Once the grounds of mis-selling have been identified, one must go ahead to make the PPI claims. The procedure to make the claim is:
• Sending complaint to the company or bank that sold the insurance; and in case that particular firm happened to be representing another company, one should bring it to their notice also.
• One should enumerate all the reasons that make it evident that one has actually been the victim of insurance mis-selling.
• One needs to equip the complaint with all the paperwork and notify any change of contact details, change of name or change of address,
• In case, one is unable to provide the policy provider’s details or paperwork, but the loan or credit card has been active in the last six years, the credit file can be accessed via Experian, Equifax and CallCredit and the relevant information can be tracked.
• If the account closure has happened for a period exceeding six years, one can still get hold of the information through FOS – the Financial Ombudsman Service.
• If you don’t hear anything on your complaint from the bank or insurance company for eight weeks or if your claim has undergone rejection, then the FOS needs to be approached within six months.
• You can also approach those claim management companies that make the PPI claims on a claimant’s behalf. However, 25 per cent of the claim amount is charged in case they are successful in making the settlement.
Once the bank or the company accepts their flaws and gives confirmation that the PPI policy was mis-sold, one is eligible for PPI claims. All the premiums paid along with the interest will be given as settlement. Even in cases, where the event does not qualify as mis-selling, but the customer was given unfair treatment when he opted for the cancellation of the single premium policy, the firm should be giving a fair-refund. However, if one still feels that the refund is unjust, one has the option to re-file the complaint with the FOS.
Financial advisers tell us that we should have more than three times of what we earn as our savings, well, this is wary necessary as it enables ones survival and should you lose your basic source of pay. I will highlight a number of saving tips.
The best way to save is to have a proper budget of the finance you have. Always draw up a budget to show various allocations. This will ensure available treasure is channeled to the right activities and one will avoid unnecessary impulse uses of money. This saves a big deal.
Self control with money is a good way to help one keep the money well. It is necessary to be able to handle one when you have plentiful cash. Avoid being in a situation where you cannot account for your money, it is a poor habit, self-control will ensure one spends in the right ways and avoid unnecessary savings.
To help you in old age, start saving for it early. This will help one control the saving habit as one approaches old age. Selection of better saving modes as the compound interest is better because the saving would grow and thus generate more money and a goof finance saving scheme.
Get a grip on taxes and other government policies. It is important to know the exact amount of taxes you are to pay. This will help one to calculate his or her net pay and thus know the exact amount to save. Some people tend to use online calculators that ignore this section and one may end up planning the wrong way.
Guard your health and give yourself the first treat. When you pay the health bills and such schemes, you will be able to avoid paying extra costs in case of emergency situations that require money, the scheme will cover for all these and thus a save on your side.
Finally I would advise one to guard already acquired wealth by going or affordable insurance. So in case risks, one does not have to undergo the financial loss but get the insurance cover.
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Finance plays a major role in life and without finance; you cannot be able to do many things. However much money you earn, it is important to save for the future since what does not know what can happen in the future. Different people save for various reasons. Some save for emergencies while others save money for vacations and other luxurious items. If you want to save below are a few tips on how to do so:
Keep your costs as low as possible
You should make sure you do not spend so much finance on entertainment or other luxurious items. You can hire movies instead of watching them at the cinemas where the cost of a ticket is quite high. Instead of purchasing books every time you need to read about something, you can become a member of the local library where you can have access to books without having to buy them. Additionally you should go on a picnic and avoiding eating out.
Save energy at home
Reduce your electricity bill by investing on programmable thermostats and adjust it to run low when no one is at home. You should also have turn down temperatures on your heater and you should turn off lights when not in use. When purchasing home appliance ensure to purchase energy saving appliances.
Make your bill payments in time
Mostly whenever you pay your bills late, you usually have to pay a certain amount of money for late payment. This unnecessary expenditure can be avoided by paying bills on time.
Avoiding credit cards for shopping and make a list before going for shopping
Whenever you go shopping with a credit card, you end up spending more than your budgeted amount. Instead of using credit cards, you should make use of cash. You should also make sure you make a shopping list before going for shopping to avoid over spending and impulse buying.