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Tag Archive: ppi claims


November PPI Payouts Reach New Monthly Record

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

The Financial Services Authority announced that the payments to consumers who were mis-sold payment protection insurance reached a monthly record in November. PPI payouts reached £379 million. This marks a 40% increase over the payouts made in the previous month.

The FSA said the payouts were included by 16 different firms, but did not disclose their names. Collectively, these firms were responsible for more than nine out of ten of all PPI claims made in the first half of 2011. The banks attempted to appeal the decision binding them to repay claims at the beginning of the year, which froze their obligation to repay the debts to consumers. However, the High Court ruled against them in April and the banks were forced to begin paying restitution to all consumers who were mis-sold payment protection insurance.

The Financial Services Authority and Financial Ombudsman Service expected the number of PPI claims to decline after the ruling. However, the number of claims in the last three months of 2011 reached a new record.

Litigators cannot ignore the possibility that some customers have exploited the new trend in PPI claims. Although more claims are being made, not as many rulings are made in favor of customers. Therefore, some claims may be raised without cause.

Nonetheless, changes in the business practices of banks cannot be ignored either. Even though the success rate of customers making PPI claims has fallen to 65%, the FOS has clearly decided that the PPI scandal continues to persist.As more banks are looking to balance their own books, they have turned to a number of unconventional practices. These practices have included instituting a number of new fees. Evidently, a surge in PPI missellings are also a possibility as well as banks struggle to come up with additional funds.

The new claims continue to create a burden for the Financial Ombudsman Service, as they remain that sole regulator for overhearing them. PPI claims have now exceeded 54% of the FOS current caseload, which is likely to create a number of additional complications for them over the coming months.

According to a post in BBC, the surge in PPI claims suggests that the banking industry still has to make a substantial amount of progress as it struggles to get the PPI scandal under control. To date, the largest banks in the UK have been forced to set aside over £6 billion for customers who have been victimized by the scandal.

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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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Claims of PPI Fraud More than Double

Filed Under: ppi claims by Kalen — Leave a comment
January 23, 2012

The number of allegations of PPI fraud have increased substantially over the past few months. Between October and December of 2011, the number of PPI claims increased by more than 50%. Within those three months, the number of customers claiming they were mis-sold PPI reached a staggering 30,301.

As concerning as that number of claims is, it only represents a third of al the claims received over the course of 2011. Many experts are concerned that nearly 100,000 PPI claims have been issued over the past year.

Although the number of claims issued increased substantially, not as many are being successfully raised by consumers. Between July and September, almost all of the claims that were raised were made in favor of customers. In more recent months, only a little more than two-thirds of these claims were made in the customers behalf.

The growing number of concerns continues to raise some questions over the practice of using PPI claims by large financial institutions. About 6.5 million PPI packages are issued each year. However, almost 1 million people complained with banks and other financial institutions last year about the way those claims were sold or how they were structured.

The Financial Ombudsman is concerned about how much it costs to handle all of the PPI cases coming to its desks. Therefore, it has proposed issuing a fee for all firms receiving more than 25 cases each year. This fee would include both a supplemental and standard case fee, which would collectively amount to £850.

According to the chief financial ombudsman, the Ombudsman is facing steeper expenses over handling these PPI claims than ever before. They are going to have to find a way to manage them, as the PPI caseloads over the course of 2012 and 2013 are expected to make up 60% of the cases they Ombudsman has to oversee. It is estimated that they will need to deal with approximately 165,000 PPI cases over the course of the next two years.

However, she cautions that there is no way of predicting exactly how many claims they are likely to receive over the next couple of years. That figure could be significantly higher or lower, depending on trends with PPI and developments in the market.

 

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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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Brokers Assistance Needed With PPI Investigation

Filed Under: mis-sold ppi by Kalen — Leave a comment
January 13, 2012

Two different government authorities are looking into the mis-sold PPI packages that have taken place over the past few years. The Financial Services Authority and the Office of Fair Trading are conducting a joint investigation to assess the extent of the payment protection insurance fraud that has permeated the country for so long.

In order to conduct their investigation, the two offices are asking brokers to cooperate. Many brokers are inclined to do. Steve Devine is the chairman of the Protect Trade Association. Devine is not attempting to discourage brokers from cooperating with investigators. However, he wants to warn them that the investigation may focus on additional concerns that neither the FSA or OFT have disclosed.

If Devine’s speculations are accurate, then it may be in the best interests of brokers to make sure that they don’t get themselves in trouble over another infraction. Devine also mentioned that the proposal drafted in the course of the joint investigation was in reference to PPI as a new product, which may complicate the definition and what the two agencies are looking for. Devine also made it clear to everyone that he was speaking with that the opinions he was sharing were his own, not those of Protect.

Although Devine’s concerns are likely justified, he may also be discouraging brokers from cooperating where their assistance is more necessary. As millions of customers have been defrauded in payment protection insurance mis-sellings, they are depending on many other stakeholders to cooperate with the investigation and get justice.

However, one part of Devine’s advice should be taken into consideration. Devine warns brokers that the draft of the proposal the FSA and OFT are issuing is not consistent with what an investigation into payment protection insurance. Therefore, his assumption that the investigation may be centered around other types of suspected fraud may be true.

As regulators continue to pursue their investigation, many professionals advise that everyone cooperate to the best of their abilities. However, that does not mean they should act against their own interests or cooperate without proper representation. Professionals who are affiliated with Devine and the rest of the members of Protect are likely to encourage brokers to read the proposal carefully and know what information is truly relevant to the investigation.

 

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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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Statements from Claims Management Firms to be Wary Of

Filed Under: Latest PPI News by Kalen — Leave a comment
January 1, 2012

Many customers have  received a number of cold calls from claims management firms. However, these firms have made a number of erroneous claims that you shouldn’t take at face value. Here are a few of the claims that you need to be aware of:

  1. They only know some of your details. Most notably, many unscrupulous claims management firms don’t usually look heavily into the details of the applicants they are speaking with. Many claims management firms tell their prospective customers right away that they are eligible for a claim. However, all many of these firms know is that the customer purchased a plan. The customer may have sold the mortgage or other financial plan the PPI plan was attached to. In actuality, the claims management firms may not even know if the plan was ever purchased at all. Anytime the firm fails to do its due diligence, you should be wary. They are likely either incompetent or dishonest.
  2. They make false promises. Another problem with many PPI claims management firms is that they make false promises to their targets. For example, they may say that they can guarantee a claim. They may also tell you that they will be able to expedite your claim and get you your money back faster. There is no way they can make this promise. No claims management firm has any control over the procedures of the turnaround times of a PPI repayment.
Using a PPI claims management firm can be a good idea. However, you should make sure you understand what you are looking for. You need to have a clear understanding of the firm you are going to be working with. You should be wary of any firm that cold calls you.
Always make sure that you can research the firm carefully. Get the name of the company and ask for a track record of the company. At the very least, you want to make sure you can identify who you are talking to. Cold callers often aren’t who they claim to be.
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Ministry of Justice Going After PPI Claims Fraud

Filed Under: ppi claims by Kalen — Leave a comment
January 1, 2012

Apparently there is no shortage of institutions willing to take advantage of customers who have been mis-sold PPI claims. As customers struggle to get their money back from the big banks,they are flocking to PPI claims management firms. These firms are setup to help customers get their money back. Or so it would seem.

Unfortunately, many confidence men are trying to take advantage of the desperate customers trying to get their money back after being mis-sold PPI claims. According to undercover journalists, there is plenty of evidence to suggest that illicit companies offering fake PPI management services are scamming customers out of billions of dollars.

The Ministry of Justice is cracking down on these companies and trying to shut them all down. However, they also advocate that customers use common sense when being solicited for these services.

One of the biggest problems with PPI mis-sellings is that customers are unable to identify these predators. According to reporters who went undercover as customers looking to receive PPI refunds in their efforts to expose the massive PPI racket, these firms have made a number of different claims to mislead them.

One of the scam artists told the undercover reporter that he already knew all the details of her personal life. Obviously, he would have hung up if he even sensed he was speaking to a reporter. Another caller even went so far as to tell the reporter that the only way they could get a refund was by using his services.

The Ministry of Justice issued a statement that they have a team of investigators looking at all companies involved in these scams. As the regulatory body that oversees claims management firms, the Ministry will ban all firms that are caught lying to customers.

Meanwhile, customers are warned to be wary of anyone making such claims. They should hang up on cold callers and be aware of the claims process. Understanding the claims process will help them identify any misleading statements these firms may be making. For example, some firms have promised that they can speed up the claims process. This is a complete fabrication and something that customers shouldn’t work with any firm that makes it.

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PPI Refunds

PPI Claims



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