PPI Claims: Three Difficulties You Can Encounter

June 21, 2017
by admin in PPI News

Bank employees indiscriminately mis-sold PPI to ineligible consumers, which is almost half the UK’s consumer population. As the deadline looms closer by 2019, consumers are likely to pile up in the banks’ call centres and the Financial Ombudsman in addressing their complaints. Here are three difficulties they could likely encounter.

Delayed Bank Decisions

Banks could either indiscriminately reject complaints without proper investigation or hold the PPI refund decision further than three months. Banks are disallowed to do either of these, but concerning yourself with bank violations rather than getting your refund can be disheartening.

Returning To File Your Complaint

It takes time to collect all your information, inform your bank about your possible mis-sold PPI and walk your entire claim against your bank. To do this again after an unjust rejection would take time and resources. Do not be discouraged; continue to file your complaints or forward your complaint to the Financial Ombudsman.

Collecting All Your Data

For £10, you could ask banks through a data access request for all your transactions regarding your financing and the insurance products attached to it. This is helpful should it be the case your financial documentation is incorrect or lacking. Claims management companies could also do this on your behalf and your entire claim on a no win no fee basis.

Arnold Schwarzenegger To Be The Face Of The FCA’s PPI Consumer Communications Campaign

June 12, 2017
by admin in PPI News

In conjunction with its controversial PPI claims deadline, the Financial Conduct Authority’s appointed media strategist, M&C Saatchi, would have Arnold Schwarzengger and other Hollywood stars to take up the messenger role to discuss payment protection insurance and thrust the knowledge into television viewers.

According to AOL, Arnold, along with other Hollywood stars, have become “unexpected faces of finance.” It said that George Cole, Iggy Pop, Kerry Katona, Martin Clunes and Stacey Solomon, actors famous during the 90s era of action films, music and other media.

Arnold is said not to take on an active role but rather, do a voiceover of an advertisement. The advertisement is said to help people recall him from Total Recall. The idea was to use the film’s former premise and connect this to customers trying to recall whether or not they were mis-sold payment protection insurance.

In March, the Financial Conduct Authority had announced it would set a PPI claims deadline by 29 August 2019 and would use a consumer communications campaign to help announce to people they are due compensation for a mis-sold insurance policy they cannot use. The UK banking industry had mis-sold the insurance policy deliberately as it pushed employees to mis-sell the insurance for better bonuses and incentives.

Get Compensated From Being Mis- Sold PPI Aside from Your Refunds

June 7, 2017
by admin in PPI News

PPI or payment protection insurance wrongly sold to consumers merits a hassle and for this fiscal hassle lasting for decades, consumers have a right to claim compensation aside from their refunds. Bank employees and financial advisers have hassled consumers by mis-selling them an insurance policy they believed could be useful and while the risk of having to use PPI has passed upon the borrower’s loan conclusion, they could have faced hassles that they may need compensation for.

PPI refunds are calculated by calculating the fixed amount paid for a year and the regular interest rate added to the fixed amount for the financial product. PPI refunds, especially single premium ones, are built into the borrower’s approved loan and repayments for the insurance product increases at a regular rate similar to the borrowed amounts.

For PPI compensation, the PPI refund amount that includes the compound interest stated earlier by adding the 8% value of the PPI policy on top of the withdrawn PPI refund value.  In this way, Banks refund and provide consumers provisions for the hassle caused by the product.

Paying for a financial product that serves no purpose is truly impractical and troubling. You are owned more than just your repayments; you are also owed the time and money you would have wasted for PPI.

For Anyone Mis-Sold PPI But Are Unsure About It Watch Out For These Three Signs For 2017

June 1, 2017
by admin in PPI News

This year might be your first time hearing from your lender that you have a payment protection insurance policy. The bad thing is, you do not remember whether you did consciously purchase the PPI policy during the time you applied for your loan, mortgage or credit card. If this is the case, these three signs can help you point out whether you were mis-sold your insurance policy — and these tips are still effective for 2017.


They Said It Was Compulsory

If your bank employee told you it was compulsory to go with your loan application and you purchased it in goodwill, then you were mis-sold this insurance policy. Consumers have the right to choose their insurance provider to protect their financing.

Redundant Coverage

If your partner already has coverage for at least a single financing as his or her work permits and you do not need a redundant payment protection coverage, the bank employee should never recommend you purchasing an insurance policy for your financing.

Any policy sold through this context is mis-sold.

Undisclosed Commission

Susan Plevin’s case became a landmark because her financial adviser did not tell her about the commission he or she received. This had the UK Court penalize Paragon Finance for their failure to mention a “substantial” commission above 50% of the original value of the insurance policy. Your financial adviser and bank employee must disclose this high commission to consumers they have successfully urged to purchased the insurance.

Banks Pay More For Other Insurance Mis-Seling In The United Kingdom

May 25, 2017
by admin in PPI News

Lloyds Banking Group recently succeeded in re-establishing itself in the private sector despite having to pay about £3m for structured investment mis-selling committed about two decades ago. Meanwhile, Barclays is sued for £1.1bn by a British subsidiary of an American financial institution over PPI mis-selling committed by former Barclays subsidiary Monument during the 90s and early 2000s.

Both banks have had billions to repay for payment protection insurance policies mis-sold by bank employees in the last decade. Lloyds has about £15bn earmarked for consumer refunds with half repaid to consumers. Barclays has almost £5bn for mis-sold PPI policies. The UK bank industry has a collective £35bn estimate for PPI mis-selling.

The Financial Conduct Authority had announced a PPI claims deadline set for August 29, 2019. A “consumer communications campaign” would accompany the FCA deadline, which would inform consumers of their possibly mis-sold payment protection insurance policy and their right to earn their refunds.

However, the FCA’s deadline is unlikely final; it could act as a false flag to remove PPI from the headlines and allow banks and the Financial Conduct Authority to discuss the remaining PPI claims issues in private.

If you are mis-sold PPI, be sure to understand the steps to make a PPI claim successful. You only need to keep your receipts and consult a claims manager to make your claim successful.

PPI Claims Still Valid Even After PPI Claim Deadline

May 18, 2017
by admin in PPI News

The Financial Conduct Authority’s PPI claims deadline would give banks the investor confidence it would need in the next few years by taking off the negativity associated with mis-sold PPI and providing “certainty” regarding the fiasco’s situation. The most expensive mis-selling scandal in the country, the UK mis-sold PPI scandal has the entire industry earmark and pay for half of £40 billion for consumers.

The Financial Conduct Authority is, by constitution, to come at the aid of consumers. The probability its deadline is to avoid unnecessary media attention for bank industry confidence to return is likely high. The FCA, along with the Financial Ombudsman, must mediate issues between consumers and banks effectively.

Given this theorem, the FCA and FOS would continue to vouch for consumers mis-sold PPI to make a claim and use all available bank resources to receive their refunds.

The only issues would be banks that would prove abusive and delaying in resolving customer issues. If banks continue to “drag their feet,” as per former FOS Chief Natalie Ceeney, the issue could once again return to the limelight.

The FCA’s move to introduce a PPI claim deadline is to ensure that banks resolve many of their ill-service by urging consumers to make a claim immediately as possible. While it might force many to make their claim, it does not mean the deadline is the end for claiming and complaining about payment protection insurance policies.

The First Three Signs Of a PPI Claims Scam

May 11, 2017
by admin in PPI News

Scammers who pretend to be PPI claims managers tarnish the reputation of reputable PPI claims companies. Scammers would charge exorbitant fees or even claim money for work they did not do. Indeed, the PPI claims deadline would put an end to the scamming but before it does, here are a few ways to identify and ultimately avoid a PPI claims scam.

Charging Up Front Fees

Scammers would pose as agents of a bank who found an individual was mis-sold PPI in the few years and would charge a “processing fee.” If they ask for these fees in voucher or PayPal payment modes of payment, be wary. In the first place, any claims company charging up-front fees could be considered scammers.

Suspicious-Looking Website

A website that appears half-finished or lacking a professional appeal is truly questionable. Any company who posits itself as a PPI claims company should have a professional website that offers consultation and links to useful outbound resources such as the Financial Ombudsman’s PPI claim form and useful site to find PPI news.

Unprofessional Representatives

Be wary of claims companies who have questionable conduct when speaking on the phone or responding through email. Be wary of grammatical errors, speaking accents (most claims management companies are in Britain and should carry an English accent or speak fluent english). These are appalling warning signs that should not be ignored at all.

Ensuring The Smooth Flow Of Your PPI Claim in Three Ways

May 1, 2017
by admin in PPI News,Uncategorized

Payment protection insurance’s deadline is certain and another thing that can certainly happen is banks refusing complaints without proper evaluation. To avoid all this hassle for a bad complaint result, here are three things that you could do.

Remember If Your PPI Was Mis-Sold

To find your entire historical record of buying and paying for payment protection insurance, it would be wise to use a data access request, which enables customers to see their previous records. Once the data access request provides evidence you pay PPI regularly, take a medical examination or check your final payslip to prove your ineligibility as you had an accident, sick or were unemployed or self-employed during the time you purchased the insurance policy.

Expect The Bank To Refuse Your Complaint Outright

Banks can be unscrupulous and unfair in their decisions but be prepared to deal with the possibility of a complaint refusal upon submission. The Financial Ombudsman is not too difficult to reach right after and has a 7 out of 10 chance of success for your PPI claim.

Review Your Case Multiple Times

Ask a claims expert or a friend who had accomplished their own PPI claim against their bank successfully so you would not miss any detail that could outright lead your PPI claim results to disarray.

Barclays Financial Products and Payment Protection Insurance Still Leading Complaints In FOS

April 27, 2017
by admin in PPI News

About three million complaints about financial products were made in the last six months of 2016 and PPI took most of them according to the City Watchdog. The Financial Conduct Authority indicated about 3.04 million complaints and about £1.9 billion in recompense for assorted financial products including PPI the bank industry had to dealt with.

About 60 per cent of these consumer complaints were about payment protection insurance taking over 514,000 complaints and above. Barclays has been the receiver of most of the complaints from customers, including their mis-sold PPI products.

Barclays has for the first time surpassed taxpayer-backed Lloyds, the biggest mis-seller of PPI. Lloyds only had 28 per cent of the shares of complaints made in the last half of 2016. Barclays received 47 per cent of the total complaints made by consumers.

Despite the announcement of the PPI claims deadline, UK’s banks are still to refund consumers mis-sold PPI policies. All financial institutions and related firms have to resolve PPI complaints until customers are satisfied. Even if the August 29, 2019 PPI claim deadline comes to pass, consumers can still use the Financial Ombudsman Service to file their complaint.

From their latest profit report, UK banks have reached about £37 billion in total recompense for consumers with mis-sold PPI. This is closer to the projected £40 billion banks have to pay for until the end of the mis-sold PPI claims in 2019.

The Public’s Concern Over Payment Protection Insurance Nowadays

April 18, 2017
by admin in PPI News

Mis-sold PPI is the biggest financial scandal by the banking industry for decades costing the latter more than £40bn for all the damages they caused customers. However, the FCA still sides with the banking industry by introducing a PPI claims deadline by 2019, much to the disappointment of consumer groups in the country.

The public’s concern over PPI is most consumers have over £3000 paid to banks for repaying their loans, mortgages and other financing in the standards of ASU (accident, sickness, unemployment). But because most consumers were ineligible for the PPI as they were urged to pay for it to ensure their loan applications, they had no use for it and it was a complete swindle from bank employees and banks.

The UK PPI claims deadline could be effective to alert all tech-savvy and TV-watching consumer in their own homes. Consumer groups are better concerned with the elderly, who may not have any avenue of information about claiming PPI except by having an alert from their bank that they possibly have a PPI mis-sold under their name.

Long lines and time-consuming claims processes also invade the public’s concern over payment protection insurance. By 2019, consumers could be struggling to make their claims successful against a backdrop of 3,000 complaints a week from the Financial Ombudsman and bank claims systems clogging with numerous mis-sold PPI claims evaluations.