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Tag Archive: mis-sold ppi


PPI Complaint Goes Unresolved For Three Years

Filed Under: PPI by Kalen — Leave a comment
January 31, 2012

The Financial Ombudsman Service received a PPI complaint in 2008. The ombudsman has failed to make a ruling on the case in the three years that it has been on its desk.

The claim was brought by Stephen Pattison and Katrina MacKay. Pattison and MacKay took out a £11,000 loan in 2006 with Welcome Financial Services. The £2,868 loan included a PPI package, accident plan and life coverage. The amount of the loan was nearly £30,000 which was to be paid off over the course of 15 years.

However, the terms of the PPI and life coverage did not cover the entire term of the loan. The PPI terms only covered the first three years of the loan.

Pattison and MacKay issued a complaint with Welcome Financial Services, which subsequently denied the claim. The clients brought the case to the Financial Ombudsman Service two years after the loan was signed.

The representative overhearing the complaint upheld it. In the meantime, the bank stated that it intended to make a goodwill gesture. Welcome offered to withdraw the PPI and life insurance obligations. However, in the process they also stipulated that the clients would have to pay a newly calculated rate that was 1.4% higher. The customers objected, as their current rate already exceeded 20 percent.

Pattison and MacKay brought the complaint to the FOS, asking for their feedback on whether or not it was fair. However, the FOS stated that that would have to be treated as a separate complaint.

The clients have been waiting for a decision for three years. According to an update they received from the FOS in December, they may have to wait another year before they receive a judgment. A spokesman recently stated that the decision should be resolved within the next two months, but they could not commit to an exact time-frame.

The clients are very disappointed with the outcome and insist it is not what they expected when they filed a complaint with the FOS. They feel that they have been taken advantage of by Welcome Financial Services and are not receiving justice as they expected.

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FSCS Figures Show People Prefer To Use PPI Claims Companies

Filed Under: Latest PPI News by Steven — Leave a comment
January 30, 2012

New figures released by the Financial Services Compensation Scheme (FSCS), the body that pays out compensation to mis sold financial consumers, shows that PPI claimants have an overwhelming preference for the use of claims companies.

Over 75% of the PPI claims handled by the FSCS were brought by expert claims handlers (such as us!), revealing that the large majority of people prefer to let a specialist take care of their claim. It’s no surprise really, considering that we pay experts to do things for us each day, whether it’s prepare our food; service our car; fix our boiler or put clothes on our back – we pay people because we don’t have the time or inclination to do it ourselves.

ppi claims fscs

The FSCS has refunded £77.5 million in PPI payments over the last decade

The FSCS figures also put the average PPI refund on a claim made through a claims handler at £4,534 and revealed they have refunded £55.6 million in mis sold PPI payments between 2008 and 2011. This is a fraction of the total amount refunded to mis sold policy holders as the FSCS only deals with refunds where the issuing company has gone bust.

Perhaps most interestingly, the report shows that the success rate for claims made through a specialist company is 87% compared to 83% for those made by the individual alone. Speaking about this, Mark Neale, chief executive of the FSCS, said: “People may well think they increase their chances of getting their money back but that is not necessarily the case. Of course, some people may prefer to pay someone to submit their claim for them.”

The FSCS has paid out more than £26 billion to 4.5 million people over the last 10 years, including £77.5 million for PPI claims, so if your PPI policy provider has gone bust you can get reliable advice and information through the FSCS website. If you want to find out if you can make a claim or you would like to get one started, here’s our freephone number: 0800 840 7292 (or arrange a call back). Get in touch and we’ll help you get some answers, no sales talk and no obligation guaranteed!

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Businessman Stole Nearly £150m From PPI Then Ran, Claims Prosecution

Filed Under: Latest PPI News by Steven — Leave a comment
January 23, 2012

Businessman Asil Nadir is at the Old Bailey today charged with stealing almost £150m from his company Polly Peck International (PPI). The money allegedly left the company through a series of transactions, including a transfer to a bank Mr Nadir owned in northern Cyprus, between 1987 and 1990.

Claims he stole from PPI

A former considerable Tory party donor, Asil Nadir arrived at the Old Bailey this morning on charges of stealing £150m from PPI

The case was originally brought to court in 1993 but the accused fled to Cyprus and could not be extradited back to the UK to face the charges. It wasn’t until August 2010 that Mr Nadir, who now lives in Mayfair, central London, returned and a new court date could be arranged.

Mr Nadir abused his position as chairman and chief executive to steal from PPI claims the prosecution. The former owner of the company denies 13 sample counts alleging he stole money.

Speaking  in court, Philip Shears QC, prosecuting, said of Asil Nadir: “He was a man who wielded very considerable power over its operations and management, and that of its subsidiaries, particularly in northern Cyprus. He abused that power and helped himself to tens of millions of pounds of PPI’s money”

Those following the trial are in store for a veritable TV show storyline, encompassing staff who secretly sent instructions for transfers, suspicious colleagues who were told to keep their mouths shut and dodgy record keeping designed to hide the truth.
The case continues and is expected to last four months.

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UK Bank Account Holders Pay 800,000% APR For Using Their Overdraft

Filed Under: money saving tips by Steven — Leave a comment
January 11, 2012

Some banking consumers in the UK are paying over 800,000% APR interest when they go over their overdraft limit according to research by the BBC. If you’re a Santander customer and you dip into your overdraft without authorisation borrowing £100 over 28 days you would be required to repay £200, for example.

Believe it or not, that works out to be an equivalent APR of 819,100%. Of course, it is a bit unfair to compare the interest rate of an unauthorised overdraft with that of an agreed loan but it nonetheless illustrates the incredibly high cost of borrowing, despite all time base rate lows. Supporters of such high rates are not just banks but also consumers who have no need for overdrafts, siting the bank’s right to charge for the use of it’s money without permission.

Mike Dailly, from the Govan Law Centre, said: “What we’ve got here is banks with equivalent APRs of nearly one million percent, which is eye-watering.”

payday loans bank charges

The maximum fee for borrowing £100 for 28 days from a UK payday loan company is £42 compared to £100 from a high street bank.

Those who think payday loan providers over-charge customers will be surprised to read that no such registered lender in the UK charged more than 5,000% APR, however Santander and Lloyds TSB charged an equivalent APR of more than 300,000%. Barclays were revealed to be charging an equivalent APR of 366,000% for 28 consecutive days in their ‘personal reserve’.

In a report last month, the Department for Business, Innovation and Skills (BIS) published a report on consumer credit saying that commitments made by High Street banks will “deliver a fairer, more competitive market and mark a real improvement for consumers”.

The cost of mis sold PPI and bank charges was brought into the spotlight back in 2009 when a Supreme Court ruling backed the banks saying charges were fair, but most of them did agree to reduce the level of their fees despite the victory. The problem now, if there is one, is that even though the charges have been reduced, the number of times a customer can be charged in one month has increased.

Interesting side note: The Office of Fair Trading (OFT) said the payday loan industry was worth about £115m in 2004, in 2010 Which? put that figure at £1.9bn. That’s a 17,000% growth in six years.

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Customers Starting to Think About PPI in The New Year

Filed Under: PPI by Kalen — Leave a comment
January 10, 2012

After the massive fallout from the PPI mis-sellings that took place in 2011, many customers are starting to look out for these packages in the coming year. Many customers from last year still have not received their payments from the banks, despite the fact that the Office of Fair Trading has started cracking down on them.

Customers faith in PPI claims has clearly dwindled. Of course, many customers said they had no idea they were purchasing payment protection insurance in the first place. Although customers are clearly looking hard at new insurance policies and working towards updating and even upgrading, PPI purchases aren’t on nearly as many people’s lists.

Or course, payment protection insurance is still in demand and likely will be for years to come. However, the financial instruments have gotten a pretty bad rap after many financial institutions have resorted to a number of shady practices to sell these packages. Not all PPI packages were built with the intention of deceiving customers, but the legitimate companies have clearly gotten a bad rap.

A number of financial professionals have provided advice to consumers as they crafted their New Years resolutions. They have not instructed customers to avoid using PPI packages, although they have cautioned them about how to proceed with these packages. Professionals advocate that customers take their advice before purchasing any protection insurance package, as they are well aware of the number of scam surrounding many of these claims.

Many professionals are advocating their clients to stack up on their income protection claims instead. Many people have spent money making sure their mortgages and credit card bills would be covered if they got injured or lost their job. However, they could have been much better off just making sure they would still have an income in those situations.

Moving into the new year, you should try to keep these things in mind. Now that the PPI scams have come to your attention, you should see what you can do to make sure that you don’t have to lose money purchasing a bogus financial package that you don’t need. That’s not to say that all PPI packages are bad, but you should be very careful about what you intend to purchase.

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Are You Doing All Of This To Maximise Your Cash In 2012?…

Filed Under: money saving tips by Steven — Leave a comment
January 4, 2012

With little sign of a miracle cure for our ailing economy, 2012 looks like another year of triple checking the best price and keeping those luxuries on hold. So in the spirit of cutting back and making your money work hard, we’ve put together a few tips to give your finances a new year’s resolution-style work out…

Pay as little tax as possible:

From April this year, you can place £300 more in a cash Isa, taking the yearly deposit limit to £5,640. Another trick is possible if you’re a couple and one partner doesn’t work; use their personal allowance rules to pay less tax by transferring savings into their name.

Use your unemployed partner

Save money around the home:

Try out that cheaper supermarket, switch to paperless billing on your utilities, install low energy bulbs, ask your gas/electric supplier about free insulation schemes, buy a draught-excluder (or use an old scarf), invest in thermostatic radiator valves (for slightly longer term savings), turn down your heating a degree or two and put on a jumper.

Wear a jumper

Cut the cost of your debts:

If your bank manager loves your credit rating then transfer credit card debts to a 0% or long-term low interest offering, it’s the obvious thing to do but it really can help with monthly outgoings. That said, you should always pay more than the minimum amount. Manageable debt is the norm but if things get heavy, remember you can always contact your local Citizens Advice Bureau or seek Consumer Credit Counselling on 0800 138 1111.

Make the most of a happy bank manager

Get rid of ‘fear products’ that you don’t need:

Ditch that expensive mobile phone insurance as your home insurance usually covers it, credit card and ID fraud is often covered by the card provider and both of these may be covered by perks on your current account. The big one you need to look at is Payment Protection Insurance, not only can you save money by switching to a better-suited policy but you can also claim a full refund of all the payments you’ve ever paid towards it, going back years.

This is because it’s been mis sold and lenders are refunding those who make PPI claims. Our highest refund payout was to William Robb, who received £32,799.63 back in June 2011 from his lender, in fact since then William has also won back a further £28,000!! Imagine that being transferred into your bank account and all you have to do is start a claim.

'Robb' your lender! William Robb has received over £60,000 in mis sold PPI refunds, so far. You can claim too!

So…

…now you know a few more ways to help maximise the money in your pocket and make it work as hard as possible in 2012. If you want to add any other tips or ideas, feel free to make a comment below and share it with our readers!

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PPI Claim Issues With NWS Trust

Filed Under: mis-sold ppi by Kalen — Leave a comment
December 21, 2011

One consumer wrote to This is Money asking for advice on a problem related to a payment protection plan they purchased through NWS Trust and Black Horse. This customer believed that they were mis-sold a PPI plan and wanted to receive a refund. However, the person from NWS Trust and Black Horse wrote back with some very frustrating news.

They advised that they did not have a copy of the agreement on file. Therefore, they could not do much to help them. Fortunately, if you are in a similar situation, you should know that you aren’t going to be left high and dry.

NWS Trust and Black Horse is owned by Lloyds. NWS took over Black Horse back in 2010 when Lloyds decided to close all the offices. Therefore, NWS now is responsible for all of the PPI packages that were formerly owned by Black Horse.

You will need to contact someone at NWS Trust if you are looking for a PPI refund. There is a center in Chester, which belongs to the Bank of Scotland, which is a division of Lloyds.

This has created a number of headaches for some people who have held accounts with the Bank of Scotland for nearly three decades. When they set these accounts up back in those days, they probably had no idea that they were going to have to deal with these PPI claims today. Over time, they have likely forgotten about the PPI claims they took out or where they picked them up. Financial packages and obligations are often sold and re-sold so many times it becomes difficult to keep track of them.

Fortunately, you can almost always trace the originator of the PPI package to the company that oversees it. Afterwards, it is merely a matter of filing your refund claim and waiting to get your money back.

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Customers Mis-sold PPI Insurance Will Pay Taxes on Their Compensation

Filed Under: Latest PPI News by Kalen — Leave a comment
December 15, 2011

Millions of customers have won settlements against the banks and other financial institutions that have mis-sold them payment protection insurance (PPI) packages. However, these customers are in for a rude awakening come tax season. On December 4, it was revealed that these customers will have to pay significant taxes on their compensation.

Collectively, these customers will be forced to pay the treasury 350 million pounds. The average customer will receive 1,240 pounds for their settlement. This will incur a tax of 48 pounds, but many customers will be taxed much higher for their compensation. According to sources, some customers will be stuck paying thousands of pounds in compensation on their earnings.

Customers who were mis-sold PPI packages can claim up to six years worth of payments on the policies, along with 8 percent interest. Under the law, the interest earned on the repayment can be taxed. Some of these customers have paid up 16,000 pounds for payments and interest. The Treasury’s 20% tax rate will obligate them to pay over 1,500 pounds in taxes.

Customer advocates feel these policies are extremely unfair and insist the banks pay the taxes. Even though customers feel they have won a victory over the banks, these groups insist that is not the case. These banks have taken billions of dollars from customers through mis-sold payment protection insurance claims. During that time, they lent that money out to customers, sometimes at rates of nearly 30 percent. Therefore, the banks are still making substantial profits after repaying customers, even with the 8 percent interest.

According to one customer advocate, these taxes just add salt on the wound of customers who have already been victimized by these financial institutions.

Fortunately, there may be a few other solutions. According to a representative for HM Revenue and Customs, customers do not generally need to pay taxes on PPI repayments. However, interest is taxable. The spokesman said this concept makes sense. If customers never paid the banks for a payment protection insurance policy and invested their money in an interest bearing account instead, they would be taxed on that interest.

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Merry Christmas From All Of Us At PPIRefundsUK.co.uk

Filed Under: Latest PPI News by Steven — Leave a comment
December 14, 2011

It’s Christmas! And to celebrate we’ve put a tree up and spent the staff party budget on two inflatable festive personalities. In fact, we’re so pleased with the Christmas decorations; we took a picture to show you…

ppi claims compensation

Christmas in the PPIRefundsUK office!

Looks good, right? And believe it or not, that Robin isn’t even real! It’s actually a beautiful card sent into us by one of our customers, Mona. Mona made a claim through our PPI refund service and our expert claim adviser Alex helped her get a refund right before Christmas!

Inside the card was a lovely note to Alex, reading: “Thank you for your help and kindness to me in helping me with the PPI refunds claim.” Alex was kind enough to let us pop a few pictures up of the card and we send a whole-hearted thank you and Merry Christmas to Mona and her family!

mis sold ppi claims

We just love helping wonderful people get their money back

 

If you’re thinking about starting a PPI claim, we’ll be accepting new cases up until this Friday 16th December so either call us today on 0800 840 72 92 or fill out the form on the home page. And whether you celebrate Christmas or not, may you have a wonderful festive season and a happy new year from everyone at PPIRefundsUK.co.uk.

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So, what does one Trillion dollars (£650 bn) look like?

Filed Under: Latest PPI News by Steven — Leave a comment
December 8, 2011

Do you remember what you were doing on Wednesday 8th October 2008 at 11am? Probably not, but you may recall what was going on at Whitehall. At 11.04am on the 8th October 2008 the UK Government picked up a pen and wrote out £650 billion in cheques to keep the country afloat.

trillion dollar bank bail out

There'd be a lot less to talk about if a trillion looked like this

£650 billion. That’s one trillion dollars, or in numbers: $1,000,000,000,000. It’s a ridiculous amount of money and hard to imagine what it would look like, but thankfully someone’s been awesome and done a series of graphics.

Take a look at the link below, it’s a brilliant illustration of what $1 trillion dollars looks like compared to smaller amounts and shows clearly just how much of a hit our country’s economy took to keep reckless, careless, morally vacuous banking establishments afloat… what a bank bail out looks like

Once you’ve had a butchers at that, come back here and we’ll show you what the current outstanding US national debt looks like. It’s more impressive (scary) than the UK amount, plus we haven’t quite finished that visual yet! Eye-popping US debt visual.

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PPI Refunds

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