You Can Now Claim Refunds From Your Bank
Aug 30 at 7:07pm by Personal Finance Claims
Banks may never stop overcharging their customers, but the good news is that you can now claim refunds from your bank, especially if you have been overcharged for using overdraft facilities provided by your bank. What is even better is that you can now expect your bank to refund you in full, something that you could never have dreamed of just a few months back. If you have been following OFT’s (Office of Fair Trading) high court case against some of the prominent high-street banks, then this should not come as a surprise to you. The ongoing proceedings quite clearly show that banks are fighting a losing battle and that the verdict will eventually go in favour of the Office of Fair Trading. None of the banks are expecting a turnaround; they are there just to ensure that not everything is lost in the process.
Official figures released by some prominent high street banks show that somewhere around £ 5.5 million has already been refunded to customers who had complained about bank overcharging and filed their claims with their respective banks. Something that will cheer you up even more is the fact that the actual refunds exceed the officially stated refunds by a substantial amount. The exact figures are however unavailable, obviously because some banks have not yet disclosed the total amount refunded by them.
Knowing quite well that they are eventually going to lose the OFT case, banks have started refunding unauthorized bank charges that were deducted directly from savings and current accounts of customers. As such, the time is right for filing your claims with your bank. You need not wait for the final verdict in the OFT case because even though everything seems to be going in favour of customers, you can never tell what will eventually happen in the end. Why wait for some future date when opportunities for claiming refunds are already available in the present.
If you haven’t yet filed your claims with your bank, I would recommend that you do so right away without wasting any more time. Most banks are currently in damage-control mode and as such you can expect that they will consider your claims and refund you without asking too many questions. The courts will take their time in giving the final verdict and it’s just not right to lose sleep over it. Make the most from available opportunities by filing your claims today.
Are You Eligible For Equity-release Mortgage Schemes
Aug 30 at 7:07pm by Personal Finance Claims
Equity-release mortgage schemes may have become popular, but before you actually commit yourself to a similar plan, I would like to tell you that equity-release schemes are not meant for everyone. You may not be aware but the reality is that equity-release schemes are best only for those people who are in the age group of 60 +. For evidence, you just need to have a look at the list of applicants, which mainly comprises retired homeowners trying to find a suitable solution for their inadequate pension receipts and ever-rising personal debt. However, if you need funds urgently and are quite sure that a equity-release mortgage scheme will work for you, then you can go ahead and apply for a equity-release scheme. Here’s some more information on equity-release mortgage schemes, which will help you in your decision making process.
Lending companies have their own unique plans and schemes, but if you look closely you will realise that most of these equity-release schemes can be broadly classified into two main categories, viz. lifetime mortgages and home-reversion schemes. In lifetime mortgages, you are not required to pay any amount to your lender as long as you are alive. This certainly provides a good reason to opt for such schemes, but you should not forget that there is also the flip side, i.e. interest can accumulate over time and exceed the equity of your home. To avoid this, I would recommend that you opt for lifetime mortgages that offer a no-negative equity guarantee. Such a scheme will ensure that your debts never exceed the actual market value of your home.
In home-reversion schemes, you can sell whole or a share of your home to a home-reversion company for cash. The company will exercise its rights to sell this share only after your death. For example, if you sell 50 percentage share, the company will receive 50 percent from the sale proceeds of your home after your death. This is best for those who want to procure cash funds for existing needs and leave an inheritance for their heirs as well.
Lifetime mortgages have a larger market share than home-reversion schemes, but since you might have your own specific needs and requirements, you can opt for any one of the equity-release schemes described above. However, just don’t forget to read the fine print because that’s the only way you can select the most appropriate equity-release mortgage scheme.
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