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July 10, 2014 
Daniel Lee
How long have you worked at Your Money Claim?
Just over a year now.
What is the best part of the job?
That’s easy, being able to tell people when we’ve secured an offer of compensation.
And the worst?
Seeing the tactics employed by banks and lenders on a daily basis. It was a real eye-opener when I started, seeing just how far they will go to avoid doing the right thing. I’ll never trust a bank again. Thankfully, with each tactic they try we are able to overcome them. It’s nice beating the banks!
What advice would you give to customers?
Try to remain patient really. Also, don’t discuss the case with the lender as they may well try to trip you up to get out of paying compensation. Just remind the lender that we are dealing with the case.
Why would you recommend people use Your Money Claim?
As I mentioned before, we know the tactics the banks use, and we know how to beat them. It has become clear to me during my time here that using a good Claims Management Company is helpful when dealing with lenders.
What is the biggest claim you have dealt with?
Hmmmm, I’ve had a few that have been over £30,000 which has been nice. I’m not entirely sure what the biggest one is that the company has dealt with. (The biggest PPI claim ever is over £100,000)
Finally…..a little more about you…
What is your favourite day of the week?
Monday’s as it’s the start of a new week at work…..my boss told me I had to say that!!!
If you could spend 24 hours with anyone, who would it be and why?
Adolf Hitler. I’d ask him why he was so angry! I’d really interrogate him.
If you could do anything once, and only once, what would it be?
Be vegetarian…….for about an hour!
If you received £50,000 compensation for a PPI claim, what would you do with the money?
I’d put a deposit down on a house and then go on holiday.
Who is your favourite co-worker, and why?
Laura, she’s hilarious.
Who is your favourite director, and why?
(Laughs)(sniggers)…I can’t believe I’ve been asked that question! I like them both equally (laughs again)!
Thanks Lucy
July 29, 2015 Daniel Lee Recent statistics suggest that up to 7 million people have yet to make a claim regarding the huge PPI mis-selling scandal.
The biggest financial scandal to hit the UK has some way to go before justice is done.
With at least £10 BILLION in compensation yet to be claimed the banks and lenders are sitting back quietly hoping that people with valid claims don’t come forward.
There could be many reasons. People lead hectic lifestyles, perhaps more than ever, and have just not got round to making their claim.
However, I believe the biggest factor as to why people have yet to claim is the simple fact that they are unaware they have been sold PPI.
On a daily basis Your Money Claim receive enquiries from customers across the UK who are unsure as to whether they’ve had PPI.
Thanks to the experience and expertise gathered over many years of handling such enquiries, Your Money Claim are able to carry out quick checks with lenders to establish the facts of whether PPI has been mis-sold, and best of all, Your Money Claim carry out these checks for free.
With an approximate 34 MILLION PPI policies sold since 2001 we can estimate that up to 7 million people have yet to make a claim. How do we arrive at this figure?
Ok, here goes….!
Banks generally reject half of all PPI complaints initially, the vast majority of which are rejected incorrectly by the way.
In instances where banks have rejected complaints, the Financial Ombudsman Service (FOS) are on hand to deal with the complaint if a customer is unhappy with the banks rejection.
I have done a blog regarding this. Unfortunately, only 1 in 10 customers currently escalate their complaint.
Therefore, with the FOS now stating they’ve dealt with over 1 million complaints, we can assume a further 9 million have been rejected by banks and not escalated.
This takes the figure to 10 million, and if we add into the equation that banks tend to make offers on around half of complaints, we can double the 10 million and arrive at a figure of 20 million.
That leaves around 14 million policies left where a complaint hasn’t been made yet, and with the average customer having had two PPI policies sold to them, we can estimate that 7 million people are yet to stake their claim for compensation.
Your Money Claim have made the whole process simple and stress free. Moreover, Your Money Claim are regulated by the Claims Management Regulator in respect of regulated claims management activities.
7 million
October 13, 2015 Daniel Lee Another new mis-selling scandal for the banks, especially the Lloyds Banking Group to deal with could be hitting very soon. This scandal centres on interest rate protection products which are more commonly known as swaps.
It’s said that this scandal could be a “bigger problem” for the banks than the payment protection insurance (PPI) scandal which has so far seen them pay out billions of pounds.
The Independent conducted this investigation into yet another mis-selling scandal and it could easily derail the Government’s plans to return the entire Lloyds Banking Group to private ownership before the general election.
The investigation into the potential liabilities of the British banks incurred from the mis-selling of interest rate protection products which, as we mentioned earlier are more commonly known as swaps, has found that the pay-outs could match, if not be more than that of the PPI scandal which hit the country around 2008 and has so far cost around £22billion.
The investigation also found that Lloyds’ exposure in this scandal could cost them an estimated £5bn and it could also hit other UK banks in a similar way.
Lloyds aren’t the only bank that could be hit hard by this. There’s a number of other banks like HSBC, Natwest, and the Royal Bank of Scotland to name but a few. It would seem that there’s no one in the banking word that is safe from these scandals these days.
Until now, the scale of the scandal has been limited to interest rate hedging products (IRHPs) which have been sold mainly to both small and medium-sized businesses.
There are clients which are considered to be more “sophisticated” than others, i.e. those with swaps valued above £10m or those companies who employ 50 or more staff. These are the companies who could possibly push the cost to the banks up from £5bn to quite a lot more.
The Independent, along with a number of analysts in the City who can’t be named or identified for legal reasons, examined a number of high value claims which were excluded from the Financial Conduct Authority’s recent review of mis-selling.
Speaking on the findings, one analyst said: “This is potentially a bigger problem for UK banks than PPI. Profits from PPI sales somewhat offset the £22bn the banks were forced to pay out in compensation. But profits on swap derivatives could be dwarfed by high settlement costs.”
None of this looks very good for the banks or the Government with the election fast approaching and with yet more money set to be paid out due to another mis-selling scandal this could really dent the current Government’s trust in the banks and also, the general public’s trust in the Government.
One other huge mis-selling scandal that is still going strong and has at least another £15 billion still to be claimed, is PPI. You could be owed money from the likes of Lloyds for their mis-selling of PPI so why not get in touch today and we’ll find out what you could be owed.
Interest Rate Hedging Scandal
December 11, 2014 Daniel Lee The Financial Ombudsman Service has now dealt with over one million complaints regarding Payment Protection Insurance.
What makes that statistic even more astonishing is that it’s estimated that 9 out of every 10 rejections by banks and lenders are not escalated to the FOS by customers.
With the FOS ruling that 70% of complaints are rejected unfairly over the course of time, this could mean that up to 6.3 MILLION valid PPI complaints have not been handled fairly or escalated to the FOS, which could have saved the banks a whopping £17 BILLION.
The Financial Ombudsman Service is an independent government body set up to handle complaints that cannot be satisfactorily resolved between a customer and a bank or lender.
It’s duty is to investigate complaints and reach a decision on whether banks have acted fairly, reasonably and in accordance with the regulatory rules.
It’s a simple case of financial benefit. As I mention earlier in this post, if it is saving the banks BILLIONS which it clearly is, then banks and lenders will continue to treat customers unfairly.
The risk of a penalty or fine from the Financial Conduct Authority is nothing compared to the BILLIONS saved due to customers not escalating unfairly rejected complaints.
The FCA’s biggest PPI fine to date is £7 million which is hardly a deterrent is it, when you could be saving 10 times, 100 times or even 1000 times that amount by rejecting valid complaints.
I’ve already called for banks and lenders to be fined each and every day that the FOS find over half of the complaints they receive have been rejected unfairly.
Unfortunately it’s clear that those who work for the bank regulators are far too close to those who work within the banks themselves.
Indeed, many switch between working for the banks and working for the regulator throughout their careers, so it’s not wise for them to upset potential future employers.
It’s therefore down to customers. DO NOT TAKE NO FOR AN ANSWER.
Escalate your complaint to the FOS and allow them to investigate the complaint independently.
We as a nation of consumers need to ensure it is not financially viable for banks to treat their customers unfairly in order to financially benefit.
Choosing the right Claims Management Company can assist. Firstly, it needs to be a regulated company.
Your Money Claim is a regulated Claims Management Company that is used to dealing with, and beating, the banks tactics.
We will not let an unfair rejection stand in our way.
We will fight all the way in order to recover compensation for mis-sold PPI. We can safely say that if you’ve been mis-sold PPI, we will get your money back, plus interest.
If you’ve had a rejection from a bank or lender within the last 6 months don’t hesitate to contact us, there’s still a chance of claiming compensation.
PPI complaints
July 10, 2014 Daniel Lee The Chancellor of the Exchequer has allegedly set aside money that has been raised from the big banks to make sure that veterans can continue to make their annual pilgrimage to France each year.
It’s reported that the Chancellor has set aside the money that has come from the biggest banks in the country after he was moved after seeing the scenes in Normandy earlier this month when 650 veterans gathered to mark the 70th anniversary of D-Day.
Speaking about what he saw in Normandy, Mr Osborne, whose grandfather won the Military Cross in the First World War, said: “These amazing people are an example to the world. Hearing their stories last weekend about what they went through and the comrades they lost was truly humbling. It is only right that they should be able to travel back to Normandy every year and I am delighted that we can make it happen.”
Speaking more about the move to ensure these heroes can continue their pilgrimage to Normandy, George Osborne has said that he finds it very fitting that the money being paid in fines by the people in the country who are demonstrating the worst kind of behaviour and values is being used to both help and support those out there who have unquestionably demonstrated the very best values.
Hailing the move is the Normandy Veterans Association, the secretary George Batts has described it as a “bloody marvellous gesture” and has insisted that there will be an awful lot of people that take it up.
While we’re on the subject of good values, here at Your Money Claim we like to try and give back when we can which is why we’re putting a lot into our good causes scheme. As part of this scheme, we’re proud to be supporting the 24 Hour Walkathon.
Do you have any good ideas for charity or anything that you’d like to do that will raise money for a good cause? If you do then why not get in touch with us and let’s work something out! The wackier the better!
Bank fines to fund D-Day Trips
November 14, 2014 Daniel Lee PPI, or Payment Protection Insurance was mis-sold to millions of people around the UK if they were taking out a loan, credit card, store card, car finance or a mortgage to name just a few.
The media have covered the story in some depth over the last few years, but the build up to where we are today has gone on much longer.
Here, we highlight some of the major points in time that have seen the unfolding of the biggest financial scandal ever to hit the UK.
PPI was mis-sold to millions of people. There are many reasons for a mis-sale, with a significant proportion not even realising they’ve been sold the insurance in the first instance.
The aim of PPI was to cover your loan repayments in case you weren’t able to make the payment yourself, if you lost your job, for example.
However, most of the policies proved to be completely worthless, and sold for the sole intention of generating gigantic profits for the lender.
Such was the profit margins for lenders that they actively encouraged their sales and bank staff to sell PPI by offering financial incentives if targets were met.
Unfortunately it is also becoming apparent that the same may soon be said for Packaged Bank Accounts, or Paid For Bank Accounts as they are sometimes referred to.
Your Money Claim prides itself on providing a personal service, with the commitment to leaving no stone unturned in order to recover maximum compensation for our customers.
Our customer testimonials are something we thrive upon, as is our exemplary and staggering success rate.
We can safely state that if you’ve been mis-sold PPI we will get you back the compensation you deserve.
PPI has been sold for decades, but let’s start our timeline in 1998 when the issue first came to light…
1998: Back in 1998, the mis-selling of PPI was highlighted by Which? magazine due to it being a poor value product due to the expense and exclusions that were a part of the policy. It was only 7 years later when things started to move with PPI.
2005: This was when the Citizens Advice Bureau (CAB) issued a number of complaints about the mis-selling of PPI and went on to claim that the PPI industry was a ‘financial racket’.
In November of 2005, the FSA, or Financial Services Authority issued a provisional report regarding the selling of PPI and in this report, they disclosed their concern regarding the deception that had been committed by the number of lending institutions who had been selling off the PPI insurance policies.
2006: During September and October of 2006, the FSA imposed fines on a few small lending companies. These companies were found guilty of committing the crime of mis-selling PPI. Any borrowers who had had PPI policies soon began to file their claims for compensation.
October of 2006 is when the Office of Fair Trading (OFT) announced their recommendation on PPI mis-selling to the Competition Commission.
2007: In both January and February of 2007 the FSA fined a number of larger financial institutions who were also guilty of mis-selling PPI. The amount of money that was involved was millions of pounds.
2008: The Competition Commission continued issuing the report on the sale of PPI and the followed that up in April with another report which highlighted the issue. Later on in 2008, in the May edition of Which? Magazine, they published yet more research on PPI and then in September of the same year, “Which?” also made a report on the credit card transactions that were linked to the mis-selling of PPI.
2009: In May of 2009 the FSA banned the sale of single premium PPI policies and in September they also announced very strict steps that had been put in place in order to protect the affected borrowers.
2010: Banks begin to seek judicial review of the new measures by arguing that they impose standards retrospectively. The Competition Commission also confirms that PPI can’t be sold at point of sale any longer.
2011: High Court case begins in January of this month and later in the year it leads to the High Court judge ruling against the banks which led to Lloyds banking group to withdraw from the legal challenge by saying that they want to draw a line underneath the whole affair and the British Banker’s Association also decides not to appeal against the High Court ruling.
2011 – Present: Since the rulings in 2011, there have been millions of people who have successfully claimed back the money that they were owed.
If you’ve had a loan, store card, credit card, mortgage or car finance, why not let us check whether you’ve had PPI, and whether it was mis-sold, we’ll do all the hard work for you.
PPI timeline
