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September 19, 2014 
Daniel Lee Financial education is finally being brought into secondary school education, after years of the old and young being scammed and betrayed by their banks that they entrust their money with.
Young adults will soon have the opportunity to learn about credit & debit cards, insurance, savings and pensions. Previously we were thrust into the outside world and having to deal with such things without the knowledge to make the correct decisions, so we believe such education is vital, and long overdue. As much as some may wish money not to be as important as it is, we all have to live with it, so why isn’t financial knowledge just as important?
For young people just simply having the knowledge of finances could assist them when deciding whether or not to get that loan or not. Knowing how to budget and most importantly reading the ‘small print’ of contracts they take out with lenders/banks could potentially save them hundreds of pounds.
It is estimated by the Government-backed Money Advice Service (MAS) that consumers lose £428 every year due to a lack of knowledge and understanding of terms and conditions of agreements and financial terms in general. Yet another reason we should have been teaching our young in schools.
To put the above figure into context we estimate the savings that consumers could make with the right financial education could be over £20 billion per year!
Learning about financial mathematics could prevent scams, such as the mis-sellings of payment protection insurance (PPI) and Packaged Bank Accounts. For example £16 billion has been refunded so far to consumers as a result of the PPI scam, the biggest financial scandal ever to hit the UK.
It’s clear that the tactics used by banks and lenders when mis-selling PPI and Packaged Bank Accounts went unnoticed by so many for so long because banks knew they could take advantage of the simple fact that the vast majority of people didn’t have the knowledge to spot the signs, and because of this we placed our trust in our lenders to treat us fairly.
Young adults need to know about money, finance, loans and savings because these are the ingredients that keep us going whether we like it or not. If the next generation grow up knowing little about money or loans, what hope have we got for our future?!
Children often copy their parent’s habits without even thinking about it most of the time, if we educate our children to understand that banks and lenders can be deceiving, and how to be safe with their money, and then hopefully scandals like PPI can be avoided in the future.
Your Money Claim welcomes the news and believes it will prove to be an invaluable part of children’s education moving forward.
Financial Education
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
