Our PPI Claim Facts !
You want the best so here are some of our facts which you will find hard if not impossible to beat
- We only charge 15% plus VAT which is a total of approximately 18% gross of your claim
- We work on a no win no fee basis *
- We have helped clients get back millions
- We have helped thousands of people just like you
- We are the best claims company online in our opinion
- We do not spam you with text or emails
- We pride our self on our quality of service
- Our biggest claims success to date is £167,000 for one client. Who else can beat that?**
- Now let’s look at some of the details behind the ppi mis selling scandal so you can make an informed choice.
PPI Claims Background
As you will be aware ppi claims is the biggest scandal to hit the UK financial banks in modern times and it is expected that the bill could rise to as much as £25 billion for the banks. So let’s take a look at the background and see if you have a ppi claim.
Millions of people have been affected by this and with billions still to be paid out to you the consumers it is important you get your case in as soon as possible. You have 2 options available to you which are you can either submit your ppi complaint by yourself or you can use the services of a claims management company similar to ours but as we think our charges are fair and our record is fantastic it makes us one of the best claims management companies to use in the industry. If you decide to make your ppi claims by yourself then we will give you some detailed explanations of what to expect throughout this website and will dedicate a part for this on the home page of myppiclaims.com so scroll to the section that shows you what to expect when making your own ppi claim and then you can decide whether you want to do it by yourself our use our services.
What is PPI
Ppi stands for Payment Protection Insurance and was sold by all the major banks to us the consumers for over a decade but the real facts of these sales only emerged after the FSA carried out a review of the ppi companies. The FSA and the Financial Ombudsman started dealing with complaints under the FSA guidelines after their review which the banks did not like and the British Bankers Association decided they did not feel it was fair to compensate consumers under the new FSA guidelines so decided to take the matter to Court but in April 2011 the Court ruled that the FSA rules were correct and the banks had to start paying us the consumer compensation for being missold ppi policies past and present which was great news for us the consumer. But that is just the start of the story so continue reading to see what the banks really got up to after they lost the court case.
Who was mis sold PPI
- Millions of us were missold ppi and here is a list of some of the common reasons why you could have been missold.
- People who were self employed
- People who were unemployed
- People that had pre existing medical conditions
- People who were told it was compulsory
- People that were told they had a better chance of being accepted for the loan or credit card if they took out ppi
- If you received full sick pay if you were off work from your employer
- This is just an example of some of the most common reasons but is not an extensive list so please discuss your case with us for more information.
PPI Compensation Amount
Many people wonder how their compensation is worked out if they are successful and the easy was to determine this is
You will receive all your ppi payments back plus the interest you paid on them so for example if the interest on your loan or credit card was 12% then you would get interest of 12% added to the premiums you had paid. On top of this you will also receive statutory 8% interest as this is the level of interest set down buy the regulator when determining what is fair if a ppi claim is upheld.
As you can see the amount you get back can be substantial based on these figures and we would encourage you to make a claim if you feel you have been missold ppi in the past.
PPI Claims the truth
Firstly let us all understand that what the banks have done is paramount to fraud but the UK government will not openly state this and the banks will and have tried to defend their actions so they and the UK government decided to come up with the name mis selling instead of fraud but we and the British public should not be fooled and the people who committed this fraud should be brought before the Courts in the UK if we had any real justice system at all.
This is a bold statement but if you consider that a non executive director of Lloyds bank went to the FSA in 2006 and expressed his concerns and it was allowed to continue for several years after this then the only real word that describes this is fraud and not mis selling ppi as we are lead to believe. Would you have trust in any bank moving forward? I certainly would not after this scandal the LIBOR scandal and now we have the interest rate swap scandal which leaves us with no choice but to distrust the UK banking system and anything they have to say.
PPI Claims Deadline
Currently the banks are in discussions with the FSA to try and get a date set for claims and after this date it would time bar people from making a claim which in our opinion is shocking if allowed because this scandal is not just misselling by the banks but is paramount to fraud and the people behind it should be held accountable.
The deadline under discussion at the moment as we understand it is the summer of 2014 which seems a long way off but if you can imagine the amount of people that is going to try and claim if this date is set could see you waiting years for a settlement if you don’t act sooner rather than later.
So we would suggest you get your ppi claims in today.
Mis sold PPI
Many people are still unsure if they have been mis sold ppi in the past as there is so much incorrect information regarding this on the web we thought it would be best to clear this up and share with you what you can expect from the banks if you make your ppi claim by yourself or even if you use the services of a claims management company to do it on your behalf.
Banks are not treating customers fairly as the Financial Ombudsman figures will show as in the last 3 months of 2012 the Ombudsman was receiving over 11,000 complaints per week and if you consider that no ppi claims case can go to the Ombudsman until the bank has refused your ppi claim it is clear people are not being treated fairly by the banks.
Banks will often tell you that they cannot trace your file which is a clear breach of the Data Protection Act if your loan or credit card was repaid within the last 6 years as they are required to hold all our records for 6 years after the event under the FSA guidelines. What has been done about this by the relevant authorities? Absolutely nothing which is no great surprise to be honest as there appears to be one rule for the banks and one rule for other businesses.
Other tactics we have seen the banks use is not responding within the timeframe permitted for the ppi complaint as banks get 8 weeks to deal with complaints under the FSA rules, asking for more information when they already have all they need and also saying they never received the ppi complaint in the first place. They will often also say the signatures don’t match what they have on their records and ask for further proof to be sent which they are entitled to do but in our opinion it is simply stalling tactics in most cases.
All of the above have lead to many people giving up on their ppi claim or turning to claims management companies for help which is understandable. So if you do your claim by yourself then I would suggest sending your complaint by recorded delivery supply current and past addresses with dates and as much detail as you can regarding the product you are complaining about such as the date it started, ended and account number.
PPI on Car Finance
Many people are under the mis conception that they cannot reclaim ppi on car finance and nothing is further from the truth. Car finance is the same as any other loan and if ppi has been added then it is possible that it has been mis sold depending on your circumstances at the time of sale. The FSA have censured many garages for the seling of ppi policies so if you think you may have had ppi on your car finance then contact us now to start your ppi claim.
PPI Reclaims what to do
Follow these steps for your ppi reclaims if you want to make the ppi claims by yourself.
- If you have a copy of the agreement photo copy it and send it in with your ppi letter of complaint.
- Explain the reason why you think it had been missold to you.
- Hopefully your complaint will be upheld and you will receive your ppi compensation.
- If your complaint is not upheld then you have the right to take ppi claim to the Financial Ombudsman at this stage but you must use their complaint forms to do so which can be obtained from the Ombudsman site direct
- If you do not have a copy of the paperwork then we suggest the following
- Obtain your Experian report which will cost £2 this will give you details of all your financial commitments for the last 6 years since they have finished.
- You can then request your file from the bank using a Data Subject Access Request from your bank, this will cost £10 and the bank will then send you your file within 40 days as per the Data Protection Act.
Once you have the file you can review it to see if ppi was added to the finance agreement then submit your complaint to the bank explaining why you feel the ppi was missold to you in the first instance.
Hopefully you wil receive your ppi compensation and if not you will need to follow the step above to submit your claim to the Ombudsman.
Missold PPI Rules
- Banks must deal with your complaint within 8 weeks
- If compensation is awarded it must be paid within 28 days
- Banks must comply with the FSA rules regarding missold ppi
- Banks also must comply with the Data Protection Act and supply your file within 40 days of a request being submitter
- Everyone has the right to take their claim to the Financial Ombudsman if their missold ppi complaint is not upheld by the bank
- Everyone can make their ppi claims by themselves if they wish
Best ppi claims company
If you decide to use the services of a claims management company you want to be sure you select the best claims management company to help you and that is where we come in. Our fees are some of the lowest in the industry, we do not spam people for business, and we have not had adverts banned for misleading the public like some other claims management companies we could mention.
It is important for you to make the right choice if you are going to use a claims management company as over 100 have been closed down by the regulator in recent times so make sure you ask the appropriate questions before you select the best claims company to help you with your ppi claims.
PPI Complaints and the Financial Ombudsman
As we have previously stated the Financial Ombudsman was receiving more than 11,000 ppi claims per week so if your case goes the Ombudsman expect a lengthy delay before a decision has been made on your case.
If your case has to go to the Ombudsman there are two forms you will need to complete one of which is 11 pages long and the other one 3 pages long so be prepared for this if you are doing your ppi claims by yourself.
To take your case to the Ombudsman you must first get a final decision letter on you ppi claim from the bank advising you it is not upholding your complaint otherwise the Ombudsman will not look at your claim.
You then must complete the two Ombudsman form and photo copy the final decision letter from the bank and then send this together with your letter explaining why you feel the bank was wrong in not upholding your ppi claim.
Do not expect a decision from the Financial Ombudsman for some months as they currently have a huge backlog of ppi claims to deal with.
Once the Ombudsman makes a decision if you are still not happy with the outcome you can refer the case for a further review and once this review has been done the judgement is final unless you want to take the Bank to Court if the decision is still not in your favour.
In our dealings with the Financial Ombudsman for ppi claims we have always found them to be fair and in most cases uphold the complaint in favour of the client.
PPI Claims the worst offenders
As you will see from the video posted at the top of the page which is based on the Information released by the Financial Ombudsman the worst offenders are the big banks with Lloyds ppi claims and Barclays ppi claims at the Ombudsman topping the list followed by some other well known names. How can these banks have such appalling figures and not be brought before the FSA is beyond us but as we previously said it appears there is one rule for the banks and another for all other businesses.
We hope you have found this page informative and you have found the answer to your question but if you are unsure about something regarding your ppi claims then please deop us an email and we will be happy to assist.
PPI Claim turned down
If you have made a missold claim on your ppi policy and the bank has turned it down you have the right to appeal to the Financial Ombudsman so we though this quick guide would help you.
1) You have 6 months in which to appeal to the Financial Ombudsman from the date of the bank refusing your claim
2) You need to complete the Ombudsman ppi questionnaire and complaint formand send it in along with your complaint
3) It will take months for a decision to be reached on your ppi claims with the Ombudsman
4) The bank must pay compensation if the Ombudsman awards it
5) Over 80% of complaints are upheld in favour of the consumer for ppi complaints at the Ombudsman
6) You have the right to appeal the Ombudsman’s first decision if he does not uphold your complaint
7) Every case that is submitted to the Financial Ombudsman costs the Banks £850
Write and tell the bank you intend to appeal to the Ombudsman they might just change their mind.
Get your ppi claims in to the Ombudsman if no upheld and don’t let the banks get away with it.
PPI Review by the FSA at long last
The FSA is finally going to review everyone’s involvement into the PPI scandal that has hit the UK financial sector at long last.
The whole ppi scandal is set to cost the banks and other financial institutions some £25 billion before it is over but the most important part of it all is the deliberate fraud that has taken place by the banks and financial institutions.
Here are some of the things we think should be included in the review.
- Why did the FSA allow this to continue for so long when they were advised by a non executive Director of Lloyds in 2006 that there was a problem?
- Why are the Banks and other financial institutions with appalling records at the Financial Ombudsman being allowed to continue with their current claims handling methods when they clearly don’t work?
- Why has the OFT not stepped in and revoked the licence of some banks? They are no different to any other business.
- Why has the FSA not revoked some authorisations of the banks as they would have done if a mortgage broker or Independent Financial Advisor has committed fraud which is what this really is on a massive scale?
- What is going to be done to protect the consumer moving forward?
- This is just some of the questions that should be answered in the review as the whole ppi claims scenario has been a sham from day one.
The worst ppi claims companies in 2012
Here is a list of ppi complaints received by the Financial Ombudsman for the second half of 2012 so you can see firsthand the banks that are not treating their customers fairly.
We hope by highlighting the worst offenders they will improve their service to all the consumers who are submitting ppi claims either by themselves or through a claims management company.
Payment Protection Insurance Who really needed it
With millions of people making claims against their payment protection policy and billions being paid out people are finding it difficult to understand if they need the policy or not so we thought we would give some information on this type of policy and the people it may benefit.
The policy was designed to pay out if the person insured was unable to work due to Accident, sickness or unemployment generally after a deferred period which was typically 30 days.
The policy would pay out each month for a maximum period of 12 months in most cases for a specific amount which would be related to your credit card payment each month or the personal loan amount you had to pay each month.
What this type of policy did not do was pay out on all of your debts and had large restrictions applying to when it would pay out which is why so many people have had to make a complaint about this type of policy.
If you still have a payment protection policy then it is best to get this checked against your personal circumstances as it may be something that you actually need irrespective to all the bad publicity surrounding them.
If you are unsure if the policy should be kept then please contact us and we will be happy to discuss it with you further.
Lloyds PPI Claims handling a scam
Lloyds bank who have the worst record for ppi claims in the UK have been caught out by an undercover reporter from the times.
Deloitte the company Lloyds used to deal with their complaints handling had their contract terminated yesterday according to reports.
According to the paper, the reporter was told:
• Some bank salesmen had faked PPI information in agreements on loan sales;
• Complaint handlers should effectively turn a blind eye to the risk of fraud;
• The majority of customers would give up pursuing their complaint if the bank rejected it the first time around;
• That a job as a PPI complaint handler could be “morally difficult”
The investigation also found:
• A document which openly concedes that Lloyds has lost some crucial customer evidence
• Staff breached customers’ privacy under the Data Protection Act on some occasions;
• That the entire operation was based on the assumption that Lloyds’ salesmen never mis-sold PPI.
Surely this is now enough evidence for the authorities to act as we have said before it is ppi fraud on the largest scale ever seen.
The Information Commissioners’ Office need to look at the issue and see if they are fit enough to hold a Data Protection Licence in light of the document that shows Lloyds have lost crucial customer evidence.
The Information Commissioners’ Office now seriously need to consider if they are fit and proper to hold a credit consumer licence and the FCA must now act immediately to protect consumers.
If none of the authorities act they are then setting a precedent for other businesses to operate in such a way which is not acceptable in the UK today.