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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.

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 biggest con of all is the fact that you will most likely not be able to ever use the insurance in the event of an emergency, for example; if you are over 65, even if you are still employed, you could not claim PPI because you would be above the age of retirement. If you have a previously documented medical condition, no matter how small, you will be considered a high risk customer and as you are more likely to be off work on medical grounds, you would not be eligible for the insurance. If you are self employed, you are considered a higher financial risk customer someone employed full time, 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 out if it is needed.

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.

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

If you, like millions of Britons, have used a financial product in the last ten years i.e. a personal loan or credit it is guaranteed that you were sold some form of payment protection insurance from your lender unless you confirmed otherwise. The idea of PPI is to act as a back up if you lose your ability to repay your debt by finding 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 ineligible for PPI by default but have still been paying for it, for example; if you are over 65, you could not claim 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 will be considered a high risk individual if you have a historical medical condition and the chances are you would not be offered the insurance as you are more likely to take time off work on medical grounds. As you can guess, the banks will be more than happy to sell PPI to you even with a medical record in their hand and you 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.

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.

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.

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.

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

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

The common misconception is that everyone is eligible for PPI but this is not the case. If you are older than 65, the age of retirement, you would never be entitled to claim PPI as you are likely not in full time employment. If you are self employed you are technically considered a financial risk and no PPI policy would offer to cover you ability to make repayments. If you have a historical medical condition you will be unlikely to be able to get PPI cover as you 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 allowed this situation to continue with full knowledge of the consiquences, this is something that has brought great negative attention from financial watchdogs. The government is forcing many of the UKs high street lenders to offer refunds to their customers although 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 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

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 losing their home. According to estimates, 1 out of every 200 homes will be foreclosed on. With each passing day a family some where is looking for possible ways to save their home. When it comes to foreclosure, one of the biggest mistake that people make is failing to openly communicate with their lender about their circumstance. Sadly, homeowners often wait too late to attempt to negotiate a deal to save their home. The smart 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 facing 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, 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 home loan modification contact Janian and Associates for a free consultation.

The economy has forced 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 surrendering their property to the lending institution. The causes of inability to pay the mortgage may be varying like losing a job, may be a pay reduction 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 studies 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 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 scrutinizes the background of the borrower before creating a new or better loan term. The circumstances that are looked into include the current pressing 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 state of the future will be a deciding factor. The borrower would have to demonstrate their mortgage payment history to prove there was a superior 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.

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 concentrates in real estate transactions, mortgage negotiations, and aspects related to mortgages.
Many people do not like or think it is important 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 positive with hiring an attorney is they know the laws and are far more experienced and savvy than the average homeowner when it comes to working with lenders.

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

You need a loan modification attorney to help you through the restructuring process smoothly. Your lawyer will thoroughly 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 help with loan modification services contact a qualified Loan Modification Attorney that will look out for you and your family’s best interest such as Janian and Associates.

If you are retired or approaching retirement, one of the things you may be thinking about is whether you should pay off your mortgage. You may receive funds due to retirement, or you may receive the equity from selling your family home and buying a smaller one.

The alternative would be to take the money received and invest it. Which is the better choice, to invest the money or to use it to pay down all or part of your home loan?

The only way to make this choice is to sit down with a calculator and work 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 faced with the choice of putting it into a CD or using it to pay some of your mortgage.

Mortgage calculators available on the internet 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.

Your other choice may be to invest the $5000 in a CD paying 2.5%, which would yield $657; not much of a choice, a savings of $835 or an earnings of $657?

Plus, you pay taxes on any earnings that you make from your investments. So, you’ve changed your mind. Better to keep the mortgage and invest in the CD. Not so fast. Does your income bracket make the tax deduction for property interest worthwhile? Maybe not.

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

Another consideration is that CDs may not pay 2.5%, but rather only 1% or 1 %. This will change your calculation considerably. What should you do? This analysis clearly informs us that each situation is different and you have to do all of the calculations for your own situation.

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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.

Statistics indicate, 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 most devastating oversight that people make is failing to openly talk with their lender about their happenstance. Sadly, homeowners sometimes wait too late to try to discuss a deal to save their home. The best thing to do is to inquire to see if there are options available. Fortunately, there are a few different ways to actually prevent foreclosure from happening. Here is a fact, lenders are not in the business of owning anyone’s home. It is important to know and understand that lenders don’t like to see homes to go into foreclosure. Lenders are in the business of lending money and therefore would choose to 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 options that may be applicable, 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 assume that it will cost them nothing to just walk away from their home and let it go into foreclosure. In actuality, foreclosure will involve money and will negatively affect your credit. Count the cost. Avoid Foreclosure.

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

If you know what PPI is you will probably be one of the hundreds of thousands of people considering claiming it back and wondering if you are entitled to. You, like many others, may not know if you are eligible to claim and this is why the banks could face a huge wave of payouts.

Over the last ten years, banking salesmen have hunted for those last ounces of commission by slapping add on products to their services, most commonly PPI. The chances are that if you had PPI tagged on to something you bought then it was never going to cover you anyway, something that has really become obvious since the recession. In many cases a bank would tag on compulsory PPI in order to take out the loan, this was money in the bag as it would never be paid back out, or so they thought.

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.

The first thing you need to do to try and claim back your PPI is to write a letter to your bank/lender asking for a full refund. This will be answered with a polite variation of ‘jog on!’ which will require you to be more aggressive, threaten legal action and declare your intent to involve the financial ombudsman. Your claims will most likely continue to be met with dismissal at which point you may as well get the financial ombudsman involved but the key to success is to be persistent and by all means get the financial ombudsman involved but if all else fails, seek 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.