However, if you are still seeing loan pa….

posted in Mortgage by Admin on March 30th, 2010

However, if you are still seeing loan payments coming out of your pocket well into the future, consider the direct student loan consolidation seriously.

A “bad credit home loan” is a loan that one can get despite having a bad credit rating.

If you have been following the current mortgage rate, then you know it is usually higher than the prime rate.

A catalogue of bad practice in PPI mis-selling

By Ronald Kresten

 The issue of payment protection insurance or PPI has been investigated at length by the Financial Services Authority (FSA) and there have been some major problems raised about how PPI is sold to loan customers across the UK. On the list of guilty banks are some of the top ranking building societies and banks in the UK and it has been found to be contributing over 1 billion per year to their bottom line. The number of people who reclaim PPI is growing.

PPI is there to protect a borrower if they should become unemployed or have to stay off work due to illness or an accident. In these scenarios the bank or building society will cover the payments until the borrower can resume work. There is a monthly fee for this type of insurance and about fifty per cent of people consent to pay it when buying a loan.

However the statistics show that only 4 per cent of them make a claim and then only 75 per cent of the claims made actually fulfill the terms of the PPI. Over fifty per cent of the lenders had contributed to this by failing to fully explain the terms of the insurance and were also found to be adding PPI to the bottom of the quote without clearly stating it was optional.

It was also revealed by the FSA that some of the lenders were adding the cost of the PPI as a lump sum at the outset of the loan rather than it being paid in monthly installments across the term of the loan. This then meant that the insurance could not be cancelled.

The number of mis sold PPI is vast and many customers are now starting to reclaim for PPI and are having success. At Empire Claims we are expert at reclaiming PPI on behalf of our customers.

The Article is written by empireclaims.co.uk/ providing credit card charges and reclaim ppi Services. Visit http://www.empireclaims.co.uk/ for more information on empireclaims.co.uk/ Products & Services___________________________Copyright information This article is free for reproduction but must be reproduced in its entirety, including live links & this copyright statement must be included. Visit empireclaims.co.uk/ for more services!

Mortgage

Understanding Your FICO Score

By Barton Simmons

 Obtaining copies of your credit reports from the three major credit reporting bureaus is a must for all American consumers. If you order your copies directly from each bureau, you can get yours for free once per year per bureau. That is the law. There is, however, one piece of information not included with your credit reports and that is your FICO score. Your FICO score can determine several things, including what interest rate mortgage lenders will charge you and the rate you will pay for your credit cards. For just a small fee you can order your FICO score and get a hold of a piece of information that is critical to you fully understanding and improving your credit rating.

FICO, or Fair Isaac Corporation, is a score that helps determine what interest rate creditors will charge you. The higher your score, the lower your interest rate will be resulting in lower mortgage payments and more money for you. Indeed, when you apply for a new cell phone account, purchase a car, or make just about any type of credit application, your FICO score is obtained by creditors. Unfortunately, you typically do not know what that score is unless you get the information yourself. Don’t count on creditors sharing that information with you!

Your FICO score is based on five determining factors. According to the Fair Isaac Corporation, these five factors are weighted differently and each one is assigned a percentage figure based on their importance. Specifically, they are:

1. Payment History - 35%

2. Outstanding Balances - 30%

3. Length of Credit History - 15%

4. New Credit - 10%

5. Types of Credit Used - 10%

Obviously, if you have made several late payments and owe a large amount of money to your creditors, your FICO score will be much lower than the person who pays what they owe on time, has a manageable level of debt, and possesses a solid credit history.

Coupled with your credit report, your FICO score can help you determine the plan of attack you need to take to improve your credit standing. This is very important step to take especially if you anticipate making any sort of credit application within the next year. If there are errors in your credit report than these will lower your FICO score. Make certain that the three credit reporting bureaus correct each error now and, once amended, run your FICO score again to determine if it has been adjusted upwards.

Remember, the higher your FICO score, the lower your monthly payments will be on virtually everything you finance through a creditor. Order your free credit report today and pay a little extra to obtain your FICO score.

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