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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
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
