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If you are a UK consumer the likelihood is that you have at some stage fallen foul to unfair bank charges. These charges often as high as £35.00 a time may have come in the shape of overdraft charges, late fees and other forms of banking charges. What you may not know however is that there are more sinister form of bank charges which you may not even know you are being charged for and that is Payment Protection Insurance. Payment Protection Insurance has been mis-sold by lenders in the UK at an alarming rate. It has been mis-sold largely because of the massive profits that it provides to the lenders. If you consider a 5 year loan of £10,000 may have an additional premium of £3000 for PPI you can see just how profitable these policies are. If you also consider that these policies are being sold to consumers who do not need the cover you can also see just how unfair these policies. You do not need to worry however as we have a solution to help you Reclaim Bank Charges for mis-sold PPI. The solution we are offering you is a No Win No Fee Solution with no upfront costs or charges. Now if that doesn’t sound like a good deal I do not know what is.
Not only will we help you reclaim mis-sold PPI charges but we can also help you reclaim your payments on Credit Cards also. Not only can we help you reclaim mis-sold PPI on credit cards but we can also help you reclaim excessive credit card charges. Credit Card Charges is another topical issue amongst consumers right now. Charges for missing a credit card payment or for exceeding your credit card limit can often exceed £35.00 and that in this day in age is considered an extremely unfair amount to charge any consumer for such a simple oversight. Credit Card companies will typically amass millions of pounds each year just in late fees and charges. Considering there are millions of credit card contracts in the UK the shear volume of profit made from such charges is a frightening thought. What’s even more frightening however is that these charges are unlawful and often for mis-sold policies and that is why we can assist you through a legal and trusted process to reclaim these unlawful charges. You could be entitled to thousands in compensation.
If you would like to us to help you Reclaim Bank Charges for mis-sold Payment Protection Insurance & excessive credit card charges please contact us now. The average PPI claim refund is £2500 and we can help you reclaim this using our No Win No Fee service with no upfront charges. For a professional and reliable reclaim service contact us now.
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Tags: Banking
Posted in Banking · June 27th, 2010 · Comments (0)
When the beneficiary of a credit who is not the actual supplier of goods wishes to open a second credit in favour of his supplier, the first credit not being transferable, he may request a bank to issue a back to back credit (BBC), i.e. one which uses the first credit or master credit (MC) as sole security.
BBC resembles transferable credits (TC) in a number of particulars but it is essential to recognize that unlike transferable credits, the two transactions under BBC are quite separate. The bank issuing BBC may not necessarily be the bank that advises or confirms the MC, and in no circumstances can all the documents called for under one credit constitutes good presentation under the other.
If a bank agrees to issue a BBC it will insist that the terms thereof exactly meet the terms of the MC except that it will be for a lesser value; the unit price, if quoted, will be reduced; the centre of validity may be changed; and the validity, latest shipment date for presentation of documents may all be curtailed.
When conforming documents are presented to the bank issuing the BBC, settlement must be effected regardless of the situation of the MC. It follows therefore that the beneficiary of the MC will be called upon immediately thereafter to substitute his invoices and drafts if required, in order that these may be matched with the remaining documents and promptly presented for settlement under the MC. Timing and conformity of documents are critical elements in the transaction and in order to obtain maximum control and simultaneous proceeds, many banks will not issue a BBC unless the MC has been confirmed or advised by them.
As with a TC, the applicant for BBC, the beneficiary of the MC will, upon substitution, receive the difference in the invoice value less bank charges, as proceeds. With two separate credits and possibly several participants banks involved the likelihood of dispute is considerable. A few examples of the insecurities inherent in BBC operations are set out below:
1. Documents presented in accordance with the terms of the BBC must be honoured by the bank issuing it. If for any reason the first beneficiary is unable to supply documents for presentation under the MC (e.g. liquidation), settlement will not be effected under it.
2. The MC may expire before presentation of documents thereunder, e.g. the beneficiary is dilatory in substituting his invoices, or due to delays in the mail the documents presented by the supplier under the BBC fail to arrive in time for substitution and presentation under MC.
3. Unless the MC is confirmed by the intermediary bank (assuming that bank to be other than the one issuing the BBC), the bank is under no obligation to effect settlement.
4. The BBC may be expressed in different terms from the MC e.g. the terms of the MC may be CIF and the BBC CFR with the first beneficiary covering insurance, or the MC may require the ultimate buyer to be shown as notify party on the transport document whereas the first beneficiary may not wish his source to be disclosed. These and similar problems are encountered as they are with TC and may be dealt with in variety of ways from amendment to substitution of documents.
Risk no 1 above is the prime bank risk, but this can greatly minimized when dealing with first-rate applicants; and the other risks, although very real, are not insurmountable. Nonetheless, BBCs are refractory instruments which banks generally avoid, encouraging applicants to operate instead by the traditional means of transfer whenever possible.
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Tags: Banking
Posted in Banking · May 25th, 2010 · Comments (0)