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Issue 78602

2012

THANK YOU FOR CHOOSING

Focus finance WWW.GHFPUBLICATIONS.CO.UK INFO@GHFPUBLICATIONS.CO.UK

Gain Financial Freedom: Reclaim Your Payment Protection Insurance Understand and Improve Your Credit Rating Turn household Junk Into CASH


CONTENTS BROKER FEES: RECLAIM PROCESS

PAGE 4

PAYMENT PROTECTION INSURANCE

PAGE 6

CREDIT REPORT EXPLAINED

PAGE 8

WHAT INFO IS IN MY CREDIT REPORT?

PAGE 10

HOW TO IMPROVE YOUR CREDIT RATING

PAGE 11

CONSUMER WATCH

PAGE 12

The information provided by GHF does not address your individual requirements. In particular, the information does not constitute any form of advice, recommendation, representation, endorsement or arrangement by GHF and is not intended to be relied upon by you in making or refraining from making any specific investment or other decision. If GHF mentions companies on the e-catalogue, they usually do so because of their attractive rates. As a general policy they donâ€&#x;t vet them on customer service or investigate their solvency. Given that the impact of any information expressed on the e-catalogue can vary widely based on your particular circumstances, you should always carry out your research into the product that is of interest to you. Furthermore no financial decisions should be made without first consulting professional advice.


ABOUT US GHF Publications - A non advisory service, providing resources, links & information to help you reach financial solutions. Focus On The Customer Our goal is to meet and exceed customer expectations, to give lasting value to the customer. Our first step will be to provide everyone in the business with a clear understanding of what our customers want. www.ghfpublications.co.uk Telephone: 0161 447 9155 Email: info@ghfpublications.co.uk Editors view Gaining financial freedom was always going to be a daunting task. Not only does it require smart money management, maximising your income is also vital. Reclaiming money that is rightly yours is must to help you along this treacherous journey, see if you are eligible for payment protection insurance. This edition of the GHF explore and explains the mystical yet scary credit report. Along with simple yet effective steps of how you can improve your credit rating. If you simply need some extra cash then Consumer Watch is a must read as it explains how you can get some cash by selling your household “junk�. Remember saving money is like earning money. Also if you have been charged broker fees, an overview of how you can re-claim your money is presented.


Broker Fees: R Complained to the company and not had any luck, no need to fear the Financial Ombudsmen is here!

It puts your case to the c goes to the company and for the company to solve the prob While the ombudsman has the power to investigate compensation. cases, actually its primary role is in settling disputes between customers and companies, and while these may sound like they're the same thing, actually it can often solve the problem without an investigation. Within these disputes it is impartial, neither on one side nor the other, yet its job is to ensure that complaints are dealt with and fair play happens. In a nutshell the process works like this: You fill in a form. If youâ€&#x;ve already complained to your bank and itâ€&#x;s not helped, you simply go to the ombudsman's website or call it up and fill out a standard complaint form, you don't need any legal help at all, it's all pretty straightforward.

Companies can agree. It budsman is involved for a pay out at an early stage t tion.


Reclaim Process

company. At this point it asks what happened and

blem or pay the requested

t's common once the Oma company to settle and to avoid a full investiga-

Charge For The Hassle It's Caused! The Ombudsman awards compensation for material distress and inconvenience in around 25% of the cases it looks at. Hidden in its compensation guidelines, it states it can make an allowance of around ÂŁ50 to ÂŁ100 a day, and not more than ÂŁ10 per hour, for the time the consumer needed to spend to put things right.


Payment Protection Insurance Over ÂŁ 2 Billion paid back last year!! Have you had PPI? What is PPI?

PAYMENT Protection Insurance is

or had a medical problem that could have kept you from working when you took out the insurance - because you were never eligible for the product. It was also mis-sold if you were told the insurance was compulsory to get you approved for credit or if the entire cost of the PPI was not fully explained. Many were wrongly sold PPI without knowing, especially on loans where it was added into repayments.

designed to protect financial products such as loans, credit and store cards. It gives customers peace of mind that repayments will continue to be made if they lose their job or fall ill. However banks, credit card and loan companies hijacked what should be If you want to see if you have been valuable financial cover and mis-sold mis-sold PPI call us on: it at extortionate rates to millions of people who would never have been able to make a claim because they never should have been sold it in the first place. How do I know if I was mis-sold it?

THERE

are lots of ways PPI may have been mis-sold to you. It could have happened if you were unemployed, self-employed, retired

0161 447 9155


Millions have already re-claimed. To check your eligibility call us on: 0161 447 9155


Credit Report Explained What Is A Credit Report? Your credit report contains information about your past dealings with lenders Many people become anxious when credit reports, credit scores and credit histories are mentioned. This is because the mystery surrounding them causes a great deal of confusion. Contrary to popular belief, there is no such thing as a credit „blacklist‟. Nor does any individual have a single credit „score‟ or a number that lenders will use when deciding whether to let them borrow. Instead, when you apply for credit, lenders have access to your credit report - also known as your credit file. This consists of information about your past financial behaviour; that is, your credit history. Anytime you try to get a loan, credit card or mortgage, your credit report will be used to help work out whether your application should be approved or rejected.


Who’s in charge of my credit report? There are three credit reference agencies in the UK: CallCredit, Equifax and Experian. These commercial organisations all compile information about you and, when you apply for credit, will supply this to your chosen lender. Effectively, there are likely to be three slightly different „versions‟ of your credit report in existence. This is because lenders don‟t always communicate the same information to all three credit reference agencies. For this reason, when it comes to checking your credit report, it‟s important to examine the information held on you by CallCredit, Equifax and Experian. It‟s also worth being aware that third party firms who

claim to bring together all the information held on you by the credit reference agencies may not have access to the full details from each one. Therefore, you may want to approach these with caution; the only way to be certain of what is contained in your credit reports is to obtain them yourself.


What Information Is In My Credit Report? Some of the information held in your credit report will come from banks, building societies and credit card companies you have borrowed from in the past (or that you currently owe money to). Other facts on your credit file may come from publicly available sources (such as the electoral register), or be supplied by mobile phone companies and even mail-order firms. Specifically, your credit report will contain details of when you have borrowed money and whether you have repaid it on time. Your credit report is likely to feature information including:  

Your name and address; Whether you are on the electoral roll at your current address; How much you currently owe lenders; Details of any joint financial products you hold (e.g. a current account); Whether you have made any late payments on existing or past credit card or loan accounts;

Whether you have missed payments on existing or past accounts; Whether you have had any County Court Judgments (CCJs) made against you;

Whether your home has been repossessed or you have moved away owing money; Whether you have been declared bankrupt or entered into an Individual Voluntary Arrangement (IVA).


How To Improve Your Credit Rating There are steps you can take to improve your credit rating.

1. Check your credit report and

correct mistakes You Should check your credit report at least once a year to make sure that the information it contains is correct. If there are mistakes on your credit file, these could stop you getting credit. While it‟s good to have a credit card or loan account you have repaid regularly on your file, 2. Get on the electoral roll having too much open credit is likely to count If you‟re not on the electoral roll, you will against you.

find it very difficult to get credit.

3. Think before applying for new credit It‟s important to be aware that making an application for credit is likely to leave a „footprint‟ on your credit file, which will be visible to other lenders. If you‟ve recently been turned down for credit, it‟s unwise to apply for another credit card or loan immediately; this might spark a vicious cycle, causing other companies to assume you‟re in financial difficulty and making them less inclined to lend to you.

4. Close old credit card accounts Lenders will look not only at how much debt you are in, but at how much credit you have available, before agreeing to lend to you. If you already have several credit cards with high limits, lenders may be reluctant to let you borrow more.

5. End financial associations with ex-partners Cohabiting with or being married to someone with a bad credit rating won‟t affect yours – but taking out a joint financial product with them will. If you have ever jointly held a financial product with someone you no longer have a relationship with, ensure that this is reflected by asking all three credit reference agencies to add a „notice of disassociation‟ to your file.

6. Build a good credit history To improve your chances of getting credit in the future it‟s important to begin building a good credit history now. Showing that you can repay borrowing on time and stay within the credit limit you‟ve been given will help convince lenders you are responsible. In this instance you might find your only option is to borrow from your own bank, or take out a credit card with a very high interest rate. These are often marketed as „credit builder‟ cards.


Consumer Watch: S

A mobile phone can be easily out dated and its no wonder that countless number of old mobile phones are disposed of ever year. Not only is this a huge waste of money but also damaging to the environment. The problem is many people donâ€&#x;t know this. There are companies whose business is to buy old mobiles phones; some even buy mobiles that are not in working condition.


Sell Your Old Mobile How Does It Work? Assuming your using a comparison website, you use a form to fill in the make and model of your phone. The form will then give you an instant offer from a number of different websites so you can choose the best deal. The amount you get will depend on how expensive he phone is and how old it is but remember postage is free so it‟s always worth doing! difficult and the process takes only a few minutes so it‟s definitely worth Once you‟ve submitted your request looking into. It‟s very important if the company you choose will then you‟re honest with the buyer so no send you a free postage envelope to problems occur in the future. So do you within a couple of days. You let them know abut any physical and then use this to send them the phone. technical issues with the phone. Once they receive the phone they will quickly send you your payment. That‟s how simple it is to sell your old mobile phone. For really old phones you may not get a lot of money but for newer phones you can get a significant amount of money even if they are broken. As explained above selling old mobiles phones is not very


Mobiles Second Lease Of Lif

So you‟re wondering what happens to your mobile once you have posted it off? In most cases they are resold to people in countries where new mobile phones are far too expensive for many people. Generally in these countries people can‟t afford to get a fixed land line due to the costs associated and buying a second hand mobile phone is a lot cheaper. Your old phone will allow them to keep in contact much easier, which is something we take for granted! Remember that recycling your phone is not just good for your bank balance but it also helps the environment as it won‟t be thrown into a landfill, where the battery of the phone is toxic.


fe: Improves Someone's Life Not Just Mobiles! Due to the huge success mobile phone companies have had a whole new series of companies have arisen who purchase your old:

CDs and DVDs

Old Books

IPod and mp3 players


GHF

Focus finance

The information provided by GHF does not address your individual requiremen mendation, representation, endorsement or arrangement by GHF and is not inten investment or other decision. If GHF mentions companies on the e-catalogue, th vet them on customer service or investigate their solvency. Given that the impact particular circumstances, you should always carry out your research into the prod without first consulting professional advice.


Issue 78602

2012

THANK YOU FOR CHOOSING

nts. In particular, the information does not constitute any form of advice, recomnded to be relied upon by you in making or refraining from making any specific hey usually do so because of their attractive rates. As a general policy they donâ€&#x;t t of any information expressed on the e-catalogue can vary widely based on your duct that is of interest to you. Furthermore no financial decisions should be made


GHF 786002