Monday, 14 April 2014
Citizens Advice Bureau
Elizabeth Crampton from the CAB was tonight's guest on Drivetime.
Credit regulation is changing. The OFT will continue to regulate consumer credit until 31 March 2014. After this date, responsibility for consumer credit regulation will transfer to the Financial Conduct Authority (FCA).
If you apply to the OFT for a Consumer Credit Licence on or after 21 February, please be aware that, due to the limited time remaining before the transfer of responsibility to the FCA, it is very likely that we will not be able to process your application to completion. It will pass to the FCA to take forward.
A bailiff may visit your home if you don’t pay your debts - eg a Council Tax bill, parking fine, court fine, county court or family court judgment.
This will happen if you ignore letters saying that bailiffs will be used.Bailiffs must normally give you at least 7 days’ notice of their first visit.
You can stop bailiffs from visiting by paying the money you owe. Talk to the person or business you owe money to as soon as possible to get advice on how to pay your debt.
Bailiffs are also known as ‘enforcement agents’.
How Much Coverage Do You Need?
Enough to cover:
Your Property and Belongings: The better your coverage, the less you will have to pay out of your own pocket if disaster strikes.
Self Protection: You need enough liability coverage to protect yourself from lawsuits resulting from your negligence or events that could occur on your property.
Lender Requirements: Your housing lender will require you to cover the house for at least the amount of the mortgage or the replacement cost of the dwelling.
Policy Requirements: Insurers may impose some coverage requirements for replacement cost protection. Preferred plans usually require policy limits at 100% of replacement cost. Standard plans usually require policy limits of at least 80% of replacement cost.
Further details can be found at the web site http://www.adviceguide.org.uk/