http://www.articletrader.com/ Articles at ArticleTrader en-us http://www.articletrader.com/legal/personal-injury/no-win-no-fee-no-fuss.html http://www.articletrader.com/legal/personal-injury/no-win-no-fee-no-fuss.html Sat, 05 Jul 2008 00:00:00 -0500
Now that Legal Aid is no longer available for injury claims, No Win No Fee has become the most popular way to make a compensation claim. Making a personal injury claim in the UK should usually cost nothing for the person who has been injured. This is because all legal costs should be covered by the third party, the party that caused the injury to the claimant. Your compensation pay out is yours and yours alone. If you claim is unsuccessful the majority of solicitors will have arranged a no win no fee arrangement beforehand. Insurance will cover you against the other side’s costs; meaning that you are safe from paying put any fees yourself.

Claims cannot be made for any injury. A small cut to your arm or a twisted ankle are not injuries that are life threatening or have caused financial loss. Just because you have had an accident or relieved an injury, does not mean you will receive compensation. It is common practice for your personal in jury claim lawyer to advise you as to whether or not your case is suitable for this type of claim arrangement.

It is advisable to go to a reputable firm of No Win No Fee lawyers and make sure that they give you the time and care your case deserves. A solicitor who is an expert in your type of injury claim will be appointed to you in order to give you the best advice possible. Your solicitor will not get paid if you are not successful with your claim so they will enquire at some depth into the evidence you have to support your case.

Most of these companies will have websites from which you can gauge the amount of compensation you may receive and if your injury is serious enough to make a claim in the first place. Online forms can be filled out and a company representative will get back to you and further your claim. The process will be explained to you from your solicitor sending the defendant a Letter of Claim to the claim going to court. You will then be put in touch with a solicitor in your area who will take over your case and attempt to get you justice and a lump sum.

It seems as though making a compensation claim is really fuss free and with plenty of information available you can see whether your injury is worth taking the case to court.


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Linsey is an author of several articles pertaining to No Win No Fee, Compensation Claims, Personal Injury Claims and other legal articles.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/mortgage/tesco-to-offer-conveyancing-service.html http://www.articletrader.com/finance/mortgage/tesco-to-offer-conveyancing-service.html Sat, 05 Jul 2008 00:00:00 -0500
The number of mortgages being lent was twenty percent less in May 2008, compared with the same month the year before. The majority of these deals were due to people remortgaging their existing properties onto better deals, with less first time buyers approaching lenders. This is a dramatic drop, and shows both that lenders have become considerably stricter in who they are prepared to lend to and first time buyers have been scared away from the market by the high rates and fears of a housing crash. It is not surprising therefore that the number of properties on the market outnumbers buyers at fifteen to one.

But it is not just mortgage costs that are stopping buyers from entering the market. There are all of the additional costs associated with buying and moving house that are putting people off. Stamp duty, conveyancing and moving costs all add to increasing price of moving home. In addition for sellers home information packs have now been introduced to all properties meaning another upfront cost that needs to be paid before the property can be marketed. With the threat of house prices decreasing even further many people are opting to ride out the current climate and not move homes.

However there are some changes being put into place. Something that may entice more buyers to the market would be the reduction in the costs of buying and selling a house. One big moving cost is the legal fees for conveyancing work. Previously high street solicitors were the best place to go to obtain conveyancing services, however now Tesco supermarkets are planning to launch their own service and provide competitive conveyancing to the general public. Industry analysts believe that Tesco will bring with it a call centre approach to conveyancing which will reduce the cost through a computerised service. Whilst most people might think that conveyancing is a fairly standardised process, Tesco’s entrance into the market could revolutionise this process. The Labour government has made changes to the legal systems which are due to be fully in place by 2011, and will allow legal advice to be given in booths located in supermarkets. This means that Tesco could become a one stop shop for all your grocery and legal needs.

Hopefully this will result in more competition amongst the traditional legal practices and result in cheaper conveyancing deals, which in turn might encourage more people back to the market. However it is still early days and for the moment it looks like the housing market is going to get worse before it gets better.


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Linsey is an author of several articles pertaining to Mortgages. She is known for her expertise on the subject and on other Business and Finance related articles.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/mortgage/the-mortgage-crisis.html http://www.articletrader.com/finance/mortgage/the-mortgage-crisis.html Sat, 05 Jul 2008 00:00:00 -0500
The Halifax, one of the countries biggest lenders has predicted a 45% drop in house sales this year. Britain’s banks are finding it more and more very difficult to raise funds on the financial markets for mortgages.

Due to this banks are more reluctant to lend money so their lending criteria are much tighter. Deposits have risen to between 10 and 20%. It has been predicted that it will take home buyers an average of four years to save up enough money for a deposit, a long amount of time that some cannot afford to wait.

After the Northern Rock debacle banks are understandably cautious but this means the housing market is suffering the consequences. The Bank of England has increased inflation rates and these small changes will have an impact on the economy. The rising interest rates will put a stop to the housing boom we have been experiencing for the last few years. Banks and other lenders are continuing to hope for the Bank of England to make inter bank lending much easier. This would enable banks to access wholesale funds, therefore allowing them to approve more mortgages for the suffering home buyers.

Due to this crisis in the market, leasing has become far more popular. In fact there was a 41% increase in the commencement of tenancies in May from the same time in 2007, coinciding with the decrease in mortgage approvals. Those who were considering selling up and buying new properties are putting their sale on hold due to the pinch on their finances. It seems as though the trend will continue to climb if the state of the housing market continues down the path it is on.

With the rental market so buoyant, buy-to-let mortgages are on the up. Those who are able to get a mortgage approved are buying properties to rent out to those who cannot afford to move themselves. These opportunities are been taken up by professional landlords with an existing property portfolio.


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Linsey is an author of several articles pertaining to Mortgages. She is known for her expertise on the subject and on other Business and Finance related articles.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/legal/personal-injury/car-design-can-worsen-whiplash.html http://www.articletrader.com/legal/personal-injury/car-design-can-worsen-whiplash.html Fri, 23 May 2008 00:00:00 -0500
This is in response to research carried out by Thatcham which looked at car design and whiplash injury. They also report that last year saw the biggest improvement in car design with 80% of seats made in Europe getting a ‘good’ or ‘acceptable’ scoring. Only 16% of seats achieved this is in 2005 and in 2002 25% of all cars would not provide whiplash protection.

Peter Roberts, chief executive at Thatcham, said: “The majority of vehicle manufacturers have already incorporated geometrically correct designs that offer good protection. It is clear, however, that certain vehicle manufacturers need to make improvements to fall within the internationally recognised standards.”

Whiplash injury can occur even when collision speed is very low. Pain can take weeks or years to manifest and is caused by damage to soft tissue around the spine. Symptoms can include shoulder pain, neck pain, stiffness, dizziness and burning sensations.

Thatcham researchers discovered that the amount of damage from whiplash depended mostly on the position of the car’s headrest. Movement of the headrest during collision worsened the victim’s injury leading Thatcham to ask manufacturers to have a locking system on it.

Dr David Bull said: “Headrests are so important because this is true preventative medicine.”

Experts recommend that the headrest should remain near to the back of the head. The top of the head and top of the headrest should be inline. Drivers are advised not to recline their seat or to drive hunched forward as this will increase the distance from the headrest and lead to more serious injuries.

Thatcham scored Saab and Volvo seats as ‘good’ for preventing whiplash injury with Ford and Renault also performing well. Audi were commended for their seats that were made from special foam to absorb impact and support the neck during collision.

Some 200,000 people per year are victims of whiplash with 20,000 having symptoms for more than 6 months and 2,000 having long-term disability.

Approximately 80% of personal injury claims result from whiplash.

To make a whiplash injury claim the accident must not be caused by the victim. They will have to show that an injury resulted from the accident and following this compensation could be given for ‘general damages’ (physical and mental injury) and ‘special damages’ (an example being loss of earnings).

The victim will attend a medical examination to find physical damage then an independent medical expert will look at their case. A solicitor normally guides claimants through this procedure and will advise on whether they have a strong case.

Once this is confirmed the solicitor will forward the claimants details of the accident and injury to the opponent and they will decide if they will accept liability. If they deny it then the case may go to court but this is rare.

Cases can take approximately 12 months to complete and compensation rates vary although, if injuries are not permanent disabilities, £2000 is often quoted as a standard amount.


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Linsey is an author of several articles pertaining to No Win No Fee, Compensation Claims, Personal Injury Claims and other legal articles.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/mortgage/charity-slams-sub-prime-mortgage-market.html http://www.articletrader.com/finance/mortgage/charity-slams-sub-prime-mortgage-market.html Fri, 23 May 2008 00:00:00 -0500
A Citizens Advice Bureaux report said irresponsible lending decisions and aggressive arrears management by sub-prime lenders were driving the current increase in mortgage arrears, court action and repossessions.

David Harker, chief executive of Citizens Advice, said: “Our research suggests that many aspiring home owners have been miss-sold unsuitable and costly home loans that are doomed to fail from the start.”

The Council of Mortgage Lenders responded by pointing out that borrowers who are receiving help from the charity are more likely to be the ones that have the more serious credit problems.

A spokesperson for the group said: “The vast majority of mortgage customers receive a high level of help and care from lenders of all kinds if they fall into difficulties, in accordance with the rules set out by the Financial Services Authority.”

However the Intermediary Mortgage Lenders Association (IMLA), a group representing the interests of lenders, is sympathetic to the Citizens Advice.

Peter Williams, executive director of IMLA, said: “We do agree with Citizens Advice that the different regulatory regimes for first and second charge loans has created complications.”

When a secured loan is taken out it can be a first, second and third charge. If it is the first charge it means the loan company is first in line to claim the equity (usually the borrowers home) if there are any defaults.

If the lender is the second charge they are second inline to the home and this can be reflected in a higher interest rates and more punitive measures following default.

“Many sub-prime lenders are flouting the rules on responsible lending by granting loans when it’s clear the borrower will not be able to afford to repay it from the very outset, then getting tough immediately things go wrong,” said Mr Harker.

Research by the BBC showed that sub-prime lenders make over 50% of repossession orders in the UK but only supply 6% of the mortgages.

A spokesperson for Southern Pacific Mortgage Limited, said: “The figures are based on possession claims hearings and are therefore not representative of actual repossessions which are a lot lower.”

Secured loans are usually chosen by those with poor credit history because the lender has the guarantee that they will claim the owners home if they default. They are not only used for mortgages and can be taken out for many purposes but all secured loans need assets attached to them. This ensures that the lender has equity and helps keep the interest rate lower.

Unsecured loans do not have any equity secured against them but this results in a higher interest rate because the lender is not guaranteed they will have items to claim should the borrower fall into arrears. If a borrower fails to make payments on an unsecured loan there will tend to be court action.

Those with bad credit ratings often find they are not offered unsecured loans and therefore take the secured loan option.


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Linsey is an author of several articles pertaining to Mortgages. She is known for her expertise on the subject and on other Business and Finance related articles.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/credit/credit-is-harder-to-get.html http://www.articletrader.com/finance/credit/credit-is-harder-to-get.html Fri, 23 May 2008 00:00:00 -0500
Unsecured personal loans were withdrawn last year by GE money, Leeds Building Society and Eskimo Loans - who are funded by Northern Rock.

Moneyfacts puts the withdrawal of unsecured loans by providers at 10% last November.

Esther James, personal finance analyst at Moneyfacts said a large reduction is worrying.

“With no sign of rates slowing down it’s a rather unsettled market. The credit crunch is showing its strength in the personal loan market,” she added.

Personal loans can be taken out in a secured and unsecured form. Secured loans have equity attached normally in the form of the borrowers house. They are often taken out as mortgages. Equity insures that if there are defaults on repayments of the loan the lender can claim the house through repossession to make up the shortfall. They often have a lower interest rate because of this guarantee.

Unsecured loans do not have equity attached. They can be taken out for a number of purposes such as home improvements, or buying a new car. If a borrower defaults on this type of loan they may find that court action ensues and credit ratings are severely affected.

Interest rates are normally higher in unsecured loans because the lender has no guarantee of equity to cover their costs should the borrower fail to make repayments.

Banks, loan companies and building societies all supply personal loans and often lend up to £15,000.

Research by Uswitch, has revealed that it seems to be getting harder to borrow money. Their figures show that 38% of people who applied for credit cards were turned down in a 3-month period in 2007. Some 19% of applications for personal loans were refused and 6% of customers credit limits were reduced.

Ann Robinson, director of consumer policy at Uswitch, said: “More than half our take home pay is now eaten up by debt repayments but our ability to repay and manage this debt is clearly faltering.

“The banks are being forced to write-off vast sums and as a result they are tightening their lending belts. This means that credit will become both harder for consumers to get and more expensive.”

The more money borrowed the lower the interest rate will be but because this is usually paid over a longer period more interest is paid in the long run. Interest rates are usually from 7% up to 20% and beyond.

Moneyfacts report that interest rates on personal loans rose last year even though the Bank of England had stabilised rates at this particular time. Moneyfacts revealed that the average interest rate on a £5,000 loan paid back over three years in August was 9.11%. This had risen to 9.76% by November despite the Bank of England’s interest rates not changing. Rises were also reported for rates and fees for credit cards.

The borrower can choose how to spread the repayments and this can vary from six months to 10 years. The longer the loan is paid back the more interest is paid.


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Linsey is an author of several articles pertaining to Loans. She is known for her expertise on the subject and on other Business and Finance related articles.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/legal/personal-injury/insurance-premiums-not-affected-by-rise-in-personal-injury-claims.html http://www.articletrader.com/legal/personal-injury/insurance-premiums-not-affected-by-rise-in-personal-injury-claims.html Fri, 23 May 2008 00:00:00 -0500
Colin Ettinger, president of the Association of Personal Injury Lawyers, said: “Whenever there has been an investigation into whether or not increases in insurance premiums have been down to rises in the number of claims the answer has always been no.”

He added that an investigation by the Department for Work and Pensions and the Office of Fair Trading came to the conclusion that hardening of the stock market has forced insurance companies to increase their premiums.

The Association of British Insurers (ABI) claim that the rise in premiums does not necessarily equal a rise in profits.

Jane Milne, of the ABI, said: “Certainly premiums have risen over the last few years but even in 2003 insurers paid out £1.10 for every pound they collected and we are still seeing claims costs rise between 12% and 15% a year.

“Forty pence of every pound that insurers payout goes to either legal or medical advisers.”

Small business are thought to be one group to feel the squeeze from growing numbers of claims.

Stephen Alambritis, of the Federation of Small Businesses, said: “There are a lot of cases of small businesses who are not taking risks, in terms of acting entrepreneurially, and employing people that they would normally take because of this problem.

“They are worried about these personal injury lawyers who incite people to take companies to court as they are often seen as a soft target.”

The ex- Lord Chancellor, Lord Falconer, also asked claims firms to refrain from encouraging the population from taking legal action for “frivolous claims”.

Mr Ettinger said: “Government information has shown that the levels of claims that have been brought forward in the last 12 months have actually dropped. That includes public liability as well as accidents at work and road traffic cases.”

He added: “I would like to say why don't these companies make their workplaces safer so a lot of these claims don't happen?”

A personal injury claim can made for a variety of reasons. These can include tripping over, car accidents, whiplash and work-related stress. In order to pursue a claim it has to be shown that whoever is being sued has acted negligently and the an injury resulted because of this carelessness.

There are two types of damages that can be claimed for: Special Damages and General Damages. Physical and mental injury come under the general damages category and they have to be proved by a medical examination.

Financial costs are included in special damages and include loss of earnings and expenses.

Following a medical examination and input from experts the opponents solicitors are contacted to see if they accept liability for the injury. A settlement is reached if they do and damages are paid.

The help of a solicitor is normally needed to guide the claimant through this procedure. When taking action for personal injury legal aid is not normally an option although many firms offer a 'no win no fee' kind of contract.

Claims rarely reach court and have to be started within three years of the injury occurring.


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Linsey is an author of several articles pertaining to No Win No Fee, Compensation Claims, Personal Injury Claims and other legal articles.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/insurance/til-death-us-do-part-the-growing-market-of-buying-life-insurance.html http://www.articletrader.com/finance/insurance/til-death-us-do-part-the-growing-market-of-buying-life-insurance.html Wed, 21 May 2008 00:00:00 -0500
The agent approached Goldwyn and Sylvia Schroeder and gave Mr Goldwyn $1000 to complete a questionnaire. The signed document actually gave the agent permission to view Mr Goldwyn’s medical notes. Mrs Schroeder was offered a life insurance policy that would pay out to a stranger.

Mrs Schroeder said: “They said if they took life insurance out on me, they would give me as much as $60,000 to $120,000.”

Selling life insurance policies has become more popular since the eighties and is called ‘life settlement’. The person selling the policy will receive a lump some while alive and the investor will receive a payout when the seller dies.

Investors frequently offer to buy policies from the terminally ill because buyers are more likely to get a better return if the insured dies sooner as this will avoid the effects of inflation.

In America this is a multi-million dollar industry and the UK is also investing in the market.

Shepherds Investment Company have a facility where investors can buy into a fund which purchases life insurance from dying people. Those suffering terminal illness can sell their policies and get a lump sum of 60% to 80% of its value provided they have between 6 and 36 months to live.

Max Symonds, of Shepherds, said: “Some people find it morally unacceptable but others work on the premise that this is an asset. All you are doing is releasing cash from it in the same way you are when you sell a house.”

Traditionally life insurance is bought to secure a family’s future if one of them dies. Different kinds of insurance offer varying levels of cover. A common kind is term insurance where the policy pays out if the insured dies within the length of the contract. If the insured outlives the contract then no money is received.

Whole-of-life policies are another kind where the insured receives money whenever they pass away. Premiums for these policies are often higher than for term insurance because of the guaranteed payout.

Investment life insurance allows the lender to invest money in the stock market on the insured’s behalf and these consequently have an element of risk about them.

The insurance industry is aware that some individuals take out their life insurance in order to sell it at a later date and this is not frowned upon.

Colin Jackson, director of independent financial advisors at Baronworth Investment Services, said: “Although the trade may seem unpleasant it could have a vital role to play for some. If the choice is selling the family home or trading in a policy the latter option is generally quicker and far less disruptive.”

The Association of British Insurers warns that selling life insurance is not a benefit for all.

Leonie Edwards, from the Association, said: “People in this sensitive position need to look at the financial health of the whole family particularly those that are due to inherit. Put simply, it would be sensible for them to take unbiased financial advice.”


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Linsey is an author of several articles pertaining to Life Insurance. She is known for her expertise on the subject and on other Business and Finance related articles.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/legal/personal-injury/uk-compensation-claim-rates-rival-americas.html http://www.articletrader.com/legal/personal-injury/uk-compensation-claim-rates-rival-americas.html Wed, 21 May 2008 00:00:00 -0500
Research by the Centre for Policy Studies revealed that in America one in six sufferers of personal injury will make a claim. In the United Kingdom the figure is one in seven.

Dr Frank Furedi, compensation commentator, said: “ It’s not the money I care about so much as the suspicion and mistrust this sort of behaviour creates in the workplace and outside.”

“Doctors no longer say ‘if I were you I would do such and such’. Instead they give patients a list of options. You don’t get the sort of advice you would like because it might rebound on them,” he added.

This is in light of a Mori poll that revealed 78% of respondents said it was “socially and morally” acceptable to take court action if an employer caused personal injury.

Health was found to be the primary area where compensation claims were made with employment and personal injury not far behind.

Medical negligence claims are made when someone suffers a mental or physical injury due to the actions or carelessness of a healthcare professional. If medical personnel breach what is called the ‘duty of care’, and injury from this can be proved, the sufferer is entitled to make a claim.

“The principle trigger for the rise in compensation cases is the lifting of laws banning solicitors from advertising,” said Mr Furedi.

Other factors adding to the increase in claims are the no-win no-fee type of legal action and the rise in awards that victims receive.

Patrick Allen, vice president of the Association of Personal Injury Lawyers (APIL), does not agree a compensation culture exists.

He said: “There has been no change in the law that allows frivolous claims. If someone has been injured – which must be proved in a personal injury case – as a result of someone else’s fault, they are due compensation.”

Furthermore, Martin Bare, also from APIL, said that compensation claim rates are decreasing.

“Where someone is injured through someone else’s fault, however, and may lose out, redress is proper - otherwise we would not be civilised. Compensation is no lottery win,” he added.

Mr Bare also highlights the difficulties that laypeople have in understanding the procedure for making a claim which fuels speculation as to the supposed ease of taking action.

In a no-win no-fee agreement the claimant does not have to pay their costs if they lose the case. However in this instance they would have to pay the legal fees of their opponent. Many people pursue a no-win no-fee contract because legal aid is not normally available in medical negligence claims.

Solicitors advice clients to take out insurance that will cover the costs of their opponents legal fees should the claimant lose the case. This is called ‘after-the-event’ insurance’ (ATE) and is sometimes paid by the solicitor.

If the solicitor does not pay the ATE it joins a number of other costs that a claimant pays to pursue legal action. This are referred to as ‘disembursements’ and can include court costs and a medical report. These fees can are returned via the opponent if the claimant wins the case and are sometimes covered by the ATE if they lose.


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Linsey is an author of several articles pertaining to No Win No Fee, Compensation Claims, Personal Injury Claims and other legal articles.


Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/mortgage/uncertainty-over-25-year-fixed-term-mortgages.html http://www.articletrader.com/finance/mortgage/uncertainty-over-25-year-fixed-term-mortgages.html Wed, 21 May 2008 00:00:00 -0500 Homeowners should benefit from longer fixed-term mortgage deals revealed the Treasury recently.

The government believes that this will help those on lower incomes to buy their own homes.

At present, mform.co.uk revealed that only six companies give fixed deals lasting 25 years: Nationwide, Scarborough, Norwich and Peterborough, Kent Reliance, Co-operative Bank and Cheshire and Manchester building societies. Northern Rock offers a 15 year fixed term deal.

Frances Ghiloni, marketing and business development director of mform.co.uk, warned homeowners to be careful about a 25 year fixed deal.

He added: “The risks are clear. Not only could borrowers end up locked at a higher rate when interest rates are falling but could find themselves having to pay redemption penalties if they want to move house. It’s virtually certain people’s circumstances will change several times over a 25 year period”.

Fixed rate deals usually offer a set interest rate for a specified amount of time. This can vary from two years to 25 years with interest rates becoming a ‘standard variable rate’ after the term.

The standard variable rate is linked to the rates of the mortgage lenders which fluctuate according to the Bank of England’s interest changes.

Fixed rates are believed to be an advantage to borrowers because they are guaranteed to know exactly what their mortgage will be for a set amount of time.

However, they do draw criticism as some insist on the borrower paying an early repayment fee if they move their mortgage. Furthermore if an interest rate remains fixed for a specified amount of time the homeowner loses out if the interest rates fall.

The Council of Mortgage Lenders (CML) raised concerns about the government’s plans. They suggested that the popularity of fixed term deals might depend on the ease with which borrowers can leave them.

A CML spokesperson said: “We conclude unless there is a major policy intervention from the government then take up is going to be low. They won’t become popular unless they are priced appropriately. I think it is cost prohibitive, in a way.”

Competition between mortgage providers may help to lower costs. Moneyfacts.co.uk report that fixed-rate deals are becoming more affordable.

Julia Harris, mortgage expert for Moneyfacts.co.uk, said: “Not only are initial rates and fees on ten-year deals cheaper than two-year rates, but the deals may also work out less expensive in the long run. Imagine after every couple of years having to pay another round of set-up fees. The average at the moment is £1000 and rising and that’s without factoring exit fees into the equation.”

Ms Harris also highlighted the flexibility of some 25 year fixed term deals.

“The majority come with a ten-year tie-in. In other words if you want to come out of it after a decade you can. Then again, if in ten years time rates are higher and you want to stay on the same rate, you also have the option of doing so.”

Despite some constraints the CML also report advantages of long-term deals such as the protection from a rise in interest rates which may take the borrower beyond the means of their budget.


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Linsey is an author of several articles pertaining to Mortgages. She is known for her expertise on the subject and on other Business and Finance related articles.


Source: http://www.articletrader.com ]]>