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September 21, 2016 
Your Money Claim Your Money Claim’s third instalment of “Common PPI Questions: Answered” clarifies common areas of customer confusion when it comes to bringing a claim for mis-sold PPI. Read on for great help and advice:
Ever since the PPI mis-selling scandal came to light banks and lenders have been caught handling complaints unfairly.
This culminated in the regulator, the Financial Conduct Authority, ordering financial business to reopen 2.5 million PPI cases having decalred the outcomes as unfair.
This work is still in process and could take quite some time to complete.
If your rejection was received in the last six months, there is an option to escalate the matter for independent review by the Financial Ombudsman Service (FOS), who in the majority of instances overturn a rejection and order the lender make an offer of payment.
Given the track record of treating complaints unfairly we would always recommend rejections are escalated in the vast majority of instances, and we can do this for you.
Yes. It does not matter if your mortgage, loan, credit card, car finance, hire purchase agreement or store card is still active and running.
Yes. Just as above it also does not matter if your finance agreement and/or relationship with the lender is settled, a claim can still be made.
Yes. Being in an IVA, Debt Management Plan or Bankruptcy does not stop you from making a claim against alleged mis-selling of PPI.
It is important to consider though that if an award of compensation is made and you are in arrears, or if the balance has been written off or down as part of an IVA or bankruptcy, then the lender may choose to use some or all of the compensation award against the balance owed.
Yes, depending on when you took the finance agreement out. If your lender is no longer trading but were regulated by the Financial Services Authority, a claim may be made to the Financial Services Compensation Scheme.
We are very experienced at dealing with applications to the Financial Services Compensation Scheme, so please do not hesitate to contact us for help and advice.
Yes, you can still claim. Some lenders may require your ex-partners permission or authority for a claim to be made.
This isn’t always the case though, and can often depend on who was the first named person on the finance agreement.
Also, some lenders will choose to send half of the compensation award to your ex-partner. Again, this varies with different lenders.
Yes. The lender will more than likely ask for proofs that you are a trustee of the estate and therefore entitled to any compensation should it be due.
The executor of the will would generally have to be made aware also.
Yes. The fact that you no longer live in the UK makes no difference to whether you can make a claim for mis-sold PPI.
Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks allows you to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify? Check here to see whether you may.
Want to know how much you may be owed? Why not try our PPI calculator.
If you have had a loan, mortgage, hire purchase agreement, credit or store card within the last 25 years there’s every chance you’ll have been paying for PPI.
We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.
So….how do you start your claim?
#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.
#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.
Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.
So….why wait, let’s get started!
Common PPI Questions Answered – Part 3/4
September 21, 2016 Your Money Claim In yesterdays budget by George Osborne, he made a change that will have probably gone unnoticed in many of this mornings headlines, but it affects the banks and lenders that have been caught up in the huge PPI scandal.
Corporation tax for those who aren’t quite sure, is the tax paid by businesses based on their profits. An example of this would be that if a business generated £1m, but had £250k worth of costs to pay for things such as wages, marketing and other recognised outgoings, it would pay tax on the remaining £750k which is classed as profit.
Banks and lenders, until Mr Osborne’s announcement of forthcoming changes, were able to declare compensation payments within their costs which actually benefited them by reducing their profits, in turn reducing the amount of corporation tax they had to pay.
Moving forward, banks and lenders cannot include compensation payments for their wrongdoing in their costs, which means they will also have to pay tax for their past behaviour too.
Whilst this is probably long overdue we do welcome the Chancellor’s decision to stop banks from reaping the benefit of including such payments within their costs.
With almost £28 billion already set aside for the mis-selling of PPI it cannot be underestimated just how much of an impact these compensation payments have had on the recovery of the economy.
Figures show that the average customer receives approximately £3,332** compensation and this money has been used towards the purchase of holidays, cars, new wardrobes and other luxury items, hence creating jobs and confidence.
Whilst the PPI scandal still has years to run with our estimation that 7 million have yet to make a claim, the next scandal is upon us.
Mis-sold Packaged Bank Accounts (PBA’s), could well be the next boost to the economy, with 10 million of these accounts in existence and potentially millions more that have been closed but can still be claimed against.
Not sure whether you’ve been sold PPI or a PBA? Our fast and comprehensive checking systems that have been set up with almost all banks allows you to find out whether you’ve been one of the tens of millions who have been affected.
Not sure whether you qualify for mis-sold PPI? Check here to see whether you may.
Want to know how much you may be owed? Why not try our PPI calculator.
If you have had a loan, mortgage or credit card within the last 25 years there’s every chance you’ll have been paying for PPI.
Not sure whether you qualify for a mis-sold PBA? Check here to see whether you may.
We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.
So….how do you start your claim?
#1: The first option for you is to fill in the ‘Start Your Claim’ form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your claim.
#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘Download Claim Pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.
Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.
So….why wait, let’s get started!
PPI tax loophole closed
September 21, 2016 Your Money Claim With Lloyds, RBS and Barclays recently setting aside more compensation for their part in the mis-selling scandal, it comes as no surprise that HSBC‘s bad reputation has taken another hit with their similar announcement.
In little over a week the total compensation pot has seen a huge £1.828 BILLION being added to it, just by the ‘big four’.
Indeed, the HSBC PPI fund has seen an addition of £278 MILLION, following increases throughout 2014 of £445 MILLION.
The latest addition takes HSBC‘s overall PPI bill, which also covers HFC and First Direct, closer to the £3 BILLION mark.
At a time when the bank is possibly at an all time low when it comes to customer trust, following the foreign exchange scandal, mortgage mis-selling and the more recent alleged assistance of their most wealthy clients in avoiding paying tax, the news about having to top up the HSBC PPI fund was probably not what the doctor ordered.
HSBC are not alone when it comes to scandals unfortunately, with most UK banks being found guilty of various fixing, manipulation and general malpractice, it’s starting to become difficult to think of a product sold by our banks that has not been mis-sold in order to generate obscene profits.
Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks, including HSBC, allows you to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify? Check here to see whether you may.
Want to know how much you may be owed? Why not try our PPI calculator.
If you have had a loan, mortgage or credit card within the last 25 years there’s every chance you’ll have been paying for PPI.
We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.
So….how do you start your claim?
#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.
#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.
Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.
So….why wait, let’s get started!
HSBC PPI fund up £278m
September 21, 2016 Your Money Claim This is the second article in a series that Your Money Claim are publishing to clear up common misconceptions about PPI, and help you better understand your right to compensation.
This can make matters difficult. However, if your accounts have been active or settled within the last 6 years then your lender is legally obliged to have retained records.
A simple and free way to find out the name of your lender(s) in this instance would be via Noddle, which is a free service and provides information on all credit that has been ‘active’ within the last six years, even if they have since been cleared.
If your credit has been settled longer than 6 years then your bank may still hold records of payments made to your lender(s), if you made payments via your bank account.
PPI generally started being sold in the early 1990s, until it was banned in 2010, so if you took credit in that period, whether it’s still active or not, there is a chance you paid PPI.
How far you can go back depends on whether your lender has retained records. Lenders are legally obliged to retain records for a minimum period of 6 years after the account is settled. In reality though, most lenders retain records for much longer periods.
To put it simply, if records exist, we can find out whether you had PPI on your credit.
Yes! We don’t need account numbers in order to check to see whether you’ve had PPI on your credit, so please do not worry if you no longer have these.
We have electronic systems set up with a majority of major lenders which means we can access the data using basic details such as your name, address and date of birth.
Yes! Very much like the answer above, we do not need paperwork either when making a claim, or checking to see whether you’ve had PPI.
We can generally obtain all the information regarding your accounts directly from your lender thanks to the systems we have in place.
Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks allows you to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify? Check here to see whether you may.
Want to know how much you may be owed? Why not try our PPI calculator.
If you have had a loan, mortgage, hire purchase agreement, credit or store card within the last 25 years there’s every chance you’ll have been paying for PPI.
We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.
So….how do you start your claim?
#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.
#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.
Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.
So….why wait, let’s get started!
Common PPI Questions : Part 2/4
September 21, 2016 Your Money Claim With Lloyds and RBS confirming earlier this week that they would be increasing the overall PPI compensation bill by £1.35 BILLION, up next is Barclays.
It has come as no surprise that they have followed their competitors and added a substantial sum to their own Barclays PPI fund, taking the total set aside this week between Lloyds, RBS and Barclays to over £1.5 BILLION.
This latest increase of £200m by Barclays follows on from £900m and £170m increases in the last two quarterly releases of 2014.
With the banks and lenders who have been caught up in the biggest financial scandal ever to hit the UK seemingly unable to put a true figure on what the final bill will be, we have taken a closer look at the numbers.
Our estimations have always placed the final PPI bill at over £30 BILLION, much to the disagreement of city experts who have until recently suggested a number closer to £25 BILLION.
This latest round of figures released puts the overall PPI bill for UK lenders at over £27 BILLION, and with the end clearly a long way off it appears these so called experts have got their numbers very very wrong.
It’s generally accepted that the vast majority of people who were aware they had paid PPI have now made a claim, although many thousands are still coming forward on a daily basis.
However, with PPI often being hidden or not explained to a huge number of customers, most people who are now coming forward are not initially aware as to whether they’ve had PPI.
Our estimation puts the number of people yet to stake their claim at close to 7 million.
Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks, including Barclays and Barclaycard, allows you to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify? Check here to see whether you may.
Want to know how much you may be owed? Why not try our PPI calculator.
If you have had a loan, mortgage or credit card within the last 25 years there’s every chance you’ll have been paying for PPI.
We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.
So….how do you start your claim?
#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.
#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.
Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.
So….why wait, let’s get started!
Barclays PPI fund up £200m
