01254 82288001254 822880
May 19, 2017 
Your Money Claim We’ve long been saying that the next mis-selling scandal will be the mis-sale of Packaged Bank Accounts, PBAs for short, and todays news appears to have confirmed our thoughts.
RBS and its sister bank Natwest, in releasing their quarterly figures to the city, have stated that they have set aside £257m to compensate customers who have been affected by the mis-selling of PBAs.
It is the the first instance of a bank specifically setting aside money for this new scandal, but it will not be the last.
We fully expect the PBA compensation bill faced by UK banks with run into £BILLIONS, less the the huge PPI bill but still a very significant sum.
PBAs have been around for years, and is basically a bank account that offers various insurances and ‘perks’ such as mobile phone cover, travel insurance and vehicle break down cover to name a few.
These ‘benefits’ are placed on the account in return for a monthly fee which generally ranges from £5 – £30 per month.
It is estimated that over 10 million of these accounts are currently active in the UK, with millions more closed.
These figures alone show that at least 1 in 5 UK adults have been affected.
There are various ways that banks have mis-sold these accounts, and we’ve previously done an article on this.
Much like when the PPI scandal first came to light, UK banks underplayed the true cost and have found themselves having to continually add to the compensation pot, with it currently standing above £27bn at the time of this article.
Banks will not openly announce the true cost they believe they will have to pay for fear of the impact it could have on its investors and share price.
We’re likely to see regular additions to the RBS Packaged Bank Account bill over quite a few years, and the rest of the UK banks will do the same.
This announcement is the tip of the iceberg, and it is only a matter of time before the media grab hold of the story in the manner they have with the PPI scandal.
Not sure whether you’ve been sold 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 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!
RBS Packaged Bank Account bill
May 19, 2017 Your Money Claim Yesterday we brought you news that Barclays had added £150m to it’s compensation fund for the mis-selling of Payment Protection Insurance (PPI).
Today it’s the turn of RBS and it’s sister bank Natwest to release its quarterly figures and it comes as no surprise that the much maligned bank has followed suit.
The latest addition of £100m to the RBS compensation pot takes its overall figure past the £4 BILLION mark, with its bill now standing at £4.1bn.
The next mis-selling scandal is upon us and whilst PPI still has a long way to go, the mis-selling of Packaged Bank Accounts affects over 10 million UK consumers and is yet more bad news for the banks.
Whilst the media is being pretty slow on the uptake of this new scandal it is clearly gathering pace, so much so that RBS have today set aside £257m to compensate customers.
We fully expect the banks to face a bill of £BILLIONS for their part in yet another scandal that has affected UK consumers.
This first amount of compensation set aside by UK banks is clearly going to be the tip of the fast approaching iceberg as the banking sector faces more bad news.
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.
PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.
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.
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!
RBS PPI compensation pot
September 21, 2016 Your Money Claim Barclays have today confirmed that they are having to set aside more money to compensate customers for the mis-selling of Payment Protection Insurance (PPI).
The additional £150m added to the Barclays PPI compensation pot is becoming something of a regular occurrence.
In fact the Barclays fund, which includes claims against Barclaycard, has increased by almost £1.5bn in under a year, taking it beyond the £5.5 BILLION mark.
Like many banks and lenders Barclays initial estimates of how much the biggest financial scandal to hit the UK were way off the mark.
Indeed some so called city experts continue to claim that the end is nigh, despite clear indications that the compensating of innocent customers has years left to run.
Our estimations show that up to 7 million customers have still to come forward, with the majority of these still unaware that they’ve had PPI added to their finance agreement(s).
In addition to the £150m being added to the Barclays PPI compensation pot, the troubled bank has also confirmed it has set aside £800m by way of compensation for rigging the foreign exchange rate.
From LIBOR rigging to foreign exchange rate rigging, from mis-selling PPI to mis-selling Packaged Bank Accounts, it is becoming apparent that if it is possible to cheat and manipulate in order to rake in profits our banks are more than willing to do so.
Despite the fines and compensation bills rising Barclays did achieve £1.3bn in profits for the first three months of the year, which begs a question…..who have they ripped off in order to generate these profits, and why aren’t the regulators fining the bank more to deter them?
PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.
Not sure whether you’ve been sold PPI?
Our fast and comprehensive checking systems that have been set up with almost all banks allows us 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.
Our average successful customer award is £3,332**!
Want to know how much you may be owed? Why not try our PPI calculator.
If you have had a loan, mortgage, car finance or credit card with Barclays or Barclaycard 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 Barclays 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 compensation pot
September 21, 2016 Your Money Claim Today the Financial Conduct Authority (FCA) issued its biggest single fine regarding the huge PPI mis-selling scandal.
Far eclipsing the previous biggest fine of £7m, issued to Alliance & Leicester, the whopping £20.7m fine has been handed to Clydesdale Bank, which along with Yorkshire Bank, are owned by National Australia Bank.
Clydesdale’s frankly disgusting treatment of customer complaints regarding PPI has long been known, and the recent tactics of attempting to destroy customer records in an attempt to avoid looking into complaints is typical of how this bank is run.
As if that wasn’t bad enough Clydesdale Bank stooped to new lows, even for the banking industry, when it came to light that the bank had been fraudulently advising the Financial Ombudsman Service (FOS) that it held no records when in fact it did.
Investigations suggest that of the 126,000 complaints received by Clydesdale between May 2011 and July 2013, a huge 93,332** were handled unfairly. That’s almost 75% of complaints!
Did the Chief Executive choose to take a bonus during this period? No prizes for guessing that he did, and a considerable one at that.
For a bank that regularly posts profits running into the tens, and sometimes hundreds of millions of pounds, a fine of £20.7m is significant but we believe the FCA haven’t acted strongly enough AGAIN.
It is our belief that criminal lawsuits should be filed against any staff member found to be guilty of this fraudulent activity, and fines which match the profit the bank has made since the practises started back in 2011 should be imposed.
For far too long now banks have been issued with fines that clearly do not act as a deterrent for their serious failings.
Clydesdale were even offered a 30% reduction (over £6m) in the fine for admitting their wrongdoings.
PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.
Not sure whether you’ve been sold PPI?
Our fast and comprehensive checking systems that have been set up with almost all banks allows us 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.
Our average successful customer award is £3,332**!
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 with Clydesdale Bank or Yorkshire Bank 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 Clydesdale Bank 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!
Clydesdale Bank handed huge PPI fine
September 21, 2016 Your Money Claim You may recall earlier this year I brought you news of various major banks all increasing their PPI bills to cover the cost of compensation.
Yesterday saw the turn of MBNA, the second largest credit card provider in the UK behind Barclaycard.
MBNA set aside just over £250 MILLION in 2013 and their figures for 2014 show that far from the problem going away, it is actually much bigger than they anticipated, which is a common theme across the finance sector.
2014 figures, released yesterday, show that the MBNA PPI bill increased by over £320 MILLION.
There are two main reasons why banks underestimate their own PPI bills, or top up their compensation pots bit by bit.
One reason is that if they told the city what the true estimated cost of compensating customers would be, it would seriously affect share prices as investors would get nervous about the competence of the company.
The other reason is that finance providers simply keep hoping that the end is nigh!
Banks and lenders are pinning their hopes on the estimated 7 million people who haven’t yet made a claim not coming forward, and those that do claim accept a rejection of the claim.
PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.
Not sure whether you’ve been sold PPI?
Our fast and comprehensive checking systems that have been set up with almost all banks allows us 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.
Our average successful customer award is £3,332**!
Want to know how much you may be owed? Why not try our PPI calculator.
If you have had a loan or credit card with MBNA 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 MBNA 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!
MBNA PPI bill
September 21, 2016 Your Money Claim At Your Money Claim we answer a range of questions from people who need help making a PPI claim. We decided to publish answers to some of the most common questions that we’re asked by our customers, so please read on for help and advice on claiming for PPI compensation:
Absolutely not. Your bank or lender must abide by strict rules, known as Treating Customers Fairly (TCF).
Any bank or lender found to have treated its customer any differently for raising a concern or complaint could face the harshest of sanctions.
The only way making a claim could impact your credit rating would be in a positive way.
For example, if you are in arrears with your finance then a compensation offer may reduce or completely pay off any arrears.
Banks are entitled to “set off” what they owe to you in compensation against any other debt you may have with them.
In many instances we find that banks and lenders offer the option of receiving the compensation or having some or all of it used to clear or reduce arrears. However, this cannot be guaranteed.
PPI is broken down into three separate parts, and the amount of compensation you may receive is reliant upon many different scenarios, interest rates, time passed and payment history.
Whilst there is no way of accurately predicting what you are likely to receive, why not take a look at our PPI calculator which may give you an idea.
No! These spam texts and emails are used by marketing companies and unscrupulous claims companies in an attempt to obtain your business via deception.
Should you receive any such text messages we recommend contacting the Claims Management Regulator who may investigate the matter further.
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.
If you have had a loan, mortgage, car finance, 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.
Common PPI Questions Answered – Part 4/4
