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September 20, 2017 
Daniel Lee Microloans can be an ethical way to lend money. It’s hard to think of loans as ethical due to the recent scandal of extortionate interest rates on so-called payday loans (as well as PPI mis-sold on repayment plans, of course). However, microloans offer a valuable and much needed service.
If you feel you were mis-sold PPI as part of an unethical loan then you may be entitled to a claim. You can find out if you qualify for a claim here.
Meanwhile, if you’re looking for an ethical loan, microloans may be the answer. We look at how they work and how you can get involved.
A microloan is exactly what it sounds like – a small loan. This is often short-term and loaned to an entrepreneur who is either living in a developing country or will struggle to get traditional finance due to other factors, such as gender, race or income level.
The UK’s MicroLoan Foundation was founded in the late 1990s. This is a charity that gives small business loans to women in Malawi and Zambia in Southern Africa. MicroLoan Foundation now also operates in the US and Australia, with its international organisations also focussed on supporting female African entrepreneurs.
These are two examples of large organisations but the industry is expanding, allowing anyone to get involved. Organisations such as LendWithCare.org and Kiva mean anyone can be a microloan lender – including yourself! These work similar to a crowdfunding model but instead of donating, you are lending.
Microloans work on the same principle as standard loans – the borrower takes an amount of money and agrees to pay this back over a set amount of time. Although the loans help those who cannot get traditional finance, this is still a loan and not a charity donation.
And with loans, come interest rates. For some people, this may cloud their view of microloan lenders as ethical. However, The MicroLoan Foundation has defended the microfinance industry’s decision to charge interest, explaining:
“The microfinance sector is broadly united in believing that charging market-related interest rates is not only appropriate, it is essential in most circumstances. Organisations that offer loans at below market rates risk destabilising the sector in the country where they work with an unsustainable business model”.
Although microloans are sometimes defined as “low interest”, this is not always correct. In fact, the interest rates are often higher than usual. The idea of ‘high interest’ and ‘ethical’ together will sound alarm bells for many. However, The MicroLoan Foundation explains that this is due to it costing more to administer small loans, inflation and bank rates often being high in developing countries and both the cost and risk of serving microfinance clients being higher than conventional lending.
However, despite The MicroLoan Foundation’s position, there are some members of the microfinance industry who disagree. Kiva and its lenders, for instance, do not collect any interest on loans.
Although microloans usually feature interest rates, they are still an ethical option. While payday loan companies take advantage of the vulnerable, microloans seek to empower entrepreneurs by giving them an opportunity that traditional banks refuse. The money given to a small business is not a gift, it’s a loan.
As the Microloan Foundation strapline says, it’s about “Giving a hand up, not a hand out”. Those who borrow will need to pay this back (and probably with interest) but without this service, furthering their businesses would be impossible.
As LendWithCare.org and Kiva work similar to crowdfunding, they need a ‘crowd’. And you can be part of this.
Both organisations let you browse people’s business goals before deciding who to lend money to. The entrepreneurs will have a set goal they want to raise and can collect loans from various people. So, there’s no need to be put off by ambitious goals – you can get involved by lending just a small amount of the total. LendWithCare.org’s minimum is £15, while Kiva’s is $25.
There is an element of risk in the event of a loan being defaulted but you should expect your money to be returned. How long this takes depends on the individual agreement. Both organisations recommend keeping the cycle of help going by reinvesting when you receive your money back, but you can withdraw any time a loan comes to the end.
You can also help support the microloan industry by donating to charitable organisations, such as Microloan Foundation. Although you will not know exactly whose business you help this way, you are helping to fund the charity. Microloan Foundation state that just £40 can help a woman start her own business.
Of course, you can be on the ‘other side’ of a microloan too and receive one. There are a number of companies in the UK who will offer microloans to small businesses and start ups, such as Finance Wales and The North West Fund.
So, whether you’re in need of a loan for your own business or want to support an entrepreneur, the microloan industry may be able to help.
If you’ve had a loan where PPI was mis-sold alongside it then you may be entitled to a claim. Don’t let unethical lenders get the better of you – claim now.
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August 24, 2017 Daniel Lee Claiming compensation can seem like a headache but we’re here to relieve you of any compensation pains and help you get the money owed to you. This includes flight compensation.
When an EU-regulated flight is cancelled, however long before it was due to take off, you have a right to choose between a refund or an alternative flight to your destination (the airlines call this re-routing). This is regardless of what it was that caused the cancellation. On top of a refund or an alternative flight offer, you may also be eligible for compensation. But, this is dependent on a number of factors, which we’ll cover later.
Applying for compensation can seem like more hassle than it’s worth, but we’re here to make it as simple as possible for you to get the compensation you deserve. Here’s our easy guide on how to claim flight cancellation compensation:
This means any flight leaving an EU airport, or any flight arriving to an EU flight, regardless of the airline.
And
You won’t be eligible for compensation if the flight is cancelled because of something that’s out of the airlines’ hands, this includes a security risk, political instability or severe weather.
And
If you opt for a refund of your original ticket, you can still claim compensation based on the timings of the alternative flight that’s offered. Similarly, if you opt to go on an alternative flight, the compensation will depend on the arrival and departure time of that flight.
And
Technically this isn’t an official rule, you can apply for compensation as far back as February 2005 but it’s doubtful you’ll win. This is because in the unlikely event you’ll need to take an airline to court, then in England, Wales and Northern Ireland you can only go back six years.
The compensation is in euros, so the amount in pounds will vary depending on the exchange rate of the pound. Compensation is also per person, not per booking, so if there are two of you travelling, double the compensation.
However, if a passenger travels free of charge then they won’t be included in the compensation.
No matter what you paid for your ticket, compensation could range from 125 euros to 600 euros. The exact amount will depend on:
Different airlines require you to apply for compensation in different ways. Usually it will be through email, post or an online claims form. Either way, you’ll need to include the following:
After you’ve submitted this information, some airlines may not question you and you’ll just find a cheque in the post.
Other airlines may try and get out of it. However, if you think you’re eligible, do argue your case. If they say no again, you can seek advice from the Civil Aviation Authority (CAA), and take it to court under the small claims process.
The CAA will only be able to help you if your flight was cancelled within the UK, or if it was on a UK-based airline. If this isn’t the case, then you’ll need to complain to the airline regulator in the country where the cancellation took place.
Some airlines may offer you vouchers but you are entitled to money so again don’t be hesitant to ask for it.
Why have I been refused compensation?
What situations are not the airline’s fault?
The EU regulations state that “extraordinary circumstances” may mean a delay or cancellation is out of the airlines’ control and is therefore not their fault. These extraordinary circumstances include:
Where can I get more information on claiming compensation?
Visit the CAA website for more information on claiming. They also have some handy tips for complaining, including a standard claims letter template.
Good luck in getting the compensation you deserve!
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August 17, 2017 Daniel Lee Due to the Supreme Court’s decision in a PPI case called Plevin v Paragon and new rules from the Financial Conduct Authority (FCA), as of 29 August 2017 you could be entitled to compensation, even if you’ve previously had a claim rejected.
It is clear that the enormous commissions on offer to the banks proved far too tempting, leading to a culture of mis-selling that created the whole PPI scandal. Of course the banks didn’t want customers to know that an average of 67% of a PPI policy was pure commission to the bank, so they simply chose not to tell customers this information, for obvious reasons.
Given the end of August is just around the corner, we’re here to tell you all about the Plevin v Paragon case, how you could be owed compensation, and how to go about claiming it.
Susan Plevin is a 59-year-old college lecturer who took out a loan of £34,000 from the lender Paragon Personal Finance to pay off her debts and make some home improvements. On top of this she was coerced into taking out a PPI policy over five years from Norwich Union, at an upfront cost of £5,780.
However, the PPI policy that Norwich Union was selling was only worth £1,630 with the remaining £4,150 being kept by Paragon and the broker who recommended Paragon to Mrs Plevin, by way of commission.
Mrs Plevin took Paragon Personal Finance to court to make the case that she was mis-sold PPI as Paragon chose not to divulge how much commission they were making as a result of the sale of the PPI policy. Mrs Plevin argued that had she known that such a large amount of what she was paying was pure commission she would not have decided to have taken the PPI policy.
This case was presented to the Supreme Court in June 2014 and in November of that year the judge confirmed that Mrs Plevin was treated unfairly by Paragon and they did mis-sell PPI.
Because of the Supreme Court ruling that Paragon mis-sold PPI to Mrs Plevin and treated her unfairly, the Financial Conduct Authority (FCA) introduced additional rules and guidance with PPI compensation. This was finalised in their policy statement on 2 March 2017 and the new rules and guidance will come into effect on 29 August 2017.
These new rules are:
Here at Your Money Claim, we feel that the 50% benchmark for commission compensation is still unfair and we will continue to fight this through the courts.
Here’s what the FCA have said about the Plevin V Paragon case:
“The Plevin decision introduced a significant new uncertainty into an already uncertain landscape, where the long tail of PPI complaints looked set to continue. So, we have used our regulatory judgement to create a framework that we believe will reduce uncertainty and enable firms to take a fair and consistent approach to handling PPI complaints. This will help ensure the best outcomes for consumers at the earliest stage in the complaint process, and will make it easier for us to act if we become concerned that firms are not handling complaints appropriately”.
If you’ve already had a successful claim then unfortunately you won’t be able to claim again via Plevin. But, even if you’ve been rejected previously, you may still have a claim because lenders could have taken large amounts of commission without telling you, so it’s worth trying again.
We can help you get back the money you’re owed, so claim now for stress-free compensation.
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September 1, 2017 Daniel Lee
Summer is here and the holiday season is in full swing. If you haven’t got your holiday booked, then we recommend filling out one of our claim forms to see if you’re entitled to PPI compensation – our average successful customer compensation award is £3,332**, which will most certainly get you a holiday, or two!
If you have got your holiday booked, have you got all the essentials packed? Sun cream, swimwear and sunglasses? What about tea bags, your favourite pet picture and ketchup?
These may sound like odd items to squeeze in your suitcase but not according to a new poll by Jet2Villas, who found out the top 10 home comforts Brits take on holiday.
So, we’ve decided to conduct our own research. How many home comforts can you get with our average successful customer compensation award of £3,332**?
We want to demonstrate just how much money there is available to you. Billions have been set aside for compensation whilst millions are entitled to compensation. Here, we’ll show you just how much you can get with the average amount of compensation.
It’s no surprise that tea bags are number one on the list of home comforts Brits take with them when going abroad, with Yorkshire tea bags being the brand of choice.
Using My Supermarket.co.uk, we found that Pound Stretcher has the cheapest box at £4.19 for 240 tea bags.
So, you could have enough cash to purchase 190,400 tea bags, which means 190,400 cups of tea.
Here in the UK, we drink an average of three and a half cups a day, so that would mean you could have the daily average of tea for the next 149 years. That’s more than enough for a lifetime personal supply, plus some extras for your nearest and dearest.
Slippers come in second on the list of home comforts we take with us on holiday.
The Independent have listed the 13 best women’s slippers. By adding up the price of each entry, the average cost for a pair of slippers came out at £28.
Therefore, PPI compensation could get you an incredible 119 pairs of slippers – that’s a lot of Christmas presents sorted.
In third place, you have the British staple: Ketchup. According to My Supermarket, a classic 342g bottle of Heinz Tomato ketchup is £1.00 from Pound Stretcher. This means your PPI compensation could get you 3,332 bottles of ketchup. That’s one a month for 23 years!
At number four, we have the pillow! If you do have a claim and receive £3,332, you don’t want to take any old pillow on holiday. You want the best. We turned to The Independent to find the 11 best pillows on the market.
The average cost of one of these pillows is £42. With our average PPI compensation, you would have enough cash for 79 pillows!
In one double bed, typically you would have four pillows, which means £3,332 would get you enough comfy pillows for 20 beds!
In fifth place, it’s the dressing gown. Again, we looked to The Independent, who have rounded up the eight best women’s dressing gowns on the market with the average cost coming out at £90.
Your PPI winnings could get you 37 dressing gowns. That’s enough to treat yourself to a new dressing gown every year for 37 years!
At number six, it’s HP sauce. According to My Supermarket a bottle of 255g original HP sauce costs £1.25.
With £3,332, that’s an incredible 2,666 bottles up for grabs, which is one a month for 18 and a half years!
In seventh place, you have another British classic – Marmite. My Supermarket tells us that a 125g jar of marmite costs £1.70.
With £3,332 in your pocket, you could get 1,960 jars. That’s one a month for 13.5 years!
At number eight, we have a strange one – Cutlery! A few years ago, Ikea over took John Lewis as Britain’s favourite shop. So, we looked at the average price of a 24-piece cutlery set from Ikea, which came out at £22.30.
£3,332 can get you 149 24-piece-sets! But, to be more specific, that’s 894 knives, 894 forks, 894 spoons and 894 teaspoons! What more do you want?
Again, we headed over to Ikea to get our price for number nine. Ikea’s china cup and saucer is £7, which means 476 cups and saucers are on offer for £3,332, which is perfect for the 190,400 tea bags you can get!
Finally, at number 10, there’s a photo of a pet. Photobox offer a 15x20cm print in a frame for £10. So, with your compensation, you could get 333 frames of your pet! They may take up your whole suitcase, but at least you will have plenty of cute pictures of your pooch to make you feel at home.
So, based on a compensation award of £3,332, you could have one of the following:
Now, surely that’s worth filling out a PPI Claim form, right?
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August 3, 2017 Daniel Lee “Thank you for calling. Our operators are currently busy at the moment. Please hold. Your call will be answered shortly”. These words are sure to send a shiver down anyone’s spine. Inevitably, these sentences are followed by some inoffensive music – either soft jazz or a singer encouraging you to ‘let the sun shine’.
The phrase “you are currently 16th in our queue” also has the same outcome. Yes, welcome to being put on hold: an action that can send even the most patient saint into a state of mild insanity as they hear ‘Galway Girl’ for the 97th time.
In fact, it’s estimated that the average person will spend 1.2 years on hold throughout their lifetime. Fortunately, however, there are ways to survive being put on hold, especially when you resign yourself to the fact that you could be waiting for hours.
So, why should you just have to sit there and wait, silently plotting the downfall of Ed Sheeran? Surely there are more productive and even stress-reducing things that you can do to pass the time?
Simply pick a method from our list below and never fear being put on hold again…
What could be more productive while on hold than learning a new language? It’s both something to add to your CV and help with deciding where to next go on holiday.
But which language should you learn first? According to the Foreign Service Institute, Afrikaans, Danish and French are the three easiest (and therefore quickest) languages for English speakers to learn.
You might want to stay clear of Japanese though, as this is apparently the most difficult language to learn and takes approximately 88 weeks. Although, if you feel that you are going to be on hold for 2200 hours, then why not start with ‘Kon’nichiwa’ and see how much you can learn before an operator picks up the phone?
For some people, problem solving is just as infuriating as being put on hold – why do you think we haven’t included ‘complete a Rubix cube’ on this list? But for others, solving a maths problem, completing a crossword or attempting a Sudoku puzzle brings a welcome distraction.
And while there are many head-scratching riddles out there, we thought we’d include one that we’re confident can’t be solved in a matter of seconds. The below riddle was created by one of the smartest men to have ever lived: Albert Einstein. And, it was alleged that he came up with it as a child.
Einstein also once famously declared that only 2% of the population would be able to solve it – although some argue that he meant only 2% could work out the answer in their head and that most people would have to work it out on paper.
We reckon that once you’ve figured this riddle out, you’d have jumped from 16th in the queue to number one.
The situation
There are five houses, with five occupants, each with a different colour house, different beverage of choice, different favourite brand of cigarette and a unique pet.
The question is: Who owns the fish?
Hints
If you’re stumped, scroll down to the bottom of our article for the answer.
If even just the thought of being put on hold makes your blood boil, then you can find ways to relax. And, what’s more stress-releasing than yoga? Whether you’re at your desk or at home you can quickly find your inner zen with a yoga practice.
Forget about the repetitive music, the fear that you might never actually get to speak to a human or how expensive your phone bill’s going to be if it’s a premium number. Instead, practise your downward dog, chaturanga or tree pose.
Some yoga styles such as Yin Yoga and Restorative Yoga encourage you to hold your yoga pose for three to five minutes at a time, or sometimes even longer – perfect for clearing your mind and passing the time. Just make sure that you can get out of your yoga pose once someone answers the phone – talking through your latest phone bill while still in a headstand is bound to be challenging.
If the average amount of time someone spends on hold during their lifetime is 1.2 years, then we’ve put together some TV shows that you could binge on to pass the time – and how long it would take to watch all seasons back-to-back. Of course, we’re not saying that you’ll be on hold for days at a time, but why not fire up Netflix and start with an episode (or a whole season) while you wait?
If you’re having to listen to the same playlist three times before someone answers the phone, then you might as well start researching the origin of the songs you’re listening to.
Allegedly, some misguided GP surgery decided to choose ‘Knockin’ on Heaven’s Door’ by Bob Dylan as their hold music, but did you know that it was originally written for the soundtrack to the 1973 film Pat Garrett and Billy the Kid? It’s also been covered by the likes of Eric Clapton (as a reggae version) and more famously by Guns N’ Roses, in which their studio version was used in the soundtrack to Days of Thunder.
However, chances are that you’ve been listening to a song called Opus No.1 when you’re on hold. You may have thought nothing of it, but did you know that it was first recorded in 1989 by Tim Carleton and Darrick Deel in their garage when they were teenagers? Years later and the song’s been heard by millions of people around the world and is arguably one of the most recognisable pieces of music to have never entered the Top 40. Do you recognise it?
If you prefer to pass the time by using your hands, rather than solving puzzles, then why not build something? After all, what better time is there to put together your flatpack furniture from Ikea? So, grab your tools and get building!
And who knows where the time will take you? Will you be on hold long enough to build a doll’s house, a conservatory, or maybe even a tree house? Plus, if you ever start worrying that you’re going to be on hold for years, then just remember that it took the ancient Egyptians 10-20 years to build the pyramids.
If all else fails, go for the classic method. Yes, making a cup of tea is the British answer for surviving anything and everything. Feeling sad? Have a cup of tea. Facing an important life decision? Have a cup of tea. Bored of being on hold? Make a cup of tea.
Not able to complete something on this list first time around? Don’t worry – you’re bound to be on hold again at some point in life.
We think that it’s about time that people started seeing being put on hold as an opportunity to learn a new skill (there’s also juggling, fire breathing – the world’s your oyster). Plus, you might just be able to talk to your call operator in Afrikaans one day. So, do a little fist pump the next time you hear the phrase “Please hold” … or just go and stick the kettle on.
Riddle Answer: The German
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July 14, 2017 Daniel Lee
Dodgy builders. Also known as cowboys, rogue traders and often synonymous with taking their tea with two sugar as well as taking your cash without finishing the job. Recently, the Federation of Master Buildings declared that around £1.5 billion worth of work is undertaken by dodgy builders every year, with consumers who pay builders in cash losing the equivalent of £712,000 a day in botched work, which then must be repaired.
The Office of Fair Trading (OFT) say that they’re inundated with around 10,000 complaints each year about rogue traders. Of course, dodgy builders don’t advertise that they’re dishonest – and you may very well know someone who’s been taken for a ride.
Yes, sometimes it’s easier than you’d imagine to fall victim to the wolf in sheep’s clothing. Because of this, rogue traders often ruin things for perfectly trustworthy tradesmen. Luckily we’ve come up with our brief guide on dealing with these cowboys – from how to spot them to getting your money back after a job goes wrong.
There are certain red flags that might indicate that the builder you’re talking to isn’t totally trustworthy. If you suspect that their way of working is different to that of a genuine business, then chances are that they’re not 100% legitimate. Here are some warning signs to be aware of:
It’s also a major red flag if they insist on not drawing up a contract. “My word is my bond” just shouldn’t’ cut it in a situation like this. A contract acts as a legal binding and should clearly state your desired timeframe, agreed figure of payment and what you expect your contractor to do and not do. If a builder tries to skirt around drawing up a contract, then he’s obviously not planning to stick to whatever is stated within it.
Alarm bells should ring too if they just have a mobile number, an unbranded van and refuse to give you more details about their business. Without registered premises, a landline number or solid references, they can quite easily disappear should you need to chase them for money. Suddenly, you’ll have a phone operator declaring that the mobile number you are calling is ‘no longer available’.
Indeed, there are plenty of stories out there of a client and builder reaching only a verbal agreement over a renovation (we’re talking thousands of pounds), only then for the builder to disappear after receiving their deposit (around 25% of the overall amount). Unsurprisingly, the client is then unable to track them down.
Although not wanting to draw up a contract is a red flag, it also helps in keeping you covered. Having everything in writing should help to protect you should any problems arise; a contract is your safety net in a business transaction of this nature.
Research is also key to keeping yourself covered. It’s worth looking at a builder’s past work if possible – were their past customers happy, and did they complete it to the standard, time and cost that they had agreed? The Ombudsman Service found that 57% of homeowners did not check credentials before commissioning work, leaving them with cracking, electrical and structural problems later down the line.
It’s well worth asking friends and family for recommendations and to find out if the builder in questions is part of a trade group. However, some dodgy builder firms have allegedly set up fake memberships to seem legitimate in that manner.
The most reputable tradesmen, though, should have the OFT Approved Code logo. This verifies that their business runs to higher standards than the law requires. You can look out for the Trustmark logo too. Alternatively, you can reach out to your local council, who should have a list of vetted, registered contractors in your area. Consumers can also find traders who have been inspected and approved by Which? on their website.
Of course, money is a vital factor in protecting yourself. Did you know that three-quarters of botched jobs are done cash-in-hand? While we’ve said that this is a red flag for spotting a cowboy builder, it’s also the easiest way that the builder can get away with things. All they have to do is fold the notes, put them in their pocket, drive off in their van, and there’s no record of the exchange of money between you two if things later end up in court. Only ever pay for work that’s been completed and to the standard that you’d agreed beforehand, in writing.
It’s also important to keep copies of any correspondence between you and your builder, both leading up to the deal and during any work. Communication such as emails and text messages all act as evidence should your builder vanish into thin air halfway through the job.
This is the burning question that people ask when their cowboy walks off into the sunset with their money and leaves their property in disarray. So, what should you do?
Firstly, you should contact the police. These dodgy builders have technically committed fraud, so you should report them to the authorities with as much information as you possibly can. Recently, a cowboy builder father and son were ordered to pay back more than £2000,000 to their victims after being reported to the police.
Trading Standards also take a very strong stance against dodgy builders, so make sure that you report your rogue trader to them as well – they may be able to help negotiate a settlement or help mediate a solution. In fact, a recent investigation by Trading Standards helped in the prosecution of a rogue trader, who took £2,200 from a homeowner only to leave her bungalow with multiple construction faults. The rogue trader has now been fined £1,000 and ordered to pay £2,840 compensation and £500 costs.
On the condition that you can track your cowboy builder down, you can take them to the small claims court if they refuse to refund any money. If this seems like a costly option, then fear not: the small claims court can cover a small job (up to £10,000) and it won’t cost you much to take this approach.
If possible, you should try and put the job on a credit card in the first place (if the job costs between £100 and £30,000). This means that you can get your money back under the Consumer Credit Act should something go wrong. Alternatively, Citizens Advice can help with claiming your money back.
However, it’s vital to follow our steps before hiring a builder as it’ll make your chances of getting a refund much higher – and ensure that you don’t get ripped off in the first place. In fact, the Home Improvement Guarantee Scheme (HIG) now exists to prevent customers losing money. The funds are placed in an independent account to keep the consumer’s money safe against a dodgy builder and shoddy work. Once the work has been completed and the customer is 100% happy with the level of work, the final payment is released.
So, do your research, draw up a contract, keep a paper trail, look out for any other red flags and never, ever pay upfront or in cash.
Of course, if you have suspicions about a builder, then you can always change your mind. There are plenty of honourable and talented tradesmen out there, so don’t hesitate to find a builder that you can fully trust. You can then rest easy knowing that your property (and money) are in safe, reliable hands.
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