash advances and balance transfers.
A typical APR is calculated on a yearly basis. Each month’s balance and the amount that is carried over from month to month through the year are factored into the APR will different significantly at times and make the amounts you pay differ as well.
Multiple APRs
As you become more aware of APR another fact quickly comes to your attention, particularly if you have not applied for a card yet but you’ve been looking around at various offers. It is not unusual to find cards that carry more than one APR. There about four distinct types of APRs. Each one is connected to specific finance and account situations. As a result, there will be clear differences between the ways each of these APRs is used by different credit card companies (if they even have all types in use on their cards).
Here is a short list of APRs that are implemented by many credit card providers:
Most cards have separate annual percentage rates for basic purchases, balance transfers, and cash advances. In most cases, you will have to pay more for the extra services each year than you would have to pay in interest for your normal charges.
The introductory APR is what it says it is. You actually pay this rate for a limited period established by the card issuer immediately after you are approved for your card. Later, after whatever grace or no-interest period concludes, your normal APR will go into effect.
Tiered APRs are a type of APR that operates at different levels based upon your current outstanding balance. A different rate is charged at one dollar amount versus another, making the rate variable over time.
Your card may include an adjustable APR called a penalty APR. This type of APR is activated when you, as the cardholder, habitually make late payments, or fail to adhere to some other terms outlined in your credit card policy.
The Difference Between ‘Fixed’ and ‘Variable’
Another distinction made between one APR and another involves whether it is a “fixed” or “variable” APR. With the former, you will find that the rate remains at a generally constant level. The only exception to this is when the credit card issuer makes changes to your card’s APR policy. Of course, these changes are not made without written notification to the cardholder. Variable APRs, by definition, will vary. The rate will change based upon other factors such as the prime rate or fluctuations in Treasury bill interest rates, etc.
Not knowing that much about your APR is nothing to be ashamed of, but you can seriously benefit from having at least a working knowledge of your APR including what type you have. With this information, you will be better informed. Also, you will be able to make better decisions about your future card use-and save yourself some money in the process!