Your PPI Claim Could be Worth Thousands
Archived Money Saving Expert PPI Claims News
Nationwide Rakes In Profits Despite PPI Complaints
26th May 2012. Despite being hit with a hefty bill for PPI complaints, Nationwide has experienced a significant growth in profits this year, equating to a 10 per cent rise. The bank claimed complaints over missold PPI policies had "quadrupled in the last six months", contributing to the £103 million bill they have incurred as a result of the fallout. Yet, despite this large outgoing, they still reported an annual profit of £304 million in April - growing by 10 per cent from last year. In particular, increases were noted in the bank's lending, with mortgages increasing by 44 per cent. This equated to £18.4 billion and exceeded the 5 per cent average increase reported for the market as a whole by a vast amount.
Despite the positive figures over their profits, Nationwide used the opportunity to attack claims management companies (CMCs) who are often contacted by consumers to handle PPI complaints and compensatory claims. According to Nationwide, and a number of other institutions, CMCs need to be regulated more stringently as false claims have become more prevalent as the PPI mis-selling scandal has gathered pace. This follows an initiative launched by consumer body Which? and MoneySavingExpert.com which called for a universal claims procedure to be adopted. However, not all bodies have shown support for this call-to-action, with CMCs and the Claims Standards Council both accusing the collaborators of "siding with banks" rather than supporting the victims they claim to be protecting.
PPI Claims Companies Accuse Consumer Bodies Of 'Siding With Banks'
18th May 2012. Following a campaign launched by consumer watchdog Which? and MoneySavingExpert.com against PPI claim procedures, Claims Management Companies (CMCs) have retaliated by accusing these bodies of siding with banks rather than consumers.
The two organisations collaborated with the British Bankers' Association, writing a letter to the Ministry of Justice which called for CMCs to be subjected to tighter restrictions when it came to handling claims.
Yet, whilst Which? and MoneySavingExpert.com have claimed their actions are motivated by concern for consumers, claims companies have challenged this, labelling their tactics as "extremely aggressive" and detrimental to consumers.
Andrew Wigmore, Policy Director of the Claims Standards Council, explained the organisations were limiting consumers' choice when it came to seeking redress for mis-sold PPI policies. He commented that "their current action to protect the banks [...] shows breathtaking ignorance and a total disrespect for the consumer they profess to protect" before labelling their acts as "utterly disgraceful." Wigmore went on to explain that consumers were well aware of their right to claim compensation independently, making their decision to use a third party a personal choice which they should be entitled to make - but one that he felt consumer bodies such as Which? are trying to prevent.
Financial Industry Vows To Make PPI Claims Easier After First PPI summit
24th April 2012. A summit, which was hosted by consumer watchdogs Which? and MoneySavingExpert, saw the Financial Ombudsman Service (FOS) and all major banks and lenders meet to discuss plans to address the ongoing battle regarding compensatory PPI claims. This battle has been raging for a number of years since the missold PPI scandal was first brought to the public's attention following investigations by the Citizen's Advice Bureau (CAB), Financial Services Authority (FSA) and Office of Fair Trading (OFT) in 2006. These investigations revealed millions of individuals had been wrongly sold payment protection insurance (PPI) with credit card and loan agreements, making it one of the biggest financial scandals in history. Unfortunately, despite the publicity the scandal gained, claims remained hard to obtain for some victims and some customers even found themselves taken advantage of by unscrupulous claims companies. This prompted the decision to hold a summit, with all regulators and bodies involved agreeing to make the claims process easier to manage. Agreed action consists of implementing a standardised claims procedure and encouraging co-operation and communication internally between these bodies and externally with customers.
Money Saving Expert appears on ITV Daybreak
28th January 2011. Martin Lewis, the Money Saving Expert, has appeared on ITV Daybreak discussing PPI claims. He says "the banks are revolting. They are taking the regulator, the FSA, to court in a case which could see the future of billions of pounds worth of missold PPI decided.... News: Money Saving Expert ITV Daybreak
Leaked letter reveals banks' dirty tricks on PPI claims
9th January 2011. HSBC is deliberately stalling PPI compensation claims at the Ombudsman for mis-sold debt insurance, a leaked letter seen by Martin Lewis's Money Saving Expert reveals. The banking giant is withholding vital information from the Ombudsman Service to help it settle PPI claim refund disputes... News: Martin Lewis / Money Savings Expert PPI Claims
UK Banks defy FSA on new PPI rules
6th December 2010. UK Banks are putting up a desperate fight to hold on to an estimated £2billion in missold PPI by flouting new rules that could mean compensation for around three million victims. New FSA regulations force banks to review past sales of PPI... News: Martin Lweis / Money Savings Expert PPI Claim Complaints
Money Saving Expert Martin Lewis warns on access to advice
21st October 2010. Martin Lewis the money expert from the Money Saving Expert site said There's a lack of understanding of the advice landscape among consumers, adding that some people went to banks and were sold PPI thinking that the commission-incentivised seller was a financial adviser... News: Martin Lewis Money Saving Expert PPI Sales
Lloyds puts PPI claims on hold in defiance of FSA
Martin Lewis's Money Saving Expert: Where to buy PPI
16th October 2010. martinlewismoneysavingexpert martin lew Banks typically overcharged consumers by £1.4 billion a year when selling PPI, according to the Competition Commission, though many have since stopped selling cover. It's often far cheaper to buy PPI from independent providers such as British Insurance or Paymentcare... News: Money Saving Expert PPI Sales
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PPI News Archives: FSA PPI | Ombudsman PPI
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(REGULATED BY THE MINISTRY OF JUSTICE IN RESPECT OF REGULATED CLAIMS MANAGEMENT)
Please note that there are time limits as to when you can claim for mis-sold PPI. It's essential you waste no time. Contact us even if your PPI claim was previously rejected by the lender.
Complete the NO-OBLIGATION super fast enquiry below and your professional PPI claim expert will contact you. The PPI refund amount that you may be able to claim back may be a lot more than you think. Don't put it off, please do it now.
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What is the Official Stance on PPI Claims?
Reports by the Office of Fair Trading, the Competition Commission and the Financial Services Authority (FSA) demonstrated that there had been substantial PPI mis-selling and actively encourage people to claim. They acknowledge it is difficult to find customers who have been mis-sold PPI where the customer does not actually know that they have the product.
According to the Banking Times "lenders selling PPI can expect to earn £1,200 from a policy that costs £20 to provide". Is it any wonder that PPI providers cut corners?
Additionally, the FSA say that "It's vital that firms deal with these complaints fairly. Unfortunately, we don't currently have confidence that firms are doing this. On average, firms have rejected around 60% of the PPI complaints they have received, but some firms have rejected nearly all."
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This is Where we Come in
Mortgages or loans with PPI
Have you taken out a mortgage, secured loan, unsecured loan or hire purchase agreement in the last 10 years? If you have (or have had) a mortgage or loan that includes PPI with providers such as Santander, HBOS, Halifax, HFC, HSBC, Lloyds, Natwest, RBS, Northern Rock or in fact any other credit provider, you could be owed thousands of pounds - even if you've lost the paperwork. We can also look at going back more than 6 years, but you'll need to have all the documents pertaining to the loan in this case.
Credit cards with PPI
Have you taken out a credit card, store card or payment card in the last 10 years? If you have (or have had) a card that includes PPI with providers such as MBNA, Barclaycard, Capital One, American Express or in fact any other credit provider, you could be owed thousands of pounds.
In the majority of cases, what we are complaining about on your behalf is the fact that you shouldn't have been sold the PPI policy in the first place because it wasn't right for you. Your compensation could be a full refund of all your premiums plus interest. Your PPI claim will not have a negative impact on any existing loan or your ability to obtain a loan in the future.
You may even have more than one PPI claim even if you've claimed on the insurance or the policy is no longer in use.
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And 3 Reasons to Use us to Handle Your PPI Claim...
- When claiming PPI, experience counts: We have a substantial team of experienced advisers who have already helped recover millions of pounds in mistakenly paid premiums, interest and compensation for 1000's of customers.
- No win, no fee. You've nothing to lose: Unlike many of our competitors we'll tell you exactly what your PPI claim will cost. Importantly, there are no upfront fees, no hidden extra payments, and absolutely nothing to pay unless you win.
- We'll make it as easy as possible for you: We'll handle all the paperwork and chasing for you and we'll keep you informed with exactly what's happening at each stage. Some providers have tried to make the PPI claim process as long-winded as possible hoping that you give up - this is something we won't do, even taking the claim all the way to the Ombudsman if necessary.
25 Opportunities to Claim a Mis-Sold PPI Refund...
As you'll see below, there's a huge chance that you have been mis-sold PPI. Answer yes to JUST ONE of these simple questions:
- Did you not specifically ask the loan provider for PPI?
- Did your loan provider make you think you had to have PPI in order to have the loan?
- Did they add the PPI onto your loan without fully explaining why?
- When you took out the loan were you self employed, unemployed, retired, over the age limit or on a fixed term contract?
- Were you not told you could cancel the policy without penalty within the cooling-off period?
- Did the loan provider fail to explain whether it was selling on an advised or non advised basis?
- If they stated they were non advised, did they then go on to give advice regarding the merits of the PPI policy?
- Did the loan provider fail to check that the policy would be affordable in light of your income and outgoings?
- Did they not check if your circumstances were likely to change during the policy?
- Did the company fail to provide the written documentation required under the FSA’s rules such as the statement of price, policy summary or statement of demands and needs?
- Did they not stress the importance of reading the documentation?
- Were you pressured into taking a PPI contract?
- Did they fail to explain orally the full cost of the PPI or not tell you could get PPI independently for a fraction of the cost?
- Did they fail to explain orally the key features of the product, such as its optional nature, non-pro-rata refund terms and exclusions and limitations?
- Were you not told that a commission was to be paid to the broker or intermediary?
- Was the PPI paid as a lump sum when you took out the loan? Single premium products were often inflexible especially if you repaid your loan early.
- Did they fail to explain that if your loan was redeemed early then the rebate on the PPI element would not be proportionate?
- Did the PPI cover not match the loan term? Did they fail to make you aware of the consequences of taking out a PPI policy that does not cover the full term of the loan that it is linked to?
- Did they fail to ask you about any existing PPI payment cover you had?
- When you took out the loan, did you have existing medical conditions such as depression, back problems, etc.
- Did they fail to ask if you were entitled to sick pay from your employer?
- Did they fail to explain any of the PPI's exclusions in the written terms and conditions
- Despite it being a joint loan application, were the benefits applied only to one applicant and you were led to believe that all parties were equally entitled to PPI cover?
- Did they fail to check how long you were employed? Some PPI policies need you to have been employed for a certain length of time to be suitable
- Did they fail to obtain information from you as to what existing means you already had in place protecting the loan, including benefits from employer, existing insurance or savings and investments?
Our PPI claims experts can easily assess your case to let you know if you are a victim of a mis sold PPI policy and will make a claim on your behalf.
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