OFT Launching New Website To Help Credit Card Users
Mar 25 at 11:11pm by Personal Finance Claims
It may be long before the judges finally decide in favour of consumers in the OFT’s high-court case against seven high-street banks, but the good news is that consumers don’t have to wait for the judgement to be able to avoid getting fleeced by banks and credit card companies. Certainly the government has not introduced some new consumer-friendly legislation, but even then avoiding the greed of credit card companies has now become a possibility for consumers such as you. This comes on the back of the OFT’s recent announcement that it will soon be launching a credit card comparison website, especially designed keeping in mind the needs and requirements of consumers. The site will definitely benefit consumers because it will have everything that consumers need to know about avoiding the potential pitfalls of credit cards. It will also help consumers in understanding all the various technical terms and jargon that credit card companies usually print in their offer document which can mislead consumers about interest rates and other fees and charges.
In its announcement, the Office of Fair Trading (OFT) has said that the proposed website will have an automated online tool that will help consumers select the most consumer-friendly credit card that might be available. For this, consumers will just have to enter their basic details and needs and requirements in an online form. The software supporting online credit card comparisons will then automatically search for the best credit card deals and make them available to consumers. The OFT says that the website will prove very useful for consumers who do not have time to search for the best credit card deals or those who just ignore this vital need and end up paying the high rates and charges mandated by credit card companies. The OFT expects that the website will be a huge hit amongst consumers looking for cost-effective credit card deals.
So, should you wait till the launch of the OFT’s credit card comparison website? Well, not necessarily because credit card comparison websites are already there on the web, quite similar and maybe even better than the one proposed by the OFT. However, I would also recommend that you exercise caution because not all comparison websites that are currently available can be classified as reliable. Some may just be acting in collusion with card companies trying to sell expensive credit cards to gullible consumers. Keep away from such websites if you do not want to end up with huge credit card debts.
Do you have a Credit Card where the contract was issued before the 1st of April 2007? If so,
you may want to find out more about Personal Finance Claims’s new credit card service.
If the contract which you signed when your credit card was issued is found to be flawed or
unenforceable, here’s what you may be able to claim for…
# You may be able to claim interest paid on any oustanding balances
# You may be able to claim the repayments you have made
# You may be able to claim to clear the outstanding balance on the card
Click here for more info
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Think Twice Before Swiping Your Credit Card At An Overseas Location
Mar 21 at 4:04pm by Personal Finance Claims
Shopping, dining and holidaying in overseas locations has certainly been made a lot easier and hassle free with credit cards, but if you think that your credit card company is doing social service, then you are hugely mistaken. You may not be aware but the truth is that credit card companies make quite a lot of money every time you swipe your credit card at an overseas location. What they do is that they charge you extra for every overseas transaction made on your credit card, usually in the name of foreign-exchange (forex) loading. This certainly sounds quite innocuous, but the truth is that it can easily inflate your credit card bills by a substantial amount.
If you use your credit card at an overseas location, you could also be charged extra in the name of “dynamic currency-conversion fee”. For example, if after having your lunch or dinner at a restaurant, the waiter asks you whether you would like to complete the transaction in pound sterling, you can be sure that you will be charged extra in the name of “dynamic currency-conversion fee”. When you give your nod to the waiter, what happens is that you are charged at a more profitable forex rate, something that adds around 4 percent to your credit card bill. So, when you come back home, don’t be surprised when you find that your lunches and dinners have cost you a lot more than expected.
The charges are even more when you withdraw cash from your credit card at an overseas location. When you do so, your overall charges include both a transaction processing fee and interest that you are required to pay on the cash withdrawn. To avoid these charges, you may have planned to use your debit card provided with your savings account, but what you are probably not aware is that this also won’t help much because you will still be required to pay the forex loading charges. You certainly won’t be charged interest on overseas debit card cash withdrawals, but since the transaction charges are more or less the same, using your debit card will only offer limited benefits.
So, how do you avoid this type of overcharging by credit card companies? Well, the best remedy would be that you limit your credit card usage when overseas. However, since this is often not possible, I would recommend that you opt for a credit card that does not charge you in the name of forex loading and dynamic currency-conversion fees. Spend some time on reading the fine print and comparing available credit card schemes and soon you will be able to select a credit card thats best for overseas transactions.
Do you have a Credit Card where the contract was issued before the 1st of April 2007? If so,
you may want to find out more about Personal Finance Claims’s new credit card service.
If the contract which you signed when your credit card was issued is found to be flawed or
unenforceable, here’s what you may be able to claim for…
# You may be able to claim interest paid on any oustanding balances
# You may be able to claim the repayments you have made
# You may be able to claim to clear the outstanding balance on the card
Click here for more info
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How To Avoid Excessive Credit Card Charges
Mar 20 at 6:06pm by Personal Finance Claims
Being able to use credit 24/7 is certainly a good thing to have, but since you can easily end up being addicted to it, it is important that you first consider the pitfalls of using a credit card. If you do not limit your credit spending, chances are high that you will accumulate debts way beyond your repaying capacity. Inability to pay off your credit card debts in time will eventually result in excessive penalties, fines and interest rates, all of which can prove disastrous for your financial health. In the worst case scenario you might have no other option but to file for bankruptcy. All this makes it necessary that you avoid misusing your credit card and start taking steps that might help in mitigating the damage already done.
The most foolproof way of avoiding excessive credit card charges is to opt for a credit card that has the least of the hidden credit card charges such as late payment fines, overdraft fines, balance transfer fees, etc. This would require you to read the fine print of all the offers that you might have short listed depending on your specific needs and requirements. Once you go through the fine print, you will know exactly which offer best fits the bill, something that will make it easier for you to select the most appropriate credit card.
Your troubles however won’t end even after selecting the most suitable credit card because a lot also depends on how you eventually use your credit card. If you overdo your credit usage, even the most cost-effective credit card will fail to provide an escape route from the looming financial disaster. This is why it is necessary that you have a look at your own credit buying habits and check if it matches your repaying capacity. Blaming your credit card company will never solve your problems, especially when it’s you who is solely responsible for your bad financial health.
For avoiding the excessive credit charges and deriving the best possible benefits, you need to shop around a bit and compare the terms and conditions of the available credit card schemes. You can do this easily through product comparison websites that allow you to compare all the different types of available credit card deals based on your own criterions. Just by spending a few minutes on these websites, you will easily be able to locate the deal you might have been looking for all this time. Your bad financial health and credit problems will then be a thing of the past.
Do you have a Credit Card where the contract was issued before the 1st of April 2007? If so,
you may want to find out more about Personal Finance Claims’s new credit card service.
If the contract which you signed when your credit card was issued is found to be flawed or
unenforceable, here’s what you may be able to claim for…
# You may be able to claim interest paid on any oustanding balances
# You may be able to claim the repayments you have made
# You may be able to claim to clear the outstanding balance on the card
Click here for more info
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How Hidden Credit Card Charges Can Ruin Your Finances
Mar 19 at 9:09am by Personal Finance Claims
There is certainly no denying the usability of credit cards, but the problem arises because more often than not we fail to notice the danger signs that continuously prompt us to curb our credit spending. Another factor that is often equally responsible for our bad financial health is the profit-centric mindset of credit card companies, most of whom will go to any length to improve their balance sheets even if they have to do that at the expense of their customers. A combination of both the above factors can prove disastrous and this is why you need to have a look at all the different types of hidden costs and charges that credit card companies often force upon their customers.
The easiest way of ruining your finances is to exceed the credit limit on your credit card. If you do this, you are most likely to be forced into paying a fine, although some credit card companies might also increase the interest rates on your credit card. In both cases you will end paying much more than you might have bargained for initially, something that can easily spark off your financial ruin. So, the next time you swipe your credit card, make sure that you are still under your sanctioned credit limit and are not using the costly overdraft facility as might have been provided by your credit card company.
Hidden credit card charges also come into play when you overlook the interest free period and start believing too much in the minimum due payment system. Of the two, the minimum due payment system is probably the one that contributes the most to the confusion and this is why you need to understand it clearly. You might not be aware but the truth is that in a minimum due payment system you just pay the minimum amount. As such, debt keeps accumulating and very soon it balloons to such an extent that you are no longer in a position to pay it back. You then enter the vicious cycle of credit card debt and are completely at the mercy of your credit card company.
Hidden credit card charges are certainly an irritant, but the good news is that you can avoid them easily just by following some expert tips and suggestions. The best way is to thoroughly read the fine print, something that will go a long way in ensuring that the offer does not have any unmanageable terms and conditions. Using your credit card will then no longer be a nightmarish experience for you.
Do you have a Credit Card where the contract was issued before the 1st of April 2007? If so, you may want to find out more about Personal Finance Claims’s new credit card service.
If the contract which you signed when your credit card was issued is found to be flawed or unenforceable, here’s what you may be able to claim for…
# You may be able to claim interest paid on any oustanding balances
# You may be able to claim the repayments you have made
# You may be able to claim to clear the outstanding balance on the card
Click here for more info
Why Opt For 0 % Credit Card Debt Transfer Deals
Mar 18 at 11:11am by Personal Finance Claims
Not very long ago, lenders were more than willing to open as many credit accounts as you might have demanded, but since the subprime crisis, the finance market dynamics have taken a complete U-turn. Not wanting to face a similar crisis situation, lenders in UK have become quite wary of opening new credit lines and what is even worse is that some of them have gone to the extent of closing existing lines of credit. However, you need not worry too much because in UK’s financial market, there is one credit option that has still not lost all its sheen. Yeah, you guessed it right, I am talking about the 0 % credit card debt transfer deals that are still being marketed quite aggressively by credit card companies.
It might be difficult for you to believe this, but the fact is that there are currently around a hundred 0 % credit card debt transfer schemes available in UK. Something that I find even more surprising is that in spite of the subprime crisis, credit card companies seem to be virtually begging to take over your debts and transfer it to a new account. Some experts criticize 0 % transfer deals saying that they are just innovative strategies to lure in new customers, but I do not personally agree to such accusations because I believe that it’s the card holder who benefits the most from a 0 % transfer deal. Benefits accrue to credit card companies as well in the form of transfer charges and processing charges, but if you compare these with the 3 percent monthly rate that is usually charged on the outstanding credit card debts, you will realize that the initial transfer and processing charges are a small price to pay.
If you are not too sure about the potential of 0 % transfer deals, I would like to tell you that they are the easiest ways of slashing interest charges that you pay on the outstanding amount of your existing credit cards and store cards. The application process is quite easy and all you need to do is request your preferred card company to open a 0 % credit card account in your name. After approval, you can move your exisiting debts and shift them to a new repayment plan wherein you will not be required to pay interest for the agreed period. This interest-free period can range anywhere between 3 to 15 months depending on the card company and this is why you especially need to consider this while assessing 0 % credit card debt transfer deals. Opt for a deal that offers the maximum interest free period and soon you will be on your way to financial freedom.
Do you have a Credit Card where the contract was issued before the 1st of April 2007? If so, you may want to find out more about Personal Finance Claims’s new credit card service.
If the contract which you signed when your credit card was issued is found to be flawed or unenforceable, here’s what you may be able to claim for…
# You may be able to claim interest paid on any oustanding balances
# You may be able to claim the repayments you have made
# You may be able to claim to clear the outstanding balance on the card
Click here for more info
Look Out For PPI Rates While Assessing Motor Finance Options
Feb 13 at 10:10pm by Personal Finance Claims
Getting a car loan is normally not a problem in UK, it is however recommend that you be a bit more careful while filing your loan applications. Motor finance companies will certainly try to lure you through catchy advertisements in newspapers and magazines, I would suggest is that you treat these with caution. Instead contact lenders directly, tell them your needs and requirements, and ask them to make an offer. This method may work in your favour because lenders have a business to run and its unlikely that they will risk losing a customer. In effect, this method may help you in extracting the most competitive rates and also the most favourable terms and conditions from lenders.
While assessing motor finance options, the first thing you need to do is look out for PPI. Short for Payment Protection Insurance, PPI is the amount you pay to cover the lenders risks that might arise when you fail to make your monthly repayments due to unforeseen factors such as sickness, unemployment, or accident. You too stand to gain by taking a PPI because in any of the above-mentioned scenarios, it then becomes the responsibility of the insurer to take care of your monthly payment commitments. You are thus saved from the prospect of being declared a defaulter.
As you can see there is nothing wrong as such with PPI, but the problem arises because some lenders charge a lot more than what it actually costs to take out a payment protection insurance. They actually make a profit out of PPI, even when they know quite well that it is something that should always be made available. This shows how profit orientated most lending companies really are and proves that they need addition product sales such as PPI.
To get to the most competitive motor finance deals I suggest you go online and contact as many lenders as possible. This way, you will be able to scan all the offers that might be available and in the shortest time possible. After this, you just have to take your pick based on your specific needs and requirements. You can then cruise along in your dream car without any worries .
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How You Can Benefit From OFT’s Recent Legal Action Against Banks
Feb 12 at 11:11pm by Personal Finance Claims
With OFT (Office Of Fair Trading) filing a case against seven of the biggest banks in UK, the issue of bank overcharging, it seems, has finally come to the forefront. Before this, the account holders themselves filed most of the cases related to bank overcharging and this is why not much success was achieved on this front. The speculations certainly do not end with OFT’s legal action, but since the OFT has more resources and expertise in fighting court cases, most account holders are anticipating a court ruling in favour of the consumers. Legal experts however are not towing this line because they believe that if something like this happens, the entire banking industry will vanish overnight. They reason that bank charges contribute a significant percentage to the revenues and if that dries up, most banks will have no other option but to wind up their operations.
The verdict may eventually go in favour of consumers, but at this point of time what I would like to recommend is that you don’t waste your time waiting for the final court ruling. I say so because banks have still not stopped overcharging and if you don’t act fast, banks might continue to do so. The OFT might be working hard to get a favourable court ruling, but since no one knows exactly how long that will take, I recommend that you file your claim right away. Filing your case early will help because if OFT wins satisfactorily, you will not have to wait for long to get back your hard-earned money. The success of most of the claims filed to date depends on the final ruling in the OFT case and this is why it would be better if you filed your claim today .
The first thing you need to do is call up your bank and request them to provide a detailed bank statement that lists out each and every transaction made in your account. After receiving the statement, you need to go through it and try to locate the unauthorised charges such as those related to bounced cheques, overdraft fees, etc. When you are done with this, you need to write a claims letter to your bank, requesting a full settlement of your claims. If your bank agrees, well and good, but if it does not, which is more likely, then you might have to file a court case. So, I would recommend that you stop wasting time and call up your bank today itself. This journey will be long and it would be better if you made an early start.
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How You Might Soon End Up With A Blocked Credit Card
Feb 12 at 5:05pm by Personal Finance Claims
The subprime crisis has worked like a wakeup call for most banks and lending companies, not only in the US but also worldwide. Financial lending institutions worldwide are now redrawing their plans and trying to assess the credit risks that they might have created for themselves. Not wanting to face something as disastrous as the subprime crisis, most of them have now introduced stricter rules and regulations that are making it difficult for applicants to avail of credit. The basic aim is to cut down lending risks by limiting credit facilities only to those applicants who might be having a respectable credit history.
So, if you were thinking that you won’t be affected by the subprime crisis just because you live miles and miles away in UK, then I would recommend that you change your mindset as soon as possible. I say so because many lending companies in UK have gone completely hyper, so much so that they have now started reviewing all of their existing credit accounts and particularly those that are in the high-risk category.
This is being done with even more passion and energy by credit card companies . It seems credit card companies are aiming to achieve a zero-risk environment, something that they think would protect them from the residual effects of the subprime crisis.
Nobody can tell what will happen moving forward, the subprime crisis may ease off and lending rules and regulations might get redefined in the coming months, but you need to consider the existing circumstances.
If you have a credit card that has recently been blocked or withdrawn then the best thing to do is to contact your credit card company and ask for an explanation. Even better would be to file a written complaint, seeking an explanation as to why you should not go to the courts for unauthorised blocking of your credit card. This strategy has worked well for some card users and there is a chance that you might also get your back your credit facilities.
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Stop Being Fleeced By Your Bank, File Your Claim Today
Feb 6 at 11:11am by Personal Finance Claims
If you have often been left wondering as to where all the money just keeps disappearing from your bank account, then the first thing you need to do is pull out some of your old bank statements and have a look at all the entries, especially the ones that might be listed under the debit (Dr.) category. When you do this, what you are most likely to notice is that there are several entries that have nothing to do with your cash withdrawals, purchases, EMI’s, insurance premiums or for that matter entries that seem completely alien to you. Each of these mysterious (Dr.) entries may be relatively small, but when you add these up, you will realize that they make a significant percentage of your overall Debit transactions.
So, why are these entries there in my bank statement when I don’t have anything to do with them? Well, the answer is simply that banks have a business to run and make profits. As such you can bet that they will not shy away from making the most of every earning opportunity that comes their way. Your bank statement may not have detailed information about these entries, but you can rest assured that what they basically represent is nothing but the Greed of these banks to earn more and more profits.
Now that you know, it’s likely that you would want to find remedial