To see if you could be able to reclaim your ppi visit our site www.ppiclaimsreview.co.uk or you can call us on 0845 409 0797
Reclaiming mis-sold PPI (Payment Protection Insurance) For You.
Friday, 24 September 2010
Welcome Finance Refund over £2200!
Miss L from Grimsby has been refunded over £2200 after complaining about her PPI being Mis-sold. She started her PPI Claim with us in May and after successful negotiation we managed to reclaim her mis-sold PPI from her previous loans aswell!
Tuesday, 14 September 2010
Barclays tops complaints list!
Barclays has been named and shamed as the high street bank that wrongly rejects the highest proportion of complaints from angry customers.
A whopping 61% of consumers who took their gripe to the independent arbitrator, the Financial Ombudsman Service, about Barclays won their case during the first half of 2010, compared to the industry average uphold rate of 44% for the period (see the Best Bank Accounts guide).
But the bank was not the subject of the most complaints to the Ombudsman in that time. That unwanted title fell to taxpayer-backed Lloyds TSB with a mammoth 12,750, though Barclays was second with 7,991.
Barclays was not the worst financial provider for wrongly rejecting complaints, even if it was the high street name with the most appalling figures.
All protests against insurance provider Eisis, 99% against loan lender Ocean Finance and 90% against Lloyds-owned Black Horse were upheld by the Ombudsman in the first six months of the year.
Most of these relate to mis-sold payment protection insurance (PPI), a category that saw a 23% rise in complaints compared to the previous six months.
For the arbitration service to uphold a complaint it must first have been thrown out by the firm in question.
Lloyds TSB (where the Ombudsman upheld 45% of complaints against it), Welcome Finance (82%) and part Government owned Royal Bank of Scotland (50%) also performed worse, compared to the industry average.
Santander, beset by recent customer service problems, recevied a relatively high 4,881 complaints against it but only a fifth were upheld indicating, while service may be poor, it may be dealing with complaints reasonably fairly (see the Santander service scandal MSE News story).
The figures are part of stats released this morning showing the number of gripes against financial firms that were taken to the Ombudsman during the first half of this year.
It received 84,212 new complaints in that time – a small increase on the 82,136 received in the final six months of 2009. A whopping 30,000 new protests related to mis-sold PPI.
Yet these numbers are a fraction of overall complaints as fewer than 10% of people rejected by their financial provider take their case to the independent arbitrator.
The table below shows the ten providers the Ombudsman received most complaints about, ranked by the percentage upheld.
Complaints to Ombudsman – firm-by-firm
Black Horse 2,136 90% upheld by FOS
Welcome Finance 1,954 82% upheld by FOS
Barclays 7,991 61% upheld by FOS
Royal Bank of Scotland 2,250 50% upheld by FOS
Lloyds TSB 12,750 45% upheld by FOS
Natwest 2,810 43% upheld by FOS
Clydesdale Bank 1,807 39% upheld by FOS
HSBC 3,286 34% upheld by FOS
Halifax / Bank of Scotland 6,211 23% upheld by FOS
Santander 4,881 19% upheld by FOS
Data for first six months of 2010. Source: Financial Ombudsman Service
Martin Lewis, MoneySavingExpert.com creator, says: "The great shame is less than 10% of people take their case to the Ombudsman. All these people complain but banks say 'no' as a tactic but we don’t take it further.
"The message here is when you complain expect the firm to say 'no' but ignore that and go to the Ombudsman. It’s a disgrace and we really need to invent a system where banks deal with you fairly."
The Ombudsman says the overall 44% uphold rate is skewed by the 15,000 bank charges complaints that had been on hold that were thrown out after the banks won the historic test case on charges late last year. Discounting those cases, the uphold rate would have been similar to the 53% recorded for the second half of 2009, it stresses.
Natalie Ceeney, chief Ombudsman, says: "The latest set of data shows some businesses are committed to ensuring complaints are handled well but that there is still more that some businesses need to do to ensure that complaints are properly investigated and fairly resolved."
To start your PPI complaint visit www.ppiclaimsreview.co.uk
This article first appeared at www.moneysavingexpert.com
A whopping 61% of consumers who took their gripe to the independent arbitrator, the Financial Ombudsman Service, about Barclays won their case during the first half of 2010, compared to the industry average uphold rate of 44% for the period (see the Best Bank Accounts guide).
But the bank was not the subject of the most complaints to the Ombudsman in that time. That unwanted title fell to taxpayer-backed Lloyds TSB with a mammoth 12,750, though Barclays was second with 7,991.
Barclays was not the worst financial provider for wrongly rejecting complaints, even if it was the high street name with the most appalling figures.
All protests against insurance provider Eisis, 99% against loan lender Ocean Finance and 90% against Lloyds-owned Black Horse were upheld by the Ombudsman in the first six months of the year.
Most of these relate to mis-sold payment protection insurance (PPI), a category that saw a 23% rise in complaints compared to the previous six months.
For the arbitration service to uphold a complaint it must first have been thrown out by the firm in question.
Lloyds TSB (where the Ombudsman upheld 45% of complaints against it), Welcome Finance (82%) and part Government owned Royal Bank of Scotland (50%) also performed worse, compared to the industry average.
Santander, beset by recent customer service problems, recevied a relatively high 4,881 complaints against it but only a fifth were upheld indicating, while service may be poor, it may be dealing with complaints reasonably fairly (see the Santander service scandal MSE News story).
The figures are part of stats released this morning showing the number of gripes against financial firms that were taken to the Ombudsman during the first half of this year.
It received 84,212 new complaints in that time – a small increase on the 82,136 received in the final six months of 2009. A whopping 30,000 new protests related to mis-sold PPI.
Yet these numbers are a fraction of overall complaints as fewer than 10% of people rejected by their financial provider take their case to the independent arbitrator.
The table below shows the ten providers the Ombudsman received most complaints about, ranked by the percentage upheld.
Complaints to Ombudsman – firm-by-firm
Black Horse 2,136 90% upheld by FOS
Welcome Finance 1,954 82% upheld by FOS
Barclays 7,991 61% upheld by FOS
Royal Bank of Scotland 2,250 50% upheld by FOS
Lloyds TSB 12,750 45% upheld by FOS
Natwest 2,810 43% upheld by FOS
Clydesdale Bank 1,807 39% upheld by FOS
HSBC 3,286 34% upheld by FOS
Halifax / Bank of Scotland 6,211 23% upheld by FOS
Santander 4,881 19% upheld by FOS
Data for first six months of 2010. Source: Financial Ombudsman Service
Martin Lewis, MoneySavingExpert.com creator, says: "The great shame is less than 10% of people take their case to the Ombudsman. All these people complain but banks say 'no' as a tactic but we don’t take it further.
"The message here is when you complain expect the firm to say 'no' but ignore that and go to the Ombudsman. It’s a disgrace and we really need to invent a system where banks deal with you fairly."
The Ombudsman says the overall 44% uphold rate is skewed by the 15,000 bank charges complaints that had been on hold that were thrown out after the banks won the historic test case on charges late last year. Discounting those cases, the uphold rate would have been similar to the 53% recorded for the second half of 2009, it stresses.
Natalie Ceeney, chief Ombudsman, says: "The latest set of data shows some businesses are committed to ensuring complaints are handled well but that there is still more that some businesses need to do to ensure that complaints are properly investigated and fairly resolved."
To start your PPI complaint visit www.ppiclaimsreview.co.uk
This article first appeared at www.moneysavingexpert.com
Tuesday, 31 August 2010
The Great PPI Clean Up
They say sunlight is the best disinfectant, and if it is true, there is no better than for the clear light of day shone on the Payment Protection Insurance industry.
Greater customer awareness, television advertising and the increasing number of PPI complaints have almost forced firms, credit institutions and banks to stop mis-selling and clean up their act.
For example, there has been widespread stalling of the sale of PPI integrated loans, lenders have been drained and huge institutions have stopped selling policies altoghether, it has also been spoken of sales staff having to get financial qualifications to be able to sell further products or services. Exposure to shady practices have also affected other insurance products, such as serious illness cover, which has seen the refund reclaims be increased from 8 in 10 to 9 in 10.
For more on PPI Reclaims click this link
Greater customer awareness, television advertising and the increasing number of PPI complaints have almost forced firms, credit institutions and banks to stop mis-selling and clean up their act.
For example, there has been widespread stalling of the sale of PPI integrated loans, lenders have been drained and huge institutions have stopped selling policies altoghether, it has also been spoken of sales staff having to get financial qualifications to be able to sell further products or services. Exposure to shady practices have also affected other insurance products, such as serious illness cover, which has seen the refund reclaims be increased from 8 in 10 to 9 in 10.
For more on PPI Reclaims click this link
Friday, 27 August 2010
PPI Claims Can Go Back Pre-regulation
The new policy on PPI of the Financial Services Authority (FSA) has been barely a week and is already receiving heavy criticism from the industry.
The last comment is a financial services partner at Beachcroft LLP, Dan Preddy, who had a particular problem with the application of rules for sales made before mediation PPI regulated by the FSA general insurance. Mr Preddy said: "There will be a deep disappointment at the retrospective rules for sales made before the general insurance intermediary, regulated by the FSA."
Overall, the changes are intended to prevent more harm from mis-sold PPI and paying back the PPI insurance will cost the industry between £ 2 billion to 4 billion pounds. The FSA acknowledges that if done correctly there will be victims of 5-10% and provides that some general insurance intermediaries will fail because of the refunds.
Click here to reclaim mis-sold PPI
The last comment is a financial services partner at Beachcroft LLP, Dan Preddy, who had a particular problem with the application of rules for sales made before mediation PPI regulated by the FSA general insurance. Mr Preddy said: "There will be a deep disappointment at the retrospective rules for sales made before the general insurance intermediary, regulated by the FSA."
Overall, the changes are intended to prevent more harm from mis-sold PPI and paying back the PPI insurance will cost the industry between £ 2 billion to 4 billion pounds. The FSA acknowledges that if done correctly there will be victims of 5-10% and provides that some general insurance intermediaries will fail because of the refunds.
Click here to reclaim mis-sold PPI
Wednesday, 25 August 2010
Monday, 23 August 2010
Financial Services Authority confirms measures to reform PPI
Hundreds of thousands of individuals who have been mis-sold payment protection insurance could be offered compensation if companies follow new rules laid out by the Financial Services Authority on Tuesday.
More than 21,400 complaints have been lodged over controversial payment protection insurance since April, according to the Financial Ombudsman Service (FOS), which has received a total of 114,478 complaints over PPI in the last five years.
The latest figures come as the Financial Services Authority (FSA) confirmed reforms to protect consumers in what has become one of the UK’s biggest mis-selling scandals of recent years.
The FSA said the measures - which come into force on December 1 - were designed to “mend a market that has been broken for too long”. It said the measures are designed to ensure customers are treated more fairly when complaining about PPI and should help them to receive better information when buying the product.
Read more here
Claim back mis-sold PPI here
More than 21,400 complaints have been lodged over controversial payment protection insurance since April, according to the Financial Ombudsman Service (FOS), which has received a total of 114,478 complaints over PPI in the last five years.
The latest figures come as the Financial Services Authority (FSA) confirmed reforms to protect consumers in what has become one of the UK’s biggest mis-selling scandals of recent years.
The FSA said the measures - which come into force on December 1 - were designed to “mend a market that has been broken for too long”. It said the measures are designed to ensure customers are treated more fairly when complaining about PPI and should help them to receive better information when buying the product.
Read more here
Claim back mis-sold PPI here
Monday, 2 August 2010
Banks face £4 Billion pound bill for PPI Mis-selling.
Banks may be forced to pay back £4bn in mis-sold insurance scam Banks and insurance companies may have to pay a staggering £4bn to customers who were taken in by a 'loan protection racket', it has emerged.
City watchdogs have published their first estimates on the scale of repayments due to people sold payment protection insurance (PPI) alongside personal loans, mortgages, credit and store cards.
Vast numbers of the expensive policies were sold to customers without proper checks on whether the policies were suitable.
The PPI was sold to consumers on the basis it would provide a safety net to cover loan repayments in the case of sudden unemployment or sickness.
However, commission-hungry salesmen sold PPI to people who would never be able to make a claim, including pensioners, those in seasonal work and people with long-standing medical conditions.
The Financial Services Authority (FSA) said paying refunds and compensation to customers who have not yet complained could generate a bill of £1bn-£3bn. It suggests there will be another £700m to £1.2bn over five years for customers who have already complained.
The FSA estimates that insurance brokers may have to pay up to £430m with the rest paid for by a varying range of PPI providers, led by banks and insurance companies.
The watchdog estimates that average redress for people who bought single premium policies is £1,925. It is a lower £990 on average for people who bought the policies via monthly premiums.
The FSA has previously fined a number of household name banks and insurance groups for mis-selling PPI.
First published in the Daily Mail
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