How to get proof of no claims discount, MoneySupermarket, no claims discount rules.#No #claims #discount


How to get proof of your no claims discount

No claims discount rules

by Mark Hooson

Online and tech expert

Tuesday 11 Jul 2017

Save money on your car insurance

Orignally published March 14th 2016

When switching insurers you’ll need to provide your new insurer with proof you’ve built up as many years worth of no claims discount as you say you have – and it’s not always as straightforward as you might think.

So here’s how to get proof of your no claims discount.

What is no claims discount (NCD)?

For every year you drive without making a claim on your car insurance your insurer will give you one year’s no claims discount (NCD) that will give you a reduction on the price of your policy.

Also known as no claims bonus (NCB), these discounts are accumulated each year – the more years you drive without making a claim, the greater the reduction in the cost of your car insurance.

A word of warning though, both the discount offered and the maximum number of years’ worth of NCD you can accrue varies from insurer to insurer, so be aware of this when switching.

How long is proof of no claims valid for?

Proof of no claims is usually only valid for two years, which means if you’re off the road for any reason or don’t have your own policy for more than two years, you’ll be back to zero NCD the next time you take out cover.

How to get proof of no claims discount (NCD)

At MoneySuperMarket, we recommend drivers not to renew automatically every year with the same firm but to check whether it’s worth switching provider. This is usually the case, as insurers tend to reserve their best prices for new customers rather than existing ones.

As and when you do make the switch your new insurer to ask for proof of no claims discount. The problem is, you’ll most likely have to get that proof from your last insurer, and each company handles this process differently.

One company might include your proof of no claims in your renewal or cancellation letter, another might send a specific proof of no claims discount letter, while a third company might only send proof if you request it.

We rang around a number of insurers to get find out how you’re meant to get hold of your proof of NCD and whether any of them send the proof out automatically. Here’s what they had to say.

What to do when you have your proof of NCD

Once you’ve got your proof of no claims discount in hand – whether that’s a letter, in an email or a PDF – there are stringent rules about getting it to your new insurer which, if broken, can leave you out of pocket or worse, uninsured.

To make sure you’re not caught out, here’s a look at some of the things to watch out for when you change car insurance providers and have to provide proof of no claims discount.

  1. Your annual renewal letter may serve as proof of no claims discount, so hang on to it. Saga, Santander and HSBC, to name but a few, say their renewal letters should suffice as proof.
  2. Not all insurers will automatically send you proof of no claims discount. Check our table to see if yours does, and what you need to do if they don’t.
  3. There is usually a time limit on getting your proof of no claims discount to the new insurer. This tends to range from around 7 to 21 days.
  4. If you don’t provide proof of no claims within the time limit, your new policy could be cancelled, leaving you uninsured, or your premiums could be increased as if you didn’t have a no claims discount.
  5. Some insurers will not accept a photocopy of your proof of no claims discount letter, and will ask that you send the original. If this is the case, be sure to make a photocopy for yourself.
  6. Most insurers only recognise no claims discount up to a certain point. For example, the greatest discount HSBC and M S will recognise is nine years. Insurers also have different maximum percentages, usually 70% or 75%.
  7. Your new insurer may contact your old insurer to get the proof of no claims discount itself, but it will tell you if it intends to do so.
  8. It’s also worth a follow-up call if you’ve not heard anything a week after you’ve sent the proof of no claims discount. The insurer should send you some kind of letter or email to confirm receipt, but don’t assume they’ve received it because you could be driving around uninsured.

How an NCD mishap can leave you without insurance

As a real-life example of how easy it is to get tripped up by all of this, MoneySuperMarket employee Hannah Jones found herself unwittingly driving around without any car insurance after sending off proof of her no claims discount.

Hannah switched to Sheila’s Wheels and was told to send proof of no claims discount within 14 days, which she did.

To Hannah’s surprise, she received a letter from Sheila’s Wheels saying the policy had been cancelled because they hadn’t received the proof. This was two weeks after it was sent, and the letter was backdated by a week.

Making matters worse, when Hannah called Sheila’s Wheels to explain it had already been sent, she was told that they would contact her previous insurer and that they didn’t really need the paperwork!

Though Hannah was able to explains matters and correct the situation, at first she faced a cancellation fee and higher premiums if she still wanted insurance with the company.

Clearly, even if you receive and send your proof of no claims discount, things could still go wrong, so it’s worth checking if you’ve heard nothing back.

And if you’ve built up a number of years’ worth of no claims discount it’s worth considering protecting it so you can still take advantage of the annual reduction even if you’ve made a claim.

What is no claims discount (NCD) protection?

NCD protection allows you to have a set number of ‘at fault’ accidents each year without affecting the discount. This means your NCD remains intact even if your insurer can’t claim their costs back.

And while this won’t necessarily stop the cost of cover increasing after a claim – insurers use your claims history to calculate premiums, with the discount factored in at the end – it should still mean the annual cost is lower than if you’d not protected your NCD.

You can take your car insurance no claims discount with you when you switch insurers. The discount might not be the same, but the new firm should honour your claims history. You can also transfer your NCD to another vehicle, perhaps if you buy a new car.

Using this MoneySuperMarket tool, you can find out how the leading car insurance providers approach the subject.

How many no-claims discount years will my new insurer honour?

Work out how many of the years you’ve built up will be recognised


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Which Car insurance companies accept No claims Discount proof from abroad-EU, no claims discount rules.#No


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  • FIRST POST

No claims discount rules

No claims discount rules

    Does anyone know which company will accept it ?

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      • #2
      • 16th Jul 08, 1:48 PM
      • #2
      • 16th Jul 08, 1:48 PM

      I think Saga do (if you are over 50)

      I’m confident that Groupama would

      I’m pretty sure that a Lloyds Underwriter, such as Chaucer, would too.

      Users saying Thanks (1)

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        • 22nd Jul 10, 3:22 PM
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          • 22nd Jul 10, 3:29 PM
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            • 22nd Jul 10, 3:44 PM
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          • No claims discount explained, no claims discount rules.#No #claims #discount #rules


            No claims discount explained

            No claims discount rules

            by Kevin Pratt

            Consumer affairs expert

            Thursday 28 May 2015

            Save money on your car insurance

            The no-claims discount you get on your car insurance is a reward for safe driving – and can cut the cost of your car insurance by as much as 75% with most insurers. So it’s good to know that you can take your discount with you when you switch insurers.

            How many no-claims discount years will my new insurer honour?

            Work out how many of the years you’ve built up will be recognised

            Pick your insurer

            Sorry! Please pick an insurer.

            Maximum number of

            With most insurers, the size of discount you can achieve increases until you have built up five NCD years, at which point the maximum discount percentage is achieved. Despite this, some companies continue to recognise if you go further years without making a claim – but they don’t increase the size of your discount (or at least not by much).

            However, it can still be helpful. If your insurance company recognises up to, say, nine years of claims-free driving and you have an accident, you might lose two years and drop back to seven. As that’s still higher than five, making a claim would not jeopardise your discount.

            Other companies will always drop you back to three years after an accident, regardless of your number of years claims-free.

            Maximum No Claims

            The amount of discount earned increases with each year of claim-free driving.

            So after one year you might get 30%, with the percentage increasing each year until you get 70% NCD after five years.

            Most firms offer a maximum NCD of 70%, although some offer 75% or 80%.

            Does it have an

            Accelerated Bonus Scheme?

            Some insurance companies offer drivers with no NCD an accelerated bonus scheme, which awards a year’s NCD after 10 months claims-free driving.

            After 10 months, you can either renew with the same firm, or move to another firm with the one-year bonus intact.

            Save money on your car insurance

            Car insurance is a hefty expense, but there’s a good chance you can save money by shopping around rather than staying with the same firm at renewal. Loyalty doesn’t pay!

            Get a car insurance quote

            Understand your no claims discount

            Here’s how it works. Most insurers offer a premium discount for every year without a claim, usually up to a maximum of five years. For example, you might earn a 30% discount on next year’s premium, if you do not make a claim in the previous year. Drivers who can boast five consecutive claim-free years can expect a discount of as much as 75% – or even more in some cases. The size of the discount, sometimes called a bonus, varies from insurer to insurer. Companies also calculate the discount in different ways. A number of firms even allow the discount to build up over 10 years or offer an ‘accelerated’ discount or bonus, where the discount applies after 10 months instead of 12.

            Making a claim

            It’s worth finding out what would happen to your discount if you put in a claim as you won’t necessarily forfeit the full amount. For example, if you have built up a discount over five years and make a claim in year six, you might lose only two years of discount. So, when you come to renew your car insurance, you would benefit from a three-year bonus. Remember that your insurance premium can still go up at renewal even if you don’t make any claims. That’s because the driver’s claims history is only one element in the premium calculation. Insurers also take into account factors such as your address and mileage, when they quote for cover. That’s why it’s always important to shop around when you renew, to make sure you’re getting the most competitive price for the cover you want.

            Discount portability

            If this has happened to you, or you have any questions about no claims discounts, drop us a line in the box below.

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            No claims discount explained, no claims discount rules.#No #claims #discount #rules


            No claims discount explained

            No claims discount rules

            by Kevin Pratt

            Consumer affairs expert

            Thursday 28 May 2015

            Save money on your car insurance

            The no-claims discount you get on your car insurance is a reward for safe driving – and can cut the cost of your car insurance by as much as 75% with most insurers. So it’s good to know that you can take your discount with you when you switch insurers.

            How many no-claims discount years will my new insurer honour?

            Work out how many of the years you’ve built up will be recognised

            Pick your insurer

            Sorry! Please pick an insurer.

            Maximum number of

            With most insurers, the size of discount you can achieve increases until you have built up five NCD years, at which point the maximum discount percentage is achieved. Despite this, some companies continue to recognise if you go further years without making a claim – but they don’t increase the size of your discount (or at least not by much).

            However, it can still be helpful. If your insurance company recognises up to, say, nine years of claims-free driving and you have an accident, you might lose two years and drop back to seven. As that’s still higher than five, making a claim would not jeopardise your discount.

            Other companies will always drop you back to three years after an accident, regardless of your number of years claims-free.

            Maximum No Claims

            The amount of discount earned increases with each year of claim-free driving.

            So after one year you might get 30%, with the percentage increasing each year until you get 70% NCD after five years.

            Most firms offer a maximum NCD of 70%, although some offer 75% or 80%.

            Does it have an

            Accelerated Bonus Scheme?

            Some insurance companies offer drivers with no NCD an accelerated bonus scheme, which awards a year’s NCD after 10 months claims-free driving.

            After 10 months, you can either renew with the same firm, or move to another firm with the one-year bonus intact.

            Save money on your car insurance

            Car insurance is a hefty expense, but there’s a good chance you can save money by shopping around rather than staying with the same firm at renewal. Loyalty doesn’t pay!

            Get a car insurance quote

            Understand your no claims discount

            Here’s how it works. Most insurers offer a premium discount for every year without a claim, usually up to a maximum of five years. For example, you might earn a 30% discount on next year’s premium, if you do not make a claim in the previous year. Drivers who can boast five consecutive claim-free years can expect a discount of as much as 75% – or even more in some cases. The size of the discount, sometimes called a bonus, varies from insurer to insurer. Companies also calculate the discount in different ways. A number of firms even allow the discount to build up over 10 years or offer an ‘accelerated’ discount or bonus, where the discount applies after 10 months instead of 12.

            Making a claim

            It’s worth finding out what would happen to your discount if you put in a claim as you won’t necessarily forfeit the full amount. For example, if you have built up a discount over five years and make a claim in year six, you might lose only two years of discount. So, when you come to renew your car insurance, you would benefit from a three-year bonus. Remember that your insurance premium can still go up at renewal even if you don’t make any claims. That’s because the driver’s claims history is only one element in the premium calculation. Insurers also take into account factors such as your address and mileage, when they quote for cover. That’s why it’s always important to shop around when you renew, to make sure you’re getting the most competitive price for the cover you want.

            Discount portability

            If this has happened to you, or you have any questions about no claims discounts, drop us a line in the box below.

            Named drivers

            Did you enjoy that? Why not share this article


            A crash course in bizarre no-claims discount rules on car insurance, no claims discount rules.#No


            A crash course in bizarre no-claims discount rules on car insurance

            No claims discount rules

            No claims discount rules

            8:01AM BST 11 Jun 2014

            One day last September, Charlene Green was driving down a motorway near Manchester when she was involved in an accident.

            A driver in front hit the brakes and Ms Green’s white Audi A3 went into the back of the car. No one was hurt but the damage cost Ms Green, 28, a £400 excess fee while her insurer, Churchill, covered the remaining costs.

            But when Ms Green’s insurance came up for renewal in November, she discovered that the accident had also ruined a no-claims discount she had built up over eight years.

            If a driver does not make a claim on their motor insurance, they can build up a discount that can reduce their annual premium by as much as 80pc. Figures from Moneysupermarket.com comparing four insurance policies show an average drop of £150 over five years.

            Most claims on an insurance policy knock two years off this discount, but typically insurers consider only the past five years in the event of a claim.

            Related Articles

            In Ms Green’s case, this meant her no-claims discount (NCD) was cut from eight years to three. A customer driving without a claim for 15 years could see 12 years knocked off their record after one crash.

            “I was renewing with Churchill every year and my premium was steadily going down,” said Ms Green, who is a nurse and preferred not to be photographed for this piece. It has now risen by nearly £10 a month.

            A spokesman for Churchill said: “Churchill offers an 80pc discount as an introductory offer for new customers who have eight years’ or more NCD, and continue to reward up to nine years’ NCD for existing customers who remain claim-free.

            “However, unless a customer has protected their NCD, if they make a claim and they have over five years’ NCD this will be reduced to three years’ NCD after a first claim.”

            Angela Pilley of the financial research company Defaqto said: “Insurers have a maximum level of no-claims discount that they consider, which they classify as a ‘step back’ period.”

            She said policies should include details of the no-claims discount and how it is calculated, but the terms vary among insurers.

            “It is a very difficult subject because every insurance company applies different levels [of discount] in terms of the percentage discount they offer customers, how you protect your no-claims discount, and the number of incidents it covers,” she said. “It varies across the board so widely that each individual has to know their own circumstances and read the policy wording.”

            The Telegraph approached a number of leading insurers to compare their no-claims policies (see table below). Swiftcover, LV= and Aviva disclosed their maximum level of discount available, ranging from 65pc to 79.5pc.

            In terms of how the no-claims discount is cut following a claim, the industry standard is to deduct two years for each claim. However, since in most cases only five years are considered, typically customers will have a maximum of three years’ no-claims discount taken into account after one claim.

            Allianz will honour the two-year reduction based on the total number of claim-free years, up to a maximum of eight years. Swiftcover offers customers a maximum of four years’ no-claims discount at renewal after one claim, for drivers with a clean insurance record of six years or more, while LV= puts customers with nine years’ no-claims discount back to four years, and customers with eight years or less back to three.

            It gets more complicated when a driver considers paying extra to protect their no-claims discount. This add-on allows drivers to claim a certain number of times but still maintain the discount on their premium.

            Insurers differ in how they calculate the cost of this protection, and how many claims it will cover. LV= said its customers typically paid between 5pc and 15pc of their car insurance premium to protect their no-claims discount, but other insurers simply said the figure would vary.

            According to Moneysupermarket, customers who do not protect their no-claims bonus could see their premiums rise by 30pc in the event of a claim. However, drivers who protect their discount but don’t make a claim for a number of years could see their savings eroded.

            Kevin Pratt, an insurance expert at Moneysupermarket, said: “It’s crucial for motorists to understand the costs involved with premiums. Additional fees for protecting a no-claims discount entirely depend on your personal circumstances and motoring history, as well as the provider.”

            If drivers are considering NCD protection, the advice is to shop around. It is important to compare quotes with and without the extra cover and to read the small print.

            Mr Pratt said: “Finally, motorists should remember it is the discount they are paying to protect, not the premium amount. So if you do make a claim, it is likely that premiums will rise as a result anyway.”

            No claims discount rulesHonest John

            I have never received a satisfactory explanation from insurers why, after a claim, a policyholder with a “protected no-claims discount” still finds his or her premium going up by considerably more than the normal annual increase.

            A reasonable man would think that if he paid extra for his insurance policy’s “no-claims discount” to be protected, then he would not see his premium increased considerably after a claim, whether the claim was his “fault” or not.

            I’ve been offered the argument that the claim makes the policyholder a statistically greater risk, so his premium rises considerably as a result, and his “protected no-claims discount” then brings it back to a smaller increase. But that still makes no sense to me. A “protected no-claims discount” should be what it says on the paperwork.

            Because car insurance in Britain is compulsory, it’s crawling with crooks and unnecessary complications, few of which make any sense other than to provide income for the leeches that feed off them. The UK motor insurance business should be torn up and reformed along the lines of other countries where cars are insured rather than drivers. Then ridiculous situations such as visitors not being able to get insurance to drive their hosts’ cars would not arise.

            Honest John is the Telegraph’s cars expert

            lt;noframes gt;Datatable: How no claims discount policies compare lt;/noframes gt;


            FHA Streamline Refinance Requirements #fha #loan #refinance #rules


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            FHA Streamline Refinance Program: Info and FAQs

            FHA Streamline Refinance Program: Info and FAQs

            In this article:

            What Is an FHA Streamline Refinance?

            The FHA Streamline Refinance program is a special refinance program for people who have a Federal Housing Administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.

            An appraisal might not be required either depending on how much you have paid on your original loan balance. One of the most advantageous aspects of this program is that it allows for an unlimited loan-to-value ratio. Therefore, if you are severely underwater you still may be able to take advantage of record low mortgage rates by refinancing with an FHA streamline .

            Criteria for Qualifying

            • You have to live in the house you are refinancing.
            • You can’t have made more than two, 30-day late payments on your FHA mortgage in the past 12 months.
            • You have not completed an FHA Streamline Refinance in the past 6 months.
            • FHA does not have a minimum credit score required for a streamline refinance, but your lender might. Generally it’s best if you have a score of 620 or above.

            See today’s refinance rates on Zillow

            FHA Streamline With Appraisal

            The advantage of doing an FHA Streamline Refinance with an appraisal is that you are able to roll your closing costs into the loan. You are only required to have an appraisal if your new loan amount exceeds your original loan amount by 1.5 percent.

            FHA Streamline Without Appraisal

            If you do an FHA Streamline Refinance without an appraisal you are not able to roll your closing costs into the loan. Hence, you will need to be prepared to pay your closing costs out of pocket or talk to your lender about whether they can cover your closing costs in exchange for paying a higher interest rate.

            Shop for FHA Streamline Quotes

            We encourage you to shop around for the most competitive mortgage rates and fees for an FHA Streamline Refinance. Make sure to check with your current servicer and Zillow. the only comparison shopping site for FHA Streamline Refinance loans for underwater borrowers.

            Underwater Mortgage: Which Refinancing Program are You Eligible for?


            Cancel Speeding Ticket, Beat Parking Ticket, Cancel Traffic Ticket #speeding #ticket, #parking #ticket, #traffic #ticket,


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            DISCOVER THE SECRET DRIVING LOOPHOLES
            THE POLICE DO *NOT* WANT YOU TO KNOW!

            How would YOU like to discover LITTLE-KNOWN secrets for BEATING SPEEDING TICKETS.
            . CANCELLING parking fines. and winning against the traffic police in the COURTS?

            There ARE secrets. And I’d like to share them ALL with you — RIGHT HERE .

            Please note: this is a completely legal guide to help you use the law to your advantage. Nothing within the guide is illegal, or could be used to criminal advantage.

            Every single day the UK Government fine THOUSANDS upon THOUSANDS of drivers for minor driving offences.
            Go just a few miles above the limit on an empty motorway. and you could be facing a massive THREE POINTS on your license and a HEFTY FINE .

            After twelve points, you’re BANNED .

            Or, if you’ve been driving under two years, it’s just six points before you’re off the road.

            IS THIS MAKING THE ROADS SAFER? Not in the slightest. In the period from 1997 to 2000, revenue from motorist fines went from 13 million to over 25 million. Yet road accidents during that period INCREASED. not decreased.

            Instead of helping keep the roads safe, the Police Force are using motorists to increase funding and provide better year-end statistics. Who do you think is easier to arrest. a professional burglar, or the innocent motorway driver accidentally driving a few miles above the limit?

            Whether you choose to believe it or not. It’s what happens. And if you don’t care about it now, you can be sure that at some point in the near future you’ll wish you had. Think about it.

            What would YOU do right now if your license was REVOKED?
            How would you SURVIVE.

            It’s more than just inconvenient. The impact is enormous. You’d lose your job (or, at best, revert to the horrors of public transport). You’d lose your social life. You’d lose income and local integrity. You could lose SO MUCH.

            And it could all happen just by being caught ONCE going 90 MPH on an empty motorway!

            Are you ANGRY. YOU SHOULD BE! The whole system is a shambles, and you need to protect yourself.

            Now, thanks to a UK driving loopholes expert with over 20 years of experience, you can do EXACTLY that.

            NEW 2017 DRIVING GUIDE
            UNVEILS HUGE DRIVING LAW LOOPHOLES!

            Most drivers pay little attention to the law.

            They’ve heard you can go 10% above the speed limit without getting fined, yet are sketchy on the detail. “Somebody else” said that curling back your tongue when taking a breathalyzer test helped lower the result. “Another person” said that if you simply said nothing. they’d let you off with a warning.

            Do you ENJOY building your life on PURE HEARSAY.

            Our brand new UK Driving Secrets guide (now fully updated for 2017!) was written by a UK motoring law expert with over 20 years of experience. He knows the business better than anyone. He’s at the cutting-edge of motoring law — and in this NEW, SHOCKINGLY BLUNT guide, he shares secrets that will TOTALLY redefine your understanding of what the Police can actually do.

            For example, do you know about the one single test that police absolutely MUST conduct every time they stop a person for speeding? And do you know that if the Police don’t conduct this test, and you point it out later, you’ll be IMMEDIATELY let off the hook.

            How about the one thing you absolutely must NOT say when stopped? Break this little rule, and ALL is lost.

            Yes, there ARE secrets to beating your speeding ticket. And you’re given EVERY SINGLE ONE of them.

            In fact, the guide has an ENTIRE CHAPTER devoted to speeding tickets. You’ll discover how to use the law to your maximum advantage. And you WON’T be disappointed.

            We also cover practically every other area of driving, where LITTLE-KNOWN TRICKS are practically BEGGING to be revealed. For example, you’ll learn the following PARKING TICKET secrets:

            DISCOVER EXACTLY WHY YOU SHOULD

            TELL THE POLICE: SEE YOU IN COURT!

            BUT THAT’S NOT ALL. THERE ARE OTHER
            SECRETS YOU ABSOLUTELY MUST KNOW !

            BUY BEFORE MIDNIGHT FRIDAY
            . AND GET THE GUIDE FOR JUST 27.95!

            Under request of the author, we are only producing 450 unique copies of the UK Driving Secrets 2017 guide. EVER!

            This serves two purposes. Firstly, it helps restrict this secret knowledge to the elite few that decide to purchase. Secondly, by keeping the reader base small and exclusive, it helps prevent the “discovery” of such loopholes, and thereby stops any changes in the law.

            UPDATE: We currently expect to sell ALL of our guides by the end of June, and would like to thank all of our previous customers for bringing us this far!

            In celebration of this fact, we are now reducing the last bundle of the
            UK Driving Secrets 2017 guide from 39.95
            . down to just �27.95!

            That’s a saving of OVER 12, if you purchase before MIDNIGHT, FRIDAY!

            Interested? Want to be one of the EXCLUSIVE FEW that know EXACTLY how to control the driving system? If you’re looking for the most amazing, most legal loopholes around — you will absolutely love the UK Driving Secrets 2017 guide.

            Ready to purchase? Your guide will be delivered instantly via download. Just click to begin.

            The UK Driving Secrets 2017 guide is made available as a download.
            You will be sent a link via e-mail immediately after your purchase.

            We accept Visa, Mastercard, Delta, Switch, Solo, and other cards. You’ll also be given the option
            to phone in your order, or pay by cheque. VAT will be added at 15%.

            Alternatively, if you’d prefer to pay via PayPal, simply click the button:

            Still unsure? Whether you decide to purchase the UK Driving Secrets 2017 guide is totally up to you. It’s your decision. However you might be interested to learn that under our 100% refund guarantee, your purchase is ABSOLUTELY RISK-FREE!

            Here’s our GUARANTEE: If our guide doesn’t provide details on EVERY SINGLE loophole claim made on this page, just let us know and we’ll provide you with a complete and utter refund.

            No surcharges or extra fees. And absolutely NO small print.
            You can feel TOTALLY SAFE with our 100% consumer guarantee.

            We know you will be truly ecstatic with the UK Driving Secrets 2017 guide. And with our guarantee, you can try it out totally risk-free. The deal simply doesn’t get any better.

            So, again, if you’re interested — TAKE THIS FINAL CHANCE to get in on the act right now, for our special price of just 27.95:

            Got questions? You might wish to read our list of Frequently Asked Questions. or you can contact us direct via our dedicated support site at myHelpHub.com.

            I hope you decide to join us on this “mini-revolution.” I’m sure you’ll enjoy the ride.

            Thank you for your time,

            PS. You CANNOT buy the UK Driving Secrets 2017 guide in the shops. It’s absolutely EXCLUSIVE to this Web site. Do NOT fall for cheap eBay imitations full of useless information stolen straight from Wikipedia. If you want the ABSOLUTE *TRUE* SECRETS, then you MUST buy this guide. Click HERE!

            PPS. REMEMBER, this is the absolute BEST TIME to buy the guide. Not ONLY are we running the discount from �39.95 down to just �27.95, but you’re also hitting our site as we’re approaching our limit of 450 copies. This guide WILL be removed. So learn the SECRETS while you still can. Click HERE!

            PPPS. NOT going to BOTHER? You’re going to wait until you’re CAUGHT? Some of my friends told me they’d be interested in this information AFTER they were caught. BIG MISTAKE. You need to know EXACTLY what to do if you’re pulled over. NOW! After you’ve BEEN pulled over, it’s too late. We’ll tell you exactly what to say to the police officer. and how to follow it up, to ensure you NEVER get a ticket or a fine! Click HERE to learn more .


            Home Equity to Consolidate Debts #home #equity #canada, #debt #consolidation #advice, #refinance #home, #second #mortgage


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            You are here

            Home Equity to Consolidate Debts – Refinance Your Home or Get a Second Mortgage

            What does using home equity to consolidate your debts mean? Essentially it is using the equity in your home / refinancing your home to consolidate your debts into one payment in order to pay off your debts.

            A “Home Equity Loan”, “Home Equity Line”,”refinancing your mortgage / re-mortgage” and getting a “second mortgage” are all different names for the same thing and are sometimes used as a debt consolidation option. These terms refer to the bank lending you money against the portion of your home that you own. So if the bank thinks that your home is worth $300,000 and your mortgage is for $250,000, then you own $50,000 of your house. This is called your “equity”.

            Increasing your mortgage is something that the bank may let you do, by taking out a second mortgage to use up some of this equity to pay off your debts. (Check out our handy mortgage and debt consolidation calculator ). You would then have two mortgages: your first mortgage and a second mortgage which could be the debt consolidation home loan . If this is something you’re interested in doing, speak with your bank or credit union to find out how it works, to get information about the mortgage rules in Canada and if this option could work for you. Sometimes if you have bad credit. it might be difficult to get a debt consolidation loan. so using home equity could be another possibility. Check with a Credit Counsellor to make sure that you choose the right option.

            Selling Your House to Pay Off Debt – Talk to a Credit Counsellor About Consolidating Debts

            You could also sell your house to pay off debts. though this should be a last resort and pertain to your situation, e.g. down-sizing in retirement. There are things to know before using your home equity line. so to choose the best way / option that fits your situation, especially if you’re retired and your income has changed, talk to a trusted, accredited non-profit Credit Counsellor.

            Interest Rates for Second Mortgages – Can Be Higher Than First, Talk to Your Bank About Using Your Home Equity

            Sometimes you can get the same interest rate on your second mortgage as you got on your first mortgage, but this isn’t always possible (talk to your lender to find out more). If you do have to pay a higher interest rate on your second mortgage, you can set up the due date / term to correspond with the due date / term for your first mortgage. This will allow you to combine them at the bank’s best interest rate when they need to be renewed.

            Re-mortgaging may also be an option that your lender can explain to you. It may allow you to keep a low interest rate, only have one mortgage payment and still give you funds to pay off other debts.

            History of Mortgage Rates in Canada – Declining Since 1980’s

            Ever since the early 1980’s mortgage rates have been declining in Canada. They peaked at over 20% at that time but are now typically offered in the 3% – 6% range. It is wise to remain mindful of the fact that we are currently living with historically low interest rates. This means that we cannot count on them to stay this low forever. The average five year mortgage rate over the past 60 years has been 8.95%. So if you are considering refinancing your home, make sure you can afford an “average” interest rate of 9% in the long term.

            Finance Companies and Sub Prime Lenders or Loan Companies Offering Mortgages – Higher Interest Rates than Banks

            Finance companies and sub-prime lenders also offer mortgages. Their interest rates will almost always be higher than the bank’s and can often range between 14% – 30%. These rates are a lot higher because these companies tend to lend money / cash to people in financial situations that involve more risk than banks usually want to take on.

            High interest loans like these can be used as a tool to get you from point A to point B, but you should do your best to find a better arrangement as fast as possible. It is very hard to get ahead paying really high interest rates.

            Advantages of Using a Second Mortgage to Consolidate Debt

            1. The interest rates are typically low
            2. Flexible payment arrangements. You can usually extend your amortization (the length of time required to pay back the loan) to create an ideal monthly payment

            Disadvantages of a Second Mortgage

            1. You must have enough equity in your home as well as income to make both mortgage payments
            2. You may be charged a number of fees for the costs involved in setting up a second mortgage
            3. Banks often don’t like to do small second mortgages. $10,000 may be the minimum that they will consider

            Contact Us for More Information About How to a Use Home Equity Line to Consolidate Debts

            We can give you information on how to use home equity to consolidate debts / pay off debts. Contact us by phone at 1-888-527-8999, send us an email or chat with us online right now. One of our Credit Counsellors will be happy to offer you debt consolidation advice . Our appointments are free, confidential and informative. You may have other options that are better for your situation, so before you increase your mortgage, take out a second one (at a higher interest rate) or apply for a home equity loan. give us a call.