When PPI Sellers Break the Rule of Selling, You Can Claim Your Premium Payments and Interest Back

Over the past several years, banks, moneylenders, and insurance providers have been caught to be mis-selling Payment Protection Insurance to their customer, which eventually caused them a lot of trouble. Complaints and reclaim cases have started flooding their offices because consumers were extremely unhappy with how they were treated.



If you happen to have had any form of credit agreement recently with any known financial institution, you were most likely sold this product, too. PPI was meant to cover your monthly repayments in cases where you are unable to pay due to sickness, accident, or redundancy. However, you may not be aware that you have it alongside your debt, or you were tricked into paying for it without knowing what it entails. Visit www.ppiclaimsadvice.co for more information.

Before claiming your money back, you may need to check first whether you really have PPI on your account. Have a look for any Payment Protection Insurance reference on your loan or credit related paperwork, including your statements and payment receipts. A policy certificate should also have been sent out to you, containing the terms and conditions, as soon as it was sold.
If you have lost your documents, request for a copy from your lender. The credit bureau can also check your credit rating record to see the financial institutions you have dealt with if you forgot who your lender was. However, you are more likely to get a hold of this information if your account is not any older than six years since it began. These offices are mandated by the law to keep these records for as long as that, or within six years following the credit’s payment in full. So whatever paperwork you have gathered should be sufficient to back up your PPI claim.

As soon as you have gathered your documents, you can get the ball rolling. Write a letter of intent to your lender and tell them that you wish to claim your PPI payments back and possibly be compensated for the trouble it brought you, interests incurred included. When stating your reasons, you can refer to any of the situations below to establish why you were mis-sold the policy:

• You did not realise until later you have PPI because it was automatically added to your account and opt-out was not made clear.
• You were led to believe that it gives you better chances of a higher loan amount or credit limit if you took out PPI alongside the finance agreement.
• The lender strongly urged you to take out PPI even without clearly stating demands and needs provision.
• You were not informed of limitations and exclusions on the terms such as age limit, residency requirement, pre-existing medical conditions, employment status, and the likes.
• The lender did not talk to you about the cooling-off period which entitles you to cancel at no cost.
• They did not properly inform you of the total cost of PPI or what you will be charged off in the future.
   
As soon as your lender acknowledges receipt of your letter, they will run a thorough review of the case. Within the next six to eight weeks, they’ll come up with a decision and let you know of it. You may follow up with them if you feel the need to. If by any chance you have not heard from them after such time, or you become unhappy with their decision, you can file a complaint against your lender to the Ombudsman.

The Financial Ombudsman Services will independently make further enquiries and review your case. They may also ask you to send in copies of correspondence between you and your lender, and other related paperwork. The FOS will then decide whether to uphold your PPI claim or not. If they decide to rule in your favour, your premium payments will be reimbursed and the bank may also be required to pay all the interest that came with it over time.

Four Reasons to Invest in Gold for Retirement

[This is a guest post from Sharon Freeman. The article has not been modified except for some formatting changes to suit this blog.]

For people nearing retirement, investments may begin to take an even greater significance compared to other time of life. If you’re planning to rely on your investments as your income in your retirement, it’s a good idea to closely evaluate your investment strategy. Your retirement could be a good time to move a greater portion of your portfolio into more risk-averse areas. Many financial advisors would suggest that investing in precious metals is a sensible option for people nearing retirement age.

Physical gold has historically outperformed almost all other investment opportunities over the medium to long-term. Let’s look at some reasons why it is a good idea to include gold investments in your portfolio.

Reason No. 1 - Gold is a stabiliser

Gold helps to stabilise your investment portfolio. In the event that the value of the dollar or currency falls, the price of gold usually increases. Gold itself actually never changes in value but reflects the value of the currency in which it is quoted. This generally means that a drop in the value of the dollar inversely affects the price of gold. 

Reason No. 2 -  Control

Physical gold can be controlled by the investor themselves. Therefore, it  never disappears like money, which has been mistakenly invested in schemes like pyramid schemes.

Reason No. 3 -  A Hedge

Gold has historically been a good hedge against inflation. Again, this happens because its price tends to rise when the cost of living increases. So,  when the value of other investments falls like stocks and bonds, gold can be relied upon. Its value has remained constant over time in terms of the real goods and services it can buy. As well, gold doesn’t rely on a borrower’s promise to pay — as in the case of a bond. This offers some protection from the risk of default.

Reason No. 4 -  Reduction in Production

There has been a reduction in the production of gold since 2000. A decrease in production generally means an increase in price. The price of gold is determined by demand and supply. Since the demand for gold has grown for jewellery, investments, and some industrial uses, there has not been much of an increase in supply and leads to an increase in its value. Another factor in increasing its value is time. It takes many years for gold to be transformed from the state it’s found in mines into bullion bars or coins. Bars and coins contain more concentrated gold and it also induces higher value, which will be likely to be maintained for some time yet. 

Quite simply, gold (and many other precious metals) is an investment unlike many others.  It is hidden underground. It has to undergo extremely difficult and time consuming process. Mining gold and other precious metals from their sources plus the processes involved would mean that there won’t be an oversupply anytime soon.  As an investment, gold would be a good addition. All portfolios should have some diversity in them and gold can provide a great ‘balancing’ investment for almost any investor.  Gold should be an important part of a diversified investment portfolio. Although its price can be volatile in the short term, its long-term benefits like a hedge against inflation and as an asset that does well is clear.

Investing in commercial property - the basics

Commercial property can be a fantastic investment for a number of reasons.

For those who make sensible investments, the gains on commercial property can be huge. The profits on rental payments can be momentous as well.

Many property investors are benefitting thanks to market's slow recovery from the crash of 2007. Most types of commercial property are slowly rising in price. However, they are still 30 per cent lower than their 2007 peak, meaning there is plenty of room left for substantial growth.



Commercial property is a complicated beast though - one that requires plenty of knowledge and research.

What do I need to consider?

Commercial property is incredibly diverse. How are you meant to know whether to invest in office space, retail centres, and industrial buildings...the list goes on.

Many investors like to diversify, hedging their bets to provide themselves with a safer portfolio. Others like to watch trends in the industry, studying property prices, supply and demand in order to make the most intelligent decision on one type of building.

The location of the building is arguably the most important aspect of commercial property investment. This plays a huge bearing on the property price and how much landlords can expect to rent out buildings for. Areas which are easily accessible and have high foot traffic are the best.

London's West End is currently the home of the world's most expensive commercial properties because it is considered to be the retail space with the highest density of high-spending shoppers.

Historically, it has proven to be tough to fill expensive buildings in run-down areas, so make sure to do some due diligence on a building's surroundings.

Managing a commercial property

One unique aspect of commercial property investment is that it requires regular management. Commercial property owners need to find tenants, collect rent from these tenants. They need to arrange property maintenance, make sure that their property is insured, that it's legally safe to set foot in there and pay property-related taxes. Many would agree that's just the tip of the iceberg.

For investors who have even just a medium-sized property portfolio, this could prove to be overwhelming. Many investors pay for commercial software for property management to help them keep up with what needs doing. With the development of this software and the increased connectivity of the world, it is possible to manage a portfolio of properties spread across the whole world.

Others let property management companies take control of all the above tasks for a small cut of their profits.

Long-term profits

Commercial property tends to be a great long-term investment. Prime retail space is a relatively safe investment but the growth in value tends to be slow. Less valuable buildings can be sold at big profits quickly - but are generally riskier investments overall.

A great commercial property investor will have his eye on the market at all times, keeping a lookout for the next hotspot where properties are undervalued. They should also keep a keen eye on their own investments in order to know the best time to sell.

It is a great asset to have if you're willing to work hard.

Preparing For Retirement And The Hereafter

Conrad Hotel - Maldives Rangali Island

 When the word "retirement" is heard or read, what images pop-up in your mind? I have a cliche set of images such as the beach, a resort surrounded by beautiful landscape and water. It might have been a result of subliminal programming on my mind that we should all travel the world, hop on a cruise, and check-in to a resort during retirement. This might be because of the pain vs pleasure principle that marketers use to sell retirement products by selling the idea that by purchasing a certain retirement product, you can gain a certain pleasure and financial security or avoid poverty. Thus, we are then pushed products that may not be in accordance with the guidance of our religion.

Satan threatens you with poverty and orders you to immorality, while Allah promises you forgiveness from Him and bounty. And Allah is all-Encompassing and Knowing.

2. Surat Al-Baqarah (The Cow; 268)

Is everything before retirement then considered living in terrible pain? Remember the question that Allah poses in the Quran 31 times;

So which of the favors of your Lord would you deny?

55. Surat Ar-Raĥmān (The Beneficent; 13, 16, 18, 21, 23, 25, 28, 30, 32, 34, 36, 38, 40, 42, 45, 47, 49, 51, 53, 55, 57, 59, 61, 63, 65, 67, 69, 71, 73, 75, 77)

The image associations I have and many people have today would greatly differ to people in the past. But, every individual of past or present reach a certain age when their bodies start to weaken and sooner or later cause inability to work. So, I am curious when did the word "retirement" actually came about, and whether people in past civilizations prepared for retirement or more so toward death and the Hereafter?

But those who have feared their Lord - for them are chambers, above them chambers built high, beneath which rivers flow. [This is] the promise of Allah . Allah does not fail in [His] promise.

39. Surat Az-Zumar (The Troops;20)

Planning and action are required before retirement and akhirat. Retirement is temporary. Akhirat is eternal. The only action we need to take on both is to spend. Spend 15-20% monthly from our paycheck to put into a savings/retirement account, spend in the way of Allah, and spend wisely. Spending wisely is essential to success.

Indeed, the wasteful are brothers of the devils, and ever has Satan been to his Lord ungrateful.

17. Surat Al-'Isrā' (The Night Journey; 27)

Step 15 on retirement is such a big topic and requires extensive planning, to which you can seek from Islamic financial planners (IFP) or a certified financial planners (CFP). The only one I can find on Google is Azzad Asset Management and most IFP's are based in Malaysia. InshaAllah, there will be more posts on retirement in the future. 

Are you an Ass-Kicker or Ass-Licker?

May it in business or career, there's one question to ask for: "Am I an ass-kicker or ass-licker?" It doesn't matter, as long as I'm happy either way around is fine with me, a hypocrite might say.

Rarely true. Nobody's been successful with cuffs on someone's hand. Autonomy is what motivates people to work and to do well on their career. Being a pup to someone else is crippling. Uninspiring.


Say you want to do this thing and your boss tells you otherwise. And when you ask the logic behind that decision you are responded with a common line, "It's the decision from the top. We have to follow what they say."

So in other words, there are no options. Follow what they say or leave. You're an ass-licker. 

You want to start a doughnut stand on a local mall. But lo and behold somebody else's doing the same thing. A competitor! You noticed that their hot stuff is selling well but yours.

That's when you realize that your competitor is giving away freebies for a minimum purchase. Good idea, you thought.
You posted a big signage in front of your stand stating, "FREE Coffee for Every Box". It's working! It's selling well! Hooray! So there you are, copycat. Trend-follower. Ass-licker.

In contradiction, there are some individuals who are given the freedom to do their own thing. The person above him only does the assessment of the undertaking. Say this person initiates a project that saves your company a million dollar in a year.

Nobody has instructed him to do it. Nobody either triggered him to think of that project until him. Now his superior is excited about this project and optimistic that they could even save more than expected.

A year after, the prophecy has been fulfilled. This guy brought in an enormous savings due to his power-saving equipment. A lot of people applauded him during the recognition rites. This guy felt happy. He was inspired to do more. Now isn't that nice to be like him? Creating value. Doing something extraordinary.

Market-leaders are ass-kickers. In most cases, these businesses deliver a premium product. Pricey but fulfilling. It's like the feeling of people falling in line just to buy the latest iPhone.

Due to popularity and massive demand of the market, Samsung fills in with gadgets closely similar to Apple but with a lower price.

Yes they're successful. They're huge. But what can we say? They might be conquering the biggest chunk of the market but they're still a follower. An ass-licker.

When An Accident Happens, Who Should You Call?

Car accidents happen every day, and when they happen to you, you should know who to call. Of course you should first call for an ambulance or medical attention if someone is hurt. The next two calls should be to report the accident to the police and your auto insurance company.

After all of those calls are made, you can call a family member or friend to let them know what happened. In all accident cases, whether they are just a minor fender bender or they are much more serious, you absolutely should get the police and your car insurance company involved.



Even if the accident was not your fault, it is the best practice to be proactive and report the accident to both the police and your auto insurance carrier.

Call the police and get an accident report

When an officer comes out to the scene of an accident, he or she will prepare an official report that details the circumstances of the accident. It will include basic information such as the time, location and cause of the accident. Both parties will be given a chance to tell their side of the story and the officer will decide if one party or the other violated a traffic law.

Having documentation that comes from an official and impartial third party, can support a claim that you file with your car insurance company. It can also stop the other party from claiming that you were at fault when the officer does an assessment of the accident scene.

Call your auto insurance agent and report the accident

Once you make the call and report an accident to your car insurance company, a claim can be filed. You may need to get your car towed to a body shop and you may need to rent a car.

Once made aware of the accident, your car insurance carrier can get involved in the case. They can send someone out to look at your car and write an estimate so you will have money to repair your vehicle.

Informing your auto insurance company gives you a chance to give your version of how the accident occurred. If you check your auto policy, you will see that when you signed for coverage, you were also agreeing to report all accidents. It will not look good if you do not report an accident and your insurance company finds out about the accident from the police or the other party's insurance carrier.

You can be nice, but don't be stupid

It happens all of the time. Someone runs into you and either has no insurance or does not want to go through insurance because it will raise their rates. Despite your good nature, you should tell them you are sorry and must report the accident to your car insurance company.

If they say "please don't report this and that they will pay for your repairs," politely decline the offer. You do not know that person and you do not know if their word is good.

Insurance is there to protect you. A small scratch or a little dent can cost hundreds, or even thousands of dollars to fix. Don't bear the risk of having to go into your own pocket to have your car fixed.

Do the right thing, be responsible and report any accident to both the police and your insurance company. Whether or not it is your fault does not matter. When you get the proper people involved, your case almost always goes better.

This article was written by Steve Whiley, a writer for American Auto Insurance.

The Dream About The Skinny Cow

Skinny Cow brand

[He said], "Joseph, O man of truth, explain to us about seven fat cows eaten by seven [that were] lean, and seven green spikes [of grain] and others [that were] dry - that I may return to the people; perhaps they will know [about you]." | [Joseph] said, "You will plant for seven years consecutively; and what you harvest leave in its spikes, except a little from which you will eat. | Then will come after that seven difficult [years] which will consume what you saved for them, except a little from which you will store. | Then will come after that a year in which the people will be given rain and in which they will press [olives and grapes]."

12. Surat Yusuf (46-49)

We all need an emergency savings. Just how much is often the difficult question to answer. It might be a number that helps you sleep at night. For example: If things are a mess, but you have $10,000 in the bank, you wouldn't lose any sleep about how you will pay your bills, buy food, and so on. However, different circumstances affect the monies required. So, I think Surat Yusuf provides a good guide on answering the question of how much is needed under extreme situation when a seven year drought happens.

Notice in the ayats that during the seven years of normalcy, you will have to save money, squeeze the spending and save. During the seven difficult years, you will consume from what you save and even have the ability to save from the income you receive. We can apply this to a hypothetical case on how much needed to face seven difficult years in which you will consume your savings. For example, you are unemployed but you have a temp job (which have nothing to do with your educational background, or specialty) that barely covers your lifestyle. So, every month you dip your hands in your savings for seven years, whilst also saving from income you receive at the temp job. How much do you need? In this scenario, you would have to be honest with yourself on what kind of lifestyle you would be undertaking under very difficult circumstances, the job you would be willing to take while unemployed (for seven years!), and how much that job would pay. Do it for seven years and you have your number.

A much easier way is to visit the calculator and you have your required drought savings and when you will be able to achieve the goal. That's it for step 14!

OFF TOPIC: I apologize that scheduling of articles posted are slipping a bit. I am in transition for a new job at a government institution. My job will focus on consumer education and protection in the financial industry.   So, maybe in future articles I will be tying Islamic personal finance with my findings at work.