Sainsburys PPI Claims – An insight

Sainsbury’s was the first of the major British supermarkets to provide financial services.

Sainsbury’s Bank began trading on 19th February 1997 and was launched as a joint venture between Sainsbury’s and the Bank of Scotland, which later became part of the Lloyds Banking Group.

Sainsbury’s Bank has over one million active customers who are provided with a range of financial products including credit cards, savings, insurance and loans.

In mid-2013 Sainsbury’s declared its intention to buy the 50% share owned by Lloyds Banking Group and become a wholly owned subsidiary of J Sainsbury’s plc.

This deal was completed on 31st January 2014.

Sainsbury’s – Which? research highlighted the problem

A 2004 study conducted by the consumer group Which? found that banks were acting dishonestly when selling PPI.

Little consideration was shown to the actual needs and circumstances of the customer.

In the specific case of Sainsbury’s Bank, Which? researchers were told “We strongly recommended that you take the cover”. Such comments constitute mis-selling because undue influence is placed by the bank onto the customer.

The evidence of PPI mis-selling compiled over a number of years by Which? was documented and is now published on the UK Parliament’s website.

Sainsbury’s Bank – close ties to the biggest offender

Until very recently, Sainsbury’s Bank was half-owned by Lloyds Banking Group, which also owns Halifax, Bank of Scotland and Blackhorse to name a few.

Lloyds Banking Group is by far the biggest offender of any bank in the UK when it comes to mis-selling PPI, with their bill alone standing at an eye watering £11.3 BILLION at the time of writing this.

Make your claim

If you have had a loan or credit card with Sainsburys there’s every chance you’ll have been paying for PPI.

We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.

So….how do you start your claim?

#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your Sainsburys PPI claim.

#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.

Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

Sainsburys PPI claim

Big Four Banks Under Investigation

It may be long overdue but it appears the dominance and monopoly of the big four banks is to be investigated.

For far too long now, Lloyds Banking Group (including Halifax and Bank of Scotland), RBS / Natwest, Barclays and HSBC have dominated the high streets when it comes to putting your money.

Years ago this didn’t seem to be a problem as we trusted our banks.

Treating Customers Unfairly

With nowhere else to turn, UK consumers have been left with few alternatives other to place our money with these banks and getting very little back in return.

It’s abundantly clear with the main banks that profits come first.

Customer service, and competitive products aren’t on the agenda when it comes to these giants of finance.

The fact of the matter is, there have been no alternatives and these banks are all equally as poor as each other when it comes to dealing with customers and our needs, so it didn’t really matter how we were treated.

The era of the scandal

We seem to hear about a new scandal or a new fine on a daily basis these days, from rigging LIBOR and foreign exchange rates, to money laundering and Mexican drug cartels.

Whilst the above do impact what we all pay on a daily basis, it is perhaps the mis-selling of Payment Protection Insurance (PPI), and the recent investigations into the potentially millions of mis-sold Packaged Bank Accounts, that really make us sit up and take notice.

Selling worthless insurance policies to us, their own customers, only serves as further proof that banks believe they can get away with treating us how they wish.

However, the UK consumer appears to be fighting back with the number of PPI claims, and the ever increasing number of Packaged Bank Account claims.

This has forced the government to take notice, and to look deeper into the banks and the apparent monopoly they have on the market.

Will there be change?

With 77% of current accounts currently being serviced by ‘the big four’, there is a long way to go before there is enough competition in the market.

Only when the grip of these out of control banks is loosened will we see real competition and a proper focus on customer needs and service.

Until then, we’ll continue to see scandals and financial claims.

Can you claim?

PPI was sold on all forms of credit, and with an estimated 34 million policies sold worth a colossal £50 BILLION we believe you may be in a minority if you haven’t been sold a policy.

Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks allows you 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.

Want to know how much you may be owed? Why not try our PPI calculator.

Have you ever paid a monthly fee for your bank account? With over 10 million active Packaged Bank Accounts, and millions more that have closed, banks are thought to have profited by £BILLIONS through mis-selling them.

So….how do you start your claim?

#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.

#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.

Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

Banks Under Investigation

HSBC PPI compensation bill up as further scandals unveiled

Scandal, scandal and more scandal involving UK banks.

Following on from my previous posts last week, which brought news that Barclays and Royal Bank of Scotland have been caught rigging the £3 TRILLION a day foreign exchange rates, it comes as little surprise that HSBC have also been involved.

In a long line of scandals, it appears there are very few parts of the financial industry that have not been rigged, cheated or manipulated in some way in order to make a few people very very rich.

Consumer scandal – PPI

Payment Protection Insurance (PPI) has been around for an eternity now so it may come as a surprise to learn that we estimate there are still approximately 7 MILLION people who have yet to stake their claim.

Banks and lenders, including HSBC, initially put their estimation of a final bill in the region of £25 BILLION. An astronomical figure, but well short of the £50 BILLION worth of policies that were sold.

Their numbers rely on a huge number of people not coming forward, and people accepting a rejection from the bank when, in fact, they have a valid claim.

The HSBC PPI bill

You may recall in the last round of figures released to the city, some three months ago, an additional £75 MILLION was added to the HSBC PPI bill.

In it’s latest release today, HSBC have added almost £370 MILLION, taking the total HSBC PPI compensation bill beyond £2.5 BILLION.

If we add this to the figures released last week by Lloyds (including Halifax and Bank of Scotland), RBS (including Natwest), Barclays and Tesco, the total bill has risen by over £1.5 BILLION in a matter of a week.

Our estimations show a final bill closer to £42.5 BILLION, but again this is dependent on the millions of people who have yet to come forward, many of whom won’t be aware they’ve been sold PPI as it was often added without the knowledge of the customer.

Claims made simple

Your Money Claim are the industry experts, beating the banks every day.

No account numbers are needed, no paperwork is needed. Fast-track systems have been set up with almost all lenders so checking to see whether you’ve had PPI is easy.

Simply complete your details on our online form which can be found on every page of the site or feel free to download a pack. Our experts are on hand to answer any questions you may have via telephone, email or our live chat facility.

HSBC PPI compensation bill

Co-operative PPI Claims – A short history

For almost two decades, banks in the UK were mis-selling Payment Protection Insurance, often referred to as PPI.

This was a simple case of banks putting their own greed for making profits over providing an honest business service.

There are many examples where the banks were selling PPI to customers whom they knew would be ineligible to make a claim should the need arise.

The Co-operative Bank is just one of many banks who have been found guilty of this malpractice. If you have received financial assistance from the Cooperative bank over the last 20 years, you need to read this article!

Co-operative Bank – lacking the morals they claim

The Co-operative Bank is a commercial and retail bank head-quartered in Manchester, UK.

There is a huge slice of irony in the fact that the Co-operative Bank, which prides and markets itself as an ethical bank, should involve itself in the mis-selling of PPI.

According to the Co-operative Bank’s 2013 Annual Report, the majority of the bank’s revenue is generated through interest charges on loans. Given the bank’s reliance on loans for income, the potential damage to the failing bank is also huge.

Co-operative Bank – fines on top of compensation

The practice of mis-selling PPI by the Co-operative Bank has been an expensive mistake for the bank.

As reported by the BBC in April 2014, the Co-operative Bank have set aside £103 million to compensate customers who were mis-sold PPI.

If things weren’t bad enough, the Co-operative Bank has also failed to treat customers who are claiming for PPI compensation fairly, resulting in a fine of £113,300 being handed to them by their regular, the Financial Conduct Authority.

For this reason, our advice is that you should not be deterred from pursuing a claim from your bank if they reject your initial claim. The banks will not make getting compensation easy for customers, luckily, we do!

Make your claim

Do you think you may have been mis-sold PPI by the Co-operative Bank? With us, it is quick and easy to make a Co-operative PPI claim.

Our fast track system allows us to gather all the information relating to your accounts and determine whether or not you may qualify for a Co-operative PPI claim.

You do not need to provide any paperwork in order to make a PPI claim – we make it easy for you!

So begin your Co-operative PPI claim today by completing our easy online claim form or downloading a pack. Our expert advisers can be contacted by phone, email or our live chat to answer any queries you may have.

Co-operative PPI claim