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This article will teach you how to not only about modifying mortgages but the rest of the household debt also.  These could be auto – car loans, credit cards and unsecured loans. 

 The TurboMod software by turbomodification.com is a fully supported, end to end software solution that provides all that is needed to run a loan modification company.

 With turbomod you are not restricted to only home owners because renters have credit cards and auto / car loans too.

TurboMod takes each loan that you want to modify and produces a modification for each one in proportion.  This addresses the main issue that causes many modifications to be denied. A lender does not see why he should be the one that is shouldering all of the profit loss when there are other creditors too.  Here’s an example of a proportionate modification.

Our modification proposals will show each creditor that all creditors have been offered the same solution proportionately and therefore fairly.

Real life example

Joe Blogs brings home ,000 per month

It costs Joe blogs 00 per month for bills and living expenses

Joe Blog’s total monthly debt payments are   ,000 and are broken down like this:

1

Mortgage            

,000

2

Car Payments

,000

3

Credit Cards

,000

4

Unsecured Loans

,000

Clearly Joe is short by ,000 per month so his debt payments need to go down by ,000. This is done proportionately across all debts.

1

Mortgage            

,600

2

Car Payments

0

3

Credit Cards

0

4

Unsecured Loans

0

The lender sees this and no longer feels like he is shouldering more than his fair share of profit loss and is therefore much more likely to agree.

 

If you change anything on your car that can affect its safety, or performance, or the odds of it being vandalised or stolen, then you must tell your insurer. This can even apply to fitting new alloy wheels, built in entertainment systems or satellite navigation. However, the Financial Ombudsman Service says car insurers must prove that there has been a significant change to the insured risks before cover can be withdrawn.

In one case, a car owner claimed after a Mercedes he bought second hand for 22,000 pounds was badly vandalised, causing 6,000 pounds of damage. The problem was that he was not aware that some of the car’s features resulted from modifications that were requested by the original owner. When the insurance assessor noticed modified seats and headlamps, it refused to pay out until he paid an extra 1,000 pounds on his premium and the claims excess.

Being over a barrel, the driver agreed, but thinks it was very unfair. He said, “I should not have been penalised as I did not know that the car had been modified.” It is clear that insurance companies differ in their policies over what modifications they expect drivers to inform them about.

Many insurance brokers have also seen other examples of controversial decisions. A spokesperson for the British Insurance Brokers Association, commented that whilst drivers have a duty to disclose important changes, some insurers push the definition too far. “We have even seen silly situations where an insurance company has tried to throw out a claim on the grounds that the car had a roof box.”

One of the big name insurers has confirmed that it has several hundred such disputes each year, which on the evidence hardly seems surprising. The insurer exempts any modifications made before a car leaves the factory, but requires any later alterations to be declared.

There motor underwriting strategy manager said, “We price the insurance risk on the information the owner of the car provides and if that information proves to be incorrect we are within our rights to void or reassess the policy.” But some insurers do admit that some modifications, like tweaks to the engine, may be impossible for many people to detect. In the end unresolved disputes like that can end up at the door of the Financial Ombudsman Service. The Ombudsman’s, says the onus is on the insurance company to explain their actions. “We expect the insurer to justify why the modification was relevant. It has to be something that increases the risk they are taking on.”

Which? the consumer group, tells anyone buying a second hand car to check with the seller if there have been any modifications and they are still not sure, to consult a local dealer. But to be honest, few would even think about the necessity to declare something like satellite navigation.

But please remember if there is one item you must not economise on, it is your child’s safety seat. These are absolutely essential from the day the baby arrives and right through the following ten to twelve years. There are laws and regulations governing their use – so make sure you are aware of the legal requirements.

Having bought your new (or not so new) car, it’s time to start thinking about adding a few modifications. I’ve put together a list of my favourite car modifications to give you a bit of inspiration.

1. Window Tint

Now I’m not just putting window tint at the top of the list because we’re the leading UK’s supplier of pre cut car window tint kits (end shameless plug), I do truly believe that it is one of the cheapest and best ways to completely transform your car. Window tint looks good on any car, from a Fiesta to a Ferrari, and you can buy DIY tint kits for around £30. Make your car really stand out by going for a siver mirrored or coloured tint like the blue tint below.

2. Alloy wheels

Have you ever seen a decent modified car running on standard steel wheels? No, me neither, and that’s why I’ve put alloy wheels 2nd in our list. You’re going to have to cut down on treats for the girlfriend for a few months though as alloy wheels (and the tyres you’ll need on them) don’t come cheap. Expect to pay anywhere from around £300 for a basic set with tyress. If you can’t quite afford that, car wheel trims are a decent alternative and only a fraction of the price.

3. Exhaust

You’ve got your car looking all nice, but you can’t have it sounding like a shopping trolley. So next on our list of top modifications is a new exhaust. These range from just a back-box to give your car a bit of a growl, to a complete exhaust system to increase performance and give your car that sporty sound. Prices for exhaust back-boxes start at around £50.

4. Lexus lights

It seemed at one point a few years ago, that every other car you passed had a set of Lexus lights fitted, looking pretty tacky in some cases to be fair. Together with other modifications I think they can definitely look nice, I personally prefer the Lexus lights with a darker backing (see image below) rather than the silver backed lights with looked a bit stuck on. Something else you could try if you don’t want to fork out on a new set of lights is some tail light tinting spray; you’ll definitely get a more unique look.

5. Painted brake callipers

I drive a Skoda Octavia VRS, and one of the things I still like most about it is its green brake callipers (sad I know). This will only work if you’ve got a set of wide spoke alloys, but it will give your car that definite sporty look. Brake calliper paint is available as either a spray can or a pot of paint. You’ll probably need to take your wheels off to apply it.

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