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Tag Archive: ppi claims


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 John Gregory — 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 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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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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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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Banks Stalling on Paying PPI Claims to Customers

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

After fighting a long, hard battle, many customers were excited when banks finally were forced to start repaying customers who filed PPI claims. However, their excitement quickly dwindled when their payments didn’t come on time.

In accordance with their agreement with customers, banks were supposed to pay their customers within 28 days from the filing of a claim. However, these payments are not being made on time. The banks themselves are willing to acknowledge that they have failed to meet this deadline. At least four banks have acknowledged that they have failed to make payments within the 28 days specified in the agreement.

Customers from Lloyds TSB are particularly concerned. Despite the 28 day promises offered by Lloyds, their customers may be forced to wait months before they have the opportunity to get their money back.

The massive PPI fraud has caused millions of people purchasing PPI packages they either didn’t want or couldn’t use. Earlier in the year, banks ignored a number of PPI claims that came across their desks. As a result, they ended up creating a backlog of unpaid claims that needed to be resolved.

After a series of legal proceedings, the banks were ordered to work through the backlog by the end of August. Even though the banks set aside billions to deal with all claims that arose, they were not able to get their issues sorted out in that time.

Some of the banks satisfied the terms of the settlement. In fact, nearly 20 banks throughout the UK paid over 200 million pounds by the deadline. The names of these banks were kept anonymous. Many consumer protection groups criticized this practice as a clear attempt to protect the identities of the banks that failed to make their payments by the deadline.

Customer protection groups have filed a request for this information. However, regulators assert that turning over the names of the banks that failed to make their PPI payments on time would be unfairly prejudicial towards the banks and could damage their brand image.

The banks continue to insist they are doing everything they can to get the claims paid off. Although they acknowledge that they have missed their deadlines, they also said they are doing everything they can to pay them off within a reasonable turnaround time.

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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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