The Debt Management Solution

People who have lost control of their finances are always in dire need to regain control and are constantly seeking advice; from friends and experts. Clearing of debts requires a lot of work and discipline, the monthly payments must be paid on time and be organized as well, so it’s only logical to have a debt repayment plan with or without professional help.

We can be able to come up with debt management solutions on our own and manage to pay off our debts as fast as we incurred them. A lot of extra work is required to get rid of unpaid bills and at the same time maintain a stable way of living. This can be done by having other means of getting more income and using the extra cash to pay overdue bills; it’s advisable to start by paying small overdue bills which tend to be forgotten till they become a big problem. The debtor can also decide to spend less of his monthly income in order to pay off more of his debts.

Consolidating overdue balances is another debt management solution to managing debts. Combining overdue bills and balances into one is not a way of adding a debt or a loan on top of other debts but it helps in reducing the interest rates as well as reducing multiple payments into one monthly ‘bill’. While this might lengthen the payment duration due to the lowering of monthly payments, it helps in freeing up money that the debtor requires in staying out of trouble with money.

When you cannot manage to pay your debts on your own, there is always the option of consulting with a debt relief company. They set up a personalized account whereby they take into account all your financial details; debts, assets, income etc, income vs. expenditure, and the debt advisors come up with a plan for you to manage your debts. A maintenance fee and a setting up account fee is charged but well worth it compared to fees paid in a bankruptcy case.

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PPI Missold – Has Yours Been Missold?

According to statistics, close to 70% of the population in the United Kingdom have PPI complaints. Therefore the realization of having been tricked and mis-sold a payment protection insurance policy is quite alarming. Mis-selling of PPI policies is a practice that is still going strong in the UK due to the undying efforts and hard work of the unscrupulous sellers and financial institutions. Irrespective of whether an individual qualifies for it or not, the seller pushes and convinces them to buy the policy. A lot of times, the customers or loan applicants aren’t even aware of the fact that they possess a PPI policy because the same has been slyly slipped into the fine writing section.

Because of the widespread practice of PPI mis-selling, it is advisable to all the individuals in the United Kingdom to be aware of how to determine whether a PPI policy has been mis-sold or not. There are many questions that can help determine the answer to the question “Do I have a mis sold PPI?” First things first, if at the time of selling of the insurance policy, the salesperson concealed the fact that the PPI policy is optional then it means that you have a mis sold PPI and you have full rights to make claims for it.

If you weren’t told about the fact that the PPI cost is being added to the total loan amount that you had borrowed and you need to pay interest on both then it is a case of misspelling once again. It is also a case of mis-sold policy in case your adviser had not informed you about the fact that your insurance will run out before your loan expires. All PPI policy applicants have to be informed about the fact that the exclusion does not provide coverage for pre-existing medical condition. If you do not have a clue about this as you weren’t told then the sellers are guilty of misspelling the policy to you.

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