With all the doom and gloom surrounding the financial crisis we thought we would share some of our fantastic success stories regarding our PPI claims.
The largest succesful claim we have had for credit card charges has been £2,441 and the largest succesful PPI claim on a credit card has been a whopping £32,757. The customer who recieved this enormous refund is planning a lenghty vacation with his new found wealth.
The largest succesful claim we have had on a loan was a staggering £19,699. This customer was not even aware that they had been charged for PPI. There are a number of ways you could be paying for PPI without your knowldge. A lot of PPI policies were added onto loans withoutthe customers knowledge. If you have had a loan and even if you think you did not take out PPI, it is still highly likely that you have been wrongfully charged for PPI.
To find out if you have been charged for PPI is free and could result in you receiving thousands of pounds. All you need to do is contact one of our expert advisors and you could have claim that will pay for your next holiday or help you pay off any debts.
Lloyds banking group have reported a £3.2 billion first half loss due to the setting aside billions to repay the customers Lloyds ripped off by mis selling Payment Protection Insurance. I wouldn’t feel too sorry for them though as even with the first half loss they are still showing profits of £1.1 billion.
Lloyds PPI claims bill currently stands at £3.2 billion making it the largest of any UK bank. This highlights Lloyds as the nation’s worst offender when it comes to mis-leading customers and trying to deprive them of their hard earned cash. Are we now supposed to feel sorry for them because they have to pay back the illegally gained money?
Let’s not forget the money Lloyds has made off the interest on the PPI money they have delayed paying back. I wonder what the interest is on £3.2 billion. I can assure you it’s more than enough to line the greedy pockets of the bankers. In January Lloyds admitted that nine of its employees earn over £3.4 million a year.
The FSA revealed that in 2009 more than 2,800 bank staff earned over £1 million across the 27 banks regulated by them. Despite the financial crisis and bank bailouts we have still seen huge bonuses paid to bankers this year.
I think its about time we told these banks enough is enough and stopped the exploitation of the British public. We can begin by claiming back every penny the banks took in PPI. To make your PPI Claim contact one of our expert advisors.
People are being warned by Police and Trading standards to be aware of false PPI claims companies that are contacting the public. The warnings come after sadly one pensioner was scammed out of £8000 after being told he was owed a PPI refund.
The same thing also happened to Alan Shutter who was called by a company calling themselves UKASH. The 54 year old was told he was owed thousands of pounds as he had been mis-sold a PPI policy, he was told all he needed to do was to transfer £150 to the company as an upfront payment and they would claim back the money for him. However when the company asked for a further £140 for tax Mr. Shutter called trading standards and discovered he had been duped. He has been unable to get the £150 back and has also been unable to contact the company that took the payment.
PC Tom Ellerby said: “It is really important that people realise very little is ever given for free, and anybody asking for money to beat a loophole in advance of a handsome payout is likely to be trying to deceive you.
Here are a couple of points to help you ensure your PPI claim is with a genuine company.
Any company informing you that you are due thousands of pounds back in PPI before taking any account details from you, is simply lying. It is impossible to know how much money (if any) you are due to be refunded without the company either seeing your copies of credit agreements or contacting the banks on your behalf after you have filled in a form with your details. Therefore avoid all companies that call claiming they already have your details and can see you have paid for PPI it is a lie.
It is illegal for a PPI Claims Company to take payment for your claim upfront and genuine companies will always work under a no win no fee policy. If a company claims to require an upfront payment do not fall for it. Payments to PPI claims companies should only be made after you have received your refund from the lender and genuine PPI companies such as ourselves will only take payment after you have been reimbursed the full amount from the lender.
The director of enforcement at the FSA has likened the mis-selling of PPI to a shop selling rotten food.
The director said “If a supermarket sold rotten food to its customers, how long would it stay in business? Expectations around the quality of service to customers of financial services should be just as high if not higher.
Bosses of fianancial frims have been highly critisced for failing to embrace the cultural change needed to repair the industry’s reputation with customers following the PPI mis-selling scandal.
Earlier this week astonishingly officials from the British Bankers’ Association had said the industry was not sure what mistakes had been made over the mis-selling of PPI. Margaret Cole described this sort of attitude fromt the banks as “somewhat alarming” and went on to say that cultural changes in the financial sector are required to prevent scandals such as mis-sold ppi from happening. However the fact that the Bankers fail to embrace the mistakes they made is worrying and shows a lack of care for consumers and a resistance to change.
Hector Sants the FSA chiefs executive had this to say on the matter, ” Radical changes require a change in attitude not just by regulators but by senior management of financial firms. They must make real commitment to give consumers a better service. They must commit to run their firms for the benefit of society as a whole and not for the short term benefit of employees or shareholders.”
Insurers and the FSA have been citiscised for their part in the mis-selling of PPI.
While attending the Association of British Insurers’ last week in London, Financial Ombudsman (FOS) Chief, Natalie Ceeney commented that the insurance sector has a collective responsibility to act when it is made aware of bad practice. She also went on to say “I have had a lot of insurers say to me privately that they knew their product was being sold badly and with hindsight mabye they should have intervened earlier. I believe they should have.”
A sentiment I completely agree with if you provide a service then surely you would want that service to be sold correctly and appropriately. It is clear that in this situation sales were of a much higher importance than service to the insurance companies a situation that tends to arise all too often for banks and insurers. If the banks and insurers concentrated even half as much on customer service as they do on selling new products to customers then possibly scandals such as PPI mis-selling could be avoided. However I’m not in the slightest bit suprised by the failure of Banks and insurance companies to act responsibly after all there is money to be made. The big suprise in all of this is the failure of the FSA, the financial regulator, to intervene earlier.
Highclere Financial Services partner Alan Lakey had this comment on the matter ”There is an element of truth to what Natalie Ceeney has said but it is the FSA that has an obligation to protect consumers and it was made aware about the problems with PPI a long time ago, so the regulator should have stepped in as well as insurers.” Last year the FSA recieved the most complaints in their 10 year history and PPI complaints formed a high percentage of all complaints recieved. The Bank with the highest number of complaints between July and December 2010 was Barclays Bank with 276,315 complaints. The FSA has said that its successor the FCA will learn from the mistakes of the past and will move quicker to identify risks and prevent mass mis-selling. They have also said that they will adopt a much stronger aproach, something they failed to do in regards to the mis-selling of PPI.
In order to improve the service supplied to customers by banks and insurance companies it is imperative that the financial sector is regulated in a more succesfull manner and that problems within the sector are addressed as soon as possible. It is however just as improtant that we, the customers, make a complaint if we are treated unfairly by the banks or insurance companies. It is said that customers are more likely to get divorced than they are to change banks something which needs to change. I think its about time we draw a line and refuse to let theses companies get away with providing poor service while emptying our wallets. It is our civic duty to claim back any PPI that has been mis-sold to us so the banks may think twice before defrauding their customers again.
When you take out loans like mortgages, car loans or other types of loans, it is common for the lender to offer you payment protection insurance or ppi. Ppi is supposed to help you make your monthly loan repayments once you are not able to meet them due to serious illness, accident or loss of employment. The problem is that such policies can be very expensive and unfair to the customer making it a mis-sold ppi policy to millions of people.
The Financial Services Authority (FSA) ruled that most lenders wrongfully sold these ppi policies to their customers. They have begun fining banks and lenders for selling policies that are expensive and offer little protection to the customers. This is good news as policyholders who were wrongfully sold can make their ppi refunds and they may be entitled to excess payments to their lenders.
You may be eligible to make ppi reclaim for many reasons. The most obvious is if you felt you were pressured into taking out ppi when you applied for a loan. In many cases, you could not get your loan approved if you did not take ppi from the lender. Other reasons may include: you were not aware of the real cost of the policy or you thought it was included in the loan.
Trying to claim for ppi refunds is not easy. Banks and lenders tend to deny any ppi claims made against them especially if they know one does not know their rights. So, it is advisable to seek the help of a specialist claims management company in making ppi claims to be able to obtain the right compensation for having been mis-sold a ppi policy.
A lot of people who are processing their ppi refund were sold ppi policies by the banks and other financial firms were worthless and offered the person being insured no protection whatsoever like if you were a part time worker, retired or on a temporary contract, then your ppi policy would probably never pay out making it totally unsuitable. It may also have been unnecessary if you had sick pay cover through your job or had other insurance provisions in place.
Also, ppi policies offered by the banks were often incredibly expensive, reaching up to four times the market rate. These inflated prices saw monthly repayments rise considerably. In some cases, the ppi payments were as much as the loan itself and usually the total cost was added to the loan balance and subject to interest which made the overall repayments totally unaffordable.
This has led to the Office of Fair Trading to get involved and have raised their own concerns that many people who took out ppi policies in the past may have been a victim of mis-sold ppi and therefore could be owed thousands of pounds in compensation once they make their ppi claims against their bank or lender. They way the financial firms went about selling ppi policies has been deemed unethical and has received widespread criticism which resulted in regulation charges allowing people to file for mis-sold ppi claims to receive compensation or to get their money back.
The Financial Ombudsman Services is certainly dealing with thousands of PPI refund sent in by the clients against the banking institutions. To manage to provide any PPI problem to the Financial Ombudsman Services, you should initially track down all your paperwork and exhaust the internal complaint process of the company where you took out your insurance. When the final decision letter has issued, your own claim can be ready for submission to the Financial Ombudsman Services.
Filing PPI refund may be time consuming and also frustrating for the clients. It’s very important to make sure that the Financial Ombudsman Services receives the entire paper work and statement claim on time since there are deadlines for referring a case to them. Make sure that all your paper work is complete without any relevant information have been left out, otherwise the Financial Ombudsman Services will return them and will ask you to send your own PPI claims once again.
A lot of banks United Kingdom has put the PPI on hold because these major banks feel that they didn’t do anything wrong and didn’t want to admit that they have scammed clients. This action of the banking institutions has caused significant delays of PPI claims, specifically at the Financial Ombudsman Service in which there are a lot of problems waiting to see what the next move is.
The Financial Services Authority (FSA) has given the HSBC extra time to deal with a backlog of mis-sold ppi complaints from their customers. The FSA had also given the same to other high street banks, such as Lloyds, Barclays and RBS earlier this week. Normally, banking institutions would have to deal with mis-sold ppi complaints within eight weeks. However, due to the increasing numbers of mis-sold ppi refunds and other complaints from the bank customers, firms need extra time to deal with each customer’s complaint to make sure that every case is being handled properly.
Thousands of complaints were put on hold during the recent High Court hearing and now they must be settled by the end of August this year. New complaints received since the end of the judicial review on the 20th of April, but received before the 31st of August must be dealt within 16 weeks upon filing. Ppi complaints received after the end of August but before the end of this year can be dealt within 12 weeks. From then on, the normal eight-week procedure will be applied.
According to the FSA, the arrangements extend the time periods of HSBC to deal with their backlog of stayed mis-sold ppi claims and other ppi related complaints and the high volume of new complaints on ppi and have been put in place to make sure that the financial firms are able to handle the mis-sold ppi complaints of their customers properly.