Can I get back credit card fraud interest?
Posted on June 25th, 2011
In February this year, I had fraud on my Lloyds TSB Mastercard. More than 2,000 was taken over 16 separate occasions at Lloyds cashpoints.
Two months later, Lloyds sent a letter saying that I would not be liable. It was only then that it refunded me.
However, because this is a credit card I incurred interest, charged until the money was refunded. Lloyds refuses to pay back this interest.
I even enlisted the help of my MP, but I’ve got nowhere. B.L., Southampton, Hants.
Margaret Stone, the Daily Mail’s Money Doctor, replies: The rules of the Consumer Credit Act, which applies to credit cards, are quite clear that customers are entitled to the money they have lost from transactions that are unauthorised.
Lloyds has come to the conclusion that you are not to blame, so it should refund you for the loss.
Tags: Fraud, Fraud Interest
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GMAC Home Mortgage – A Prominent Figure in the Industry
Posted on June 23rd, 2011
Home mortgage loans are at an all-time low following the housing crisis that’s affected America over the past three years. Even with tax incentives to buy homes, the housing industry in general hasn’t been doing quite so well.
This downturn has resulted in a wide variety of low interest rates for home mortgages, and currently GMAC is on board with this trend.
GMAC’s a big name in the industry, serving on a national-level and providing thousands of people with loans on their houses.
The mortgage process is simple—the bank (in this case the GMAC Corporation) buys the property you’re wanting. Over the span of several years (most frequently closer to 30) you pay the loan off in the form of monthly payments. Like any other mortgage, you have an interest rate which (in most cases, but not all) is fixed.
GMAC has an online application process wherein you can find and apply for the loan that’s most suitable for your housing needs. However, GMAC doesn’t deal directly with real estate agents nor do they help you find a house. They’re more of a mortgage farm, being a third party to offer the money but not necessarily guide you along the process.
That doesn’t mean they’re not useful. Their website even has calculating functions to help you figure out how much money you’d have to pay on a monthly basis.
Regardless, GMAC is a service you utilize after you’ve found the correct house. Once you’ve found the house you’re wanting to purchase and reached a deal with the sellers and the real estate agents, you go to GMAC and apply for the loan. GMAC gets back to you with the rate they can offer you, which is based on your credit score, and you can go from there.
Like any loan provider, GMAC requires monthly payments. When it comes to a mortgage, weighing monthly payments versus the price to rent a place is always something worth looking into. But unlike renting, when you have a mortgage you technically own the property and you’re making payments that go towards your loan, so you’re slowly plucking away at the total amount you owe.
Factors such as your credit score and the amount you’re willing to make on a down payment affect how much GMAC will lend you as well as your APR and interest rate. If you miss a payment, you’re in danger of having a hefty late fee assessed and it’s probably going to dock your credit score. If you miss several, you’re in an unfortunate situation, as GMAC can technically repossess the house and you still legally owe them all the money of the loan.
GMAC offers different types of loans depending on whether you’re going to refinance your current mortgage or you’re looking to purchase a home. Some factors like APR and interest rate are different regarding which type of loan you’re looking to acquire.
Furthermore, GMAC also offers guidance into choosing the correct loan for you. Their website has an extensive program that helps you find what kind of loan you’d need, be it a fixed rate, variable rate, home purchase loan, refinance loan, and so on.
And before you even apply, GMAC offers credit counseling so that you know what to expect based on your current credit score. Since applying can be an arduous task, it might be worth looking into their credit counseling service before diving in so that you aren’t snagged by any nasty surprises.
GMAC also offers adjustable rate mortgages, which usually means that every five years or so your APR will adjust. In some cases this is ideal, especially if you’re repairing credit and know that in several years your credit might change. But it’s also one of the less common approaches when it comes to buying a home.
Tags: Home Mortgage, Industry
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Credit card interest rates hit 13-year high
Posted on June 22nd, 2011
Interest rates on credit cards are at their highest level for 13 years, according to research.
Credit card rates have soared by up to 2% in the past four months, taking the average interest rate to 19.1%, according to research by moneyfacts.co.uk.
Despite the Bank of England base rate remaining at 0.5% for 25 months, the rates on a basket of 18 credit cards have increased by between 0.6% and 2% in the last four months.
Lenders have pushed up rates because of new changes to credit cards which came into effect in January and April earlier this year.
The new measures now mean the most expensive debt will always be paid off first, which is cheaper for the customer but means less revenue for the provider.
Lenders also now only have to offer this to 51% of successful borrowers rather than the previous 66%.
Tags: Credit Card, High, Interest Rates
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Review: The New Citi Simplicity Credit Card
Posted on June 22nd, 2011
After a multi-year hiatus, the Citi Simplicity card has been retooled and relaunched. The new Simplicity card retains many of its former features – it has no annual fee, no late fees, and no over the limit fees – while incorporating a few new benefits, the most notable of which is an interest rate that will not increase when consumers miss a payment or spend beyond their credit limit. These features are complimented by an ultra-long 0% introductory rate on both purchases and balance transfers that lasts 21 months.
The Citi Simplicity card is clearly targeted towards consumers who want a no frills credit card that offers protection against late fees and the interest rate increases that often accompany them. The Simplicity card’s terms and conditions are very much in line with the card’s name. A singl
Tags: Card, Citi Simplicity
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Scotia iTrade Review
Posted on June 22nd, 2011
Scotia iTrade serves primarily as a Canadian online trading source. They’re popular in the realm, but given the abundance of American-based sources that are available from anywhere in the world, their Canadian approach doesn’t necessarily nab them any customers they wouldn’t already have.
That’s not to say they aren’t popular—they are. And they have a French translation on their website for those in the French speaking areas of Canada.
Regardless of their key demographic, Scotia iTrade still has a lot to offer. Simply put, Scotia has a wide variety of stocks at their disposal for easy and quick trading. Furthermore, they take as low as $6.99 per trade in commission, meaning traders get a better deal than with several other similar sources.
Their website is extremely user friendly, however. It doesn’t come
Tags: Itrade, Scotia Itrade
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Credit Cards For Students
Posted on June 22nd, 2011
Many banks and credit companies nowadays have credit card deals designed especially to fit the needs of students. They may be part of student banking packages or alone standing offers.
Although owning a credit card seems like a good idea, before you apply for one you should ask yourself the question, ‘do I really need one?’
Credit cards are useful for emergencies, unexpected purchases, online services or travel abroad. But if you aren’t extremely careful with how you use your credit card, you could rack up a lot of debt.
Student credit cards do have lower credit limits than other credit cards do. Sometimes your credit limit is £500 or £600.The best way to use your credit card, is to pay off the debt each month.
Some of the best credit card deals aren’t available for students. Deals suc
Tags: Students
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