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June 5, 2017 
Daniel Lee We understand how frustrating cold calls are, which is why we will never ring you unsolicited. However, most companies – for PPI refunds and otherwise – don’t share our mindset. We’re sure you’re often answering the phone to strangers who refuse to tell you where they got your number.
Next time, instead of getting angry or even calmly hanging up, why not take inspiration from these pranksters and waste their time? We’ve also explained before about how to claim compensation from cold calling companies too.
We’ve compiled ten of our favourite funny cold call videos (yes, there is such a thing). We hope you find these as amusing as we do. Have a wind-up story of your own? Let us know in the comment section below.
Russ McCulloch mashed up two prank call classics – the takeaway order and revenge on the cold caller. Our personal highlight is the naïve telemarketer mistaking Russ’s ramblings about a chopstick for him saying he’s off sick but there are plenty more laughs to be had here too.
David Borthwick has been phoned by a PPI company he has never contacted before. But who gave them his number? Was it Auntie Jean or Uncle Freddy?
This classic from mediocrefilms2 shows how to ruin a telemarketer call in an extremely friendly way. It’s how you imagine Buddy the Elf answering a cold call. And no, he doesn’t ask for the caller’s favourite colour.
Normally cold callers being pranked are unamused but this debt advisor joins in on the fun and laughs along with Larry Millar. Never has a cold caller been so easy to warm to.
An oldie but a goldie, this Videojug upload features a man who is very happy to say to yes to this telemarketer’s requests – he just doesn’t want to say anything else. Literally.
Grime MC Jme received an unsolicited PPI refund call. So he did what came naturally to him, and after 10 minutes on the phone, he performed to his call centre audience.
This 3-year-old has learnt the art of dismissing cold calls from a very early age in this short but sweet video by Clare Glenn.
Robbie Britton found that telemarketers find fellow cold callers just as annoying as we do. When two contacted him at the same time, he conducted a three-way conversation.
Lynn Napier shared this dead pan cold call response with the world last year. You certainly need patience to put up with unwanted calls. Or should that be patients?
It’s not just YouTubers who find humour in cold calling, it’s also become part of comedian’s stand-up routines. Lee Mack took to the stage of the Apollo about his response to an energy company.
As frustrating as cold calling may be, we hope this round up has helped ease some of your pain. So, try and have a laugh the next time you receive an unsolicited call. Whoever the call is from, you can guarantee that it won’t be from us.
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May 17, 2017 Daniel Lee As is well documented, the Financial Conduct Authority (FCA) has proven its weakness once more by allowing a PPI deadline to be introduced.
Whilst this is being challenged through the courts as it clearly only benefits the banks, there was perhaps a greater scandal hidden in the news.
The news surrounds the hidden commission payments received by the banks for selling PPI to consumers.
In 2014 the Supreme Court ruled that a customer be awarded compensation due to a lender failing to provide information surrounding PPI commission payments.
The customer was sold a PPI policy for £5,780 by the lender, Paragon Finance, who also loaned the customer £34,000 as part of the deal.
The PPI provider, Norwich Union, took £1,630 of the £5,780 by way of payment for the PPI policy sold to the customer on its behalf by Paragon Finance.
The remaining £4,150 was retained as a commission by Paragon Finance and a secondary introducer.
That is a staggering 71.8% PPI commission!
Quite rightly, the Supreme Court ruled that failing to disclose this commission to the customer resulted in an unfair relationship.
Furthermore it culminated in the customer being denied crucial information in order for her to make an informed decision regarding the value for money of the product she was purchasing.
I think it is fair to assume that any customer would reject such a policy had they been made aware over 70% was pure commission.
The customer was quite rightly awarded £4,500 compensation.
Firstly it is important to state what the primary and overriding duty of a regulator is.
A regulator is to protect consumers by ensuring those it regulates operates in a fair and responsible manner.
A regulator is NOT there to protect the financial position of those it regulates.
You’d be forgiven for thinking that is not the case when it comes to the FCA, who have consistently been at the whim of the banking sector.
The Supreme Court Ruling was issued on 12th November 2014.
However, the FCA have taken almost 30 months to issue new rules for banks to follow when dealing with complaints involving PPI commission payments.
You may need to sit down if you are not already, when we tell you what the FCA consider to be a fair amount of commission.
Firstly, the court awarded the customer £4,500 compensation which is above and beyond the £4,150 commission payments that were involved.
The FCA have concluded that 50% commission is fair!!!
Yes, the FCA have concluded that 50% commission is fair!!!
Is there any other industry where the regulator deems 50% commission to be fair if it has not been disclosed to a consumer?
This ruling clear conflicts the ruling of the Supreme Court, and is yet another in a long line of examples of the FCA trying to protect the banks.
Had the FCA had their way the customer would have only received £1,260 compensation.
This is clearly a matter for the consumer to decide, not the FCA.
The Supreme Court ruled that because the customer was not advised of the commissions involved she was denied the information required to make an informed decision.
In other words, the PPI policy was mis-sold plain and simple.
Your Money Claim believe that if the customer was denied the information then a 100% refund should be due, and this is what we will be fighting for.
Much like the introduction of an unfair PPI deadline, it is clear that this will be challenged through the courts.
The FCA and the banking sector will make every attempt to sweep this under the carpet in order to protect their own interests.
There have been so many opportunities for the FCA and banking sector to put things right but it looks like the fight will have to go on.
PPI commission
May 23, 2017 Daniel Lee
There’s a huge array of methods con artists use to try and trick people out of their hard-earned money. We take a look at some of the more commons ones so you don’t get sucked in.
An email from your bank pops up in your inbox. It looks just the same as all the others you receive from. There’s a problem it says. It asks you to click a link and on the page it loads, which also looks like your bank’s website, you’re asked for your sort code, account number, and security code. You enter the details and you’re told the problem is solved.
The only thing is that the next time you check your account all of your cash is gone, either spent or simply transferred out. The email you received was a scam, where con artists replicate a bank’s email and site styles to trick people into handing over information.
There’s a simple way to protect yourself here. Your bank is never going to ask you to verify sensitive information straight from a link in an email. If you don’t have to go through your usual online banking log in process, it isn’t genuine.
If you’re ever concerned about an email, just call your bank instead. They’ll be able to let you know if the email is real or not.
When these scams first started to appear they usually originated in Nigeria, hence the name. The 419 references the section of the country’s criminal code that prohibits the scam. So what is it?
Essentially you’ll receive some kind of plea for help that involves large sums of money that are set to be taxed heavily in the country the sender resides in. They ask if you’d be willing to have the money transferred to you in exchange for a generous percentage. In other words, the chance at millions of pounds for doing nothing.
Of course there is no money. What the scammer wants is your bank details, which they claim will be used to send you the imaginary money. You can probably guess the next step. The scammer clears out the target’s bank account and disappears into the ether.
With these kinds of cons always ask yourself: is this too good to be true? A Nigerian prince probably has better ways to avoid tax than enlisting the help of Steve in Maidenhead. If you receive any kind of request remotely similar to the above, delete the email and forget about it.
With the NHS being severely hit by this scam recently, it’s important to keep a watchful eye out. Ransomware is when a piece of software gets onto your PC and essentially locks everything down. The software then demands a payment to release your computer and your files. Unfortunately this isn’t an easy thing to get rid off once you’ve got it.
Prevention is the key here. Make sure your PC is always up-to-date as older version often have security issues that hackers take advantage of. Next get some decent security software to protect yourself too. Finally, ensure System Restore is turned on (here’s a step-by-step guide). This means if your computer is taken over you can restore the restore your PC to a time before the ransomware took over and stop yourself losing all your files.
While the name for this con only came about after the 2010 film Catfish, the scam has existed for as long as the internet has connected strangers together. The perpetrator pretends to be someone they’re not, often faking a romantic interest in the victim and stringing them along.
While not all cases involve requests of money, a significant amount do. Usually a fake story is used to illicit sympathy and then cash. Throughout all of this the con artist will use any excuse not to meet the victim in real life or offer up proof of their identity. Unfortunately there are many victims who accept these excuses.
Avoiding these scams is straightforward. If you’re ever getting close to someone online – particularly if they come out with financial sob stories – ensure they prove who they really are. On a separate safety note, if you ever meet someone from the internet always tell people where and when you are going and never go alone.
For as long as there’s been doorsteps there’s been doorstep scammers. There’s a huge range of types, but essentially they boil down to someone knocking at your door and pretending to be someone they’re not.
They may pretend they’re collecting for a charity, or they could be trying to sell you something you don’t need or that won’t ever materialise. Another common one is people pretending to be come kind of official, such as from the council or your electricity company.
Never let anyone in our house if you’re not 100% sure. Anyone official should have ID on them to prove who they are. Give the company or organisation a call to check, but be sure to get the number yourself if you can to be sure it’s correct. Never hand over things like your PIN number to people, or hand over cash either.
If in doubt, ask whoever it is to leave and call someone you trust.
Finally, if you think you’ve been a victim of a scam money.co.uk has a great piece on what to do next here.
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May 23, 2017 Daniel Lee It’s always nice to help save the world at the same time as saving yourself some money. A win-win all round. Below you can find some tips to make your driving more efficient and environmentally-friendly, and therefore better for your bank balance.
Before you even set off on your journey, there’s a few things you can do to save some fuel.
The heavier your car the more fuel you’ll use up. That’s no surprise, but we can have habit of letting things pile up on the backseat and the boot. Ensure you’re giving your vehicle a regular clear out and, if you’ve got a really long journey, take out everything you don’t need.
The change won’t be huge, but over many, many miles, it can make a big difference. In a similar vein, you’ll want to take off anything that’ll cause more drag when you’re on the move. Not used that bike rack in a few months? Get it off. Less drag, less weight, more savings.
First up, don’t get lost! That’s obviously going to use fuel as you search for the right direction. Admittedly that’s a bit of a given, but go over your route a few times to make sure there’s nothing unexpected.
If you’ve got enough time, follow it on Google Maps so you know exactly what to expect. You could also use ViaMichelin. This route planner is great in general, but it also has the option to select the most efficient route. This means you can find the cheapest way to reach your destination.
Not only is this a safe option, but it’ll save you fuel as well. The faster you go the more fuel you’ll burn, so any temptation to break the limit is not only inviting a crash but it’ll cost you as well.
If possible, let your car roll when you can. If you’re coming up to some traffic lights slow down as early as possible to lower the chances of having to come to a full stop when they’re red.
Your air con is far more efficient at higher speeds, so if you’re driving in an area with lower speed limits, it might be better to just open your windows. When you’re on the motorway, feel free to let rip.
It’s also worth checking everything that’s turned on is necessary. Do you really need the backseat heaters on? What about the headlights when you’re waiting to pick someone up? Have you got time to use a scraper rather than the defroster?
Well, this isn’t an option in all cases, but it’s always worth asking: do I really need to drive?
If you could walk or cycle, that’s going to be the best way to save some fuel. Plus you’ll get some exercise in, which is something many of us miss out on. If not, there’s always the bus or train as well.
You could also look into car sharing too. If you don’t know anyone making the same trip, there’s a bunch of services and apps that connect you with strangers heading your way. There’s a few to choose from, but some of the more popular are Liftshare, GoGarShare, and BlaBlaCar.
Photo credit: Calvin Chou
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April 13, 2017 Daniel Lee Is the PPI deadline scandal as big as the PPI scandal itself?
After much anticipation the Financial Conduct Authority have caved in to the pressure by the banks and set a PPI deadline for 29th August 2019.
Whilst this has come as little surprise to most it does highlight yet again that the banking regulator protects the banks and not consumers.
The PPI deadline could see millions of consumers miss out on compensation they deserve, purely to protect the greed of the banking sector.
Your Money Claim have compiled and submitted a list of questions to put to the FCA, and we await their response…
The Financial Ombudsman Service (FOS), deals with complaints made against financial providers governed by the FCA.
FOS has clear rules on when a complaint may be considered, which is widely regarded as the six / three rule.
Basically, a complaint can be made either six years from the date of the alleged offence, or three years from the date when the consumer reasonably became aware they had reason to complain.
It is widely accepted that the majority of consumers who have not yet stepped forward to make their PPI claim are unaware they were sold the product.
Therefore, by FOS rules, the three year period cannot commence until such time as these consumers are made aware they were sold PPI.
The PPI deadline is therefore in clear conflict with the rules set by the FCA and FOS.
This should have been done as soon as the PPI scandal was uncovered.
If every financial provider was forced to contact all current and previous customers who they sold a PPI policy to, the FCA could impose a three year deadline to claim.
There is a clear reason why the FCA have not imposed this and it is simply because they are weak.
Surely a deadline should only ever be considered once the handling of such complaints are done in a fair and reasonable manner?
FOS handle complaints escalated to them if a consumer is unhappy with how the provider has handled the initial complaint.
FOS release data regarding these complaints which have consistently shown that providers have handled PPI complaints unfairly.
FOS continue to overturn the majority of rejected PPI complaints made by providers.
PPI and customer service related fines have continued to be handed out years into the whole scandal, further proof that providers simply haven’t got their houses in order.
This should be a simple question to answer, had the FCA not shown their consistent weakness and poor leadership.
The role of the regulator is to protect consumers.
The role of the regulator is NOT to protect the liquidity of the banking sector.
Sounds simple, should be simple, but this is the FCA we’re talking about.
It didn’t take long for a legal challenge to be launched against the PPI deadline.
The reasoning behind the challenge is relatively clear, it is unlawful and unfair to consumers.
The result of the legal challenge will, in our opinion, highlight whether the rights of consumers is more important than the greed of the banking sector.
It could be an interesting fight.
PPI deadline scandal
February 28, 2017 Daniel Lee
When you think of banks, your first thought is probably of household names. However, there is a growing number of challenger banks. The red tape for setting up banks was loosened in 2013 which has allowed many new establishments to enter the market. If you’re thinking of switching banks, you may want to look into these new players.
Challenger banks bring about a new mind-set to the market. They desire a different approach to banking.
Their existence alone means the big boys no longer have the monopoly. Introducing competition into the market should force change across the financial sector. If customers abandon the big banks in favour of startups, the giants will have to reassess their services.
Although some challenger banks may operate more conventionally than others, they are all disrupting a market that can seem untouchable. Ffrees, for example, describe themselves as part of the ‘unbanking revolution’.
Every challenger bank is different and you should consider each one individually, as you would with any other bank. Just because they are the alternative does not mean they are necessarily the best option for you. Choosing a bank is a big decision and it’s all about working out which one will suit your personal needs the best.
A few of the things that challenger banks may offer include:
Collaboration with their customers:
An ethos of some challenger banks is to be made ‘by the people, for the people’. This collaborative approach should lead to the banks better understanding their customers’ needs. Another reason why some challenger banks have closer relationships with their account holders is due to how new they are. Feedback is often encouraged as the banks have not yet perfected their methods. Although there may be teething problems along the way, a good bank will be keen to rectify these.
Being part of a bank’s inception can be rewarding. Tandem are currently building a community of co-founders to help them achieve their goal of building “the feel-good bank”. A common goal for many challenger banks is to break down the ‘us and them’ rhetoric. Being involved with early decisions helps challenge this before the bank even launches.
Competitive Offers:
As with any new product, emerging challenger banks can face difficulties from their established competitors. Although they may attract customers due to their dissatisfaction with what else is on offer, they will still need enticing offers to encourage new sign-ups. As some challenger banks are targeting a niche, they may offer perks that suit your own set of needs. Once again, this increase of competition should work in reverse and increase pressure on mainstream banks to improve their own services.
Although you should always choose your bank carefully and not be swayed by gimmicks, some of the challenger banks may offer better rates than conventional banks. Fidor bank’s Smart Account is currently offering 0.3% interest per annum which, although not a huge percent, is an easy to understand offer. It is simply the percent earned on your current account balance. Plus, their interest rises will raise to 0.5% once they achieve more Facebook likes.
Customer Convenience:
One way that challenger banks can disrupt the banking market is by having an increased focus on customer service. When Metro Bank were founded in 2010 before regulations loosened, they were the first new bank to open on the high street for more than 100 years. They broke the monotony of 9 – 5 by opening their branches 7 days a week, including 8am – 8pm on weekdays.
As well as extending traditional opening hours, Metro Bank offer free coin counting machines to help you turn your coppers into notes and also welcome dogs. All of this means you can pop into your bank to deposit some loose change while walking your pooch on a Sunday. Now that it’s becoming easier for more banks to open, you can expect the next high street challenger bank to follow in their footsteps.
As well as this approach in branches, Metro Bank offer 24/7 access to their London contact centre. An increase in telephone opening hours and help queries is also a feature some other challenger banks, such as mobile-only Atom Bank, adopt. This means you can contact at times that are convenient for you. Waiting on hold for the entirety of your lunch break could soon be a thing of the past.
Specialisms:
The UK’s largest banks are aiming at the largest markets. However, challenger banks can target smaller audiences and therefore offer a service specifically targeted to your own set of needs. Several appeal directly to the SME sector while others, such as Hampshire Community Bank, are localised. If you can’t find a specialised full service bank for you, look out for partial services.
Coconut is an upcoming bank account tailored for freelancers. This will allow you to track your business expenses and keep a running tax bill, among other tools. Although this may not be a fully-fledged bank, it is an example of how the financial sector is offering consumers more choices so that you can find the services that are right for you.
As with all banks, your money will be protected by the Financial Services Compensation Scheme (FSCS). The FSCS will protect your money up to £75,000 (or up to £150,000 if held in a joint account) in the event of a bank going bust.
With larger sums, you would need to split this over several banks to ensure you would not lose your capital if your bank was to run into financial difficulty.
With so many of the UK’s largest banks closing down their physical sites, it might seem logical for a challenger bank’s USP to be a more personal experience. However, some newer banks exist exclusively online.
While Metro Bank may be known for improving face-to-face banking, its co-founder Anthony Thomson also established Atom Bank once regulations loosened. Atom Bank is the UK’s first bank that is exclusively available on mobile.
Although going digital may at first seem against what challenger banks stand for, these can benefit consumers. Another mobile bank Monese was named ‘Best Challenger Bank’ at the European Fintech Awards 2016, illustrating that being a virtual bank does not always negatively impact customers’ experiences. Being part of a purely online bank means that everyone has the same experience.
This rectifies the imbalance that happens when some account holders have a local bank and others only have access to limited online services. Online banks could potentially pass their savings on to their customers as they do not have the overheads of physical branches.
It’s all about what will be the best for you. Now that you have an overview of what challenger banks offer, you can begin to consider whether this switch will be beneficial for you. Although joining a challenger bank may seem risky, remember that you are protected by the FSCS. Whether you join a challenger bank or not, make sure you are getting the service you deserve from your bank.
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