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Loan insurance also known as Payment Protection Insurance is designed to make your monthly loan repayments in case you are unable, due to accident sickness or redundancy. But customers mis-sold their PPI could have debts written off and the insurance refunded.

It is estimated 85% of customers take out loan protection insurance when purchasing a loan, credit card or a mortgage for redundancy insurance or critical illness cover.

However, many customers have purchased loans without realising that payment protection is attached, or have been mis-sold credit cover with their loans, resulting in paying unnecessary insurance.

How can mis-sold Payment Protection Insurance help Write off Debt Continue reading ‘Mis-Sold Payment Protection Insurance – How to Reclaim PPI When Mis-Sold on a Loan Or Credit Card’ »

Writing a hardship letter for a loan modification is very important but can be difficult. If you are unsure of how to begin I hope to help you now.

The purpose of the hardship letter is to convince your lender that you are a good person to offer a loan modification to because of some temporary financial set-backs. You need to show that you cant make your current monthly payments but with a little bit of help from them you will be able to afford all monthly payments. You need to tell a story, a compelling story about how you have gotten into your current situation and what you have done to right the ship.

Three Important Items a Hardship Letter For a Loan Modification Requires Continue reading ‘Hardship Letter For a Loan Modification’ »

There are multiple schools of thought on this question and most of the time the answer will depend on the person buying the house. How much discipline does the buyer have with money? Do they need help making payments or are they able to make extra payments easily? There are lots of variables that are specific to each situation but here are some things to consider.

Would you rather have a bigger monthly payment for a shorter amount of time? With a 15 year mortgage you have to make big payments each month, no exceptions. If you buy a cheap enough house this could be easy for you. The biggest advantage is saving a ton of money on interest, the biggest disadvantage is the much larger payment that reduces your cash flow.

If you choose the 30 year mortgage and pay only the minimum each month you are looking at twice the purchase price of your home just in interest payments. Do you really want the bank to make that much money off of you? If you are able you should may additional payments in order to whack away at the total interest you’ll pay over the life of the loan.

Continue reading ‘Should You Have a 15 Year Or 30 Year Mortgage?’ »

Many people are finding themselves in financial difficulty trying to pay their mortgage and getting behind in their payments? lots of people find themselves defaulting on house payments each day and that number is going up all the time.

One of the reasons for this happening is because of the so called sub prime loans market. Over 70% of those loans are now expected to default due to the sudden jump in mortgage interest rates which then caused this collapse.

If you are in this situation you will find there is a federal government loan modification program aimed at helping people in this position and the aim of this program is going to help make sure that you aren’t falling behind on your house payments and help to keep your house out of foreclosure.

Continue reading ‘Government Loan Modification Bailout – Take Steps Now to Prevent Home Foreclosure Happening to You’ »

Money transfer is one of the safest ways of sending money from one account to another with just the use of a credit or ATM card. This term generally describes the activity where cash is not used as a mode of payment for purchasing something or for debt payment.

Different Types of Money Transfer:

1. Wire Transfer – this mode of transferring funds is an international bank-to-bank fund transfer in where a bank sends money to a recognized bank in another country. Continue reading ‘Innovation of Money Transfer With the Help of Technology’ »

There is nothing new under the sun, I once heard somebody say; what I thought in retort was that ‘there is nothing free under the sun.’ Look around you and you will see it; for everything that you get, you have paid for it in one way or another. Therefore, the person who thought that the best things in life are free was obviously grossly mistaken.

The United States is the great nation it is today because of the credit facilities that have been put in place to foster sustainable economic growth and development. Many other nations of the world today have not been able to Continue reading ‘Interest Rates When Applying For a Loan Online – What Many People Don't Know’ »