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Mon 30th Oct, 2006
Posted in Borrowing, Consumer Credit, Consumer debt, Financial news, Financial products, Homeowner Loans, PPI, Personal loans, Spending, UK Finance, Unsecured loans at 1:03 pm by Steve Smith
Insurancewide.com has welcomed the recent rulings of the Financial Services Authority (FSA) regarding payment protection insurance (PPI). The FSA recently found that there were serious failings in the sale of PPI to consumers, a finding which was echoed by the Office of Fair Trading (OFT). The OFT is planning to refer the PPI industry to the Competition Commission next year. Insurancewide has also responded to the recent news that the FSA has fined Loans.co.uk for failings in the sale of PPI.
Insurancewide chief executive, James Harrison, said: ‘The PPI and MPPI products are both helpful and worthwhile products that when required can assist the policyholder in paying loan payments in times of trouble be it as a result of accident, sickness or unemployment. Previously the problem had been that banks sold the policies as part of a package and at a rate that was a lot more than that which could be found from specialist brokers.’
He added: ‘Insurancewide.com welcomed more companies entering the market and offering this product as it created more awareness that they were available outside banks. It is a great pity that some companies appear to have taken advantage of this situation and not been giving clear advice to their customers and we welcome the FSA’s rulings. Our recommendation is to visit specialist brokers such as Britishinsurance.com, available through Insurancewide.com Life & Financial channel, who can offer clear advice and excellent rates.’
The recent decisions by the FSA and OFT regarding PPI have been welcomed by most consumer organisations.
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Posted in Borrowing, Consumer Credit, Consumer debt, Financial news, Financial products, First time buyers, Homeowner Loans, Homeowners, House buying, Housing news, Property, UK Finance, mortgages at 1:02 pm by Steve Smith
Financial services provider Halifax has launched Halifax Legal Services, which will provide access to everyday legal services for consumers. The service will cost an annual fee of £89, which will give members unlimited access to all the service offered either by telephone or online. Advice will be provided by qualified solicitors, barristers and other professionals.
Services to be provided include conveyancing, an identity theft resolution service, a web based law guide, review and approval of wills, will preparation and a 24 hour legal advice helpline.
Most people need to use everyday legal services at some point in their lives. The UK market is estimated to be worth £8 billion (Source: Department for Constitutional Affairs). Service providers include Hammonds Direct, First Assist, Epoq and Capita, supported by a dedicated Halifax team.
Halifax that as a high street financial services provider, with a relationship with 40 per cent of UK households, it is well placed to provide these services, which are a significant opportunity for the Halifax group to grow.
In August 2005, Halifax launched a fixed fee conveyancing service which has been used by over 50,000 customers. At that time, Halifax mentioned its plans to offer a wider range of everyday legal products to consumers. In the first instance, Halifax Legal Solutions will be available as a direct to consumer service.
Joel Ripley, head of Halifax Legal Solutions, said: ‘Most people need legal advice at some point in their lives. Usually this is when they are moving home, making a will or dealing with a range of consumer issues. We are offering access to a range of straightforward solutions at a very good price.’
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Posted in Bad Credit, Borrowing, Card fraud, Consumer Credit, Consumer debt, Credit Card, Credit record, Financial news, Financial products, Identity theft, Personal loans, Spending, UK Finance, Unsecured loans, mortgages at 1:01 pm by Steve Smith
National Identity Fraud Awareness Week has brought many fraud crimes to public light. Credit information companies like Experian claims that more needs to be done. The crime of identity fraud is not reported in 82 percent of all cases. Those cases that are reported, only seven per cent leads to a prosecution. Twenty nine per cent of all cases are never pursued by the police. All these cases leave the responsibility for the debt in the victim’s hands.
The most common scheme is the fraudulent use of the victim’s present or previous address. The victim’s details are used by someone living at the same address or the fraudster places a postal redirect on the address, or the fraudster uses the victim’s name and address to take advantage of any credit history not yet transferred to a new address.
The victim remains unaware because they never see the bills. The industry is changing. Much of the financial loss due to identity fraud is carried by the companies involved. However, there are still too many cases where the consumer cannot prove fraud, and are forced to pay the loan. Most consumers are unaware that they are hit with identity fraud until they are denied a loan or mortgage.
Hardest hit organisations are mail order companies. More than 60 per cent of all fraudulent accounts during 2005/6 were mail order accounts. However, the biggest losers were credit and store card issuers. They suffered 35 per cent of all fraud losses during this year.
Consumers are warned to cancel all old credit accounts. Many adults believe that these accounts are cancelled after a certain length of inactivity, this is not true. Not cancelling the account can result in mail being sent to an old address and used by a fraudster. Consumers must become aware of the fact that they are ultimately responsible for their own consumer credit information and credit ratings.
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