Mis-sold PPI cases more than double!
3This week it was reported the amount of complaints to the financial ombudsman over mis-sold payment protection insurance (PPI) jumped to 30,301 between October and December 2011, this was 57% more than in previous three months according to the Financial Ombudsman. The figure takes up around a third of PPI complaints received last year alone. Over two-thirds of PPI cases were resolved in favour of the customer, this is down from 92% between July and September, the Ombudsman has said.
The Financial Ombudsman Service is predicting a big increase in the number of claims this year; Natalie Ceeney – Chief Ombudsman – states in their latest newsletter that up to 60% cases the Ombudsman will be dealing with will be for PPI: “The challenges of our PPI workload are unprecedented. The number of new complaints about mis-sold PPI that we are assuming we will receive in 2012/2013 – 165,000 – will account for around 60% of our new cases next year”.
What is PPI?
Payment protection insurance or PPI is an insurance policy designed to help people keep up with their loan or credit card repayments if they lose their jobs and cannot keep up repayments. However policies often do not cover things like pre-existing medical conditions and it was often sold to people who couldn’t use it and in some cases they didn’t even know they had purchased it in the first place!
What does this mean to you?
We at Bad Credit Blog think that if you have taken out a loan in the past ten years it is worth checking if you have been mis-sold PPI, as the stats suggest that you have a good chance at getting back money that was yours to begin with.
How do I make a claim?
There are two routes you can go down:
A. Contact your bank or lender; most banks have a PPI department to deal with these cases.
B. Using a third party to claim on your behalf; these are claims management companies that deal with your claim so you don’t have to although they will take a chunk of your money.
Whichever way you choose make sure you take back everything you are owed, the banks have set aside money for this and it’s yours for the taking. Good luck!
A Christmas Credit Crunch Carol – how would Bob Cratchit be surviving in today’s credit crunch?
0Bbbrr!! Winter has finally hit, and Christmas is yet again on its way. However research released by the Bank of England shows that this year through no fault of his own – or even Ebineezer Scrooge’s – poor Bob Cratchit has nearly £600 less to spend this year on Tiny Tim’s meagre Christmas.
Poor old Bob has been systematically squeezed from every direction – at least he doesn’t have to contend with the Plague like in Dickensian London – however he may have to eat Turkey Twizzlers on Christmas day – you can’t have everything!
Families this year have definitely been hit hardest – Bob was a bank clerk (wait for the irony!) so he wouldn’t have been hit so hard by all the job losses in the public sector – however what about VAT increases (we’d probably have to explain VAT in the first place!)
One thing that is important to note and is a massive plus in Bob’s favour is that he worked for a Banker – if he was alive today he’s probably be trousering a massive bonus – he probably would also have a fancy woman in a room over Mrs Miggins Pie shop that no one knew about!
There’s no doubt that times have changed – but one simple fact seems to cross between the time of Dickens and today – the rich get rich at the expense of the poor.
However, Charles Dickens was a massive fan of putting those who gained fortunes through foul mean s in their place – we can only ask – how long will it be until the final act?!
Merry Christmas!!
A Very (money saving) Merry Christmas From Bad Credit Blog
0Jingle all the way! – How to keep you coiffers jingling in your pocket & have a Merry BadCreditBlogChristmas without becoming Scrooge!
Well it’s that time of year again – except for most of us this is going to be a unique Christmas. Austerity, tightness, being poor(!) whatever you want to call it for many of us this will be our first credit crunch Christmas – but follow some of these ideas and not only will they make it easier but more fun as well.
Club together..
Christmas was made for family so club together – this has 2 advantages – first you get to see all the loved ones you’ve spent the year avoiding you’ve not been able to catch up with. Second of all you can all spread the cost. This means that very quickly you can have a Christmas to remember with lots of family members. Agree a price per head and a price limit on gifts. Everyone bring a bottle and before granddad is snoring on the sofa the day has been a hit!
Wait..
If there are no kids involved then you could all agree to wait to get each other presents, not only will you get considerably more bang for your buck but you could turn boxing day into a day out into the boxing day sales..
Turkey..What Turkey..
Just where does it say in the bible you need to buy an expensive turkey? Well, there’s plenty of posh cheap tasty recipes out there, why not try and by some leftover turkey or a turkey joint and have a go at making a turkey and ham pie – extremely tasty and something a bit different for Christmas day as well.
Holiday Casa Cel Turkey…
Here is my personal favourite – it does have a touch of the bah humbug about it.. do nothing! Yes, I understand it seems really miserable but what I want you to do is sit down and work out exactly how much you are going to spend on Christmas – then I want you to take that money and put it in a savings account. In about 1 months time it is predicted that travel agents are going to have a massive sale in a bid to kick the tourism industry up the backside – and you can be ready to go with the money you have saved!
Whatever you are planning on doing this Christmas badcreditblog.org.uk wishes you a Merry Christmas – but what do you have planned? Let us know by posting below…!
Growth Slowing Causing Pay and Jobs Pain!
0Chancellor George Osborne has announced public sector pay rises will be capped at 1% for two years, as he lowered growth forecasts for the UK economy (were we expecting anything less?).
Not the best news
The number of public sector jobs set to be lost by 2017 has also been revised up from 400,000 to 710,000.
Borrowing and unemployment are estimated higher than originally forecast and spending cuts to carry on to 2017, he also stated.
Outlining his plans to MPs, based on economic forecasts from the independent Office for Budget Responsibility (OBR), Mr Osborne told MPs the UK economy was now forecast to grow by 0.9% this year – compared with 1.7% forecast in March and 0.7% next year, down from the 2.5%.
For anyone who has been following these events over the past 12 months, it’s not entirely anything surprising. Parliament stated they estimated growth to be level and consistent earlier in the year, whilst leading economists stated otherwise – who are you likely to believe?
Borrowing was falling and debt would come down but “not as quickly as we wished”. In 2011-12 borrowing is now forecast to be £127bn – up from £122bn forecast in the budget and, over five years, the government is expected to borrow £111bn more than predicted in March. – Again… nothing unexpected.
The Office for Budget Responsibility forecast that unemployment would rise from 8.1% this year, to 8.7% next year – before falling to 6.2% by 2016. Its earlier prediction that a squeeze on the public sector would mean 400,000 job losses over five years has been nearly doubled, to 710,000 – as a result of extra spending cuts pencilled in for 2015-16, and 2016-17. Am I the only one who thinks causing job cuts is not the way to get us out of this mess?
What were we expecting?
Chief Secretary to the Treasury Danny Alexander later told BBC Newsnight that the government did not yet know where the bulk of the £30bn additional cuts – £1.2bn of which is expected to come from changes to tax credits – would come from.
“We haven’t decided where those cuts will come from. It doesn’t have to be found quickly, that is in 2015-16 and 2016-17. In good time, well before the next election, we will set out precisely what the measures are to deliver those additional savings in the next Parliament.”
The chancellor conceded he would not now be able to eliminate the structural deficit and see national debt falling by 2014/15 as had been predicted. The structural deficit is now predicted to be eliminated by 2015-16, pushing it beyond the next general election. But after many years of broken promises, ghosted improvements and failing tactics we’re starting to get used to this.
If anyone feels like bringing some idea’s forward to reduce this mess, I’m pretty sure if you have a minor around the house they may have some better idea’s?
I get the feeling I’ll be looking back through this post in 2018 thinking – they still haven’t got this quite right…
Christmas is on its way…
0Today is the 1st December, which means it’s that time of year which brings happiness, surprises and festive fun; and, lest we forget, a depreciating bank account.
No matter how you celebrate Christmas it is almost seen as imperative that you smother loved ones, close friends and family, children, cats and dogs with presents, gifts and surprises. What would be Christmas without the unwrapping of a gift left invitingly underneath the glowing tree? And, on the same token, would it not be Christmas if we weren’t resigned to spending large amounts of money to feed this necessity?
Well, this doesn’t have to be the case.
In the last few years I have been able to cap my Christmas expenditure at a moderate amount whilst making no compromises to the quality of presents and the contented smile of my beloved ones. It’s all about shopping about, finding the right stuff at the cheapest possible price and taking a long, hard thought about the person you are buying for.
What you need to remember is that everyone else will be in the same boat this Christmas, as has been the case for the last few years at least. Whilst you may be worried about the quality of your gifts, you also may not be expecting anything in return; it’s a self-fulfilling prophecy that results in a win for the consumer industry. Take a think about what your family and friends NEED rather than WANT – believe me, this is much more important in the long-run.
They may WANT an Apple iPad 2; however, if they NEED a tablet, then why not consider an Android tablet for a fraction of the price?
An idea that I started last Christmas to great success, is a large box of small stocking-fillers. When I was younger the most exciting part of Christmas, I have concluded, was the actual unwrapping of presents – better the more paper-ripping rather than quality of presents!
Just have a think about what they like and don’t be afraid to buy a whole bunch of small but affordable presents – it may be a much more popular idea than you think!
The Big Strike – How will it affect you tomorrow?
0Unless you have been living under a rock in a remote field you can’t help but know that tomorrow the country will play host to the biggest industrial action taken in the UK in the last 30 years. Schools, airports, hospitals, fire engines will all come to a grinding halt as public sector workers – depending on your point of view – either stand up and protect their hard earned pensions or try to evade paying their fair share of the pensions deficit like everyone else in the UK!
This post isn’t about the rights and wrongs of the strike, but how it will impact you tomorrow and how to make that impact as least problematic as possible.
Schools
It is highly likely your children’s school is going to be closed tomorrow. Have you made arrangements for your children to do anything else instead? If you have to bite the bullet tomorrow may end up being an impromptu “take your children to work” day – just make sure your boss knows in advance! If you are staying at home make sure there are activities for the kids – perhaps you can organize a visit to a (FREE) museum or other activity that will keep all the kids busy!
Holidays
Whilst airlines aren’t going on strike, immigration departments are, several airports are threatening to close certain terminals – all we can say is get there early and good luck – check your airline/travel agents website for more info.
Hospitals
Non essential surgery etc may be cancelled – but if you break your arm then Accident and Emergency departments across the UK will be business as usual.
Trains, Buses & Public Transport
This depends on who operates the buses in your local area – but if it is run by your local council then expect cancellations. There shouldn’t be any impact on trains.
Emergency Services
Emergency services should not be affected by tomorrows industrial action. An ambulance will still turn up if you break your leg! However services such as non-essential transport will be cancelled/reduced.
And Finally..
Whatever happens tomorrow, make sure you take plenty of time to get where your going. BadCreditBlog thinks this isn’t going to be the last strike we are going to go through so good luck. Let us know how the strike is going to affect you tomorrow and what you have planned to survive the day!
Credit Blog Question – Create New Jobs or Use The Old Ones?
1Can you recycle old jobs to fix an economy, or do you create new ones?
The Deputy Prime Minister Nick Clegg will be setting out plans to create 400,000 work and training placements to help tackle record youth unemployment. The £1bn youth contract programme will see wage subsidies worth £2,275 offered to employers to take on 160,000 18- to 24-year-olds over the next three years.
Mr Clegg will say the aim is to help young people “before long-term damage is done” but the problem has become bigger than they can realise.
Labour said it had questions about how the programme would be funded.
Personally it seems like another ‘guess’ at how to fix the youth employment figures and an expensive guess at that. If we have £1 billion lying around to ‘try’ and fix the youth employment problem in the UK, then why are we making so many public sector cuts and annoying teachers? Nick Clegg and David Cameron need to research the problem before they throw money at it as it’s going to be heavily flawed.
The plan is – if a 16-24 year old needs a job – the government will subsidise half of the UK’s National Minimum Wage for 6 months. Granted, it will incentivise employers to take these young workers on, but after the 6 months? Do the employers then relieve them of their position and take another youth on for the same position? Getting somebody to work hard for half price?
The problem with this ‘idea’ is that it creates no job security – anyone can have a job… for a couple of weeks… without job security you may as well have donated the £1 billion to a needy charity and at least you know it’s gone to a good cause.
The solution would have been to have used this £1 billion to set-up government lending for small business owners and people with good idea’s looking to go into business. There are two reasons for this -
The first is it creates brand new jobs with added job security – as the company grows, people are more likely to stick with that company.
The second is, it creates increased spending in the economy which in turn, creates us more money, spending, jobs and (in an ideal world) should fix the economy.
Surely by creating new jobs and getting more people into work this way, not only does the economy benefit from increased spending but people benefit from being offered a secure job for a new company that has a bright future? Rather than offering somebody a job for 6 months then leaving them in the same situation they were in 6 months prior.
Leave a comment below if you have an answer.
FOR THOSE LOOKING FOR A JOB – CHECK OUT THIS ARTICLE
Top Tips for Car Finance
0Getting car finance should be easy but there are a number of factors that you need to think about. Here are the top four tips when it comes to getting your finance and buying your new car.
Setting Your Budget
Before you even start to think about the type of finance that you want to get and the type of car that you want, you need to set a budget. To be able to do this, you need to know what you require. How big does your car need to be? Do you have a family? Will you need a large boot? This will all help to set the amount of money that you need to spend.
You also need to make the decision over whether you want a second hand car or to buy a brand new one. This will also set the amount of money that you are going to need to spend. Think about your monthly budget that you can afford too.
Types of Car Finance
The next step is to look into the types of car finance that you can get. Take some time to consider all of your options, including bank loans and hire purchases. The question that you need to ask yourself is whether you want to own your car outright. Your personal credit history will also affect this so make sure you take that into account.
Research the Car
You need to know if the valuation of the car is correct. Take some time to do your research into the car online. There are plenty of websites that will inform you of the valuation, based on the mileage that your car has done and the state that the car is in. This is especially the case if you are looking at buying from a private party instead of from a car dealership.
Take some time to find out about any work that may need doing and whether the owner has had it checked over by a mechanic. There is nothing wrong with hiring a mechanic yourself to check the car over to make sure it is worth the valuation.
Compare the Prices
This is for the car and the type of finance that you opt for. You need to compare the cars that you are looking at and compare the prices. This is not just about the total price, but also the cost of any repairs that may need doing – you may find that spending a little extra on the car at first could save you a lot in the near future.
Also look into the different interest rates on the types of finance available. Finding a low interest rate will help you pay less over the long term.
Government to help with UK housing crisis
2The government has plans to help first-time buyers get on the property ladder by allowing borrows of up-to 95% of a house’s value, with the government underwriting part of the risk.
This is early plans as part of a new scheme to help deal with the shortage of affordable homes in the UK, set to be announced by David Cameron. It includes a £400 million fund which should help to jump-start schemes which are ready but lack the required finance. This initiative, for England only, will begin in July 2012 and aims to build 16,000 new homes and create up to 32,000 jobs.
The government call the plans “radical” and a “step change” in their approach. However, Labour say ministers have failed to deliver on housing.
The problem is lenders aren’t lending – builders aren’t building and people can’t get their deposit’s together to buy – so you’ve got the triple problem on the housing market.
It seems to be a step in the right direction and a sign that the government is finally recognising the lack of affordable UK housing and the difficulty first-time buyers are experiencing when trying to get on the property ladder!
The scheme is apparently ‘minimal-risk’ to the taxpayer and is set to generate thousands of new jobs for the building sector – an industry, lead with support from the government. It is hoped that about 450,000 mainly affordable homes will be built by 2015, many of them on publicly-owned brownfield sites.
Either way, this is another positive move we’re seeing from the government – the question is… is it too little too late? These homes should have been built by 2012, problems like this need to be anticipated by government and they need to act quickly to ensure it doesn’t get to this stage. If this had been expected and the houses built earlier, we would have had more time to deal with any issues along the way and the project would have generated more money in the UK’s economy and could have lessened the spending cuts we experienced earlier in the year!
