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September 21, 2016 
Your Money Claim With the government recently announcing their intention to sell more shares in the part publicly owned Lloyds Banking Group, we anticipated that there would be no additional money being set aside for the PPI compensation pot.
However, today we learn the Lloyds PPI provision up £500m taking it’s grand total to £14.6bn.
The provision includes Halifax, Bank of Scotland and Blackhorse, which also make up part of the Lloyds Banking Group.
Some time ago, when Lloyds were selling their stake in TSB, they decided against adding to the compensation pot.
Many so called city experts thought that news sparked the beginning of the end, whereas we, perhaps cynically, suggested that the only reason they didn’t add was to avoid any negative impact on share prices.
Just as we thought, the compensation pot received extra cash thereafter.
With the government in the process of selling more of it’s stake in the disgraced banking group, we fully expected a quarterly announcement confirming no further additions in these latest figures.
We’ve always argued the case that the final bill should be over £40bn, which would still see the banks having profited from the PPI scandal.
At the beginning of the saga the banks and city analysts suggested a final bill of £25bn.
This figure was surpassed some time ago, and now currently stands at £31.5bn.
Furthermore, the regulator is looking into a further development in the Supreme Court which could open the floodgates for up to £30bn more of compensation.
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.
Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your Lloyds PPI claim.
Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.
Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.
September 21, 2016 Your Money Claim At long long last we have one of the major banks former bosses admitting he knew all about the PPI mis-selling that was happening on his watch.
This revelation has led to MP’s calling for an investigation into the claims.
HBOS (Halifax Bank of Scotland) forms part of the Lloyds Banking Group along with Blackhorse and Lloyds among others, and have been the biggest culprits in the UK’s largest consumer finance scandal.
Whilst most media outlets are up in arms over this news, should we really be that surprised?
Surely somebody who is heading any organisation would be aware of what is happening within it?
We can only assume that the deafening silence from the other banks are down to one of two scenarios, both of which are equally worrying.
Either all of the bank bosses knew what was happening and turned a blind eye, or they had little control over the organisations they were supposedly in charge of.
Banks and lenders haven’t exactly covered themselves in glory over the last few decades, with scandal after scandal being uncovered.
When banks have to answer to shareholders who demand profits on their investments, the temptation to bend, break or shatter the rules seems to be far too tempting.
When rules are broken it is very rare for the perpetrators to be brought to justice within the finance industry, very much a case of safety in numbers some may suggest.
Add to this that fines, no matter how big they appear to be on the surface, have never resulted in any bank making a loss on their misdemeanors and you have all the ingredients required for the perfect scandal.
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.
Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your PPI claim.
Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.
Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.
April 13, 2017 Your Money Claim British banks and lenders have been pushing for some considerable time now for a deadline on PPI claims, and their wishes seem to have taken a step closer.
The Financial Conduct Authority (FCA), who regulate the banking sector, have held PPI deadline discussions, and whilst there is no official announcement yet, rumours are circulating.
A consultation process is now in place which is likely to continue until mid 2016, with plans discussed to include a deadline of two years after any official announcement.
This news is likely to neither satisfy the banks, who wanted a much shorter deadline timeframe, or companies and people that fight for consumer rights, who argue a deadline would only ever benefit the banks.
Our view is clear and has been outlined in our previous article, which in summary states a deadline should not be introduced until such time as….
Unfortunately we believe that none of the above will happen before the deadline is set, and therefore the deadline clearly benefits the culprits in this sorry tale.
One of the main legal arguments as to why a deadline should not be introduce is because of the rules enforced by the FCA and Financial Ombudsman Service (FOS) themselves.
The rule itself is known within the industry as the 6 / 3 rule, and basically means a complaint can be looked into and brought against a bank or lenders so long as the complaint is raised either…
In the majority of instances the sale of PPI occurred more than six years ago, so our focus is on the three years rule.
We estimate around 7 million people have yet to make a claim.
The main reason we find is that consumers are simply unaware that they’ve had PPI in the first instance, such were the tactics employed by sales staff when selling the product.
If a consumer is unaware they’ve had PPI then how can they be aware there may be reason to complain?!
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.
Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your PPI claim.
Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.
Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.
