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Reclaims UK > Blog > 2014 > April

There are many different ways in which to find yourself with a bad credit rating, and this bad rating can affect your life substantially as you try to buy things using finance or credit.

Understanding how your credit history is compiled will help you to avoid situations which may result in you finding yourself with a negative (or worse) credit score. There are a few simple things that you can do to ensure that you keep your future credit history clean:

1. Pay your bills on time. Avoid making late payments on any outstanding debts. 

2.  Do not miss payments or default on your debt. This includes your council tax.

3. Try to pay your credit card bills off in full at the end of the month.

4. Where possible, do not change your address or job too frequently. This too can affect your credit rating.

5. Make sure you fulfill financial contracts or commitments. Failure to do so may be reported to credit reference agencies.

6. If you have defaulted on any of your repayments or obligations via credit, clean these up immediately, honoring any repayment schedules. Cleaning up your credit history will make for a better credit future.


 You do not have to face your money troubles alone.

For a free consultation, free impartial advice, or just to speak to somebody about your money concerns, please do not hesitate to contact one of our advisers on: 0151-203-2737.


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Money Matters

Managing your money will always be challenging. The key to successfully managing your money, is to learn what you can do with  the money you have, and make the most of the money you earn.

Set up a budget:

  • Make a list of your income sources. Make sure you always use your after-tax income in your calculations.
  • Try to set aside a reasonable percentage (e.g. 5%) of your income for savings. Keep yourself financially safe.
  • Subtract your average monthly or weekly expenses from your savings and income. This will show you how much  spending money you have.


  •   If you must get credit, make sure you use it wisely! Bad credit will stick with you for a long time, and will  impact you when making large purchases, such as a car.
  • Calculate all the expenses you will have to pay a month in advance. Don’t leave yourself shortchanged and open to getting into debt.
  •  Learn the difference between gross vs. net income. Budget to the latter.

Invest in your future:

  • Have money deducted directly from your weekly/monthly wage into a savings account. Do this through an electronic funds transfer.
  • Establish an emergency fund for things like car repairs, or unexpected expenses. Do not abuse this emergency fund!

For a free financial consultation, or just to speak to someone about your money worries, do not hesitate to contact us on:0151-203-2737. 

We provide many financial services including: Investigations into mis-sold PPI, Remortgaging, Bank Charges, and more recently, Tax refunds on traveling expenses to and from a  temporary work place.

You don’t have to face your money troubles alone.
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Its that day again. The day when everyone in the UK feels just that little bit prouder to be British. Its St. George’s day! Unlike St. Patrick’s day (and because this year it has fallen on a week day) St George’s day is not just another excuse to go down the pub.

St Georges day inspires the patriot in all of us, and what better way to spend the day than helping the brave men and women who protect and serve our glorious country! That’s what we say here at Reclaims UK, because for us, every day makes us just that little bit prouder of our troops.


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What Does PPI Mean to you?

PPI or Payment Protection Insurance has been at the fore of a lot of media attention in the last two years. Since the Judicial Review in April 2011, banks have been forced to deal with consumers PPI claims in bulk. Setting aside nearly £9 billion banks have suffered major losses, yet a lot of PPI claims are still not being upheld and payments are often delayed. Many people don’t even know if they paid PPI or what PPI is.

How long does it take to make a claim?

PPI or Payment Protection Insurance has been at the fore of media attention for just over 12 months now and consumers are still struggling to realise if they have been mis sold or not. PPI is sold alongside credit agreements such as, car finance,credit cards,loans,mortgages and any other form of credit. It is designed to cover a persons credit repayments in the event of injury, redundancy or sickness. Now this seems like a very useful product to have, and yes it is when sold correctly.
However, banks have massively mis sold PPI to consumers over the last 20 years. Often informing customers that PPI was compulsory, when infact it is optional. Customers were also informed that PPI would have a baring on the outcome of a credit application, when infact it would not. Also banks would not explain the full premium amounts, terms and conditions or when you would be covered for if you were to ever make a claim.
Explaining the Terms and Conditions is a very integral part of selling the PPI to any customers, as they should know at any point what they would or would not be covered for if they were to make a claim. These are all reasons why PPI has been mis sold to consumers, but the big question is, how long does it take to make a claim?. Banks after the Judicial Review in April 2011, were given 16 weeks to deal with any PPI complaint made. This was then reduced to 12 weeks, and is now back down to 8 weeks again.
However, once banks have given you their final decision, they are taking just as much time to pay out if your claim has been successful. Until there is a set procedure in place to make sure that payments are made days after receiving the final response, there will be no way of keeping track of when your case will be paid out, you just have to hope it will be sooner rather than later.
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