How to make PPI claim

PPI claim, creditAt times, certain situation comes when getting loan becomes a necessity rather than a priority. To cope up with the rising market prices and the high inflation rate, getting a loan becomes the only way for you. You can now days get loan very easily. But then when you fail to repay it back within the stipulated time, you get bad credit. The banks also incur huge loss since the recovery process doesn’t yield good enough results.

The only solution to all these problems is the PPI or the Payment Protection Insurance. But before you make a PPI claim you should understand few things. You can make a PPI claim only when you are declared unable to pay your debts due to the reasons that are mentioned in the PPI contract. Some of the reasons are unemployment, serious illness, accident, etc. Before your claim is accepted the PPI authorities verify whether such incidents have happened in reality or not.

401 (k) plans: what is it?

401 (k) plans, investmentsThe 401k plans are generally associated with stock market. Therefore, a lot of people are hesitant when it comes to saving with this plan. You have to know that you do not have to make any investment in the market if you think that it is too risky for you and that is one of the major advantages of this plan as you will be able to make a choice of investment only in the bonds or an investment that is guaranteed.

Making investments on the bonds would not be able to give a rate as high as the stock market but it will also not be as risky. However, you will be making a mistake if you do save up money at all. A company match can be offered by the employees incase an employee has saved around 401k. 3% match is the most common company match that is prevalent in the market.

Loans with Bad Credits And Limitations

Bad Credits, loansOne of the basic requirements of getting a loan is to have a good credit profile. The financial institutions that offer you with the loan will determine your ability to pay according to the condition of your credit. Therefore, it can be very difficult to get a loan with bad credit. However, there are a few ways in which you can still get a loan with a bad credit.

The most common way to get b\a loan with a bad credit is to acquire it against collateral. This could be any property which has a value more or less than the value of the loan. However, you can be in a situation where you are not even in a position to place a loan. In such a case, you will need a guarantor. The guarantor can be a friend, a relative or a family member provided the person is in financial stability. You should keep it in mind that if you fail to make your payments, the guarantor will be held responsible.

Various Debt Reduction Options

Debt Reduction OptionsThere are many debt reduction options in the market that can come handy if you are struggling with your debts. Here are a few of them that might be worth considering:

  • Credit counseling: credit counseling is the perfect debt reduction option for those who are struggling to pay back their debts due to the extremely high rates of interest. In this case the rate of interest is lowered a little and this not only eases your burden but also makes you clear your debt faster.
  • Debt consolidation: if you qualify for a new loan while your current one is still unpaid then you can consolidate your debt and make it in a secured one by virtue of your property, for example your house. This means that your house is in trouble if you are unable to pay off your new loan.
  • The last option in debt reduction is obviously bankruptcy.