Wednesday, 21 August 2013

PPI Compensation Bill Reaches £18 Billion



The latest reports that banks and lenders have increased the funds available for repaying mis sold PPI to over £18billion – a truly staggering amount – simply serve to confirm that this is a scandal that has not gone away. Indeed, many more people are making claims as the public becomes increasingly aware of the right to get back the fees on mis sold policies. The Financial Ombudsman, which deals with disputes between lenders and consumers, has reported a slight decrease in the numbers of people claiming, but still handles over 2000 cases each day.


Biggest Scandal of All Time

The payment protection insurance (PPI) scandal has been called the worst of all time to hit the UK finance industry, and rightly so: over a course of many years, several million people were sold policies that were either of no use to them or that they did not want, and a recent ruling by the High Court means all fees on so-called mis-sold PPI policies must be repaid to the customer. With the three biggest banks in the UK – Lloyds Banking Group, RBS and Barclays – heading the list of names involved it is clear that mis-selling has been widespread throughout the industry.

 

Calculating the Payment

The average PPI payment is currently around £3000, but there have been many that were considerably more; the amount in each case is determined by the individual circumstances, as well as the size and type of credit agreement concerned. The added awareness that has come with all the publicity has led to many people using websites with an online PPI calculator, such as www.PPICalculator.co.uk  to get an idea of how much they may be awarded. This is a convenient way of an advance warning, but must only be taken as an estimate.


An Ongoing Saga

One notable aspect of the scandal has been a fall in confidence on the part of the consumer; the man on the street no longer trusts the financial industry after discovering it has been selling products outsidethe regulations. It remains to be seen how – or if – this can be restored any time in the near future.

Are You a Compulsive Shopper?



Differentiating what you want and need may be a really difficult endeavor, especially if you are a compulsive shopper. In being a compulsive shopper you have a weakness in wanting to shop. A good way to save on money is to shop in places that have sales and discounted prices. This will go a very long way in saving you some money as the clothes, gadgets and other items are cheaper than originally priced. It is a best of both worlds situation that you are able to obtain what you desire and save a little money while spending.

Look For Sales

Looking for places that have sales and bargained prices are an efficient way to save money. It is a way for you to be able to buy certain items while saving money as those items are cheaper than originally priced. You may also get selected items at a buy-one-take-one rate which will allow you to have more than you planned for. You will be able to give these buy-one-take-one items as a gift for your loved one, friend, or family member. 

 
In shopping in places that are on sale, the money that you save may be used for a vacation fund that you may use to visit places and countries that you have never been to before. You will be able to experience the various cultures and wonders that the country has to offer. It is a worthwhile endeavor that will allow you to discover more about yourself as well as the country that you visit because you mind and outlook becomes different when you visit other countries. You become a more cultured person as you save from buying in places that have sales and discounted prices.

Funnies From China

By Guest Blogger Salvatore Dali

Originally posted in www.malaysiafinance.blogspot.com

English is a hard language when its not your mother tongue ... things get lost in translation sometimes. In Malaysia it happens, in particular when we get zombies trying to do the English subtitles for movies. These are from China, in now way am I singling them out. Japanese ones are funny as well ... there are also the ones from India, Indonesia, Thailand ... but one at a time.

In case of emergency...

Freshly caught, I hope!

Can I get a fucking heart exam, too?
Some guys (assholes) should really go to the second room.

Thanks for offering.

Lonely Planet said it was a must-see.
Hey, might as well be honest while you are at it!

Hey, you might as well be graceful about it.

Ah, maybe we should wait til they're done.
The police/army are so considerate.

Right?!?!
We certainly need this sign in Malaysia ... car showrooms and Pavilion.

Shh!
Awww ... shucks.

I heard it's protected by UNESCO.

Maybe the oven was broken?
I will definitely try that!!!

Cheap, fast & easy.
What an awesome gift for some of my friends the next time I travel to China.