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.

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!

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.”

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.

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!

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.

The bulk of the £3.9bn is a whopping £3.2bn put aside by the bank to pay back customers making mis sold PPI claims, but don’t feel too bad for them, RBS swung a £1.6bn loss around to a £2bn pre-tax profit in 12 months.

To be fair to Lloyds, it is meeting lending targets to small and medium-sized firms (the foundations of a healthy economy) and it has reduced exposure to potentially toxic debts in Italy, Spain, Portugal and the Republic of Ireland. But then you’d expect both of these things from any responsible lender that was pulled back from the brink by it’s customers and other bank’s customers. Lloyds’ shares were up 6.6% this morning.

To read more about Lloyds, checkout the Mail or BBC

“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.”

Mis sold mortgage is just one of the many concerns that may add up to your pending and unbelievable bank charges. You may want to get hold of more information like PPI or payment protection insurance and other concert hat you may need help from. Get the most of these and act on it. To give your PPI reclaim the best possible chance of succeeding, give one of our friendly experts a call now on 0800 840 7292.

Get your full PPI reclaim by going to an expert and seek on how to handle this request. Also you can inform directly the insurance company and get the money back into your account, of course with interest. Get them now. To give your PPI reclaim the best possible chance of succeeding, give one of our friendly experts a call now on 0800 840 7292.

The thing about mis-sold PPI is that you can never experience the services said to be offered. You don t have to suffer such scenarios, claim back your ppi now and get your money back. You don’t have to suffer such liability. It was never right in the first place. To give your PPI reclaim the best possible chance of succeeding, give one of our friendly experts a call now on 0800 840 7292.

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 give your PPI reclaim the best possible chance of succeeding, give one of our friendly experts a call now on 0800 840 7292.