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September 4, 2014 
Daniel Lee Millions of people in the UK are still to claim the money that they’re owed from mis-sold Payment Protection Insurance (PPI).
Thousands of those probably aren’t aware that they’re actually owed any money at all but if you have had a loan, car finance, store card, credit card or a mortgage then you could be entitled to a pay-out.
Yes, there’s been hundreds and hundreds of different adverts on TV and radio in the past 6 or 7 years from different companies saying that you could be entitled to a PPI pay out but that doesn’t explain to people what PPI actually is.
We’re going to go through some of the most commonly asked questions that we get at Your Money Claim and what we think will be some of the most common, unanswered questions about PPI and we’re going to start with this one…
Well, as was mentioned earlier, PPI stands for ‘Payment Protection Insurance’ and its purpose is to cover your repayments on any of the things mentioned earlier in the post in the event that you lose your job, become sick or have an accident and aren’t able to make the repayments.
It has been systemically mis-sold and even if you think you’ve had it, you’ve nothing to lose by checking as most claims management companies (CMCs) operate on a no-win, no-fee basis and it may turn out that you’re actually owed thousands.
Payment Protection Insurance isn’t necessarily bad product. However, in most instances it was hugely overpriced, generating gigantic profits for those who sold it, which of course led to the temptation to mis-sell the product.
With the profits on offer to banks and lenders it comes as no surprise that bank staff and sales staff were generally heavily incentivised to sell PPI. Therein lies the issue really, as various tactics were adopted including telling customers they couldn’t have the loan / credit without the insurance, telling customers it would ‘help’ the application, and even sneaking it onto the credit agreement without the customer’s knowledge.
After reading this far you might not be too sure if you’ve ever had Payment Protection Insurance and could be asking yourself that simple question of whether you had PPI. We estimate that half of all people who can claim are not aware that they actually have had, or currently still have PPI.
We’d even go as far as to suggest if you’ve had a mortgage, loan, hire purchase agreement, credit card or store card you may well be in a minority if you didn’t have PPI.
We’ve even heard of Barclays putting PPI on bank overdrafts!
Luckily our experience and expertise within the industry has seen most banks and lenders approach us in order to set up ‘fast-track’ systems that allow us to check whether PPI has been added to accounts, so if you’re unsure and want to check, simply contact us and get the ball rolling.
PPI – The Most Frequently Asked Questions Part 1
July 25, 2014 Daniel Lee Money that has been raised by fining the banking industry, almost £20 million, will be put toward funding specialist accommodation for military veterans.
David Cameron has confirmed that the money will go towards paying for eight projects across the UK. New homes or apartments will be created in Edinburgh, South London and Wales.
The money that is being put toward this has been raised from the fines that banks have had to pay after being involved in the Libor scandal; this was after they were found to have been altering inter-bank lending rates.
Speaking about the new scheme, Prime Minister David Cameron said: “One of the greatest worries for our troops when they are wounded or injured is how they and their families will continue with daily life.”
“We should do all we can to take away those worries by providing them with the specialist help and support they need to continue to live their lives and these projects will help to deliver that.”
David Cameron is also expected to open up a new, permanent World War One gallery at the Imperial War Museum as part of the commemorations of the centenary of the conflict.
Also, emergency service charities, search and rescue lifeboat services, scouts, guides, cadets and St John Ambulance are also set to be given a share of the fines.
To read more about how the fines that the banks have been hit with are being put to god use, check this story out about how D-Day veterans are going to benefit.
Banking Fines
July 23, 2014 Daniel Lee The Ministry of Justice, through its Claims Management Regulation (CMR) unit is directly responsible for regulating the activities of businesses providing claims management services within England and Wales.
All regulated claims management companies (CMCs) are required to comply with certain conditions of authorisation which are set by the Regulator. Non-compliant claims management companies can face statutory enforcement action which can lead to the suspension, variation or cancellation of their authorisation.
During the 2013/14 regulatory year, Your Money Claim was audited by the CMR unit and was found to be compliant with their conditions of authorisation.
During the same period, 198 regulated claims management companies had their authorisations cancelled, 2 were suspended and 1 had the terms of their authorisation varied.
Indeed, since 2011, the total number of claims management companies has dropped by more than 1,000.
The regulator regularly issues press releases of it’s findings.
Furthermore, and to ensure that the claims management industry delivers the best possible results for its clients, the CMR unit has recently recruited even more enforcement staff and introduced a more stringent set of conduct rules for claims management companies to follow.
And who, might you ask, pays for all this?
Not the taxpayer… all of these increases have been funded by the claims management companies themselves through an increase in their annual fees.
Your Money claim considers this to be good news for the industry and we welcome continued action from the CMR to remove licences from companies with poor practices.
We do not believe that rogue claims management companies should be allowed to plague hard working people and waste their time, bombarding them with unwelcome calls and misleading information.
It’s not fair that the poor firms out there are sometimes able to tarnish the image of good CMCs so it’s nice to see the regulators clamp down where needed. If only we could see the same kind of regulatory action against banks and lenders for their part in the biggest financial scandal ever to hit the UK. We’ll keep our fingers crossed, but unfortunately we don’t think action will be forthcoming any time soon.
So, if you have been the victim of the Payment Protection Insurance (PPI) mis-sale scandal, and want to ensure that your claim will be dealt with by a compliant and professional claims management company, you need look no further.
Claims Management Companies
November 7, 2015 Daniel Lee We’ve recently brought in Jake Oates, our new Head of Online Marketing and Digital Strategy. As you may have already seen, we’re interviewing some of our staff here at Your Money Claim in order to give you guys a bit more of an insight into the business, how we run things and so that you can see we’re a friendly bunch! So, here goes!
Your Money Claim: Hi Jake, so how long have you been here at Your Money Claim now?
Jake Oates: It’s coming close to two months now.
YMC: For you personally, what is the best part of the job?
JO: To keep it simple, it’s being trusted.
YMC: Excellent, that’s what we like to hear! So, in the short time you’ve been here, what’s your biggest achievement?
JO: Well, it has to be almost doubling the traffic to the site in my first full month here.
YMC: Briefly, what’s your experience in Online Marketing?
JO: I’ve been in Online Marketing for close to 5 years now and started as an apprentice for an agency near me in Preston. I’ve since worked for Thwaites Brewery’s chain of Hotels, Shire Hotels on their marketing team and another agency in Preston.
YMC: Interesting, sounds like you’ve got a lot of experience. So then, what is your favourite day of the week?
JO: Monday is by far my favourite day of the week; starting a fresh week at work and all that good stuff. Yeah!
YMC: If you could spend 24 hours with anyone in the world, who would it be and why?
JO: That’s a tough question. It would either be Rosie Huntington-Whiteley or Eminem. Probably Eminem, I don’t think I’d be allowed to state my reasons for Rosie and I feel like I’d sit for hours and ask Eminem hundreds of questions and not get bored. He really intrigues me.
YMC: Interesting. If you could do anything once, and only once, what would it be and why?
JO: I’d go cage diving with sharks, or just diving with sharks. That’d be pretty exhilarating and something I think I’d only be able to manage once.
YMC: That sounds like fun, think we’ll pass though. If you received a £50,000 PPI compensation award, what would you do with it?
JO: I’d definitely buy myself a new Ford Fiesta ST, I like a bit of fun. I’d also go on a holiday then put the rest in savings and use it for a house deposit in a few years’ time. Maybe treat my parents too.
YMC: Ah, sounds like you’ve got a good plan for that unexpected windfall! That’s a wrap anyway, Jake. Thanks for your time. Now you can go back to fixing the internet, or whatever it is you do.
...
July 10, 2014 Daniel Lee
How long have you worked at Your Money Claim?
Just over a year now.
What is the best part of the job?
That’s easy, being able to tell people when we’ve secured an offer of compensation.
And the worst?
Seeing the tactics employed by banks and lenders on a daily basis. It was a real eye-opener when I started, seeing just how far they will go to avoid doing the right thing. I’ll never trust a bank again. Thankfully, with each tactic they try we are able to overcome them. It’s nice beating the banks!
What advice would you give to customers?
Try to remain patient really. Also, don’t discuss the case with the lender as they may well try to trip you up to get out of paying compensation. Just remind the lender that we are dealing with the case.
Why would you recommend people use Your Money Claim?
As I mentioned before, we know the tactics the banks use, and we know how to beat them. It has become clear to me during my time here that using a good Claims Management Company is helpful when dealing with lenders.
What is the biggest claim you have dealt with?
Hmmmm, I’ve had a few that have been over £30,000 which has been nice. I’m not entirely sure what the biggest one is that the company has dealt with. (The biggest PPI claim ever is over £100,000)
Finally…..a little more about you…
What is your favourite day of the week?
Monday’s as it’s the start of a new week at work…..my boss told me I had to say that!!!
If you could spend 24 hours with anyone, who would it be and why?
Adolf Hitler. I’d ask him why he was so angry! I’d really interrogate him.
If you could do anything once, and only once, what would it be?
Be vegetarian…….for about an hour!
If you received £50,000 compensation for a PPI claim, what would you do with the money?
I’d put a deposit down on a house and then go on holiday.
Who is your favourite co-worker, and why?
Laura, she’s hilarious.
Who is your favourite director, and why?
(Laughs)(sniggers)…I can’t believe I’ve been asked that question! I like them both equally (laughs again)!
Thanks Lucy
July 29, 2015 Daniel Lee Recent statistics suggest that up to 7 million people have yet to make a claim regarding the huge PPI mis-selling scandal.
The biggest financial scandal to hit the UK has some way to go before justice is done.
With at least £10 BILLION in compensation yet to be claimed the banks and lenders are sitting back quietly hoping that people with valid claims don’t come forward.
There could be many reasons. People lead hectic lifestyles, perhaps more than ever, and have just not got round to making their claim.
However, I believe the biggest factor as to why people have yet to claim is the simple fact that they are unaware they have been sold PPI.
On a daily basis Your Money Claim receive enquiries from customers across the UK who are unsure as to whether they’ve had PPI.
Thanks to the experience and expertise gathered over many years of handling such enquiries, Your Money Claim are able to carry out quick checks with lenders to establish the facts of whether PPI has been mis-sold, and best of all, Your Money Claim carry out these checks for free.
With an approximate 34 MILLION PPI policies sold since 2001 we can estimate that up to 7 million people have yet to make a claim. How do we arrive at this figure?
Ok, here goes….!
Banks generally reject half of all PPI complaints initially, the vast majority of which are rejected incorrectly by the way.
In instances where banks have rejected complaints, the Financial Ombudsman Service (FOS) are on hand to deal with the complaint if a customer is unhappy with the banks rejection.
I have done a blog regarding this. Unfortunately, only 1 in 10 customers currently escalate their complaint.
Therefore, with the FOS now stating they’ve dealt with over 1 million complaints, we can assume a further 9 million have been rejected by banks and not escalated.
This takes the figure to 10 million, and if we add into the equation that banks tend to make offers on around half of complaints, we can double the 10 million and arrive at a figure of 20 million.
That leaves around 14 million policies left where a complaint hasn’t been made yet, and with the average customer having had two PPI policies sold to them, we can estimate that 7 million people are yet to stake their claim for compensation.
Your Money Claim have made the whole process simple and stress free. Moreover, Your Money Claim are regulated by the Claims Management Regulator in respect of regulated claims management activities.
7 million
