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November 3, 2014 
Daniel Lee Your Money Claim have simplified the PPI claim process to such an extent that it’s PPI claim form is now available to download to complete in the comfort of your home. Taking literally two minutes to complete, it couldn’t be easier to get the ball rolling when it comes to making a claim for compensation.
Alternatively, you can request the form via the post by completing the online form request which can be found to the right of each page, or via our claim page.
So…let’s take a closer look at the form itself and answer any questions you may have.
This page is for you to let us know the best contact details for you.
Our service enable us to update you via email, telephone or text. We want to make the process as efficient as possible whilst not getting in the way of your every day life so please feel free to put as much, or as little detail on this as you wish.
This is the Letter of Authority page, and gives us authority to act on your behalf when it comes to dealing with your lenders. It gives clear instruction to your lender which should enable the fastest possible conclusion to your case.
Your signature on this page is your instruction to us also.
You will receive a copy of our Terms of Engagement if you request your form via the post. If you choose to download the form you’ll see our Terms of Engagement on page two of the download. Our Terms of Engagement are also available to view at any time on our website by following this link.
We make our Terms as clear as possible and they are there to protect all parties.
This is where we get to the ‘nitty gritty’ of your case, or cases.
The first thing to remember, is not to worry if you’re unsure when answering the questions. Please feel free to leave questions blank if you cannot remember, or if you’re unsure. It’s always best to be completely honest.
One of the first boxes you’ll notice, is somewhere to put your account numbers. If you do not know these then, again, please leave it blank. Our fast-track system allows us to obtain all the information we require from your lenders.
You’ll then see two boxes that you are able to tick, one stating ‘Charges’ and one stating ‘PPI/Insurance’. If you want us to look into both, please tick both. If it’s just PPI then tick PPI and answer the questions below that to the best of your knowledge, leaving questions you’re unsure of blank.
We’ll form the basis of your case, and whether you may qualify for PPI compensation based on the answers you put on this page.
The last page is in relation to mis-sold Packaged Bank Accounts. This is fast becoming the latest mis-selling scandal, so if you’ve paid a monthly fee for your bank account, or if you still do, you may be entitled to compensation.
Much like page 3, answer as many questions as you feel comfortable with answering if you wish us to launch a case for a mis-sold Packaged Bank Account.
We’ll form the basis of your case, and whether you may qualify for Packaged Bank Account compensation based on the answers you put on this page.
We hope our little guide has gone in some way to dispelling the myth that PPI claims are difficult. In many instances completing the PPI claim form is all that you are required to do.
However, if you have any questions relating to the pack or anything else to do with PPI or Packaged Bank Accounts, our experts are on hand to answer them. You can contact us via email, telephone or why not take advantage of our live chat facility.
For your convenience, we always send out a freepost envelope when we send out our packs.
Once we receive your completed pack we start the ball rolling. We obtain the information we require from your bank or lender. We deal with the process every step of the way and we fight your corner. We’re used to beating the banks, and it’s what we enjoy!
The average customer receives approximately £3,332** and we’ve taken a look at our own statistics so you can see what our customers get back in compensation.
So…why not join the thousands of customers who’ve reclaimed BILLIONS so far.
PPI claim form
October 7, 2014 Daniel Lee So….how much can you expect to get in mis-sold PPI compensation?!
Let’s do some number crunching shall we.
So far the total set aside by banks and lenders stands close to £24 BILLION. However, this bill is getting added to on a consistent basis, with £3 BILLION being added over the course of the last 2 months.
The banks estimate of the final bill will be £25 BILLION is most definitely going to be smashed.
With 85% of PPI policies being mis-sold according to regulator figures, and £50 BILLION worth of policies sold since 2001 alone, that would put an estimated final bill in excess of £42 BILLION when you take into consideration the interest and compensatory interest that is paid out with a successful claim.
The banks low estimate is purely based on their belief, and hope, that a large proportion of people who are entitled to compensation do not come forward an make a claim.
Couple this with the fact that most people who attempt to make their claims directly with the lenders, do not escalate their complaint to the Financial Ombudsman Service when they receive a rejection. We estimate that this tactic alone has saved the banks £17 BILLION so far.
The average customer receives approximately £3,332**, with the largest PPI payout to date being a whopping £104,500.
Your Money Claim has delved a little deeper using it’s own figures, and here is what it’s customers receive…
1 in 11 Your Money Claim customers receive over £5,000
1 in 38 Your Money Claim customers receive over £10,000
1 in 99 Your Money Claim customers receive over £15,000
1 in 239 Your Money Claim customers receive over £20,000
Not sure if you’ve had PPI?
Not sure how to claim?
Don’t have the account details?
Don’t want to deal with the lender?
Don’t want to deal with the paperwork?
Don’t want the stress?
Your Money Claim carries out all of the necessary checks to see whether you’ve had PPI. Your Money Claim can assess whether or not you may qualify for PPI compensation. Your Money Claim then deals with the lender, and their tactics, throughout the process. Your Money Claim beats the banks every day.
Average PPI payout
October 7, 2014 Daniel Lee The UK government has challenged the European Union who have set a limit on bankers bonuses, and the hearing date is set for today.
Let’s all feel sorry for the bankers shall we?
With current caps set by the EU standing at 100% of annual salary, it must be such a struggle for these city fat cats to get by. Some of them may only be able to afford one yacht this year!
London is the banking capital of the world, and the government claims it’s worried that capping bonuses will force these bankers to move their business elsewhere.
The government claim these people are ‘wealth makers’, and losing them would severely impact the UK economy.
Is it a coincidence then that the UK treasury benefits from the extortionate bonuses paid to these economy gamblers, via tax deductions?!
The global recession that hit from 2008 and is barely recovering now was caused by poor regulation by governments across the planet and greed of bankers who were paid huge bonuses for short term profits.
The profits on offer were of such magnitude that the long term impact of dodgy dealings, and sometimes fraudulent dealings, simply didn’t enter the mindsets of these people.
Such were the terrible judgements made by bankers that huge financial organisations found themselves crumbling and having to be rescued by governments…..if they were lucky.
In the UK there wasn’t a bank or lender that didn’t find itself fighting for it’s existence, making cutbacks and making wide-scale redundancies.
So, surely these bankers who caused the crash would be the first in the line to be made redundant?
Nope! These bankers continued to receive huge salaries, and gigantic bonuses.
Instead it was front line cashiers and general banking staff that found themselves looking for new jobs.
It was the taxpayers who picked up the bill.
The recession has affected millions, and probably billions across the world, yet the people who caused it in the first instance got away with their actions, and are now fighting the European Union because they’ve had a cap placed on their bonuses, even though the cap means they could still earn double their salary!
It’s of little surprise that peoples trust in the banks has now evaporated. The bank manager used to be regarded in the same high moral standing as a doctor or a teacher. Somebody you could place your trust in, somebody who would give you the best advice for your finances.
Fast forward and now it’s the person who mis-sells PPI, and mis-sells Packaged Bank Accounts.
Now it’s the person who is targeted by their greedy employer, the bank, to sell allsorts of useless insurances and products in order to generate obscene profits for the bank, and big bonuses for themselves.
With millions of people across the UK being mis-sold products, Your Money Claim believes if you haven’t been mis-sold PPI, or a Packaged Bank Account, then you will be in a minority, such is the scale of the frankly disgusting tactics the banks have used.
Your Money Claim can carry out the necessary checks and deal with the banks on your behalf every step of the way, and with the average customer receiving £3,332** it could be the best decision you make this year.
Bankers bonuses
October 2, 2014 Daniel Lee The huge recession that hit the world from 2008 was something on a scale not really seen by any of us alive today. Runs on banks, banks closing, banks having to be rescued by governments, the world still has a long way to go before it can be considered as recovered.
I suppose one small shred of comfort is that the UK appears to be ahead of the majority when it comes to getting back on it’s feet. But how and why?
It’s clear that the uncertainty that comes with a recession sees businesses and banks try to keep hold of the money they have, rather than invest it.
People stop spending as there are fears of job cuts, pay cuts and a general feeling of uncertainty.
We’ve seen across the globe that governments have attempted, with varying degrees of success, to pump new money into their economies in an effort to try to get the wheels moving. This is known as quantitative easing. There are plenty of drawbacks with quantitative easing though and it’s in no way the answer to the problem.
The most effective way to get out of a recession is to generate confidence in people and industry to spend money, which isn’t easy. Banks don’t tend to lend money which means businesses can’t grow, which leads to people feeling unsure about their jobs and income, which in turn leads to people not spending. It’s a bit of a vicious circle.
We’ve seen various initiatives by the UK government to try and force banks to lend, with relatively little success. Banks don’t lend as they have their own debts to service, especially with the frankly terrible investments and lending they were doing in the years prior to the crash. They also don’t lend as they’re unsure about whether businesses can grow, or the security of people’s jobs.
Sounds a bit grim doesn’t it?!
It’s a strange way of looking at things really, but the banks own greed and illegal practises may have just saved the day.
The mis-selling of Payment Protection Insurance (PPI) has been the biggest financial scandal to hit the UK.
85% of the estimated 34 MILLION policies sold were mis-sold in order to generate huge profits for the city fat cats, the banks and lenders.
The 13 million complaints made so far (just a third of policies sold!) has forced banks and lenders to pay back £16 BILLION to UK customers in PPI payouts, which has seen people back out into the shops, buying cars, putting deposits on houses, paying for holidays and everything else you can think of to do with the thousands of pounds that you may receive.
With this cash injection into the system, businesses have been able to steadily get back on their feet, employ more people and the confidence is slowly but surely starting to return.
Indeed, the UK is now one of the fastest growing economies in the world.
The simple answer is yes. Don’t get me wrong, it’s unlikely the banks will be voluntarily helping anytime soon, but the fact they’re being forced to cough up PPI payouts for their own greedy and corrupt past, means that BILLIONS more will be getting paid out to the UK consumer which of course helps the country grow.
The banks expect the final PPI bill to be around £25 BILLION, which would mean another £9 BILLION in PPI payouts is yet to be claimed. However, this is according to their figures and we all know how accurate and trustworthy banks are!
The banks are relying on people with valid PPI claims not coming forward, and the fact that millions of people are out there who, because of the scandalous tactics employed by banks and lenders, still are unaware they’ve even had PPI on their loans, mortgages, credit cards, store cards or hire purchase agreements.
With £50 BILLION worth of policies sold, and 85% of these deemed to have been mis-sold, that should really put an estimate on the final bill of £42.5 BILLION in PPI payouts!!!
The banks haven’t just stopped with mis-selling PPI. The next big mis-selling scandal is upon us, and it’s Packaged Bank Accounts. So, if you pay a monthly fee for your account (usually between £5 – £30), you may have been mis-sold a Packaged Bank Account.
If you haven’t made your claim for PPI compensation, or Packaged Bank Account compensation, I ask why not?!! Your Money Claim can check whether you’ve had PPI, whether you may qualify for PPI compensation, or qualify for Packaged Bank Account compensation, deal with the banks at every step of the claim, and with the average payout being £3,332** it could be the best thing you do this year.
Not only could you be thousands richer by launching a claim, but you could also be helping the UK to prosper by doing so.
Your country needs you, make your claim today with Your Money Claim.
PPI gets UK out of recession
September 4, 2014 Daniel Lee You may recall some years ago there were claims being made against banks regarding unfair bank charges. These charges were for things like going into an unauthorised overdraft and other such things.
Banks were paying out compensation to customers by the bucket-load, almost £600m at the time, and rightfully so in our opinion. It was estimated that refunding customers could eventually cost the banks up to £20 BILLION, almost as much as PPI, but that all came to a sorry end in 2009.
The banks and the Office of Fair Trading were at loggerheads for a while over the issue, with the banks believing they shouldn’t be compensating customers for the extortionate fees they were charging, and the OFT believing they should.
In July 2007 the two sides agreed that claims for compensation should be placed on hold whilst a ‘test case’ was put to the Supreme Court. Both sides were confident of victory, and it’s our opinion that the OFT didn’t quite put the resources to the case that they should, possibly believing victory would be a formality.
It came as quite a shock when the ruling found in favour of the banks, and it appeared that compensation regarding bank charges was a thing of the past.
The OFT based their case on the fact that the charges themselves were unfair, and this was probably their downfall. The Judge deemed that is was not unfair for the banks to charge a customer for unauthorised borrowing (going overdrawn), as there is clearly a cost to the banks for this ‘service’.
It was clear to us though that the Judge felt his hands were tied when making the decision, and that his personal opinion was that the banks were wrong, even though in law they could be seen as right.
The Judge even advised the OFT to go away and rethink their approach, and stressed that this was not the end of the matter.
Despite the victory in court, the banks were under no illusion that the OFT and the Government would continue in their pursuit to put things right for consumers, so they decided to try and meet halfway by reducing their overdraft fees and charges a little.
This seemed to work as we’ve heard very little since. However, unauthorised overdraft charges and rates are generally higher than that of a payday loan, something the banks like to try and keep on the hush!
This left the banks with a small problem though. They were fully aware that by reducing their charges for overdrafts they would have a shortfall that they would have to find elsewhere.
How could the banks make up the shortfall? Simple, charge people for using bank accounts by putting together new Packaged Bank Accounts. It appears it didn’t really matter whether they sold these fairly, and there are an estimated 10 MILLION of these packaged bank accounts currently active today.
Because the banks mis-sold Packaged Bank Accounts, this is fast becoming the next big mis-selling scandal, following hot on the heels of PPI.
Back to bank charges now….and whilst it’s been assumed for some time now that claiming for unfair bank charges was generally a waste of time, there appears to be some light at the end of the tunnel.
The OFT lost it’s case against the banks by basing their argument that the charges themselves were unfair.
However, a recent court case has shed a whole new dimension to the argument, and for once we have Europe to thank as the case took into account rulings made by the European Court of Justice (ECJ) when it ruled on a case known as Hatosag -v- Invitel in 2012.
Hatosag won the case based on unfair terms within the contract between the two parties, and Invitel was ordered to repay the charges it had made. Basically, Invitel had inserted into it’s contract that it reserved the right to charge fees and amend fees.
So…how was the Hatosag -v- Invitel ruling relevant to the case for bank charges, and how might it change things moving forward?
Well, the ECJ ruled that, although it didn’t have any issue in the charging of fees, or even the amount of fees so long as these are clearly explained, it did have an issue with the fact that Invitel reserved the right to amend it’s fees within it’s contract without offering Hatosag the option to terminate the contract.
The ECJ ruled that the term inserted by Invitel violated Regulation 5 of the Unfair Terms in Consumer Contract Regulations 1999 (UTCCR), which states that:
‘(1) A contractual term which has not been individually negotiated shall be regarded as unfair if, contrary to the requirement of good faith, it causes a significant imbalance in the parties’ rights and obligations arising under the contract to the detriment of the cosumer’
So basically because the term inserted by Invitel offered no right to Hatosag to terminate the contract in the event it decided to change it’s charges, Hatosag was effectively stuck in a contract where Invitel could raise it’s charges at any point without any negotiation.
Following on from Hatosag -v- Invitel, the ruling by the ECJ offered an alternative avenue to consumers fighting for bank charges, by basing their argument that the terms themselves are unfair.
Victory!!!
Oliver Foster-Burnell (OFB) and his legal team took Lloyds TSB to court over unfair bank charges, and with the assistance of the ruling made by the ECJ, beat them!
Lloyds had inserted terms into the current account contract which stated they could change interest rates, charges and charging dates, or introduce new charges. They also stated within their contract that they were able to make any change to the terms of the agreement. What they failed to do was offer OFB the right to terminate the contract as and when Lloyds changed the terms, which much like Hatosag -v- Invitel, was deemed to be unfair.
So, OFB was not given the option to negotiate the charges, or terminate the agreement if he didn’t agree with the charges. This effectively allowed Lloyds TSB to increase their charges at will, effectively trapping OFB into a contract which was to his detriment.
Mr Oliver Foster-Burnell and his solicitors may have just set a precedent, although at this moment in time you can be sure that Lloyds TSB are currently spending a lot of money to see if they are able to appeal and overturn the decision.
Whilst this is certainly a significant ruling we are certain that Lloyds will look to fight back over the next few months and launch an appeal.
It was generally accepted back in 2009 that the Office of Fair Trading had approached the case in the wrong manner, and it appears the European Court of Justice may just have opened the door, even if only slightly, to millions of customers who’ve been trapped into being charged extortionate fees by sometimes going a matter of a few pennies overdrawn.
We cannot underestimate the impact bank charges has had on such a significant proportion of the population, with close to half of us receiving these charges at some point or another. The spiral of debt that such charges has put so many people into, and the stress it has caused, should cause the banks no end of shame, but we know what banks are like by now don’t we.
We’ll be keeping a close eye on event over the next few months, but if you want to discuss your situation, if you want any advice, or if you’d like to make a claim our experts are on hand so why not contact us via telephone, email or via our live chat facility.
Bank Charge
December 14, 2015 Daniel Lee Your Money Claim was set up some years ago by the two company directors, Daniel and Nick.
With over 25 years’ financial industry experience behind them it comes as no surprise they’ve built up a successful and professional claims management company.
Daniel and Nick have been around long enough to know how things work, how to deal with banks and lenders and their tactics, whilst maintaining the very best levels of customer service.
It’s for these reasons that Your Money Claim have tens of thousands of satisfied customers already.
Our ethos has always been to provide the best possible service, making sure our customers receive a personal service rather than just being another number.
We’re extremely proud of our record of beating the banks, and having already recovering millions in compensation for our customers, we don’t intend to stop anytime soon.
With BILLIONS of pounds yet to be claimed, you may be able to join one of our long line of happy customers in reclaiming your compensation.
The banks initially and consistently suggested the final PPI bill would be around £25 billion.
Yes, that may sound a lot to you, and in all honesty £25,000,000,000 is an awful lot of money but the total bill for PPI, in reality should be much, much more than that in our opinion.
Our experts have worked out that the total PPI bill should be closer to £42.5 billion.
This has been calculated by taking figures in the public domain from the Financial Conduct Authority (FCA) and doing some relatively simple sums that prove the banks are continuing to lie to the public, and keep their fingers crossed that people won’t come forward with a complaint.
There have been a total of 34 million payment protection insurance policies sold since 2001, worth £50 billion.
Even though PPI has been receiving some media attention in the last few years, 61% of the policies that have been sold haven’t even been complained about as of 2014.
The reason that the banks have estimated the total amount for the PPI bill to be £25 billion, is because they’re hoping that a vast amount of people don’t come forward and make a complaint.
Another major reason why the banks have put such a low figure on the final bill, is that the majority of people who make a complaint themselves and receive a rejection from their bank, do not escalate the matter to the Financial Ombudsman Service (commonly referred to as the FOS), for them to investigate the complaint.
If you started your claim with Your Money Claim, in the instance that you got a rejection from the bank, we’d take your complaint up to the FOS and ensure that you get the correct outcome.
With the FOS historically upholding the majority of complaints it receives in favour of the customer, it’s a further indictment of the underhand tactics the banks employ to try and make the saga go away, and wriggle out of paying for their wrongdoings. Well, we won’t stand for it!
Complaints against PPI started back in 2007 but were relatively small in number. In fact they stayed quite small until 2010.
By the time 2011 was upon us, the amount of complaints had risen above 1,000,000 and then, due to the banks defeat in the High Court case in January 2011 and the media attention surrounding it, the number of complaints shot up to just under 6,000,000 in 2012.
In 2013 they were still at highs of 4,000,000 complaints for the year and then as of June this year, they dropped to the 2,000,000 mark which is still a monstrous amount when you compare it to the number of complaints received in 2010.
It has been found that the average pay out per customer is £3,332**. This is quite a good amount of money to be claiming back from the banks and we’ve done a little bit of research into the compensation amounts we’ve been recovering for our customers at Your Money Claim.
The total uphold rate across all of the complaints made for PPI, including the ones that go up to the FOS is 85%. With an estimated 70% being upheld by the banks in the first instance, the FOS deals with rejected complaints if they are escalated within 6 months.
Below is the percentage of rejected complaints by some of the larger banks that the FOS overturn, as of 2014.
The banks have tried on numerous occasions to try and put a deadline on the PPI scandal but have so far been unsuccessful.
Whilst there is no deadline we are seeing some banks attempt to wriggle out of dealing with complaints based on statutory time barring rules.
Basically, a lender is only obliged to investigate a complaint that has been brought to it either six years from the date of the event, or 3 years since the customer may have reasonably known they had cause to complain.
Our advice is to make a claim as soon as you can as, although the banks generally fail in their attempts as explained above, there will come a time when these feeble excuses by the banks will be accepted by the FOS and the FCA.
Indeed, the FCA have ordered firms to start identifying from PPI complaints when the same problems in past sales kept occurring and caused subsequent mis-selling complaints.
They have also been ordered to consider what action they need to take to make sure that the treatment of those consumers who have been affected by repeat sales failings but who haven’t realised that they can make a complaint.
These firms have started sending letters out to the customers that they have identified as high-risk, non-complainants and they are starting to see some momentum.
They have committed to contacting over 5 million PPI customers.
Of the 5 million that firms have committed to contacting, there have been about 3.2 million letters sent out to date.
If you have received such a letter it may be relatively safe to assume you have 3 years from the date of the letter to make a complaint.
However, if you think you may have been mis-sold PPI, or you want to check, why wait for one of the top banks to get in touch with you?
Start the ball rolling and get in touch with Your Money Claim and we will carry out the checks, see if you qualify and deal with the banks at every step, so start your claim today.
PPI facts, figures & stats
