Services

Things you should consider before applying for a loan

Posted by Jerry Dwyer on in Services
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You may encounter situations that require the use of a large sum of money at a time you are not financially stable. This is the time you are forced to borrow money from all the available avenues. One may borrow from family and friends to no avail. Emergencies like road accidents or illnesses may occur and may require you to foot a massive hospital bill. Some non-emergency situations like business expansion or starting it up also need one to have money. You should not worry if you cannot get money from those close to you. One can apply for loans from the different banking institutions. We also have online lenders who can offer financial help.

 

All these lenders have theirloan terms of service which you should read before applying for any loan. One policy familiar to most lenders is the repayment of the loan in an agreed period with the said percentage of interest. Failing to honor this agreement will see you face harsh penalties like increment of the interest charged or getting blacklisted. They work with credit bureaus which monitor your repayments and rate you. Poor ratings will see you being denied access to loans. You should consider the following before applying for a loan from any bank.

 

Repayment capability

You should look at your ability to repay the amount you need to borrow. Are you in a situation to pay the amount in the stated period? The income generating activity you are doing will guide you in borrowing the amount you need. If you are not able to pay it at the stated time, pick the amount you can handle.

 

Reason for borrowing

The reason for borrowing should be the primary cause of your loan application. You should ask yourself several questions before filling that application form. Will the activity where I want to use this money generate any profit? If yes go ahead and apply. Some people borrow money for leisure purposes which end up becoming more costly to them.

 

Interest rates

loanCompare the interest rates being offered by the different banks in your area. Some banks will charge high interest rates not suitable for their customers. You should know that interest rates may differ depending on the repayment periods. Extended repayment periods have high interest rates. Borrow from a bank with fair interest rates.…

Lessons From Egg PPI

Posted by Jerry Dwyer on in Services
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The egg credit card forced over 40,000 people to buy insurance they did not require. As a result, then the firm was fined 721,000 pounds by the financial services authority. The fine was for mis-selling the PPI to clients who had the egg credit card. The company mis-sold the claim for over two years. The majority of the customers were not in agreement with the insurance.  Customers were signed to the insurance even though they were a bit hesitant on taking it. The egg was criticized for performing poorly when selling its insurance. The customers had to pay 156 pounds for the time they had the card.

Pay cover

Pay

The insurance was supposed to pay the cover when policyholders lost their job or became ill. However, the company failed to do so on many occasions. The scandal is one of the latest in PPI and is still being investigated by competition commission.  The egg customers were victims of aggressive sales tactics. He sales techniques used were inappropriate. They use every means to entice customers to buy the PPI claim.   The company will have to set aside 5 million to settle aggrieved customers. The company had to offer an apology to the customers affected by the issue. It was a big scandal that made it get fined.

Questionnaire

If you have an egg ppi claim, then you should print out the questionnaire on the FSO website. Fill every question relevant to you to ensure your complaint is handled efficiently. By filling the questionnaire, you make it easy for the company to identify your PPI. You should take advantage of it and reclaim your money.

Documents required

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You should provide the documents needed when lodging your complaint. One of the documents must have proof that you had the policy. You should also have evidence that you have been making payments.  You should make copies of all the relevant documents. You must also write a letter to your PPI provider. However, if you do not want to write the letter, you can use the questionnaire. You will get it from your provider’s website. The questionnaire contains all the relevant details needed.

Conclusion

The complaints on the egg are handled by the Canada square operations. In case you have made your claim, then you just have to wait for the company to write back to you. It usually does not take a long time. The process is faster and you will get the response in a few days.

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