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PPI Claims Guides, Information and Reclaiming tips

How do I know if I have PPI? Step by Step

How do I know if I have PPI? Step by Step

For anyone who isn’t aware of exactly what PPI is, here is a little snippet. Payment protection insurance was supposed to help policy holders in a time of need, but because of high profits and a bonus culture High street banks across the country sold the product incorrectly, mis-lead customers and in many cases actually hid it within the policy interest and repayments after the customer had declined it. Many people believe PPI to be a scam or that its not eligible for them simply because of some of the ‘spammy’ ways in which some companies have gone about trying ... Read More »

Understanding PPI: Just the facts that matter.

Understanding PPI: Just the facts that matter.

PPI has been the biggest financial scandal this country has seen in decades, estimated to be costing the UK banks over £15bn in total and effecting nearly half of the countries adult population. The problem is there are several angles, several different groups of stakeholders that are constantly bombarding consumers with numbers, news headlines and ‘facts’ about the market, problem is, you need a PHD to understand most of it. So we have cut out the bumff, stripped everything right down in to stats, numbers and cold hard facts about the PPI market. Without further a do, here we go: ... Read More »

Rejected PPI Compensation? Fear not, you are (probably) still owed a refund.

Rejected PPI Compensation? Fear not, you are (probably) still owed a refund.

More and more customers blighted with being mis-sold PPI in the past are being ‘stalled’ or ‘put off’ claiming back compensation because UK lenders are rejecting legitimate claims for refunds. In a recent survey of consumers who had lodged a case for mis-sold PPI on their own, we found that less than a fifth of those people surveyed continued to chase a refund after being rejected by the bank. Nearly a quarter didn’t even know that they could turn to the Financial Ombudsmen Service if the bank didn’t refund them. For claims management companies like us these figures make very ... Read More »

Banks ‘fighting’ legitimate PPI claims

Banks ‘fighting’ legitimate PPI claims

Over the last few months the UK banks have been increasingly more difficult to deal with when it comes to PPI claims, around a third of claims are being rejected by the banks with the majority of these rejected claims being eligible for a refund. It seems the banks are playing a numbers game, rejecting lots of claims whether they are eligible for a refund or not, in the knowledge that the majority of those they reject will not pursue their case with the Financial Ombudsmen Service. The FOS intervene on cases that are rejected by banks, on behalf of ... Read More »

Barclays top complaint league

During the last 6 months of 2012  BARCLAYS  was the most complained about British bank, according to figures released yesterday by the Financial Conduct Authority (FCA). More than 400,000 complaints were received in the second half of last year, largely relating to the mis-selling of personal protection insurance (PPI). Although the combined complaints to Lloyds Banking Group – which owns both Lloyds TSB and Bank of Scotland – collectively topped 760,000. The figures also show that in the second half of 2012 the amount paid in compensation was £2.95bn, a decrease from £3.17bn during the first half of the year. Martin ... Read More »

PPI claims staff total 20,000 as claims market continues to grow

PPI claims staff total 20,000 as claims market continues to grow

For a few years now financial experts have been saying that the PPI claims market is drying up, those people that are eligible to make a claim either have already done so or will not be claiming in the future for a number of reasons, but new signals show there are still millions of people out there who are owed money, thousands of pounds each. It has emerged this week that 20,000 jobs have been created by the PPI claims boom, that accounts for over £400m in salaries alone to the banks that continuously ripped off consumers applying for finance. In the ... Read More »

Is there a deadline on PPI claims?

Is there a deadline on PPI claims?

Banks and lenders in the UK who were found guilty of mis-selling payment protection insurance to their customers over a period of more than a decade have been campaigning for there to be a deadline on when customers could make a claim for compensation, now though, it appears that they are stepping back from this and the proposed time limit on compensation will not go forward. PPI was meant to cover the cost of meeting loan, credit card, mortgage or other personal finance repayments if the holder was to become ill, suffer an accident or be made unemployed through no ... Read More »

PPI cases rocket to 147% rise

PPI cases rocket to 147% rise

In 2012 the Financial Ombudsmen Service received 283,000 PPI complaints, almost half of the cases it has received in total since 2000. The number of people claiming back PPI has sky-rocketed due to press, media coverage and the banks themselves writing to customers suggesting they may be eligible for a reclaim. Though this has barely scratched the suface, the FOS are struggling to deal with the 2000 or so complaints they receive every single day. Lloyds Group were at the forefront of those complaints, subject to over 93,000 complaints dealt with by the FOS, over 82,000 were PPI related cases. ... Read More »

What are Interest Rate Hedging Products (IRHP)

What are Interest Rate Hedging Products (IRHP)

Interest Rate Hedging Products (IRHP) are the latest in t a long line of cock-ups from the UK’s high street banks, often known as interest rate swaps or swap mis-selling IRHP was used by banks when selling small business loans to their customers. Similar to PPI, IRHP was found to be massively complex and un-comprehendible to the customers who were sold it, thus making it mis-sold. The FSA (Financial Services Authority) found that more than 90% of these complex products sold to small business were mis-sold. As many as 40,000 small businesses in the UK are thought to be owed compensation, ... Read More »

Is there a deadline on PPI claims?

Is there a deadline on PPI claims?

Before today, “No” there was not a deadline on when you could effectively make a complaint to your lender about being mis-sold PPI. The only slight time constraint was to do with the statutory 6 year rule which meant your lender had to keep details of your policies for 6 years after it was live, if you were outside that period claiming back was more difficult, but still very doable. Today though, news suggest that the FSA and the British Bankers Association are in discussions to set a time limit on when consumers can claim back their money, the FSA is said to appreciate banks concerns ... Read More »

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