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Tag Archive: mis-sold ppi


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 John Gregory — 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 John Gregory — 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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Mis sold PPI, Mis sold Investment Bonds, Unfair Charges – Is Banking Self Regulation Working?

Filed Under: Latest PPI News by John Gregory — Leave a comment
December 5, 2011

Yes! The system works. No really, banks regulating themselves really works and we’ve more proof of it this week as yet another fine was issued, this time to one of our trusted high street financial institutions. HSBC has been fined £10.5m by the Financial Services Authority for mis-selling investment bonds to elderly people in care.

It fills you with pride doesn’t it, the UK banking system allowing companies to mis sell financial products to elderly people in care, even worse; the products that were mis sold were supposed to fund care costs. A total of 2,485 customers of NHFA, a HSBC subsidiary, were advised to invest, with 87% being sold an unsuitable product.

mis sold ppi claims

The subsidiary has been closed down as "HSBC no longer feels is consistent with its main banking business"

The investments were sold between 2005 and 2010, to people with an average age of 83 who were already in care, or entering long-term care, each customer invested an average of £115,000 intended to fund future care costs.

“Contrary to everything we stand for”

Speaking about the mis selling, Brian Robertson, chief executive of HSBC Bank, said: “I fully accept that NHFA failed to give suitable financial advice to some of their customers”

He added: “This should not have happened and I am profoundly sorry that it did. We have high values here at HSBC and this runs contrary to everything that we stand for. That is why when we suspected something was not right at NHFA, we took action.”

Lets hope other banks are as honest

The most worrying aspect of this case, aside from a financial adviser taking over £100,000 each off around 2000 elderly people, all of whom need the money to pay for their care, is that if HSBC hadn’t fessed up to the mis selling it may never have been punished. HSBC said it identified problems at NHFA, closed the subsidiary to new business in July, and alerted the FSA. Let’s hope other Banks are as honest after they are so completely dishonest, otherwise they’re all dishonest and that is simply unthinkable.

HSBC will pay £29.3m compensation to the families of victims and will be contacting those affected.

Other Recent Fines (November)

- £6.3m: Private bank Coutts fined for describing AIG bonds as low-risk

- £5.95m: UK arm of Credit Suisse fined for advice failures when selling complex financial products

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Banks Pay 557 Million Pounds to Resolve PPI Lawsuits

Filed Under: Uncategorized by Kalen — Leave a comment
December 1, 2011

Many customers have been mis-sold PPI packages over the past several years. Although they were skeptical they wouldn’t be able to get their money back, many of them have levied lawsuits against many of the banks and other financial institutions that have sold them these packages. The lawsuits have been overwhelmingly successful.

Hundreds of thousands of UK customers have successfully sued banks for mis-sold PPI packages. From January until June, the settlements reached a staggering 557 million pounds. Unfortunately, these settlements have done little to discourage the banks from initiating these controversial programs.

In fact, the Financial Ombudsman Service finds the number of PPI claims remain disturbingly elevated. The FOS stated that the number of PPI claims it was forced to investigate has peaked 3,000 since September. Approximately 90% of the time the FOS rules in favor of the customers, yielding an average settlement of nearly 3,000 pounds. Some settlements have exceeded 10,000 pounds.

After over half a million customers filed suits in the first half of the year, the FOS is beginning to feel as if there are some major challenges ahead. They stated that it is concerning that so many customers purchase PPI insurance in case they become ill or otherwise unable to meet their obligations, only to find that those payments are never made.

Five months ago, the FSA told major banks that they needed to start being more proactive about making their payments. The FSA had accused the banks of trying to withhold payments on PPI settlements. The banks initially challenged the claims, but withdrew their opposition.

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Warning Issued to Financial Providers of New PPI Policies

Filed Under: mis-sold ppi by Kalen — Leave a comment
December 1, 2011

The Financial Services Authority and Office of Fair Trade have issued warnings to financial services firms intending to offer new PPI policies. These two institutions will use all powers at their disposal to punish any firm that sell PPI packages that may hurt customers. The FSA and OFT are already working hard to penalize all financial institutions that have cost their customers money and deceived them about their policies.

The majority of PPI claims have been sold by banks. These banks have tried selling their packages to customers who took out credit cards, mortgages or private loans. Many customers have been mis-sold PPI packages and the High Court has issued a ruling that will force them to pay restitution to approximately half a million customers. The banks and other PPI sellers will be forced to repay their customers at least $6 billion pounds.

Financial regulators are now concerned that some financial institutions are creating bogus PPI packages. They may be trying to sell these packages with a number of loopholes that will keep them from having to pay any benefits to their customers.

This new stance is particularly significant for the FSA. According to the agency’s managing director, the FSA has never issued guidance on a particular financial product up until now. She said that the FSA and the OFT will work closely together to keep a tab on what financial firms are doing. They are going to keep an eye on any packages they are coming up with and what impact they will have on customers.

The financial authorities are finally ready to take a real stand on all the missellings of PPI products. Up until now, they have been fairly lax on the issues. The problem with PPI funds coincides with some issues with both policies towards mortgage endowments and personal pensions.

The FSA is set to be restructured. According to the head of the FSA, it is vital that they are able to deter financial shenanigans before they arise. So far, they have been focused on fighting these cases after the fact, which has proven to be notoriously ineffective. Hopefully, the new measures will help customers avoid having to take a loss from these packages. The chances of customers being exploited is far greater when they are dealing with financial services companies than they are with other companies.

The OFT is just as dedicated. They are going to continue regulating companies that engage in inappropriate selling practices.

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The Problem With A Jewel Encrusted Car (Plus 10 Things To Look For When Choosing A PPI Claims Company)

Filed Under: Latest PPI News by John Gregory — Leave a comment
November 28, 2011

What’s that saying about rubbish stuff made to look good, ‘Mutton dressed as lamb’ or how about ‘The Shepherd, even when he becomes a Gentleman, still smells of lamb’. Oh and then there’s ‘The cheapest car in the world, even when encrusted in jewels, still has wind up windows’.

OK, the last one was one of ours but it’s completely true – Indian car manufacturer have made a jewel-encrusted version of their Tata Nano, the cheapest new production car in the world. Those crazy Indians have caked the Nano in 80kg of gold, 15kg of silver and heaps gemstones, worth over £3 million.

ppi claims companies

Tata's cheap Nano has a seriously pimped exterior, but never judge a book by it's cover

Obviously it’s a publicity stunt, cheapest car becomes the most expensive and all that, and it’s worked – clearly. But that doesn’t change the fact that once you get in it you’re still surrounded by an interior distinctly lacking any kind of ‘bling’.

Which takes me onto the moral of, and reason for, this blog (you know I can’t get away with writing about this without a link to PPI claims somehow, so here goes…), there are many PPI claims companies out there offering a cheap %fee and a full refund package but once you sign up, the jewels are taken off and you’re left with a standard, very basic and sometimes over-priced service.

We’ve seen this in the news recently with companies charging too much up front, plus the Watchdog investigation into PPI companies that were found to be mis selling PPI claim services. So, how do you know which company will genuinely give you a great service, with a full PPI refund and a fair fee? Use these 10 points and you’ll stand a good chance of choosing one…

The 10 best ways to ‘see through the jewels’ when choosing your PPI claims company:

1. Check their website for an MOJ Authorisation number, they must have one by law, if you can’t see one – click away

2. Make sure they have a freephone number, it should be completely free to enquire about a claim

3. Check that they don’t charge an upfront free, you should be able to enquire about and start a claim for free

4. Confirm that they work on a No Win No Fee basis, this way there’s no fee to pay if your case is unsuccessful

5. Look for testimonials on their website

6. Look for lots of free information on their website as well, if they’re the experts they say they are, then they should provide you with lots of advice and FAQ’s

7. The company should clearly display their fee structure, for example ours is: No fee up front, 25% + VAT if successful, No Win, No Fee

8. Ideally they should provide you with a dedicated case handler, this isn’t essential but it helps you get answers quicker when you call in

9. They should also include unfair charges on your loan or credit card in the claim as well as mis sold PPI, we do

10.  Finally, and importantly – they should never push you into anything and should be happy for you to take as long as you like to think about starting a claim

So there it is: why a cheap car is like a poor PPI claims service and 10 ways to make sure you get the best claims advice and legals without paying over the odds.

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Are You Getting Value For Money From Your Taxes?

Filed Under: PPI by John Gregory — Leave a comment
November 23, 2011

If you try to make your money stretch as far as possible, then it’s no surprise you’ve found our site and have considered getting your unfair PPI payments back. But have you ever considered if you’re getting a fair deal from your tax payments?

tax payments

Are you getting back what you put in?

The idea is: you pay tax and National Insurance and you get back benefits through public spending by the government – better schools, improved health care, greener parks etc. Now, thanks to a brilliant article by the BBC (one tax that we think does pay back) you can find out if you’re a Tax Winner or a Tax Loser by using their awesome widget, click here to take a look and have a go…

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UK Banks Hand Out Cash And Create Jobs, All Thanks To Mis-sold PPI

Filed Under: Latest PPI News by John Gregory — Leave a comment
November 22, 2011

Need some cash or a job? Worry not – the banks have got it covered. There was us thinking that they mis sold PPI to make billions of profit from useless and expensive insurance cover that would never pay out if you needed it, but it turns out they were just helping the UK get back on it’s feet.

This week saw the 300,000th PPI complaint land on the Financial Ombudsman’s mat and with only 300 people dedicated to handling them, the regulator is on a recruitment drive. The thing is: if the banks didn’t reject so many claims then the FoS wouldn’t have to then investigate them and employ more people to uphold 9 out of every 10 cases referred to it.

Speaking in the latest FoS newsletter about the number of complaints received, Natalie Ceeney, Chief Financial Ombudsman, said: “These numbers are pretty unsettling for us.”

She goes on to say “If all this means we’ll need significantly more resource and capacity to handle ever-higher numbers of PPI complaints, then we need – now – to build this into the plan and budget we’ll be consulting on in the new year.”

And now for a high-end graph containing some PPI refund stats:

mis sold PPI facts graph

Over 6000 jobs could be created by mis sold PPI claims, as this extremely technical bar chart illustrates.

With only 300 members of staff working exclusively on PPI claims recruitment is essential to prevent a backlog of claims developing. Add these positions to the estimated 6,000 created by the banks to handle PPI complaints and the mis selling of PPI may well be able to claim one positive impact.

Of the 532,000 claims made in the first half of this financial year; 80% were referred to the Financial Ombudsman Service by claims management companies, revealing that the majority of people prefer to use a PPI claims solicitor rather than handle the claim themself.

With £557m being paid out to victims of mis sold PPI in the first six months of the year, 2011 is set to be a record PPI payout year, topping £1 billion and significantly contributed to by August, which saw £230m paid out in compensation alone.

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