Canadian Financial Advice

The Payment Protection Insurance scandal has rocked the banking industry to its foundations. In the wake of 2011′s High Court ruling, the people of Britain have reclaimed a staggering £9 billion in compensation for protection policies that were mis-sold alongside loans and credit agreements.

If you’ve been a victim of this swindle and you haven’t claimed yet, you might think it’s too late. You’re wrong. City analysts estimate that there is an incredible £6 billion of compensation yet to be paid out in PPI claims. So start yours today and see if you have a mis-sold policy.ppi claim

Dealing with the financial industry can be daunting. There are so many forms to complete and the banks will use every method at their disposal to prevent you from claiming what’s rightfully yours, but you don’t have to do this alone. A Claims Management Company (CMC) can help you navigate the jargon and complexity of the claims process. CMCs have a proven track record; after all, they are the ones who helped consumers win the first £9 billion.

Many people benefit from the help of a CMC when making PPI claims, but how do you start yours today and see if you have had a mis-sold policy? What if you don’t even remember if you had PPI on any of your loan? Don’t worry. A CMC can help you uncover all relevant financial records and tell you whether your PPI policy was mis-sold.

The banks involved in mis-selling PPI have scammed British consumers to the tune of billions, and the High Court has confirmed this. Nothing should prevent those victims from receiving what’s rightfully theirs, and CMCs can play an important part in successful PPI claims.
So start yours today and see if you have a mis-sold policy. Don’t let the banks walk away with your money.

Tips for Reducing Your Mortgage Rate

With all the news we hear today about mortgage refinancing, it seems to be a smart way to reduce monthly rates. In fact, refinancing can be a bad idea unless you’ve lived in the house for a considerable time and already own a good portion of the equity; otherwise, refinancing means that you may end up paying more.

There are, however, other effective ways to lower your monthly mortgage payment and you may not even need perfect credit to avail yourself of some of these reduced mortgage rates options.

Choose Automatic Payments

Instead of refinancing, some homeowners choose to set up automatic payments instead. Many banks offer a lower rate if you set up an automatic payment plan, assuming, of course, that you already have an account with them. Make sure, however, that you’re planning to keep your account in that particular bank, because if you close your account, your mortgage rate may go back up to its original amount.mortgage rate

Take a Shorter Mortgage

This may seem obvious, but a shorter mortgage span can save you a fortune in interest rates. A shorter mortgage doesn’t necessarily result in higher monthly payments, as long as you’re able to put a sizable down payment on the house. When you talk to your lender, ask about the amount you’ll save in interest by taking a 15-year mortgage instead of a 30-year mortgage. You’ll probably be amazed at the difference and be inspired to get together that big down payment.

Learn to Negotiate

You may not be aware of this, but you can negotiate the terms of your mortgage, especially if you’re going through economic hardship. By talking to your lender, you may be able to at least get some fees waived, or you may be able to modify the mortgage terms in other ways to make it more affordable for your budget.

Add an Extra Payment Once or Twice a Year

If you can put the money aside, making an extra payment or two every year can help you, because extra payments will go straight to your principal instead of your interest, which can result in a significant drop in your balance.

One way to help you make extra payments every year is to set up a bi-weekly payment plan. Every other Friday (or whenever you’re paid), put half of the mortgage payment in a special savings account. By doing this, you’ll end up making 26 half payments or 13 full mortgage payments for the year.

Stop Paying for Private Mortgage Insurance

If you made a down payment of less than 20 percent, you’re also paying a private mortgage insurance (PMI) fee each month. If you’ve made improvements on your home, let your lender know, because these can mitigate your PMI amount, which is based on your home’s value.

By using a few simple strategies, you can save hundreds of dollars on your mortgage rates each year, money that you can put toward your own financial future.

Keely Brown is an experienced business writer and has written for a number of nationally known newspapers and websites.

Are Canadian Banks Safer? Learn More

There is a tendency for comparing the banks in Canada to those in America mostly for the fact that they compete regionally. The competition has become ever so intense and people want to know why the Canadian banks remain to be the safest options. According to statistics, even the smallest banks in Canada have a significant say over larger ones in the surrounding region through provision of secure dividends.

One of the main reasons why finance institutions in Canada can be termed as ‘safe’ is the fact that they have a stronger capital base. Most Canadian have a reduced debt to cash ration which makes them the better option for any financial investment.Finance

Another factor that contributes to the general appraisal of Canadian banks is the trend of incorporating leverage more conventionally. The only guarantee all banks have to make any significant money is to leverage a significant number of times. Canadian banks have been named as the world’s most stable finance institutions because of their high leveraging standards (up to 18 times).

Another reason why the banking system of Canada remains the most secure option is the fact that the industry is generally consolidated. As compared to the industry in the U.S. which has over 8,000 significant banks, Canada has less than ten Big banks and a relatively smaller number of competing banks.

The final reason why Canadian banks are more so the most advantaged and reliable investment choices is the definitive housing market that is in a better shape. With sub-prime mortgage ranging below 10% in Canada, finance institutions in the country are significantly advantaged than those in the U.S.

It is important for people to note however, that the Canadian banks are not all that safe, since they can easily be affected by global de-leveraging such that their finance and earnings go down.
Debt Management Companies can help you erase any debt.

The Good and the bad sides of high Canadian interest rates

Canadian interest rates have been record low over the past two decades. This, however, is bound to change as the Bank of Canada may soon raise the figure. Although this is going to be a big blow on indebted consumers, there have been mixed reactions as to what may actually happen.

The main potential threat posed by rise in Canadian interest rates is the increase in foreclosures and bankruptcy cases. The debt levels are already too high. The move by the Bank of Canada, however, will definitely be passed on to consumers who are currently enjoying an average rate of 3%. Those with mortgages, especially first time buyers may be severely impacted and they may lose their homes.

The rise in Canadian interest rates will also increase the cost of borrowing. Consumers will have to pay higher for their credit cards and loans. Such a situation will discourage many people from borrowing. This will lead to reduced consumption in other sectors because those servicing loans will have to spend more on paying interest.

Higher banking rates are also detrimental to the economy because it increases the value of the dollar. Investors will tend to save in Canadian banks because of the higher interests. The problem is that this will make exports less competitive, hence increasing imports, reducing exports and ultimately reducing Aggregate demand.Finance

If Canadian interest rates were to increase, it would lower the confidence of businesses and consumers. They will be less willing to take the risk in purchases or investments. The economy, therefore, will most likely experience falls in investment and consumption.

Although increase in Canadian interest rates may heavily impact on the economy, individual lives will be affected differently. The elderly, for example, do not like placing their money on risky investments such as stocks. They, therefore, choose safer options such as bonds. If the interest rates were to shoot, it will mean good news to this group of people, as they will have increased retirement income.

Banking in Canada is Convenient and Easy

Maybe you are considering moving to Canada. Or perhaps you have relatives or friends living there. If so, then you will want to become familiar with banking in Canada. As in most well-developed countries, banking in Canada is highly sophisticated. Almost any banking service you might need can be found at Canadian banks. These services include savings, investments, loans, mortgages, international money transfers, online and telephone banking, and credit and debit cards. Since there are over 8,000 bank branches and 59,000 automatic teller machines (ATMs) across the country, banking in Canada offers customers convenience, choice and flexibility.Finance

The official languages of Canada are English and French, so all the major banks offer services in these languages. Also, because Canada is a multicultural country, most banks offer services in the languages of their largest number of clients, whether it is Hindi, Chinese, Spanish, or some other language. Canadians value their rights and this is recognized by the fact that there are official ombudsman services – free and independent bodies that investigate and resolve complaints against banks.

The largest domestic banks in Canada also operate internationally. You may already be familiar with BMO (Bank of Montreal), CIBC (Canadian Imperial Bank of Commerce), RBC (Royal Bank of Canada), ScotiaBank (Bank of Nova Scotia) and TD (Toronto Dominion Bank) as they all have a financial-service presence in the United Kingdom.

But banking in Canada isn’t all boring and stuffy. Each year the banks and their employees their donate time and money to many great causes, including the Terry Fox Run for cancer research, now in its 32nd year. The banks are also very sensitive to environmental issues and regularly participate in conservation efforts in communities across the country. And the British will appreciate the fact that we in Canada spell ‘cheque’ the same way you do!

Why Choose To Bank In Canada

Up to 83% of Canadians give their local banks excellent performance scores in terms of stability and security. 92% of them agree that the power of large Canada-based banks are critical to the stability of the country’s economy. 91% of Canadian citizens are confident that their saving deposits are safe from bankruptcy. These are only a few impressive facts about banks in Canada. These statistics serve as the very reasons to finance in Canada.

According to the World Economic Forum, Canada’s banking networks are the stablest worldwide. In fact, the World Economic Forum has ranked the country’s banking networks for five consecutive years. Canada’s banks are well-facilitated, well-organized, and well-capitalized, a few more reasons to conduct business transactions and finance in Canada.Bank In Canada

Canadian banks are immensely diversified institutions. Investment banks are anchored by sturdy deposit-securing organizations. Canada’s network of national organizations diversifies regional dangers, so a downhill movement in an individual economic segment is quickly stabilized. And a national network supports economic development through movement of funds from sectors of exuberant deposits to locations where growth emerges for new lines of credit.

Another great reason to finance in Canada is that banks make lending decisions on a case to case basis thereby expanding credit to people who have the capabilities to repay their mortgages or loans. This prudent way of transacting is the primary reason why banks and financial institutions in Canada have been able to bypass the issues that other banks elsewhere could not.

The regulator system of Canadian banks also make it a much more ideal option to finance in Canada. The country has a centralized regulatory structure with two main facilitators – the Office of the Superintendent of Financial Institutions and the Financial Consumer Agency of Canada. The regulatory structure of Canadian banks are further empowered through the country’s Bank Act, which is analyzed and updated every 5 years to guarantee the latest standards and advancements available in the market.

Financial Growth in Canada

The greater financial growth seen by the Canadian economy means that a number of ideal markets and opportunities may be available to businesses that are seeking deal with a more robust and dynamic market. The recent rescission has brought about a number of challenges for finance markets the world over, seeking out markets that have weathered the storm more effectively can provide you with a greater range of investment and business opportunities. Finance information from Canadian markets have shown slower but consistent growth over the past few years, indicating a regional economy that has enjoyed a more effective period of recovery, one that shows no sign of stopping anytime soon.Bank In Canada

Finance markets, currency exchange and the international business opportunities needed to promote a more fully realized and global recovery from the recent recession all depend on economies that have proven to be robust in the face of less ideal circumstances. Market opportunities that can be found for businesses and even private investors who wish to make use of the Canadian economies better than average performance and resiliency could be just what you have been looking for in terms of your next investment. Superior returns are possible when dealing with healthier economies and finance markets that are continuing to grow.

Capitalizing on the sustained growth trend that has been seen in Canadian finance markets can be a sound investment strategy, one that will be able to offer greater opportunity for investors who are interested in finding superior returns. The limitations of dealing exclusively with markets that have been under-performing or slower to recover from the recession can be quite severe. Investors and businesses that are in search of the best economies to find the opportunities they are in search of would do well to consider the Canadian market. Superior and sustained growth across a wide range of markets can be an important indicator for the opportunities, markets and expanded investment potential that you have been searching for.