01254 82288001254 822880
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
November 13, 2014 Daniel Lee Britain’s banks have been attempting to convince us that the PPI saga is slowing down for some time now.
Indeed, some time ago when Lloyds stated they were not adding to their PPI compensation pot, some analysts and so called city experts predicted it was the beginning of the end of the biggest financial scandal to hit these shores.
However, the recent additions to the PPI bill over the last 6 weeks tells a very different story.
In the last 6 weeks each and every one of the major banks and lenders in the industry have added significant sums to their PPI bills, set aside to compensation customers who have been mis-sold the product.
Below is a breakdown of what the major banks have added to their compensation fund in the last six weeks.
Barclays / Barclaycard added a huge £900 MILLION
Lloyds Banking Group (Lloyds, Halifax, Bank of Scotland, Blackhorse) added £600 MILLION
Royal Bank of Scotland / Natwest added £150 MILLION
HSBC, which also owns HFC and First Direct added £75 MILLION
Clydesdale Bank / Yorkshire Bank added £75 MILLION
Santander (including Alliance & Leicester and Abbey National) added £65 MILLION
Co-operative Bank added £5 MILLION
In total this adds up to £1.87 BILLION. Other lenders have also increased their PPI bills, taking the figure closer to £2 BILLION.
Following an investigation by the BBC, the industry regulator published it’s report into how banks and lenders have handled complaints about PPI, and the findings are simply staggering.
The industry regulator, the Financial Conduct Authority (FCA) has ordered 2.5 million complaints to be re-opened as it has major concerns that the banks and lenders did not deal with the complaints fairly.
How there are no fines regarding yet another example of the frankly disgusting practise by the banks is beyond me. However, I’m sorry to say that it comes as no real surprise anymore, and serves as another example of the toothless regulator that is supposedly ensuring we are all dealt with fairly by those financial institutions we place our trust in.
It is expected that the re-opening of the 2.5 million complaints, which represents almost 20% of complaints received by the banks so far, could see further compensation paid to the tune of £1 BILLION, on top of the £2 BILLION as mentioned earlier.
With an estimated 7 MILLION people yet to stake their claim, and only a third of all policies sold since 2001 having been complained about, the banks are hoping that these people don’t come forward.
One of the main reasons that people are not coming forward is simply because they are unaware they’ve been sold PPI, such was the tactics employed by lenders, hiding away the costs in the small print.
Your Money Claim are the industry experts, carrying out the checks to see if there has been PPI sold on any of your accounts, checking to see if you may qualify, and dealing with the banks throughout the process.
Having already recovered tens of millions in compensation for it’s customers, Your Money Claim are used to beating the banks.
So…why wait, you could potentially join the thousands who’ve claimed thousands with Your Money Claim!
PPI bill
August 11, 2015 Daniel Lee According to the Financial Ombudsman Service (FOS), after last year’s record high, PPI complaints have taken a slight tumble. Despite this though, the number of complaints still remains at historically high levels.
In the first six months of this year, the FOS has said that it took 133,819 complaints about PPI, which is slightly less than the 193,054 that they took in the previous six months. Despite the slight drop, the complaints are, according to a FOS spokesperson, still at a “significant level”.
According to the FOS, PPI complaints still account for around 70% of the cases that they receive. There are still around 5,000 people a week asking the ombudsman service to look into their PPI complaints.
This number however is down from the significant highs of 2013 when there was over 12,000 complaints being received by the FOS each and every week. The 5,000 number is still significantly higher than complaints being received about any other financial product.
During the last two years, PPI has hit record levels and in 2014 the FOS has so far taken on almost 400,000 new cases.
The FOS was originally formed by MPs to settle disputes between financial firms and consumers which is why, when a bank rejects a PPI complaint, it should then be escalated to the Financial Ombudsman Service.
However, only around 1 in 10 get escalated to the FOS. This is mainly because when the banks reject an individual’s complaint, the consumer generally thinks that they must not be owed any money.
The Financial Conduct Authority (FCA) have said that since 2011, the banks have only paid out £16bn to their customers in compensation.
PPI policies were originally meant to cover those who customers who cannot work due to ill-health or unemployment but more often than not, these have been sold to customers who don’t even qualify.
There have been around 34 million PPI policies sold since 2001 and since 2007 there have been over 13 million complaints made to firms.
It’s more than likely that the amount of complaints will rise this year as the FCA recently ordered financial firms to reopen 2.5 million complaints from 2012 and 2013.
The reason behind the sheer amount of cases being reopened is because the FCA noticed that there was a very sudden dip in the number of complaints being upheld and leading to compensation. According to the latest figures, there was £390m paid out in June which now takes the total paid back to consumers to £16 billion.
PPI Complaints
September 3, 2014 Daniel Lee Barclays has announced that they’ve made losses of £500m on the sale of their Spanish banking division. This follows after they announced their plans to shed unprofitable businesses.
At a total cost of £632m, Barclays have sold off their retail banking, wealth, investment management and corporate banking business in Spain to the third-largest bank in Spain, Caixa Bank.
Caixa Bank is the third largest lender in Span and is owned by the Catalan savings bank La Caixa who has a 72.76% stake. They are headquartered in Barcelona and they primarily consist of the universal banking and insurance activities of the La Caixa group and they also have ties to the telecommunications company Telefónica.
On top of the Spanish bank clear-out, Barclays have also confirmed that they have sold their UAE retail banking business to Abu Dhabi Islamic Bank.
With this particular deal, Barclays are set to make a pre-tax gain of £119m on the sale of a portfolio of mortgages, unsecured credit and deposits.
The British bank are set to make a loss of around £500m on the Caixa deal; £400m of which will be booked in the third quarter of this year and the final £100m in the final quarter of the year.
Early on in the last decade, Barclays expanded quite rapidly in Spain buying Banco Zaragozano for €1.1bn in 2003. These banks then continued to operate under a brand name of Barclays but they soon ran into problems when the Spanish housing market collapsed and in turn started the deep recession in Spain.
According to Reuters, Barclays shut or sold around 160 branches last year and cut about a third of their workforce in the country and in May, Barclays added that they will be cutting 19,000 jobs worldwide which is set to include a dramatic reduction in their investment banking arm so that they can focus on areas where they have a competitive advantage.
Barclays £500m Loss
October 7, 2014 Daniel Lee Barclays, a fairly well known bank you might say. Well, considering they’re one of the biggest banks in the UK, if you don’t know them then you really should.
If you’re a football fan, you should know that they sponsor the Premier League and so on and so forth.
Well, amidst a number of recent bad times for the major banks in Britain, things aren’t looking any better for staff at one Barclays branch in Cardiff. There is around 100 staff who work at the branch in Callaghan Square, in the central business district of the city, which deals with a number of different complaints including PPI complaints.
There are a number of officials from the Unite union who have said that it was expected that a number of these posts would go.
Commenting on the matter, Barclays have said that it is too early to say how many people in these jobs would be made redundant but they have said that they will make every effort to redeploy the members of staff.
They have also mentioned that they hope 50% of the posts affected will be moved to a site at Windsor Court in Cardiff. The rest of the ones to be made redundant will hopefully be moved to sites in Northampton and Birmingham.
According to someone at the bank, they have started having discussions with PPI and Specialist Complaints colleagues at Callaghan Square about a proposed reorganisation of a section of their PPI and specialist complaints services function.
Giving this some thought, the bank would be right to grow the teams who deal with PPI complaints and the other specialist complaints teams as there’s set to be a rise in the number of complaints coming in for a variety of financial products that have been mis-sold.
Though you may be sick of hearing about PPI by now, you should know that there is still billions left to reclaim for those people out there who think that they may have been mis-sold payment protection insurance.
The next big scandal is looming too. Packaged bank accounts have been widely mis-sold in Britain and it is estimated that around 10 million people have these accounts. That accounts to about 1 in 5 customers in the UK being sold one of these accounts. On top of this, there are still millions of accounts out there that are no longer active that could be claimed on.
Packaged bank accounts are, if you’re blissfully unaware, a bank account that you may or may not know that you’re paying a small fee for every month. This small fee is because you’ll be receiving ‘benefits from the account.
These benefits can range from ‘free’ mobile phone insurance to ‘free’ breakdown cover. It depends entirely on the bank that you’re with and what they’re offering. The fees range from £10 a month up to £30 a month and if you’ve been paying this for a number of years, you could be entitled to a big payday.
There is set to be a rise in the amount of packaged bank account claims as they come to prominence and there’s more and more coverage in the news about them, too. There are some banks who are now suspending sales of these accounts and also there are an awful lot of complaints about the way that the claims are being handled.
If you think you may have been mis-sold a packaged bank account, why not get in touch with us and start your claim today!
Barclays Job Losses
March 26, 2015 Daniel Lee How on earth are banks and lenders continuing to get away with cheating it’s customers time after time after time?
The biggest mis-selling scandal ever to hit the UK has seen yet another twist to the story, following an investigation by the BBC.
The BBC investigation has uncovered evidence that suggests the banks and lenders who ripped us off in the first instance by mis-selling PPI to MILLIONS of customers, has been short changing us all again when it comes to paying out fair levels of compensation.
The latest twist to a frankly disgusting episode in the history of the banking sector may come as a surprise to some, but to those who deal with banks and their tactics on a daily basis, it certainly comes as no surprise to us.
I’ve spoken previously regarding the inadequate measures and fines handed out by the Financial Conduct Authority (FCA), and it appears this most recent behaviour by the banks would not have been uncovered had it not been for the BBC. It appears that the FCA are more than inadequate, they may be incompetent too.
It should go without saying that huge fines should be handed out for yet another example of cheating by the banks, but don’t hold your breath, it simply won’t happen.
In fact, the head of the FCA Martin Wheatley has gone so far as to suggest that instances such as this were likely to happen, given the number of complaints the banks are dealing with.
Well Mr Wheatley, YOU ARE WRONG. The banks have put themselves into this mess, and it’s time they put things right, no matter how much it costs and how long it takes. NO “issues”, as you like to put it, are acceptable.
As previously pointed out, with the frankly pitiful fines handed out to banks versus the gigantic profits on offer by scamming, cheating and frankly thieving from it’s customers, it is easy to see why the banks continue to choose to dance on the dark side.
Following the BBC investigation which inevitably prompted the FCA to take a closer look at firms, as many as 2.5 MILLION complaints are due to be re-opened, which could lead to a further £1 BILLION in PPI compensation having to be paid out to customers who have been short-changed, or worse still had their complaint unfairly rejected.
With the PPI compensation bill currently standing at over £23 BILLION, I predicted long ago that the banks estimate of a final bill of £25 BILLION was reliant upon their continued tactics going unpunished and the near 7 MILLION who have yet to make a claim not coming forward.
Your Money Claim are industry experts in recovering compensation for mis-sold Payment Protection Insurance, and mis-sold Packaged Bank Accounts. Whether you know your accounts or not, Your Money Claim’s fast-track system can find your account details and check to see whether you’ve been sold PPI.
Your Money Claim will work on your behalf, fighting your corner at every step of the process.
With MILLIONS already recovered for it’s customers, Your Money Claim knows the banks tactics, and knows how to beat them.
Make sure your case receives the professional attention it needs. Start your claim today.
PPI Compensation
