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October 29, 2014 
Daniel Lee Payment Protection Insurance, often referred to as PPI, was sold to tens of millions of individuals in the UK over many years. There were many banks that were selling this ineffective insurance for the purposes of astronomically increasing their own profits.
We take a little look into the role played by Alliance & Leicester in what is now the biggest financial scandal to ever hit the UK and, most importantly, we discuss how you could make a Alliance & Leicester PPI claim.
Formed by the 1985 merger of Alliance Building Society and the Leicester Building Society, Alliance & Leicester was once a UK-based bank that operated in four business sectors: mortgage lending and investments, personal banking, commercial banking and treasury. In 2008, however, Alliance & Leicester was acquired by the Santander Group and transferred its business to Santander UK plc in May 2010.
PPI was sold throughout the 1990’s and well into the 2000’s. Public opposition and complaints regarding the efficacy of PPI began to surface in the early 2000’s and banks and lenders were ordered to stop selling the policies in 2010.
This 2004 article in the Guardian newspaper reports how Vince Cable, then Liberal Democrat Shadow Chancellor, urged the Office of Fair Trading to investigate, “the serious problems and inflated premiums and anti-competitive behaviour in the market for payments protection insurance.” Mr Cable considered that “there is a scandal lurking here” – and how right he was.
In 2005, the Financial Services Authority (FSA) was tasked with regulating the general insurance industry. A year later, the FSA began imposing fines for PPI mis-selling and, in 2008, they handed out their biggest fine regarding PPI of £7 MILLION, to Alliance & Leicester, for training its staff to “put pressure” on those customers that questioned the inclusion of PPI in their quotation. Customers who had no need for PPI were being wrongly persuaded otherwise.
Do you think you may have been sold PPI by Alliance & Leicester? Even though the bank itself no longer exists, you are able to bring a claim against Santander – you can still get justice.
Our fast track system means we can gather all the information relating to your bank accounts and decide whether or not you may have an Alliance & Leicester PPI claim. You do not need to provide any paperwork in order to make a PPI claim – we make it easy!
So start your Alliance & Leicester PPI claim today by completing our easy online claim form, found on every page, by downloading a pack. Our experts advisers can be contacted by phone, email or our live chat to answer any queries you may have.
Alliance & Leicester PPI claim
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April 19, 2017 Daniel Lee Earlier this year, in a previous announcement regarding it’s figures to the city, Lloyds decided not to add to their PPI compensation fund, prompting analysts to confidently predict it was the beginning of the end of the PPI scandal.
I disagreed with that prediction in my blog, pointing out that Lloyds were in the process of selling off a stake in TSB and that any negative news could negatively impact the share price.
I also predicted at that time that the Lloyds PPI compensation fund would increase by a minimum of £1 BILLION over the course of the following twelve months.
In May of this year, Lloyds announced they were adding a further £600 MILLION to the fund, taking it beyond the £10 BILLION mark.
Today, the bank have announced, along with 9,000 job cuts and 150 branch closures, that it has added a whopping £900 MILLION to it’s spiralling PPI compensation fund.
This sees the Lloyds Banking Group PPI bill, which includes Halifax, Bank of Scotland and Blackhorse, smash the £11 BILLION barrier, and puts an end to the prediction made by banks and lenders of a final bill of £25 BILLION.
Our estimations predict a final bill closer to £42.5 BILLION, but this depends largely on the estimated 7 MILLION people who have still yet to make a claim.
Whilst the majority of people who knew they had PPI have now made a claim, there are millions out there who have not.
The main reason for the estimated 7 million who have not yet stepped forward to make a claim, is that they are simply unaware they’ve been sold PPI.
PPI was added to 34 million policies, and one of the main reasons for a mis-sale is that these policies were added to mortgages, loans, hire purchase agreements, credit and store cards without the knowledge of the customer.
Your Money Claim are the experts, dealing with and beating banks on a daily basis.
We don’t need account numbers or paperwork. We deal direct with the bank and obtain the details so you don’t have to. What’s more, we do these checks for free.
Once we’ve established whether you’ve had PPI, we then launch the claims and deal with them at every step.
Simply fill in our online form which can be found on every page or download our pack.
If you have any questions, or want an update throughout the process, our expert team is on hand via telephone, email or our online chat facility.
So, let’s get started…!
Lloyds PPI bill increase
October 27, 2014 Daniel Lee As we approach the time of year again where banks announce their quarterly figures to the city, it appears there will be a double blow for the Lloyds Banking Group which includes Halifax, Bank of Scotland and Blackhorse to name a few.
The bank which is part owned by the UK taxpayer has already announced it’s plans to cut up to 10% of it’s workforce, is also expected to announce it’s Lloyds PPI bill rise that will provide further evidence that the PPI scandal still has quite a lot left in the tank.
Having already cut a huge 45,000 jobs since the start of the financial crisis, a further 9,000 are expected to go over the course of the next three years.
Where these jobs will go is yet to be announced but you can bet your bottom dollar it won’t be the gambling side of the business that led to the crisis in the first instance. We are expecting branch closures which will obviously mean redundancies for front line staff.
9,000 jobs equates to 10% of the total employees of Lloyds Banking Group and it’s not yet clear how many of the 9,000 will be lost in the UK.
With the bank expected to report a profit, this will be clouded by yet another announcement of an addition to the Lloyds PPI bill.
Whilst we await the announcement, we believe the addition could be in the region of £500 MILLION, taking the total bill close to £11 BILLION, an astronomical figure.
Furthermore, this, along with announcements expected from many of the other major lenders advising of similar increases, the initial estimate by UK banks of a final bill of £25 BILLION will be blown out of the water.
We’ve previously given our estimate of a final bill closer to £42.5 BILLION, but this is reliant on the potential 7 MILLION people who are still to come forward with a claim.
You may ask why there are so many people who’ve yet to make a claim.
Well, the main reason is that because PPI was added to credit agreements without the knowledge of customers, people simply aren’t aware they may have a claim.
Your Money Claim carry out the necessary checks with fast-track systems set up with the majority of banks and lenders.
We don’t need account numbers, we don’t need paperwork, all we need is your signature and basic details and we’ll do the rest. It couldn’t be easier.
So, if you’re unsure, if your friends or family are unsure, why not take advantage of our free checking service and No Win No Fee* service.
Lloyds PPI bill rise
October 27, 2014 Daniel Lee Payment Protection Insurance, commonly referred to as PPI, was sold to millions of people across the UK. There are many financial institutions and money lenders who are culpable.
Here we review one such offender, Blackhorse Finance, and how you may be able to make a Blackhorse PPI claim.
Given the name of the Blackhorse company and its obvious link to the easily identifiable emblem of Lloyds Bank, it is perhaps of little surprise that Blackhorse is a subsidiary of Lloyds Banking Group. The Lloyds Banking Group was the single biggest offender when it comes to mis-sold PPI and Blackhorse have contributed significantly to this.
Blackhorse specialise in offering finance to customers seeking to purchase used cars, caravans and motorbikes and operate through a network of over 5,000 dealers. Over 200,000 customers every year take a loan from Blackhorse in order to purchase a motor vehicle. There is therefore, the potential for a huge number of individuals to have been mis-sold Blackhorse PPI.
In a perfect world, lenders would hold their hands up when they’ve done wrong and would compensate their customers for it. Unfortunately we don’t live in a perfect world and lenders systematically reject valid complaints.
In instances where lenders reject a Blackhorse PPI claim, or any other lender PPI claim for that matter, we are able to escalate the complaint to the Financial Ombudsman Service (FOS), who will independently investigate the complaint and make a judgement either agreeing that the complaint should be rejected, or by disagreeing with the rejection and ordering the lender to compensate the customer.
In a report featured on the BBC website last year, it was stated that of the 5,888 cases involving Blackhorse PPI claims that were reviewed by the FSO, 97% were found in favour of the claimant! That is a shockingly high proportion of customers that Blackhorse wrongly refused to pay out compensation to.
If you have been unsuccessful in your Blackhorse PPI claim, you must not give up easily! The above statistic regarding successful claims heard by the FSO is evidence that Blackhorse do not deal reasonably with complaints.
In fact, Lloyds Banking Group has even admitted to such poor complaints handling over recent years. In February 2013, they were fined £4.3 million for delaying pay outs to customers.
Your Money Claim are experts in successfully making claims on behalf of customers who were mis-sold PPI. Perhaps, more comfortingly, Your Money Claim know the tactics employed by lenders such as Blackhorse, and we’re used to beating them.
It’s blatantly clear that banks and lender have purposely tried to make it difficult for their customers to make a claim. That is why we have made it easy for you!
Our fast track system allows us to gather all the information relating to your accounts. Once we have the information we are able to see whether there is good reason to make a Blackhorse PPI claim.
We don’t need account numbers, and we don’t need paperwork so don’t worry if you don’t have these.
So start your Blackhorse PPI claim today by completing our easy online claim form to the right of this page, or by downloading a pack.
Our experts advisers can be contacted by phone, email or our live chat to answer any queries you may have!
Blackhorse PPI Claims
August 11, 2015 Daniel Lee According to Andrew Bailey, Head of the Bank of England’s Prudential Regulation Authority, regulators need to adopt a “cards on the table” approach and agree to sensible penalties for bank’s wrongdoing.
The deputy governor of the Bank of England has come out and said that the global regulators need to consult each other before they slap huge fines on the banks or it could undermine efforts from the banks to rebuild strength in the system.
Speaking at a British Bankers Association conference in September this year, he has said that he is currently trying to build up capital in firms and it is being drained straight out of the other side in fines. He didn’t mention however, that these fines were perfectly fair.
As we’ve mentioned time and time again, the big banks in this country have been receiving fine after fine recently but they’re not for nothing at all. No, these fines are all for good reason.
The most common and well known fines that the banks have gotten in recent years are for the PPI mis-selling scandal. Lloyds Banking Group is currently sitting at the top of the list. The total Lloyds PPI bill is now over £10 billion.
Included in the list is Santander. The Santander PPI bill is fast approaching the £1 billion mark after they increased it by £65 million earlier this year. Also, the Barclays PPI bill has risen to £5 billion after they increased their PPI provision by a further £900m earlier this year.
These aren’t the only fines that the banks have been receiving, though. They have been fined for a number of other things. Barclays received a £38m fine just last month for failing to keep their clients’ money safe. They may also face an extra £1.2 billion in fines after giving an unfair edge to high speed traders in what is called “dark pool trading”.
These are just a small sample of the fines that have been received by the banks. They go some way to showing how the banks are always looking to make money at their customer’s expense and it’s in fact the banks, not the regulators who are destroying the trust. When will they learn?
It’s clear that the banks don’t have their customers’ best interests at heart. They’re at the control of their shareholders and, as such, under pressure to make profits which only leads to one thing, the temptation to cheat.
If you’ve had a loan, mortgage credit or stroe card the past, check out our comprehensive list of who sold PPI to find out if you could start to claim back money that is rightfully yours if it has been mis-sold.
Alternatively, do you pay for your bank account? We estimate that of the 10 million packaged bank accounts that are currently in use, with a significant number of these being mis-sold, leading to a potential compensation bill running into £BILLIONS.
No account numbers required, we obtain all the details we need directly from your lender.
So, what are you waiting for? Fill out the form to the right hand side of this page and we’ll send you out one of our claim packs.
Fines Undermine System
October 24, 2014 Daniel Lee The next few weeks could prove to be very costly ones for a select few of the big banks in the UK. HSBC, Barclays and the Royal Bank of Scotland are expected to set aside large sums of money to cover for impending foreign exchange fines.
This isn’t expected to be a couple of thousand pounds here or there, or even a couple of hundred thousand. It’s likely they’re going to be setting aside hundreds of millions of pounds within the next few weeks in order to settle with regulators after a probe into the manipulation of foreign exchange markets.
HSBC, Barclays and RBS are three of the big banks in the UK, and this is the latest in a long line of scandals to have hit the banking industry, leading to yet more provisions to cover themselves for more misbehaving. This latest evidence of manipulation has lead to the banks attempting to arrange a deal with the Financial Conduct Authority (FCA).
It is thought that the foreign exchange probe would see the three banks set aside well over half a billion pounds. That is set to be conformed when they all report their third-quarter results at the end of the month.
In more news, we are hearing that at least one other major British lender is set to increase their compensation pot for the huge PPI (Payment Protection Insurance) scandal. There’s been no word yet on who that is expected to be, but we expect there to be more than one major bank in the country to be announcing something similar.
To put it into context, the Clydesdale PPI compensation bill soared last week as the Australian owned bank saw their PPI compensation fund increase by a staggering £425 million to a cool £1.2 BILLION. The bank stated that the latest increase was set to be enough to see them through to the end of this financial year which is a clear indication that there is yet more to be set aside.
We’re also fast approaching the end of the third quarter in this year which would see the banks announce their figures to the markets. This means that it’s also getting to the time when we learn just how much the PPI bill will be rising. To put this into context, in the last round of announcements, the PPI compensation bill increased by over £3 BILLION.
With over 7 million yet to stake their claim, could you be one?
Don’t worry if you don’t know whether you’ve had PPI, or even that you no longer know your account numbers. Your Money Claim carry out the necessary checks directly with your bank and then work the case from beginning to end.
So why not fill in our online form and start your claim today? You could be owed thousands!
PPI Compensation Bill Increase
