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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.

In theory, PPI is great for consumers, particularly considering the rising rate of unemployment in the UK where people are losing their jobs left right and centre. Ideally, a short spell of unemployment shouldn’t hamper your ability to repay a mortgage, but the reality is quite the opposite; lenders will avoid paying out at all costs, often claiming that an individual is not able to take advantage of the system based on some technicality.

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

Consumers have reported thousands of cases of banks exploiting the PPI system and as a result, all those wrongfully sold it are legally entitled to a full refund. Since a bank will most likely dismiss your claim no matter how many times you ask, it may be easier to recruit 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. 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 after a watchdog ruling in 2009.

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

If you have taken out a mortgage, loan or credit, it is likely that your lender sold you payment protection insurance. PPI is designed to help customers repay debt should they find themselves in difficult circumstances such as becoming unemployed or getting injured, 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, whether you tried to use it or not, 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.

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

To begin attempting to claim back your PPI payments you will first need to send your bank a letter requesting a full refund. You will undoubtedly receive 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. You will probably receive a variety of answers ultimately dismissing your claim, albeit wrongfully, on the basis of your lack of authority. The key is perseverance and it will significantly help your chances if you do get the ombudsman involved. Ultimately if all else fails, enlist professional help.

The simplest method of claiming back your PPI is to use a legal agency as they will be skilled and experienced. This will be much less effort for you and much more effective than pursuing the matter yourself, most likely resulting 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

The expenses scandal was a horrific PR blow to the government and it has been dragged out by three remaining MPs who refuse to pay back their false claims. They first attempted to use parliamentary immunity, which failed, and now they are now facing court. They plan to use legal aid paid for by the tax payer to defend themselves, a move that 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.

Through a series of false mortgage applications, rent claims and service invoices the three MPs reportedly stole over 60,000. But this is a fraction of the cost of preparing their defence which is likely to run into six figures at an optimistic estimate. This cost could spiral however if the MPs manage to have the case thrown to the Supreme Court.

Justice secretary Jack Straw said that the government was in the process of enabling legal aid to be means-tested although they would not be able to implement them soon enough for the case of the MPs. Brown argued that the law has changed and although these changes will not take affect until June, it is just cause for the MPs to pay back the money.

Scotland Yard claim the investigation has so far cost them over 500,000 and the overall cost of the case has been estimated to surpass 3million. The MPs will begin trials on May 27th at Southwark Crown Court in London where a spokesman has confirmed that the MPs were granted an application for legal aid. Using the legal aid, the MPs have hired high priced lawyers costing hundreds of pounds an hour but if found guilty, they could face up to seven years in prison for stealing taxpayer’s 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

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.

Simply by their definition, some people are ineligible for PPI and have still been paying for it, anyone over the age of 65 would not be able to utilise PPI as they are above the age of retirement so anyone who has paid for PPI over this age is legally entitled to a full refund.

If you have a previously documented medical condition you are considered a high risk customer and as you are more likely to take time off work on medical grounds you would not be offered 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.

Self employed individuals are technically considered a higher financial risk customer than someone in full time employment so they are not entitled to PPI but Banks have no problem adding it on to a service with no intention of paying out if it is needed.

Thousands of people in the UK have been miss-sold PPI just like this and if you are one of them, you are legally entitled to a full refund as the government has cracked down on this activity. You may have to chase the banks for this and it is sometimes easier to enlist a legal professional to do it for you. Most consumers who have needed to claim their PPI have reportedly had 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.

The economy has pushed many hardworking families paying home loans underwater gasping under the pressure of a foreclosure. It is the all-powerful weapon that ends all rights of the homeowner thereby abdicating their property to the lending institution. The reasons of inability to pay the mortgage may be varying like losing a job, may be a pay cut 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 stats 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 stop foreclosure.

The preferred 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 hence would much rather have mortgage loans paid. Therefore, many lenders are actually eager to work with homeowners to renegotiate 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 situations that are looked into include the current constraining problem of the borrower, the ability to pay the loan, the amount that is owed, the equity in the property and if future status favors regular payment. There is no doubt that the financial condition of the future will be a deciding factor. The borrower would have to show their mortgage payment history to prove there was a excellent earlier record.

Renegotiating a mortgage is absolutely possible if the borrower effectively conveys their situation through an application and a concise supporting letter that includes the reasons of the present financial trouble and a plan to alleviate the problem. These documents should be supported with income statements and or income tax documents of the borrower.

Save yourself from the ignominy 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.

In today’s economy with the rapid rise of unemployment, hard working citizens attempting to maintain the “American Dream” are presently faced with the potentiality of relinquishing their home. According to estimates, 1 out of every 200 homes will be foreclosed on. With each passing day a family some where is seeking plausible solutions to save their home. When it comes to foreclosure, one of the major error that people make is declining to openly talk with their lender about their happenstance. Sadly, homeowners sometimes wait too late to try to negotiate a deal to save their home. The best thing to do is to educate yourself on the options available.

Fortunately, there are several different ways to actually keep foreclosure from taking place. Here is a fact, lenders are not in the business of possessing anyone’s home. It is important to recognize and understand that lenders don’t like to see homes to go into foreclosure. Lenders are in the business of lending money and hence would choose to have mortgage loans paid. As such, many lenders are will gladly 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. Lower Your Monthly Mortgage Payments
2. Qualify For A Loan Modification
3. Short Sale Your House
4. Delay Your Mortgage Payment

The above mentioned are just a few choices that may be applicable, confirm with your lender and/or seek legal guidance 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 adversely affect your credit. Is it worth it? No. Avoid Foreclosure.

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

Are you facing a financial crisis? Wondering when the economy is going to get better? Are you having sleepless nights upset about whether or not your home is going to be taking away from you, because you are lagging in your mortgage payments? Life is so unpredictable, today you maybe just absolutely 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 help save your home!

What is loan modification?
A loan modification is a change 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 experiencedLoan Modification Attorney contact Janian and Associates for a free consultation.

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 mortgage may be one of the choices.

What is involved in this type of decision, to put the funds to use earning more money, or to save money by using it for the mortgage?

The only way to make this choice is to sit down with a calculator and figure out the numbers. If you received, for example, a total sum of $5,000 upon retirement for your accrued vacation and sick days, you may be looking at the choice of putting it into a CD or using it to pay down part of your mortgage.

If you use a mortgage calculator that is available on many sites on the net, you will find out how much you will save if you pay off your home loan. If you had, for example, a $25,000 balance on your 6.25% mortgage and you had five years left to pay, if you used the $5,000 against it, you would save $100 per month in mortgage payments, with a total savings of $835.

If you were able to obtain 2.5% on a CD, you would earn $657 over these same five years, so it would appear to be a clear advantage of saving $178. That was easy, wasn’t it? But we haven’t taken the tax situation into account. In most cases, you will have a tax advantage from the mortgage payments.

However, you have to look at the big picture because you would lose any tax advantage from the home loan, and you would owe taxes on the investment. Now we believe that it is not a good idea to pay off a mortgage 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.

You have to take a lot of other things into consideration, taxes being one of the most significant of them. If you are now in such a low income bracket, because of retirement, that tax implications are negligible, you may consider paying the mortgage off.

We used an example of 2.5% for our CD, but what if CDs rates are lower? It would really change the equation if you could only make $250 on your CD investment. Moral? It pays to look into your own circumstances and the current investment rates in order to decide.

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The recession has caused high unemployment rates, hard working families struggling to hold on to the “American Dream” are presently faced with the potentiality of relinquishing their home.

Recent studies project, 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 biggest mistake that people make is neglecting to openly communicate with their lender about their situation. Sadly, homeowners sometimes wait too late to make an effort to negotiate a deal to save their home. The smart thing to do is to find out about options available. Fortunately, there are several different ways to actually stop foreclosure from happening. The fact is lenders are not in the business of possessing anyone’s home. It is important to realize and understand that lenders do not want 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, countless lenders are will gladly work with homeowners to structure 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 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 mortgage modification contact Janian and Associates for a free consultation.

If you have taken out a financial product in the last ten years such as 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.

For the past decade, lenders have raked in an estimated 3bn by using the loophole and avoiding payouts at all costs. Although arguably getting by on technicality financial watchdogs have deemed them to be in breach of financial practice. Many high street lenders have been slapped with fines of up to 7m and stand to lose much more from refunds.

The scale of this fiasco ballooned with the help of bank salesmen who would often demand you take out the PPI if you wanted the loan, an obvious lie, in order to boost their commission. In some instances the small print was the only mention of the compulsory PPI that would be added on to your product but not mentioned in your quote, by signing the contract you implicitly agree to pay for it.

Some people are ineligible for PPI by their very definition and have still been paying for it, for example if you are over the age of 65 you will not be able to utilise PPI as you are above the age of retirement. Anyone who has paid for PPI over this age is legally entitled to a full refund.

Those who are self employed are considered to be in a less stable financial position than someone in full time employment and will not qualify for payment protection insurance, however, lenders will be more than happy to offer it to them with no intent to pay out.

Most lenders will require a copy of your medical records as insurance is usually based on the likely hood of you falling ill or getting injured, if you have a history of illness or any other medical ailments you will not qualify for PPI. As you can imagine, the lender will be very keen on ensuring you take out PPI even with your medical record in their hand and you will have no chance of being covered.

If you have been mis-sold PPI like this or in any other fashion you are probably entitled to a refund, although you will have to chase the banks for this and it is often easier to het the help of a legal professional.

If you are looking for good PPI claims solicitors then talk to Donns LLP who can guarantee to help you reclaim PPI