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November 19, 2015 
Daniel Lee There are so many figures around regarding the PPI mis-selling scandal that it’s hard to know where to start really.
Average compensation per policy, average compensation per customer, percentage success rate, number of policies sold, percentage of rejections overturn by the Financial Ombudsman Service, percentage of claims rejected by banks…..it can all become a little bit confusing.
So, let’s break things down a little…
The Financial Ombudsman Service have some interesting estimates and figures on just how big the scandal is.
They estimate that £50 BILLION worth of PPI policies have been sold over the last 15 or so years.
This is a staggering figure. The Financial Ombudsman Service have dealt with over a million complaints so far.
The Guardian estimated last year that 34 MILLION PPI policies had been sold since 2001.
Our calculations can therefore realistically state that the average PPI policy has cost £1,470. It’s worth remembering that many people have purchased multiple policies, and in large part without even realising.
In a nutshell, they continue to try every tactic to wriggle out of the biggest scandal ever to hit the financial services industry.
Gone are the days where you can trust your bank, believe me.
Banks have estimated that their total bill for repaying PPI compensation will be £25 BILLION.
So basically they are expecting that half of all people who may have a valid claim will not make a claim.
They are also hoping that by rejecting valid claims that most people will simply roll over and accept the rejection.
The banks are hoping that they can quietly brush the matter under the carpet.
They are hoping that the British public will accept their word even after they’ve been caught basically taking money out of people’s pockets.
The Financial Ombudsman Service has dealt with over 1 MILLION complaints regarding PPI, but there have been 34 MILLION policies sold!
The banks estimate the final bill will be £25 BILLION, yet there has been £50 BILLION worth of PPI policies sold.
The British public have a duty, in my opinion, to ensure all banks and lenders who have basically stolen money from the hands of the hard working people of this proud country, pay a heavy heavy price.
We deserve to be treated with a lot more respect, yet the banks continue to try and wriggle out of their obligations.
If we don’t act now, and claim back the compensation that is rightly due, then the banks will have basically got away with the biggest financial scandal of all time.
If you are one of the millions who are still thinking “it didn’t happen to me”, or “I’m not sure I’ve had PPI”, then I shout out to you……IT COULD BE YOU!!!
Now is the time to take the jump, we can’t possible make the process any simpler so come on board and you could join the millions of people who have reclaimed thousands of pounds of compensation. Some of those people were saying the same things that you are now!
PPI compensation fund
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July 24, 2015 Daniel Lee The real reasons why Lloyds haven’t added to the £9bn+ compensation fund!
Lloyds released their latest figures yesterday and, for the first time in over two years they didn’t add to the pot of PPI compensation.
Many have assumed this spells the beginning of the end for PPI compensation but this isn’t the case in my opinion.
I believe below are the three reasons why they have not added to the pot this time.
Lloyds have been caught using loopholes to basically cheat customers out of a fair compensation award.
It’s yet another tactic by the banks not to pay out for their wrongs.
Basically, lenders like Lloyds are offering compensation but withholding some money back by claiming customers were just sold the wrong type of PPI!!
We cannot let them get away with this, and in our experience if this is escalated to the Financial Ombudsman Service banks are giving in and paying the full amount of compensation. Do not let them cheat again.
A simple look at the Financial Ombudsman Service complaints data shows that many banks and lenders such as Lloyds continue to reject valid complaints.
What’s the reason for this? Simple, most customers who receive a rejection accept it and do not escalate the complaint to the Financial Ombudsman Service.
The Financial Ombudsman will review the complaint and, in most cases, will overturn the rejection and order banks like Lloyds to pay up!
Again, don’t let Lloyds cheat you out of compensation.
There are still millions of people out there who have been mis-sold PPI but have not yet made their claims.
Many won’t even realise they have had PPI. Many believe “well it can’t have happened to me”.
Payment Protection Insurance was sold on an enormous scale because of the obscene profits lenders made from the product.
All kinds of tactics were used by sales staff who were on generous bonus structures to sell PPI. See my blog to see if you may qualify.
In my opinion it’s inevitable they will pay more into the pot.
Lloyds also released details yesterday that they intend to sell at least 25% of the TSB brand in June so issuing bad news to the city and investors would hardly prove to be a good move.
They need to appear to be over the worst of the PPI scandal.
However, it’s my guess that the pot will increase by at least another £1 BILLION over the next 12 months.
In the meantime, we all need to ensure we are aware of their tactics and not allow them to get away with cheating people further.
It’s time for Lloyds to start paying out what is due and dealing with complaints in a fair manner.
I won’t be holding my breath, but I certainly won’t be allowing them to get away with cheating any of our customers.
Lloyds compensation
August 19, 2014 Daniel Lee The question “how long does a PPI claim take”, is probably the question we get asked the most. Whilst there can be no guaranteees, so don’t believe a company that claims they can guarantee an answer inside a certain timeframe, there are rules that banks and lenders must abide by when dealing with PPI claims and complaints.
If you are unable to provide a copy of your agreement, and most people can’t, then we would request information from your lender. This information will include whether Payment Protection Insurance, otherwise known as PPI, was added to your mortgage, loan, hire purchase agreement, credit card or store card. We ask the bank or lender to provide information on all of your accounts. The reason for this is that many banks in the past would only investigate one account, yet another tactic lenders used to try and squirm their way out of paying fair compensation in this scandal. Thankfully our expertise and experience within the PPI industry has enable us to set up special relationships with many banks and lenders. This generally allows us to obtain information faster than the usual 40 days that customers can.
Once a bank or lender receives the complaint against alleged mis-sold PPI they are legally obliged by their regulator to complete their investigations into the complaint and issue a final response on the matter within 8 weeks. Some lenders don’t take this long but the majority will drag the process out as long as they can.
Once a complaint has been upheld a lender will generally pay out in approximately 4 weeks. Now there are no specific guidelines so this can vary but the rules state that redress (compensation) should be issued “promptly”.
Unfortunately most lenders reject valid complaints. It’s simply a stalling tactic in the hope that you will go away. Don’t take no for an answer. Lenders routinely reject valid PPI complaints because it is financially beneficial for them to do so. It is estimated that 9 in 10 customers who receive a rejections don’t take the claim any further. If you are one of these then I ask WHY?!!! This is where Your Money Claim come in. Lenders don’t like dealing with reputable Claims Management Companies such as Your Money Claim as they know we are fully aware of their tactics and we won’t give up. Rejections should be escalated to the Financial Ombudsman Service without delay. They are an independent government body that investigates complaints against banks and lenders and they will review the case. You can find complaints data published by the Financial Ombudsman Service that is further evidence that lenders continue to attempt to cheat their customers out of compensation they should have.
I know!!! It’s a long time to wait but again this is down to the sheer number of complaints being rejected by lenders. It’s well worth persevering though as the majority of PPI claims that are escalated to the Financial Ombudsman Service are found in favour of the consumer (YOU!).
Banks don’t like us for one, as we don’t give up. We know the tactics the bank use. We will obtain all the information required and we will ensure that any offer of compensation has been calculated correctly and the lender hasn’t tried to squirm out of paying a fair amount as, believe me, this happens. So, there you go, I hope this has answered the question “how long does a PPI claim take?” The question I now have is why wait?!
How Long Does A PPI Claim Take
July 8, 2015 Daniel Lee One of the most common questions we are asked is “do I qualify for PPI compensation”?
Below is a list of statements, and if any of them applied to you when you took out your mortgage, loan, credit card, car finance, hire purchase or store card, there’s a good chance you’ve been mis-sold PPI…
Banks and lenders were required to make sure you were eligible for PPI, that the policy was suitable, that you were aware you were taking PPI and that you were aware it was optional.
As the vast majority of PPI sales paid out a commission to the lender and salesperson, it is unsurprising that many tactics were used in order to ensure PPI was sold.
It is these illegal tactics, and yes it was ILLEGAL, that has led to the biggest financial scandal of the modern era.
With many millions yet to stake their claim, one of the biggest reasons is simply that people are unaware they’ve been sold PPI.
As I mention above, tactics were used in order to ensure customers took PPI, and a major tactic was simply placing PPI on a credit agreement without advising the customer, sometimes hidden away in the small print.
Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks and lenders, allows you to find out whether you’ve been one of the millions who have had PPI.
Claiming PPI used to be a stressful and laborious job, dealing with paperwork and the tactics employed by banks as they try to wriggle out of paying compensation on valid claims.
Thankfully, by putting your claim in the hands of Your Money Claim, you can rest assured that our team of experts will build your case, and fight your corner every step of the way.
Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your PPI claim.
Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.
Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.
Do I qualify for PPI
November 3, 2015 Daniel Lee We’ve all had the text messages and the telephone calls from companies claiming that they know how much PPI compensation we are due, or that records indicate we are entitled to compensation.
Can a Claims Management Company tell you what you’re entitled to? The simple answer is NO NO NO NO NO.
I actually enjoy receiving text messages and telephone calls from these companies.
Maybe I’m a little sadistic or childish but I tend to play along with the game.
I’ve even managed to get three companies to visit me at work to get me ‘signed up’.
Imagine their surprise when they turn up to find they’ve arrived at a Claims Management Company.
On a serious note though, it’s these types of companies that give the rest of the good guys a bad name.
I’m realistic and I am aware that there will always be bad apples but I believe it’s time to fight back against these scammers.
There is absolutely no legal way that any company can access your records without your written authority.
Whatever line is spun to try and convince us otherwise is quite simple a lie.
There is no ‘PPI database’, and do we honestly think that banks would release such information to a company whose sole intention would be to reclaim that money from the bank?! I think not.
Many of these rogue Claims Management Companies employ these tactics as an opening line, or to obtain contact if they send a text out.
They need to get you on the other end of the telephone so they can get your name and address details.
Once they have these it’s highly likely you will receive a claim pack in the post, followed by countless calls in order to try and get you to return the pack.
The simple answer is yes. We must remember that, in the majority of cases, a claims management company works on a NO WIN NO FEE* basis so we do not receive any fee unless we successfully obtain PPI compensation.
It is therefore in the best interest of a Claims Management Company to do all it can to ensure there is a case for mis-selling of PPI, and then to argue the case leaving no stone unturned.
Banks don’t like Claims Management Companies because they know we won’t go away.
They know that if they reject a valid complaint, which if you look at Financial Ombudsman Service complaint data, they do A LOT, we won’t give up.
Banks employ so many tactics in order to avoid paying out compensation that the services of a reputable Claims Management Company could be of huge benefit.
Did you know for example, that 9/10 complaints that are rejected by banks and lenders do not get escalated to the Financial Ombudsman Service?
Is it any wonder that banks reject legitimate PPI claims then?
We won’t give up, we will take a case all the way through the process once we’ve established we believe there may be a case of mis-selling of PPI.
In my opinion, do not use a claims management company that has either cold called you or made claims via telephone or text message that would claim they know you are entitled to compensation, or state they know how much you are owed, or even put an amount on it.
They are not telling the truth from the start so why trust them any further?
Secondly, always check with the regulator that a Claims Management Company is regulated in respect of regulated claims management activities.
This can be done by visiting the Ministry of Justice website which currently regulates Claims Management Companies.
Finally, speak with the company. Ask them questions regarding timescales to expect, fees to pay and any other questions you may have.
No company can guarantee you will get compensation and timeframes can vary depending on if the case is escalated to the Financial Ombudsman Service. Check customer testimonials.
PPI database
July 10, 2014 Daniel Lee If you won a pay-out after being mis-sold a PPI policy you’re probably delighted with the extra cash – but you might have been short-changed. You may be one of thousands who are due more PPI compensation.
Customers who received a payment from Lloyds Banking Group (which includes Halifax, Bank of Scotland and Black Horse), Barclays, RBS and NatWest – could be entitled to more money. Here’s what you need to know:
Barclays, Lloyds Banking Group and RBS/NatWest have confirmed they took advantage of the “comparative redress” loophole in the following periods:
Check your offer. If you see any of the following phrases within your offer then you may have been the victim again of the banks trying to avoid paying out the compensation that we believe is fair:
YOUR MONEY CLAIM will fight your corner. We know the tactics the banks use and they are well aware that we know. We will challenge the banks at every step to ensure you get a fair offer of compensation. If you are due more PPI compensation, we will fight to get back what we believe is rightfully yours. Call us today on 01254 822880 or click on the link below and complete the simple form and let us help you to see if you could be entitled to more PPI compensation.
More PPI compensation
