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Tag Archive: ppi claim


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

Filed Under: Latest PPI News by Steven — 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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Mis sold PPI Claims Companies On Watchdog

Filed Under: Latest PPI News by admin — Leave a comment
September 16, 2011

Someone’s been a little naughty haven’t they – did you see Watchdog on BBC 1 last night? It had a piece about PPI claims handling companies and how they’ve been less than honest with their customers. Many of the big PPI claim companies that advertise on TV were caught on secret recordings doing the following:

- Promising faster payouts than if you did it yourself
- Promising higher payouts than you could get
- Charging upfront fees and not refunding them if the claim resulted in a ‘no win’
- Saying you only have a 10% chance of winning if you claimed yourself; and get this
- One company even said that you need a Ministry of Justice (MoJ) license to make a claim! We need the license, not you!

watchdog ppi claims companies

Watchdog's Riz Lateef explains which companies they dealt with

The Watchdog team called 12 companies in total and six of them broke MoJ rules on two out of three calls. Speaking on the programme about the companies featured, Tony Boorman from the Financial Ombudsman Service said: “It does make me a little bit angry that these customers, many of whom have already suffered from mis selling of Payment Protection Insurance, are now being mis sold claims management services”.

We completely agree and as much as we’d love to handle your claim, the great thing about the UK is: you have the choice to take on a bank on your own. If you didn’t see the episode, go here and scroll to about 1.50 in, the piece is about 8 minutes long.

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PPI Claims – Customers Receive Huge Payouts

Filed Under: mis-sold ppi by Evelyn — Leave a comment
August 11, 2011

 

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.

 

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Lloyds Report £3.2 Billion Loses Due to PPI

Filed Under: mis-sold ppi by Evelyn — Leave a comment
August 5, 2011

 

 

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.

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Making Your PPI Claim with a Genuine Company

Filed Under: ppi claims by Evelyn — Leave a comment
July 26, 2011

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.

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PPI Refunds On Hold

Filed Under: ppi reclaim by Evelyn — Leave a comment
June 23, 2011

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.

ppirefunds

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.

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The 3-Step ‘Can I Make a PPI Refund Claim’ Check Process

Filed Under: mis-sold ppi by admin — Leave a comment
June 17, 2011

Understanding PPI and whether you have an eligible PPI refund claim can be tricky, so we thought you might want to know the three easy steps you can take to see if you have a claim.

1. First you need to find out if you have a PPI policy, you can find this out by looking at the original paperwork for your loan. If you can’t find it, you can request a copy from the lender.

2. While there, also request a copy of your PPI policy’s terms and conditions if you can’t find them and be sure to ask for the original T’s & C’s at the time of your agreement as terms can change.

3. Once you know you have a policy, you can establish how much it’s costing you and whether you’ve been mis sold by speaking to one of our team on 0800 840 7292 or have a chat with an industry expert.

So, there’s three simple steps that will help you find out if you have a policy, if it was mis sold and how much you may be owed. Go do it now! Or if your prefer, we can take care of it all, from requesting paperwork to chasing your lender and securing a payout. Sound good? Get started now…

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PPI Claims To Blame For Massive Banking Profits? – We Think Not.

Filed Under: ppi claims by admin — Leave a comment
June 16, 2011

Look away if you want some cheery financial update about the state of the economy, because this excerpt from the Independent makes for very annoying reading…

“Banks are are cashing in by raising their interest rates, research for The Independent has revealed. Despite the Bank of England last week keeping the base interest rate at a record low of 0.5 per cent for 27 months in a row, the rates which lenders charge customers have risen, in some cases by almost 50 per cent.”

So the banks are still using the lowest base rate on record to make the highest profits on record, with minimum lending rates 500% higher than there were in 2007. To put that more clearly, in July 2007, the rate at which the banks borrowed money from the Bank of England was 5.75%, now they’re paying just 0.5% and charging us all the highest personal loan, credit card and mortgage rates for the last 12 years.

Aside from greed, some industry analysts believe that PPI claims may be to blame for the rise in loan rates…

Speaking about this issue, banking analyst at Defaqto, David Black, says: “One of the reasons that unsecured loan rates have increased is that loan providers are no longer earning commission from payment protection insurance sales. Providers generally are tightening their credit policies and are increasingly limiting unsecured loans to their existing customers.”

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Go Get Your Credit Card Charges Claim

Filed Under: Credit Card Charges by Dave — Leave a comment
April 29, 2011

Credit card charges claim are the amount entitled to you when you were victimized with unfair deals and transactions of your credit card. This means that you probably have been charged automatically of unknown transactions. You can also be charged unfairly due to late payments that are way off the mark. Any unusual activities and transaction may be considered for examination. Try to look further into the matter. If you have been mis sold PPI then you could make a PPI reclaim and get all of the unfair payments you’ve made, back in your pocket. To start your PPI reclaim, give one of our experts a call now on FreePhone 0800 840 7292.

To fully get your credit card charges claim, you may want to understand first how the process is done. Experts are available to help you in this matter and you may want to contact them. If you don’t have your own lawyer, then law firms who specializes with this claims and issues are a good option for you. To give your PPI reclaim the best possible chance of succeeding, give one of our friendly experts a call now on 0800 840 7292.

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PPI Refunds

PPI Claims



We know that you have a choice when it comes to making PPI claims, so why should you choose us?


  • • We’ll find all of your hidden PPI policies
  • • No Win No Fee, Guaranteed
  • • Our average customer has four mis sold PPI policies
  • • FOS accepted 9 out of 10 cases in late 2011
  • • Number of cases handled in 2011: 4,847
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