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A Friendly Public Service Reminder on Payment Protection Insurance

On June 2019, the Financial Conduct Authority itself will authorise all banks to cease processing any PPI claim from any consumer whether valid or otherwise counterfeit.

The date, originally set for the spring of 2018, would become the biggest culmination of PPI complaints in history. While the date is still far off and the FCA plans an advertising campaign to make aware to consumers their right to make a PPI claim, the claims process has yet to be simplified.

Up to today, the PPI claims process is still these three steps.

Grab All Your Documents

Just like in any old-fashioned litigation, showing evidence that you were mis-sold payment protection insurance through documents is the game.

Anything that pertains to your insurance such as billing statements, notices, receipts and your original terms and conditions can help you get back your refunds instantly.

If you were retired, sick or in an accident or unemployed during the time you purchased PPI through pressure from a bank employee, indicate any medical certificate, honourable termination or self-employment certificate or validation that you may have.

Dealing With The Bank

Banks will always reject 9 out of 10 complaints so be ready if you may need to jump to the Financial Ombudsman Service to process your complaint.

Call your bank and claim that you were mis-sold PPI. Remember your policy number and the premiums you are paying. If the bank does not acknowledge that you have a valid mis-sold PPI complaint, hang up the phone.

If you have certain information that banks prohibit themselves to access because of their six-year documentation rule, you could subject them to a data access request for an average cost of £10.

FOS and Other Options

If the bank rejects your complaint, present your evidence and other information through the Financial Ombudsman. Grab a PPI claim form and make sure to fill it out properly.

If you do not have time to wait for your refunds or time to invest in making your complaint again, you could call on professional management services for mis-sold PPI that work under a no win no fee basis.

 

Reminder: You Could Get PPI Information Beyond Six Years

If you’re wondering about the number of repayments you could claim refunds on for your payment protection insurance, you could look beyond the six-year information limit banks claim as a dull excuse to avoid paying refunds to their consumers.

Banks would say that based on bank policy, they have already rid of any consumer’s information with the bank six years beyond.

But this is not true. Using a Data Access Request, consumers can get information from beyond six years of their financing, allowing them to know more about their repayments.

This is especially helpful for mortgages with mis-sold PPI policies. The refunds awarded on just six years’ worth of information is unfair.

About the six year time limit of the FOS, if your PPI policy is still something you pay for to this day and you have found recently to be mis-sold, you could still make a claim for your refunds in six years. Lenders will still hold your information right from the date you purchased your mis-sold PPI policy.

The only complication would be that banks have different ways to tackle and divulge information from beyond six years for consumers. Some of them would unfairly use the six year time limit after the policy has concluded or terminated early.

Three Characteristics of the Dire Moment A PPI Claims Company Is Needed

It’s been quite a journey you’ve taken after you’ve filled out all your forms and the bank had agreed to repay you your refunds. The problem is, the bank did not provide the proper amount decided for a number of reasons that you believe to be false.

This is just one situation where a PPI claims management company can help you succeed. Here are a few others.

Outside the FOS’ Regulation

Surprisingly some financial and insurance institutions do not fall under the Financial Ombudsman Service’s jurisdiction. At this point, you’ll need a third party to interact with them as they can refund you with an improper amount. The PPI claims company can prepare your claim and handle all the possible hassles on your behalf quickly.

Crunch Time

Even if the Financial Ombudsman Service and the Financial Conduct Authority advertise the PPI claims process as easy and simple to do, the two adjectives do not describe the amount of time taken to finish your claims.

It takes time and you will need to collect evidence to ascertain that what you claim about your insurance policy is true.

Re-Submission

It is inevitable, but some banks are still unfair. Banks will try their best to reject your claim to safeguard administrative costs and the actual expenses of their folly with payment protection insurance.

To re-contend, you will need to approach the Financial Ombudsman Service. But that as well also takes time.

A PPI claims company near you can help you get back your refunds immediately and without trouble.

UK Insurance Firms Shamed By FOS Over PPI Mis-Selling

The Financial Ombudsman Service had named several renowned insurers for the highest number of general insurance complaints during the first half of 2017.

FOS figures indicate that insurer Direct Line Group had received more than 1,307 complaints in the last six months for general insurance and PPI related cases.

Meanwhile, Royal London Group had topped the list with more than 193 complaints on life insurance and pensions.

For Financial Institutions, Lloyds Bank and Lloyds Bank subsidiary Bank of Scotland had received a high number of PPI complaints amounting to a total of 169,132 new cases in the first six months of 2016.

“Although it’s a few years now since PPI complaints peaked, we have been receiving over 3,000 cases a week for six years running – despite wider expectations that numbers would fall,” chief ombudsman Caroline Wayman.

“And we’re continuing to deal with the issues and uncertainties around PPI which remain a significant challenge for everyone involved,” she added.

The Financial Ombudsman Reports that the UK still has 54 per cent of its financial complaints directed to payment protection insurance.

Experts estimate the number may increase by 2019, the year the Financial Conduct Authority appointed to end PPI claims through a deadline.

Banks Still Unfair In Processing PPI Claims

Consumer groups continue to call on the FCA to extend or thoroughly abandon the upcoming 2019 PPI deadline because they believe the banks will not play fair.

Indeed, this may be the case as the independent Financial Ombudsman Service had found that UK banks had turned down 9 out of 10 legitimate PPI claims.

Most of these complaints are from high-street bank customers. The consulting body would then overturn the banks’ decision in the customer’s favour. UK’s biggest PPI mis-seller Lloyds Bank faces the largest ratio of overturns with 7 out of 10 complaints ruled in favour of consumers.

In the first half of 2016, the FOS had received more than 91,381 complaints about payment protection insurance. The Ombudsman claims it is slightly lower than the approximated 92,000 PPI claims it received in the second half of 2015.

James Daley, managing director of consumer group Fairer Finance, says: “It’s astonishing the PPI problem has been going on for so long, yet firms are still getting so many complaints wrong.”

The UK banking industry has suffered a massive blow of £37bn in losses due to payment protection insurance refunds. About half of the amount banks have returned to consumers.

As consumers become more aware of their rights to claim payment protection insurance, more claims may come in the following months. The peak of PPI claims may again happen by the second half of 2018.

PPI Still Makes Up More Than Half Of FOS Complaints

According to new figures released by the United Kingdom’s Financial Ombudsman Service, mis-sold PPI is still taking the lead with 54% of all cases in the first half of 2016 compared to the last six months of 2015.

The Royal Bank of Scotland is now leading in the number of complaints with 17,358. Formerly leading the high-street banks in mis-sold PPI numbers, Lloyds follows close behind with 16,626 complaints.

According to FOS Chief Caroline Wayman:

“Although it’s a few years now since PPI complaints peaked, we have been receiving over 3,000 a week for six years running – despite wider expectations that numbers will fall. And we’re continuing to deal with the issues and uncertainties around PPI which remain a significant challenge for everyone involved.”

Ms Wayman added: “Lots of factors can influence the complaints we see, from more people knowing about their rights when things go wrong to external factors like volatility in the stock market or extreme weather conditions. That’s why I believe it’s important that we continue to share our insights into complaints to help businesses to avoid the mistakes of the past.”

Lloyds Bank still leads in the overall number of mis-sold PPI complaints nationwide. The bank accounts for more than 22,241 grievances with 70% of FOS-processed PPI claims in favour of consumers.

Lloyds Chief Antonio Horta-Osorio was criticised for his expenses during his Singapore trip. However, Lloyds rectified that the trip of the CEO was not in violation of any company policy.

HSBC and NatWest had received 11,082 and 8,027 mis-sold PPI complaints respectively.

PPI Claims Companies Still Have a High Likelihood of Winning Your Claim

PPI claims managers do not exist because plenty of consumers fail to make a proper claim. It is a fact that about 6 out of 10 consumer-made claims fail because of the lack of information and permission to access certain bank account information past the six-year mark. If a consumer received less refunds than what is indicated or needed, they need only to turn to the FOS.

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But with the same evidence and material with no additional perspective to justify their claims, consumers fail to get their rightful insurance.

But what edge does a PPI claim company have against a normal consumer?

Claims management companies (CMCs) have existed from 2009 and have handled claims for more than seven years. Being in the business for seven years tells about their experience. Finding a parallel to your case in their database is crucial to hasten the bank’s release of your refunds.

CMCs also have special arrangements with individual banks. The Financial Ombudsman Service may have said that CMCs do not receive special Ombudsman treatment. But CMCs can create better relations with banks to quicken the situation as well. Note: banks also want to end the PPI crisis as quick as you do.

Another edge is that they can save you time and the tiresome effort to make your claim.

Time is worth more than money as it quickly ceases to exist. Our time is spent to help you get your refunds while you focus on the things that matter to you, such as making plans for what you can do with the refund you could get!

PPI Claims Companies Still Have a High Likelihood of Winning Your Claim

PPI claims managers do not exist because plenty of consumers fail to make a proper claim. It is a fact that about 6 out of 10 consumer-made claims fail because of the lack of information and permission to access certain bank account information past the six-year mark. If a consumer received less refunds than what is indicated or needed, they need only to turn to the FOS.

1

But with the same evidence and material with no additional perspective to justify their claims, consumers fail to get their rightful insurance.

But what edge does a PPI claim company have against a normal consumer?

Claims management companies (CMCs) have existed from 2009 and have handled claims for more than seven years. Being in the business for seven years tells about their experience. Finding a parallel to your case in their database is crucial to hasten the bank’s release of your refunds.

CMCs also have special arrangements with individual banks. The Financial Ombudsman Service may have said that CMCs do not receive special Ombudsman treatment. But CMCs can create better relations with banks to quicken the situation as well. Note: banks also want to end the PPI crisis as quick as you do.

Another edge is that they can save you time and the tiresome effort to make your claim.

Time is worth more than money as it quickly ceases to exist. Our time is spent to help you get your refunds while you focus on the things that matter to you, such as making plans for what you can do with the refund you could get!