Posts Tagged ‘payment protection insurance’

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PPI Claims – Refunds Due

Tuesday, October 18th, 2011

Payment Protection Insurance is one of the biggest money-makers the banks have ever sold and it’s also the most complained about product in the UK. The PPI has been mis-sold over the last 10 years on an enormous scale, literally to millions of innocent and vulnerable citizens across the UK. Eventually it got to the stage where everybody was dissatisfied that they’ve been unable to use the product and never benefitted from it which sparked a lot of conversation.

This sparked hundreds and thousands of people to put in a complaint with their bank regarding the way this insurance was sold and PPI has become the most complained about financial product and insurance ever to be sold. So many people across the UK have been outraged as they find out they’ve been paying thousands for an insurance that doesn’t cover their needs, even after telling the advisor that sold them the financial product of their circumstances.

People who were retired, civil servants and even those with pre-existing medical conditions have been sold this insurance which has never benefitted them nor would it ever in the future.

Out of everyone who mis-sold the insurance, Barclays Bank is the bank to receive the most complaints during the first 6 months of 2011 after receiving more than 250,000 complaints. It’s estimated that the banks and firms who sold this insurance are receiving around a total of 10,000 complaints every day which gives you an idea of how much this insurance was mis-sold. Just after Barclays was Lloyds TSB who received an enormous 181,000 complaints during the same 6 months, followed shortly after by Santander who received 160,000. The Financial Services Authority have announced that half a million complaints PPI has generated so far this year is approximately a quarter of the total complaints received during that time.

With so many people putting PPI Claims it’s clear that with everyday more and more people are discovering PPI on their documents and want their money back from the incompatible product. Millions of people are yet to put in their claim for mis-sold PPI, so don’t get left behind before your time runs out. After 6 years from the date the loan has passed, the banks destroy all of your documents in regards to that specific loan, and unless you have your own records this can make it impossible to start your PPI claim.

Many people are searching around for information regarding Payment Protection Insurance. Your best bet is to use an internet search engine for any info you need regarding PPI.

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Mis-sold PPI claims making life difficult for the banks

Thursday, August 25th, 2011

The banks have been set targets for processing complaints regarding mis-sold payment protection insurance (PPI), but the majority of them are struggling to keep to them. The Financial Services Authority (FSA) has already extended the timeframe in which banks are expected to handle the complaints, but this has done little to relieve the pressure.

The original guidelines specified that banks should deal with these complaints within 8 weeks, but the FSA made a temporary agreement with Barclays, RBS and Lloyds in June which gave them more time to process the mountain of complaints that have been sent to them.

This agreement stipulated that the banks must provide decisions on PPI complaints that were suspended during the recent judicial review by the end of August. The timeframe for dealing with complaints received between the end of the judicial review and the end of August was also doubled, to 16 weeks. For PPI complaints received between 1st September and 31st December, the timeframe is 12 weeks.

The latest reports, however, indicate that the banks continue to struggle under the weight of the PPI fiasco, despite the FSA extending these deadlines. They are hoping that all complainants will receive letters by the end of the month informing them of whether their complaint is being upheld, but the majority won’t receive the compensation they are due until up to 4 weeks after receiving the letter. Furthermore, the amount of compensation they are set to receive may not even be revealed to them. Guidelines state that those whose claims are successful should receive a full refund on any PPI premiums paid as well as backdated interest (at a rate of 8%).

If you have already submitted a PPI complaint to your bank, you should expect to receive a response before the end of 2011, or by the end of August if you sent the letter before 20th April.

Do you want to reclaim PPI costs? Get in touch today!

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The fiasco of payment protection insurance

Friday, August 12th, 2011

There has been a large number of stories in the media recently about the fiasco surrounding PPI or payment protection insurance. The idea behind PPI is that it should act as a safety net for people who take out loans so that should they be made redundant, get injured or become ill and be unable to continue their loan repayments then they will be covered and not run up large debts. Because of the high percentage of profit lenders were making from PPI though they began to mis-sell it and left borrowers paying more on their loan repayments than they should have been.

Many people who have or had PPI were not even told that they had it and the amount was simply added to their payment without them being aware. when loan terms were offered with PPI the bank or company offering the loan would often use describe the loan has ‘fully protected’ rather than asking the person if they wished to take out PPI in case they needed it.

The lenders only made a small percentage from giving people loans whereas by selling PPI they were retaining almost the entire PPI amount. On average PPI added between 15% and 30% to people’s monthly repayment which in most cases would be way more than the interest being paid. PPI isn’t entirely a scam though and some people did need it, however even in these cases people were paying up to four times more than they really needed to.

The mis-selling of PPI has been in headlines recently and many who were mis-sold it have a chance to claim their money back. The chance they have to claim it back depends on where they bought it from though. If they took out an online loan then although the terms were probably hidden, they were still there and this makes it very difficult for them to be successful.

The real mis-selling though came from salespeople who failed to outline PPI properly to people when advising them on their loans. Some salespeople also lied and told their customers that it was compulsory whilst some told the customer it was a good idea for them when it was actually the wrong type of cover. In these cases, a person is more likely to be successful in their attempt to reclaim the money.

Get more information on mis-sold PPI.

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UK PPI Claims: For Mortgage, Loans And Credit Bills

Sunday, July 24th, 2011

Availing loans, mortgages and bank cards are pretty regular nowadays. Being granted a mortgage is quite rewarding and mortgages are pretty helpful when emergency rises or if you ought to buy a lot. These are in actual fact known as privileges as a result of the bank can lend you the cash in bulk to pay for say a car or a house. Every part appears fairly wonderful with this setup except one thing goes unpredicted or unplanned comparable to occasions of unemployment, sickness or accidents the place you do not have the mean nor the incoming cash to settle your monthly bills. In such cases, would you are likely to ask how are you going to repay your debts or where will you get the money. The answer is simple and it is by means of UK PPI claims.

For this basic motive, the UK Fee Protection Insurance or UK PPI Claims provides you the means to be insured of piling loans and mortgages in occasions when you do not have the sufficient means to pay your backlogged monthly bills. Your UK PPI claims will do the funds while you’re nonetheless unable to pay your current month-to-month charges. It could reply to your mortgage, mortgage and credit check balances given that your coverage statements coincides with what you are presently going through.

Most UK PPIs claims will probably be credit given that you’re at present unemployed, on a sick go away, or is hospitalized as a consequence of accidents. You’re entitled to enjoy at most a most of 1 to 2 years where the so-known as UK PPI claims will cowl for you if you are nonetheless unable to pay them for yourselves.

UK PPI declare has numerous types of policy insurance. It can be insurance policies under accidents, illness, or unemployment; Life and ASU; Mortgage PPI; Private Mortgage Safety or Credit score Card Cost Protection.

All your unpaid loan repayments, mortgages and credit stability will likely be answer by thr UK PPI claims once your at a decent situation. Makes certain due to this fact to get one Cost protection Insurance coverage while early any be sure that what kind of cost safety insurance coverage you will more than likely want money within the future. Choose and avail of any of the PPIs for future claims when unpredictable financial instances occur. Every part will likely be answered for in case you avail of your own UK PPI. Credit checks, mortgages and loans that are pending to be paid welcomes the accredited UK PPI claims you employ to pay the bills. Plan forward of time and safe your loans and mortgages. We by no means know what can occur thus get a Cost safety Insurance coverage whereas still early so that eventually you can benefit from the UK PPI claims.

Except for planning and budgeting effectively, individuals are inspired to get PPIs to ensure that anybody to be saved from premature occasions where cash runs out, there isn’t any pay coming in and your bank is billing you for your month-to-month loan prices, mortgages and credits. Plan PPI and get the reclaims today. Seek the advice of their web site or e mail your individual Cost Protection Insurance guarantors to examine your PPI maturity so that you can take pleasure in such claims at these instances when money is scarce for repayments. Plan correctly and make investments today for UK PPI claims.

If in case you want to apply one for the purpose of mortage, loans or credit better avail of the PPIs which cover such cases so that in the future you have UK PPI claims to enjoy.

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PPI Judicial Review – What it means to you

Sunday, July 17th, 2011

Payment Protection Insurance is still right under the nose of the consumer. People everywhere are losing out on thousands in payment protection insurance claims. It’s highly advised that you start your claim today, before you miss the opportunity to get your premiums back!

The two taxpayer-backed banks ‘Bank of Scotland’ and ‘Lloyds TSB’ have decided they would prefer to drag Payment Protection Insurance claims out for as long as they can. They seem to be deliberately delaying the process for unknown reasons. A spokesperson for Lloyds banking group believes that around 20% of PPI claims will be rejected very quickly due to having ‘no PPI’ and that they would be handling each case individually based on their merits. Barclays Bank on the other hand have admitted liability for the mis-selling of PPI and have come to the conclusion that it would be in the best interests of themselves and the consumers to get this whole Payment Protection mess out of the way and return to normal business.

Not like Barclays, the taxpayer supported banks Lloyds TSB and Bank of Scotland stated, they would not be mimicking Barclays in providing hassle-free Payment Protection Insurance refunds. Someone from Lloyds TSB made the public statement that Lloyds would be judging each individual case based on its merits and that they would handle all payment protection insurance claims regardless of when they were made. He also stated that about 20% of all the PPI claims placed would be automatically rejected due to them not having Payment Protection Insurance. This includes the Bank of Scotland, Halifax and Lloyds TSB brands. To shed light on a dark situation, he did state he believed most people who put in a PPI claim would receive a refund. But why on earth would they choose to make claiming more difficult than a major competitor? Surely this is likely to make people switch their bank? They could be providing refunds much quicker and this would increase customer satisfaction, where currently they are lacking a lot of.

It’s obvious that the move the banks make will be the base and support of their reputation for the next few years. Barclays have clearly made the best customer based decision in deciding to make payment protection insurance claims a lot less hassle. Lloyds banking group seems to have difficulty understanding that delaying the process and making it more difficult to claim PPI is likely to deter any future custom they are hoping to obtain.

It’s highly advised that you initiate your Payment Protection Insurance claims before time runs out. You only have a 6 year window from the date you took out your loan/cc/finance before the bank destroys any documentation on that lend and you lose your chance to claim back thousands.

With the recent Judicial Review between the banks and the Financial Services Authority, plus the attention the media have placed on Payment Protection Insurance Claims thing’s can seem confusing! Make sure you’re up to date with all of the latest news!

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Reclaiming PPI Helpful Hints And Information

Wednesday, October 13th, 2010

If you’re considering purchasing a new car, buying a new home, remortgaging, trying to get an unsecured loan or opening up a new charge card, you need to make sure that your financing company isn’t tricking you into payment protection insurance. Over the last six or so years, many consumers were swindled into spending money on this mis-sold ppi cover. This really is considered among the top financial scandals in history within the UK.

Payment protection insurance with the correct circumstances could be valuable to repay ones monthly financing obligations when the coverage holder becomes unable to work due to illness or redundancy. If the ppi claims are approved, it will cover the debts from a year to 24 months. Sadly, statistics show that approximately 85% of such claims are denied due to ineligibility of policy holder.

Several UK watch-dog organizations along with the Financial Services Authority have been working hard to stop this mis-selling as well as allowing past victims of those practices to submit and reclaim ppi payments that was sold to ineligible consumer during the period of the last six plus years. Incredibly large fines have been directed at many large name banking institutions for these underhanded practices.

We have compiled a small list of the top tactics used in the past as well as ongoing today for that mis-selling. It is necessary that you simply pay close attention to the fine print when you’re trying to get any financing products.

* Being informed that PPI is compulsory – many borrowers were told they wouldn’t receive their loan product without purchasing. The simple truth is that PPI isn’t mandatory.

* Not being inquired about ones health background – many medical conditions for example previous back problems would make you ineligible.

* The PPI cover is added to your loan without your knowledge – banks are recognized to range from the fees in the financing charges without having your approval.

* Not being inquired about your employment position – people whom are unemployed, self-employed or perhaps retired won’t be eligible.

* Not being told of age requirements – consumers under the age of 18 or older than 65 are no eligible.

Awareness is the best thing to avoid being mis-sold payment protection insurance.

To anyone that thinks they were mis-sold this pay for it is imperative that you make your ppi claims right away. This can be carried working for yourself, or by getting in touch with a UK ppi claims company.

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Is It Possible A PPI Reclaim Couple Pay Of My Debt?

Wednesday, September 29th, 2010

Payment Protection Insurance (PPI) is a very profitable sideline for lenders. In fact, lenders make more money on PPI than the interest they charge on the loans and credit cards the insurance protects! For every 100 a lender charges for insurance on a loan or credit card, there is an 85% chance a claim will never be made by a customer, so they get to keep all of the money. The trouble is, a lot of this money has been obtained at the expense of pushing people into taking on extra credit – and therefore more debt – and mis-selling them Payment Protection Insurance at the same time. If you’re reading this article you are probably one of them, but fortunately PPI claims will be the key to helping you pay back the debt the lenders have forced upon you.

Every industry has its favourite methods of making extra profits with the least amount of effort, and the financial industry is no different. However, if you had to guess what the industry’s favourite method was, chances are you wouldn’t pick PPI as a money-spinner or pet profit-maker. But this particular product has reaped massive profits for lenders – and is now dispensing a sting in the tail that has caused the industry its biggest headache and a potential 2.7bn bill to be paid on PPI claims over the next five years.

The lengths lenders have gone to, to sell PPI are extraordinary and in some respects, unbelievable, simply due to the massive profits that could be made on each policy, far more than what could be made on the interest from loans and credit cards. If you are reading this and wondering if you may be one of those people who has suffered at the hands of the lenders then reclaiming your PPI could be the answer to your debt problems.

The full extent of the unscrupulous and unethical tactics lenders use to get you to have PPI has only recently come to light. There are many ways you could have been pushed into having it which would make PPI claims valid, including: 1) Not knowing you have it in the first place! 2) The lender slipped it quickly into the conversation so you didn’t hear it mentioned clearly 3) You were told it was compulsory to have the lender’s PPI if you wanted to obtain credit from them 4) Pre-filled application with boxes ‘helpfully’ ticked 5) The policy is not what you asked for or agreed to 6) You didn’t know your loan was longer than the PPI policy 7) The PPI is a joint policy held in one person’s name 8) You were a student, unemployed or retired when you were sold the policy yet it doesn’t cover you under these circumstances 9) Does not cover you if you are a sole trader, but you were told it did 10) No enquiry about existing medical conditions which the policy will not pay out on 11) No discussion about any alternative cover you may already have

Any of the above are grounds for a PPI claim, but it may not be an easy process. Lenders have perfected the art of making the process as difficult as possible so you will give up on your claim. In fact, recently the Financial Ombudsman complained to the Financial Regulators about lenders rejecting PPI claims immediately without investigation, and being deliberately obstructive. This is despite 89% of all complaints that the Ombudsman deals with relating to PPI claims having merit and subsequently being upheld.

So why are lenders behaving so badly? Very simply to try and make the process as difficult as possible, so you give up on your PPI claim and they can keep the money. After all, if you receive your third, fourth or even fifth letter from your lender refusing to discuss a complaint or simply rejecting the PPI claim as having no basis, wouldn’t you give up?

Sometimes you can speed up the process considerably by using an experienced claims company to help you with prepare, submit and manage your PPI claim. Most lenders don’t bother to try delaying tactics with these companies because they know they have a great deal of legal knowledge behind them, not to mention won’t tolerate any silliness or obstruction from the lender.

While it may take a while for you reach a successful conclusion to your claim, it is worth doing if only for the satisfaction of paying off some – if not all – of your debt with your refund. And of course, getting rid of an unethical lender who tried to cream off a bit more profit by pushing you further into debt is also immensely satisfying too!

Lenders are forever mis selling ppi to consumers. Don’t hesitate, submit your ppi claim today and reclaim the money taken from you. Don’t let the banks win!

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Can You Claim PPI – List Of Questions

Monday, September 20th, 2010

Many people are still trying to find out if they are indeed entitled to file a ppi claim to their lender in order to get a settlement on the monies for which they may have paid out unfairly. Large numbers of cases of mis sold ppi claims have already been filed as well as a very large percentage has in fact won. According to the Financial Ombudsman a complainant will have to satisfy specific criteria in an effort to establish mis sold ppi claims; after which it has to be proven in order to recoup your money (in addition to 8% statutory). We have developed a brief checklist of standards so that you can read through; in the event that a minimum of one relates to your own circumstance, then there are very good chances you have a valid grievance.

Personal Information

* You were under 18 years old or over 65 years old.

Overall Health

* Previous health concerns for instance back troubles or perhaps stress and anxiety, depression, and so forth.

* Existing medical condition.

* No one at any time asked any questions concerning your health.

Employment Circumstance / Status

* You had not been employed at latest job for a minimum of twelve months.

* You were jobless or perhaps retired.

* You had been self-employed.

* Employment status had been a short-term position.

* You had been working below sixteen hours a week.

Time of Loan and / or Credit Application

* You were made to believe possibly directly or in a roundabout way that the PPI was compulsory to obtain a loan product.

* You were not told you could actually buy the PPI from someone else with a lesser rate.

* No-one asked you if perhaps you possessed any insurance coverage (not just PPI).

* Nobody reviewed with you the expense of the payment protection insurance; either prior to as well as following financing.

* You in no way approved payment protection insurance purchase; however it has been included in your loan payments.

* No one discussed to you the full terms or conditions.

There might be various other fundamental circumstances by which you are categorized as that will also permit you to make a legitimate mis sold ppi claim against your loan provider. It is advisable to gather up all of your information, documents, etc and create a formal correspondence as well as send it off to your specific lender. Should you not want to attempt this, and perhaps just make use of a professional company which focuses primarily on this field, you should.

Do not take the chance that you are owed money; start right now and contact claims company and rest assured they are going to do their best in hopes of getting you made whole with your ppi claims. Note – no upfront fees, only pay should they get you a settlement on your case.

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Payment Protection Insurance Get Your Actual Monthly Premiums Back

Saturday, September 18th, 2010

Many individuals are still realizing that they are a candidate to make UK ppi claims still in 2010; it has been suspected that the amount of people submitting might add an additional 2.5 million plus in five-years. Many have said that this could be one of the greatest financial scandals to hit Great Britain as it might actually top the Endowment mis-selling scandals associated with previous years.

Here are a few amazing figures we discovered regarding facts on ppi sales which will help you understand the reason why this scandal is continuing to grow, and exactly why customers are able to file in effort to be able to reclaim payment protection.

* Presently more than seven million brand-new policies associated with payment protection are sold annually.

* If the ppi payments are included within your month-to-month payments (examples a home loan payment) by the actual conclusion of the term (i.e. 15 years) it may end up costing an shocking 60% the initial loan amount.

* It has been determined that of all the payment protection insurance policies taken out, the fact that no greater than 3.9% are ever claimed. Of the clients making claims around one quarter of these are declined by the payment protection insurance company (typically as a result of being ineligible to be able to even have ppi in the actual first place).

* Financial institutions have documented that payment protection insurance premiums account for approximately 4.9 billion pounds yearly.

* It has been expressed by business watch-dogs that up to 65% of cover sold was inevitably mis-sold therefore leading to so many UK ppi claims.

This specific data can show you exactly why numerous financial institutions used their own ruthless methods, or perhaps explains not transferring the key facts to the consumer whenever mis-selling; it’s very plain to see from the huge annual income brought in by the sale of ppi policies. It has also been widely reported that numerous sales representatives were promised large commissions per policy sale, therefore adding to much more mis-selling either intentionally or even coming from lack of knowledge.

It is strongly suggested that if you had taken out any type of loan whether it is mortgage or even credit card that you simply determine if indeed you have payment protection insurance. Next check to see if you happen to fall under the many different forms of how people were mis sold ppi to see if you have a legitimate case to be able to reclaim ppi.

In the event you do, you have the right to make your own UK ppi claims heard. Get in touch with possibly a ppi claims specialized organization, or visit the Financial Ombudsman for more information and also what you should do to get started.

Start your UK ppi claims right now. Find the help you need regarding how to reclaim payment protection.

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All You Will Need To Know Associated With Claiming Back PPI

Wednesday, September 15th, 2010

Are you currently much like one of the hundreds of thousands of people living throughout the England whom are asking ‘Can I claim back PPI’? Odds are that for anyone who is asking the question, you almost certainly can, and you probably were really like the over three million people with whom own ppi and are also looking to be recompensed.

There are two main options by which someone can claim back ppi premiums. One method is to file by yourself by submitting a formal letter to the loan merchant; the other will be to make use of a ppi claims company. The first thing you will need to conduct however will be make certain you meet the requirements to make a legit claim. Chances are, obviously that should you be actually considering that you had been mis-sold payment protection insurance, you most likely will have a claim.

The two methods will involve that you gather as many of the papers, names, numbers as well as whatever additional records you sense might help your case.

Submitting by yourself, you have to first send a formal complaint to the lender. It must be well written and also follow specific criteria. There are many templates which may be aquired online at the FOS website in terms of developing your correspondence to the loan service. The lender will have up to 8 weeks to respond. The latest news reveals however that most lenders will send a generic denial correspondence back. If after 8 weeks you have not obtained word either way or if you received a denial correspondence you will be able make use of the aid of the Financial Ombudsman. It has been reported that about 80% of the cases in which they are claiming back ppi for a client are in favor of the client if mis-selling is actually established.

Your other option will be to make use of a ppi claims company. You really need to make certain that the company you choose does not charge an upfront fee. Legitimate professionals will only impose a fee should they win the settlement for you. Many people take advantage of these experts as they realize what needs to be done, as well as how to go about it. Chances are in favor of a faster turnaround time frame when using these specialists since you are not mixed in with the countless others in queue with FOS.

Please bear in mind that not everybody will win while claiming back ppi, however if you think you were mis-sold payment protection insurance it doesn’t cost anything to make the claim.

Find out what you need to know when you are asking yourself can i claim back ppi by visiting www.ukppiclaims.org for facts or help with your claim.

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