Mis-sold Ppi
I can remember going to my bank in the late 1990s to enquire about a loan for a new car. I`d fell in love with this slinky, silver sports car and being a single male at the time, with plenty of disposable income, I thought I`d treat myself to this flashy kind of motor. The bank eventually approved my loan but I was forced into taking out payment protection insurance at the same time. I`m not sure why I took it out to be honest. I think I felt pressured into taking out the policy because the person whom I spoke at the bank said it strengthen my initial loan application if PPI was in place. Nothing was explained to me about the PPI and how it would cover sickness payments or payments for the loan if I was made redundant. In fact, I think I was Mis-sold Ppi by the bank and had it not been so long ago I would put a claim in against the bank in question. Over the years countless customers have been Mis-sold Ppi policies through the banks. Huge profits could be made out of PPIs so you can see why banks would push them onto their customers. Today people are fighting back. Anyone who thinks they might have been Mis-sold Ppi polices in the past can speak to claims management firms who will take their case on and try to recover as many payments as possible.

Tax time is just around the corner. Are you getting a big refund this year? Well if you are, you are THROWING AWAY BIG MONEY!

CHANGE YOUR EXEMPTIONS ON YOUR W-4.

This is not the number of your dependents but the number of your exemptions!

If you are getting a BIG tax refund every year, you may love getting that check; however, you are actually giving the Government your money interest- free for a year. This is not a wise use of money .

The IRS stated, back in 2004, that the Average tax refund check was almost $2,300!!! That is almost $200 per month ($200 X 12 Months) that is given to the IRS INTEREST FREE!!! If you are getting a tax refund check of more than $300, you need to consider changing your exemptions. Feel free to send me any of your extra money. I will keep it for you until next year and NOT pay you any interest.

For example, if you got a $600 Tax refund last year (or plan on getting one this year), that is $50 a month extra in taxes that you paid last year. You earned no interest on it. If you want to, you can send me that $50 and I will keep it for you and a year from now send you the $50 back. That $50 could save you $100`s of dollars in interest NOT paid if you applied it to your Mortgage.

Consider a person who has a 30 year mortgage on a $150,000 mortgage x 6%. If he or she made just 1 extra payment of $300, they would save over $1,400 in interest! Talk about return on their money!! That $300 could easily be paid by saving $50 a month for 6 months. $300 payments vs. $1,400 OF NOT HAVING TO PAY IN FUTURE INTEREST. THAT IS OVER 460% RETURN ON YOUR MONEY!!! It is hard to find a better return than that.

Change your Exemptions at your job. Exemptions and Dependents are NOT THE SAME THING! The same person who is getting a $600 tax refund is earning No interest from the Government. However, he or she could save $2-3,000 in interest on that same money!! This is how the middle class person gets AHEAD by USING HIS/HER MONEY CORRECTLY.

Try and make it so your tax refund is not more than a couple hundred dollars at the most.

Steve Hoven, has many years of experience in personal finance. He has started a Newsletter on finance and is offering the 1st issue FREE. Check it out at http://www.biz4christians.com.

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