It was a long process when we obtained our mortgage from Northern Rock, details of our incomes and assets scrutinized before a last minute decision given. With hindsight, we could of stayed put living in a 2 bedroom house surrounded by the yobs who I normally end up taking into the police station! I could say something to them, but the prospect of having any windows left or my children being harassed by the charming individuals, was a big factor in moving.
So we bought a new house, our budget allowed for the monthly payments plus an extra 1% increase in the interest rates as a contingency.
Everything was going well, until the fateful Sub-Primacy scandal unfolding in the USA. With a bit of concern I contacted Northern Rock, who assured me that my mortgage was safe and I had nothing to worry about. I was still tied into their product for another year anyway.
Re-assured I watched the events unfold in the USA, my attention being drawn to comments being made regarding companies in the UK with a 'bit' of exposure in the USA. Hold on did someone just mention Northern Rock!
As we like to say the rest is history, Northern Rock went into meltdown. All attempts to re-mortgage were met with an unsympathetic 'No' and some to add insult to the situation, stated that I should not of borrowed so much in the first place! Did I not seek the advice of financial advisors in the first place to obtain the mortgage!
Regardless of the now experts informing me that I should of been more responsible in my borrowing, this did not help my situation. I continued to make enquires with several financial organisations, including my bank who I had been a loyal customer with for over 23 years! No help offered apart from the flippant remark of try selling your house and buying a smaller one!
More help was to come from Northern Rock, who stated that my 2 year fixed period was due to expire and owing to their current situation, they would be unable to offer a competitive rate! I had budgeted for a 1% increase, but when they informed me, my mortgage would be increased by a 2.5% increase, it was something I had not allowed for. This was an increase of £400 per month on my mortgage, with the added problem of no other mortgage company willing to offer me anything, this was going to get tough!
I had to prioritise my outstanding debts to give me the money to cover my extra mortgage payment. The only option was to consolidate all my unsecured debt through a debt management company. They would contact all my creditors offering a monthly payment. By doing this I recovered the extra funds required for the mortgage.
Northern Rock were not happy by charging over 2.5% above the base rate, when we had the recent interest rate reduction of 0.5%, they could only manage to pass on .15% to me! So how does that work then, was the reduction just for the benefit of the banks who had made massive errors in investing in ill-thought products or was it for the customers facing 5% inflation and increased mortgage repayments? Answers on a postcard only!
The situation was about to turn into more of a farce, when Halifax decided that the monthly payment offered by the debt management company was not good enough. Interest was piled on top of the outstanding balance, plus charges in excess of the £12 fee normally reserved for accounts in arrears being charged. They also embarked on a campaign of harassment, 15 automated phone calls in 1 day. On a number of occasions, the phone being answered by my daughter only to have the phone put down on them!
When I did speak with staff from Halifax, they demanded I pay the outstanding balance, or face legal action. Any attempt to inform them that a debt management company was now instructed to make the monthly payments, they ignored this information and at times rudely reminded me that it was my responsibility to pay this debt off. With regards to the phone calls, they were totally unco-operative in the reviewing their procedures which at times caused distress for persons answering the phone. Now that is what I call customer service.
To remedy all the injustices I had faced from banks, I decided to instruct a company to recover my bank charges. A company 'BankSmart' offered a no win no fee service in recovering bank charges and credit card fees. This was going to be sweet justice I thought, someone standing up for Joe public against these seemingly untouchable financial institutes.
Details of all my accounts were submitted to BankSmart, who after a couple of weeks informed me I would be able to recover my costs from the Banks. Brilliant, I could not help revenge would be mine!
It was too good to be true, despite their initial sales pitch and letters confirming how much they would be able to recover for me. I now received notification that because the amount being claimed on some accounts, were less than £150. This would not be viable for them and to cover their costs, I would have to pay £100!
Hold on, I submit my accounts for them to review and confirm how much I can recover. I sign a contract stating I will not deal directly with the banks to recover my costs, if I did I would be liable for a cancellation charge. This was a catch 22 situation, I could not cancel or proceed without incurring charges. Now I was thoroughly confused, a company purporting to offer help in recovering illegal bank charges, were now charging me more than the banks did, because the amount was less than £150. How is this no risk, no win, no fee!
Whats the answer, well I am now considering bankruptcy, handing my house back to Northern Rock, leaving the country and starting afresh in a place were the bandits are easily recognised, at least this way I can see them coming!
This country is now too expensive for any person in full time employment above the benefits, tax credit thresholds to live. It is no longer the country who I want to put my life on the line for, which I have on a daily basis!
The boys and girls who are currently represent our country in foreign fields are not supported by the government. My colleagues are actively involved in raising funds for a facility providing rehabilitation for wounded soldiers!
Sorry my soap box is starting to strain under my weight! Am I a lone voice, I think not, will I be listened to, probably not.
What can we do about it? Press delete and put our heads back in the sand!
http://www.lobbythornton.com
Monday, 7 September 2009
Sunday, 6 September 2009
How To Negotiate!
Real Life negotiating
By
Arnold Butler
The book is written so the read can develop effective skills, techniques and strategies to ensure successful negotiation between, friends, partners, business and personal relationships. There are several basic rules of negotiation the author highlights through out the book. There are tips and suggestions how you can develop your own effective negotiation skills.
Useful skills for negotiation are strategies and techniques to overcome your nerves, perhaps through public speaking classes or a professional club such as the Toastmasters. Along with overcoming your nerves the reader will find useful information on how to develop presentation skills, how builds a positive impression, and suggestions on how best to practices these skills. Listening in order to be able to meet the needs of the other person is also covered; strategies on how to hold another person's attentions; how to avoid giving a false impression; how to ask questions so the other person will answer and continue with negotiations; the importance and how to make a positive connection with the other person; the role of humor; the role and importance of body language; how impact cultural background and upbringing play on negotiations; how to check your own body's signals; how to develop empathy, patience, and persistence are also covered in the first chapter.
The next chapter looks at how to use pauses and silence in the process of negotiation. The author details the strategies which will the reader can practice and implement in order to be successful in using pauses and silence the negotiation process. This chapter also discusses ways to say "no" without damaging the process.
Chapter three addresses strategies on how to guard and protect your reputation as a negotiator; how other may perceive your negotiation style; way to treat the other person with respect; the importance of telling stories and how they can backfire; suggested tactics; how to avoid the blame game; the importance of knowing the value of each point to each party involved in the negotiation process; what are the important elements of a successful negotiation; how to reassure the other person; and the importance of keeping records of the negotiation agreements.
The following chapter is dedicated to how to deal with aggression; how to avoid their attitude affecting your response; the possible reasons for a forceful approach; how to identify their real motivation and what to do; how to handle the offer of "splitting the difference" to benefit you; how to ensure a win-win agreement; and the importance of focusing on the benefits and features above the price; how to handle indecisiveness; the importance of painting a picture for the other party; what are the elements of a standard practice in negotiations; what it means and how to handle "subject to outside approval; and the importance of timing.
The next section focuses on the tactic of "good cop and bad cop" and how this can be beneficial in the negotiation process; how to handle last minute additions to the agreement; and a list of other tactics.
The following section provides detailed steps on: what to do before the negotiations begin; steps for proper preparation and it importance. The author provides a list of things you need to know before hand: your figures, your options, your desired outcomes and as much as possible about the other party. The author points out common errors and how they impact the negotiation process; the importance of knowing who has authority to make the deal. There is a list of things you need to find out about the other party such as how important is the deal to them; are they under pressure to get results; is the pressure do to time and/or financial constrains; and are there other strong prospects. There are steps for preparation: plan exactly how you will present your offer; how to identify possible responses for the other party; how to identify other points which you don't want the other party to bring up and how to handle it if they do; make a list of possible concessions or bonuses; and make a list of all the things you need to get from the deal.
The next chapter looks at how to deal and identify your prime objective and fallback options. There is a discussion on the importance of having the option to say no to the deal/negotiation process; how your physical health will impact the negotiation process; tips on handling stress and traveling; and how to gauge the value of an item. There are six points to determining the value of an item: what was paid for it; what it cost to make; the value of its components; the replacement costs; the benefit to the buyers; and the value after one year.
The next section looks at the importance of keeping an open mind in order to reduce stress and uncomfortably. The importance of a win-win philosophy in negotiations; how to provide options and their importance to the process; the importance of leaving them something; how to avoid getting stuck on the sticker price; how to develop optional outcomes/targets; how to pace the negotiation process; how to make an offer more attractive; and how to establish a bottom line.
The last section details strategies on making the first offer; how to build a favorable relationship; the role of lawyers and other advisors and how to handle them; getting it on paper; and what to do after the deal has been concluded through review of the process;
For More Info Visit:
www.lobbythornton.com/estore/nego
By
Arnold Butler
The book is written so the read can develop effective skills, techniques and strategies to ensure successful negotiation between, friends, partners, business and personal relationships. There are several basic rules of negotiation the author highlights through out the book. There are tips and suggestions how you can develop your own effective negotiation skills.
Useful skills for negotiation are strategies and techniques to overcome your nerves, perhaps through public speaking classes or a professional club such as the Toastmasters. Along with overcoming your nerves the reader will find useful information on how to develop presentation skills, how builds a positive impression, and suggestions on how best to practices these skills. Listening in order to be able to meet the needs of the other person is also covered; strategies on how to hold another person's attentions; how to avoid giving a false impression; how to ask questions so the other person will answer and continue with negotiations; the importance and how to make a positive connection with the other person; the role of humor; the role and importance of body language; how impact cultural background and upbringing play on negotiations; how to check your own body's signals; how to develop empathy, patience, and persistence are also covered in the first chapter.
The next chapter looks at how to use pauses and silence in the process of negotiation. The author details the strategies which will the reader can practice and implement in order to be successful in using pauses and silence the negotiation process. This chapter also discusses ways to say "no" without damaging the process.
Chapter three addresses strategies on how to guard and protect your reputation as a negotiator; how other may perceive your negotiation style; way to treat the other person with respect; the importance of telling stories and how they can backfire; suggested tactics; how to avoid the blame game; the importance of knowing the value of each point to each party involved in the negotiation process; what are the important elements of a successful negotiation; how to reassure the other person; and the importance of keeping records of the negotiation agreements.
The following chapter is dedicated to how to deal with aggression; how to avoid their attitude affecting your response; the possible reasons for a forceful approach; how to identify their real motivation and what to do; how to handle the offer of "splitting the difference" to benefit you; how to ensure a win-win agreement; and the importance of focusing on the benefits and features above the price; how to handle indecisiveness; the importance of painting a picture for the other party; what are the elements of a standard practice in negotiations; what it means and how to handle "subject to outside approval; and the importance of timing.
The next section focuses on the tactic of "good cop and bad cop" and how this can be beneficial in the negotiation process; how to handle last minute additions to the agreement; and a list of other tactics.
The following section provides detailed steps on: what to do before the negotiations begin; steps for proper preparation and it importance. The author provides a list of things you need to know before hand: your figures, your options, your desired outcomes and as much as possible about the other party. The author points out common errors and how they impact the negotiation process; the importance of knowing who has authority to make the deal. There is a list of things you need to find out about the other party such as how important is the deal to them; are they under pressure to get results; is the pressure do to time and/or financial constrains; and are there other strong prospects. There are steps for preparation: plan exactly how you will present your offer; how to identify possible responses for the other party; how to identify other points which you don't want the other party to bring up and how to handle it if they do; make a list of possible concessions or bonuses; and make a list of all the things you need to get from the deal.
The next chapter looks at how to deal and identify your prime objective and fallback options. There is a discussion on the importance of having the option to say no to the deal/negotiation process; how your physical health will impact the negotiation process; tips on handling stress and traveling; and how to gauge the value of an item. There are six points to determining the value of an item: what was paid for it; what it cost to make; the value of its components; the replacement costs; the benefit to the buyers; and the value after one year.
The next section looks at the importance of keeping an open mind in order to reduce stress and uncomfortably. The importance of a win-win philosophy in negotiations; how to provide options and their importance to the process; the importance of leaving them something; how to avoid getting stuck on the sticker price; how to develop optional outcomes/targets; how to pace the negotiation process; how to make an offer more attractive; and how to establish a bottom line.
The last section details strategies on making the first offer; how to build a favorable relationship; the role of lawyers and other advisors and how to handle them; getting it on paper; and what to do after the deal has been concluded through review of the process;
For More Info Visit:
www.lobbythornton.com/estore/nego
Friday, 10 July 2009
Social Lending
Social Lending is a smarter, fairer and more human way of doing money. It's like borrowing and lending with your friends and family - except there are thousands of people you can lend and borrow with.
Both lenders and borrowers get better rates, because Social Lending is more efficient than the traditional banking model. Banks have massive overheads, with thousands of employees to pay and hundreds of branches to maintain. So they have to take large margins on the money that passes through them.
An online marketplace where people meet to lend and borrow has huge cost advantages – which is why Zopa members get a fairer deal when it comes to their money.
Zopa was the world's first lending and borrowing marketplace. By demonstrating that Social Lending works on a large scale, Zopa has changed the financial sector for good.
In Zopa's wake, copycats – such as Prosper in the US, Smava in Germany and Boober in the Netherlands – have sprung up across the world.
Social Lending is a financial category of genuine and increasing importance.
Both lenders and borrowers get better rates, because Social Lending is more efficient than the traditional banking model. Banks have massive overheads, with thousands of employees to pay and hundreds of branches to maintain. So they have to take large margins on the money that passes through them.
An online marketplace where people meet to lend and borrow has huge cost advantages – which is why Zopa members get a fairer deal when it comes to their money.
Zopa was the world's first lending and borrowing marketplace. By demonstrating that Social Lending works on a large scale, Zopa has changed the financial sector for good.
In Zopa's wake, copycats – such as Prosper in the US, Smava in Germany and Boober in the Netherlands – have sprung up across the world.
Social Lending is a financial category of genuine and increasing importance.
A friend of yours wants you to see this page
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