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July 10, 2014 
Daniel Lee HSBC are the latest in a long line of banks to have suspended their packaged bank account offerings due to the complaints coming in from customers quickly piling up.
The bank is preparing to move its customers over to a new deal but it is believed that the main reason they have suspended their main, paid-for bank account is due to the sheer number of complaints.
The complaints have have seen a steady increase recently. Complaint reasons have ranged from customers not being aware of the ‘perks’, to customers feeling they had no other option but to accept the account with the additional charges. Moreover, some customers with such accounts, which can cost as much as £300 per year, have found that they are unable to reap the ‘benefits’ they were paying for. We have a blog guide regarding reasons for a potential mis-sale.
These accounts are now being closely monitored by regulators after the financial ombudsman has said that the number of complaints that they received in the year to March was 5,667. This number was up 1,628 from the year previous and of these, 78% were decided in the customer’s favour.
Campaigners have warned that packaged bank accounts, which are held by almost 11 million people, is very close to being the next big mis-selling scandal in the UK after PPI so if you have a packaged bank account that you pay for, you could be owed money!
The ombudsman only deals with complaints that have been rejected by the banks and this could suggest that the true number of complaints is actually up around the 100,000 mark which could suggest that we’re on the verge of the next BIG financial scandal.
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HSBC Suspends Packaged Bank Accounts
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July 10, 2014 Daniel Lee Despite the huge amount of media attention regarding the HUGE PPI mis-selling scandal there are still so many questions that we are asked on a daily basis. We have tried to answer the main questions via our Frequently Asked Questions (FAQs) page, but we are aware that many of you will have other questions that may not be answered on that page.
There are many ways to contact us, email, telephone, letter and via our contact page. But we feel that may be not enough, so we’ve introduced a brand new facility to our website. Our new LIVE CHAT function is now available between the hours of 9am-7pm Monday to Thursday, and 9am-5pm on a Friday. Our team of experts will be on hand to answer any of your questions, or give you an update on your claim.
You should be able to locate the LIVE CHAT button at the bottom of the page, so feel free to ask any questions you may have about claiming back mis-sold PPI and/or Packaged Bank Accounts.
We have probably all seen the news and heard all about the biggest scandal ever to hit the UK financial industry, the PPI mis-selling saga. But were you aware that the next scandal is now upon us, with an estimated 10 MILLION Packaged Bank Accounts, or Paid For Bank Accounts as they are sometimes referred to, possibly being mis-sold. Do you pay a monthly fee for your bank account, or have you in the past? You could be entitled to more compensation.
PPI questions answered
September 18, 2014 Daniel Lee The banks have been at it again!!!
Just as the country gets to grips with the fact that banks and lenders have been mis-selling millions of PPI (Payment Protection Insurance) policies to generate billions of pounds of profits at the expense of the everyday UK consumers, it is becoming apparent that this isn’t the only scandal.
The FCA and the Financial Ombudsman Service have released evidence that banks have been mis-selling bank accounts, referred to as Packaged Bank Accounts or Paid For Bank Accounts, with an estimated 10 MILLION accounts currently being of this nature.
A Paid For Bank Account is basically a bank account that charges a monthly fee in exchange for various built-in insurance products or ‘benefits’. The price of these accounts can vary, but is usually between £5-£30 per month. Whilst these are relatively low monthly amounts, the figure can soon start rising when you calculate how long you’ve held your account for. Couple that with compensatory interest that could be claimed back and you could soon be looking at thousands of pounds.
The ‘benefits’ generally include Breakdown Cover, Mobile Phone Insurance & Travel Insurance although there are various other products that can form part of the package.
Well it’s simple really, it’s been found that banks did not act correctly when selling these accounts. Banks have a legal responsibility to ensure their customers qualify for the products, are aware of the products and the cost, and agree to them. A Paid For Bank Account is OPTIONAL, so were you asked?!
You may have cause to complain if any of the statements below are true…
I know a few of the above apply to me!
Don’t worry if your account is no longer open, or you can’t remember the details, we can obtain these from your bank
It’s easier than you think. A good, Claims Management Company such as Your Money Claim handles thousands of cases for our clients and we are used to winning. Our ethos is to offer the best possible customer service, making the process as smooth and stress free as possible. We know the various tactics that banks employ that has deterred people from claiming, and the banks are aware we will fight our customer’s corner to the end, even escalating the matter to the Financial Ombudsman Service if required. Our approach has seen us claim MILLIONS in compensation for our customers already.
So, if you want your claim handled from start to finish by a company that cares deeply for it’s clients, and is used to beating the banks, you’ve come to the right place.
By simply completing the online form we can get the ball rolling and send you out a claim form. Once you receive the form, it literally takes no longer than 2 minutes to complete, sign and return to us in the freepost envelope and sit back and relax! If you can’t wait for the form to arrive, you can download one from our website now.
Our team is on hand to answer any questions you may have. You can contact us via telephone, email, or even use our online chat facility.
Get your claim in early before the rush!
Paid For Bank Accounts
July 10, 2014 Daniel Lee The bank regulator, the Financial Conduct Authority (FCA) releases monthly updates on how much PPI compensation has been paid back since January 2011. The figure as of March 2014 stood at £14.7 BILLION. We can safely assume then that at the time of writing this the bill is now sitting comfortably above £15 BILLION. The big question is how much PPI has yet to be claimed.
The average amount the banks are having to cough up each month since 2011 has been a colossal £377 MILLION.
There are 24 lenders that make up over 95% of the figure, with the main banks such as Lloyds, Halifax, RBS, Natwest, Barclays, HSBC and Santander being the major cuplrits.
It’s widely anticipated that the final bill to the banks for the biggest financial scandal will be £25 BILLION so there is still a long way to go before we get to what the banks believe will be the final bill. However, the banks are reliant upon a huge number of people, possibly millions, not making a claim. How do we know this?
The Financial Ombudsman Service deals with complaints against lenders where an agreeable solution cannot be found between the lender and the customer. It estimates that a huge £50 BILLION worth of PPI policies have been sold across 34 MILLION policies. You can see from this that the banks expect almost half of all possible claimants not to make a claim.
If you haven’t yet claimed, if you are unsure whether you’ve had PPI, if you don’t have any paperwork you may be one of the thousands, or millions that the banks are relying on so they can keep the proceeds of their crimes. It couldn’t be easier to make a claim, all we need are your basic details such as name, address and date of birth. We don’t need account numbers if you can’t remember them so don’t worry. Simply fill in the online form and we’ll send you a claim pack that takes less than two minutes to complete. Alternatively you can download a pack from the site. If you have any questions our team of experts is on hand to answer them.
How much PPI has been claimed
September 27, 2017 Daniel Lee With so many PPI companies out there it can sometimes be a daunting task trying to find out which PPI company to use.
Like any industry there will be good companies and bad companies, so how should you go about filtering out the bad, and choosing the best company to go with.
Firstly if you receive any form of message, whether it be via telephone, text or email, that specifies an amount of compensation that you are ‘due’, or that is ‘awaiting you’ stay well clear!
No company is able to access any details regarding accounts or policies you have without your consent, so it is impossible for any company to know whether or not there is compensation to be had, let alone how much, without receiving your authorisation.
So, if they are telling lies at the beginning do you really want to put your trust in them?
Secondly, if you receive a call that makes any reference to a ‘database’, or ‘records’ again avoid.
Just as above, there are no available records and there is no database.
Finally, check the company out before you commit. Are their Terms of Engagement, or Terms & Conditions available to see on their website?
Are their charges fair and clear, with no upfront fees??
If they claim they can claim back more, or go back further than other companies they are not being truthful again so avoid.
You can see from the above that there are companies to avoid, and why the media can sometimes have a certain view of the industry, but there are definitely some excellent companies out there too who do a superb job.
It’s worth taking a little time to make sure you make the correct decision when choosing which PPI company to use.
Check out the company website, make sure the address is real.
Check the Claims Management Regulator website to ensure the company is registered. Are there any customer testimonials on the website?
It may be a good idea to speak with the company, to get a feel for it.
Ask questions, a good company will always be up front regarding your chances of success, their fees and what they can do for you.
We all live in an increasingly busy and fast paced environment these days, and searching for paperwork, gathering an argument and putting it together in a legal letter, dealing with banks tactics and ensuring you are getting a fair response can seem like a time consuming exercise.
Putting your case in the hands of a good claims management company can take away the stress.
A good claims company will be able to obtain details from your lender, fight your case, escalate the complaint where it needs to go, check any offer of compensation and keep you updated throughout.
A good claim company knows the tactics used by banks as they continue to try every trick in the book to wriggle out of paying back compensation for the biggest financial scandal ever to hit the UK.
Yes, the downside is paying a fee if you get compensation but would you rather receive a majority of a large cash award, or all of nothing?!
Your Money Claim are regulated by the Claims Management Regulator in respect of regulated claims management activities.
With a formidable track record in recovering compensation for our much valued customers.
Our testimonials on our home page are what we work hard every day to achieve.
There is nothing better than being able to pick the phone up to a customer to tell them the news that they are thousands of pounds better off.
We’ve reclaimed millions of pounds in compensation already and we don’t intend to stop there.
We aim to offer a personal service, rather than you just being a number.
We are always on hand, in our office in leafy Lancashire, to answer any questions you may have, and we will keep you updated throughout your claim.
We will fight your corner, we will counter any arguments put forward by the bank, and if we need to we will take the matter to the Financial Ombudsman Service who will investigate the case and, in the majority of circumstances, back our views and order your lender to pay up.
Furthermore, we recently passed a random audit carried out by our regulator so you can be sure your claim is dealt with compliantly and professionally.
Which PPI company will you choose?
We believe you’d be making a wise decision if you chose Your Money Claim, you can start you claim now.
Which PPI company to use
August 15, 2014 Daniel Lee Despite the huge amount of media attention some of the most asked questions do not get answered. We hear all the figures, such as a £25 BILLION compensation pot, and that 34 MILLION PPI policies have been sold, but without the knowledge of how to claim, people simply won’t get the compensation they deserve.
Most people now lead very hectic lives and it may seem time consuming having to search for paperwork to check whether you actually took out Payment Protection Insurance (PPI). You may not have the paperwork, especially if the mortgage, loan, hire purchase agreement, credit card or store card was taken out quite a while ago, or has been settled for some time. Even if you know you have had PPI, gathering a legal letter together and sending off to your lender may seem a daunting prospect, after all there is usually just one opportunity to get the letter right. What if the bank rejects the complaint?
Employing the services of experts can be of huge benefit. A regulated Claims Management Company (CMC) deals with banks and lenders on a daily basis, and will have all the expertise and experience required in order to put your case forward in the best possible format. Being able to locate account details and whether PPI was sold is a simple and quick process for an established and successful CMC. A good CMC will keep you updated throughout the process, they will push the bank for answers and, if the bank rejects the complaint, they have the ability to counter a rejection.
Should the bank still reject the complaint a CMC can escalate the matter to the Financial Ombudsman Service, who will review the complaint independently. In the majority of circumstances, if the case has been put together professionally and the cause for a mis-sale have been explained properly, the Financial Ombudsman Service will accept that the PPI has been mis-sold and they will order your bank or lender to make an offer of compensation. A professional CMC will also check any offer of compensation received to ensure it has been calculated correctly.
If you want a company that is used to beating the banks, with thousands of satisfied customers and millions of pounds of compensation recovered then look no further, choose Your Money Claim.
How do I claim PPI
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