FinanceBAM News

On daily mail a writer Ed Monk wrote an appreciable article on 2^nd May 2007. He highlighted the problem of unwanted Payment Protection Insurance (PPI) which is part of the personal loans’ quotes and majority of lenders practicing it.

It wasn’t said only BUT research lies behind this truth. Researcher applied for personal loan over phone with 41 lenders and its found that 24 out of 41 firms included PPI automatically, some lenders told the details with & without PPI and surprisingly only one lender’s quote was without PPI.

Similarly, process is going on internet - - Lloyds TSB, Tesco and NatWest are some firms which provides quotations with PPI automatically and if user is not interested then to get a quote without PPI he/she has to click on another page. (more…)

Recently, the government has announced private schemes where people in serious debt can get a chance to write off 75% of their debt and become debt free in 5 years. These schemes are private agreements entered into between yourself and your creditors.

This agreement is called an IVA, Individual Voluntary Agreement, this agreement stands for 5 years where your creditors enter into an agreement with you on a certain fixed monthly installed of between 150-250 pounds against your debt for five years. After which your credit history shall be cleared and your credit history restored. (more…)