Browsing All Posts By Martin Knipe
How many years can you go back for a PPI claim?
To make a successful PPI (Payment Protection Insurance) claim you will need to establish if PPI was applied in the first place.
We have successfully been able to locate information as far back as into the late 1980s and early 1990s so there is no question of how far back you need to go. It is possible, regardless of which lender is involved, to go back however far the facility was taken out in the first place.
Can I claim PPI from the early 1990s?
We have successfully obtained refunds for our clients from as far back as the late 1980s. We certainly do not, however, suggest or guarantee any form of success regarding any PPI claim that we look after. The main reason why we do not guarantee success is that it is very difficult to do so against aggressive, large institutions. This is why we work purely on a no win no fee basis.
Information is key to the success of running a PPI claim. We therefore have to be persistent in our approach when contacting the firms to establish if PPI was applied. This does tend to be the largest challenge in relation to any particular claim.
The Banks have a number of tactics that they use in order to avoid looking at claims. The first one that we have to counter is one where they are unable to locate a client’s details. We are always more than persistent and will always contact them on a number of occasions with whatever information is available (but mainly with a name, address and date of birth) so that they can establish and locate that information.
Stop making excuses and look at your PPI.
A time limit for PPI claims is being instigated at the end of August 2019. If you have had any facilities in the past, regardless of whether you have any paperwork or if you know if PPI was applied, or not, you must establish if PPI was placed on those old facilities.
The last thing you will want to do is find yourself in 2020 thinking you might have had PPI on that old facility – because, quite frankly, it will be too late then.
We have a large number of clients, many of whom we represent now who we see on a regular basis coming in with no idea if they ever had PPI and which we are obtaining refunds for on their behalf.
We cannot guarantee success, however. If you become a client, this does not guarantee that you will have PPI. It does however show that there are people out there who are exactly the same as yourself (who have not done anything but argued it and have located PPI) and who ultimately, have received refunds – some of which have been considerable!
Why is claiming PPI still negative?
Claims management companies have not helped themselves with regards to the mis-sale of PPI. However, the Press should be shouting from the rooftops for ordinary people to be able to make claims in relation to PPI policies that were mis-sold.
We have seen the Press and the adverts and seen the harassing phone calls, but even so, only 25% of people have made claims on valid PPI policies. That means around 75% of people have not yet made a claim.
Are you one of them? Are you someone who is getting quite fed up with hearing about PPI?
Putting it bluntly – that would be a ridiculous attitude to have and one that has been sown into people’s mindsets by the bad behaviour of claims companies in the past. However, it is mainly by the banks’ ability to be able to manipulate the Press in making PPI a negative, rather than positive.
It is, of course, in their interests to make sure that this is the case. To date they have refunded around £30billion, but just how much do they want to avoid paying out? Realistically the sort of money they are looking at would be in the region of another £120billion!
The answer, therefore, is that they would like to put a lot of weight behind it and use whatever skills that they have (which they are doing) effectively.
How much (by way of a refund) would I get if I had PPI?
This is always very difficult to understand and establish if you do not know if you had PPI.
The simplest way of dealing with it is to firstly find out if there is PPI and, if there is PPI, we can look at obtaining a refund. The refund is calculated on the amount of PPI that was paid, the interest that was (or would be) charged on the PPI that was paid at the prevailing rate of the facility that you had (basically if the interest that you were being charged was 20% the interest calculated on your refund would be 20% on the PPI premiums that you had paid). This is compounded up until the time when the refund is made. On top of this the banks also have to pay a compensatory interest rate of 8% on both the interest and the PPI calculated. These figures can be considerable. Therefore, if you have had any facilities in the past and have not checked if they have PPI on them, you must do so now.
How do I know if I was mis-sold PPI?
The simple answer is that if you did not know you had PPI, then you will firstly need to establish if you did.
We can do this for you to see if there is PPI and, if there was, the very fact that you have left it so long means that you were not aware that there was PPI on the facility that it was found upon. As this is the case, it is therefore reasonable to assume that it was mis-sold.
PPI was an expensive product and it should have been detailed and discussed with you and you should have had a full understanding of having that product in the first place. If you did not have this, or are unsure if you ever had PPI, then there is a reasonable chance that it was mis-sold.
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What year was PPI mis-sold?
PPI (Payment Protection Insurance) was mis-sold from the late 1980s all the way through to around 2008. This was established from an investigation by the Financial Conduct Authority (FCA) into the mis-sale of previously applied PPI policies.
Can PPI mis-sale be considered at any time?
Yes – PPI can be dealt with at any time, although there is a time limit which is approaching for the end of August 2019. This means that anyone who wishes to challenge the mis-sale of PPI after this time on historic policies will not be successful.
We therefore urge anybody who has had any form of borrowing in the past, regardless of whether you believe there was PPI, or not, to allow us to check if PPI was applied in the first place. If it was, we can act on your behalf (all on a no win no fee basis) to establish if PPI was mis-sold and obtain a refund on your behalf.
What if my PPI was older than 2005? Can this still be looked into?
Many people will have heard various stories about certain lenders looking at PPI premiums for only certain periods of time. One of these periods is 2005.
Some lenders were not regulated by the Financial Ombudsman prior to 2005. We still look at these claim for our clients, but instead of looking at that particular lender, we look at either the policy underwriter or the owner of the lending in the first place.
So, therefore, do not listen to any excuses that the banks or lenders give and certainly do not read about anything on websites where people claim to be experts (particularly those in forums) as the vast majority of it is nonsense.
How do I check if I was mis-sold PPI?
In order to establish if PPI was mis-sold, you firstly need to establish if you had PPI in the first place. We can look to undertake an initial search with the lender with your name, address and date of birth (if you do not have any other information).
There is no guarantee that they will have the information but the vast majority of lenders will have this information and sometimes, with a little extra, we can establish if PPI was applied or not. If we can establish this, then we can look to make a claim on your behalf in relation to a mis-sale, as clearly you were unaware of the PPI in the first place which is the reason why you needed to establish if PPI was applied, or not.
What is PPI?
Payment Protection Insurance (PPI) was a form of protection that was sold by a variety of lenders, (mainly the High Street Banks to begin with) in the late 1980s and early 1990s against borrowing that you had with them in order to protect that particular borrowing.
Unfortunately, the policies were extremely difficult to claim against and, at one point in the early 1990s, successful claims against these policies was at just under 10%. In addition to this, it was an extremely expensive policy and the money for the premiums was added to the borrowing. This, in turn, increased the amount of interest that was charged to the client as they had to pay interest, not only on the borrowing itself but also on the premiums being taken.
My bank says they have no record of PPI for me. Is this correct?
It is in the banks’ interests to make sure you are not successful in your PPI claim. They have had to pay out approximately £30billion to date and if everybody did make a successful claim then the policies that remain unclaimed would escalate those costs to more than £100billion.
The banks would of course want to make it as difficult as possible for you to make any form of claim. Therefore, if you do approach them trying to find out information, they will make this difficult and say they do not have any details and when it comes to making a claim for PPI they will also make this difficult and could prolong the claim by declining it in the first place.
We have been dealing with PPI claims on behalf of our clients since 2007. Prior to this we have been dealing with other forms of banking disputes and claims from the early 1990s. We have a wealth of experience and do not allow the banks to fob us off.
Of course, there are never any guarantees with anything related to financial institutions, but we are extremely disappointed if, after considerable chasing, we cannot at least establish if PPI was applied, or not.
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How do I claim back PPI?
You can claim back PPI (Payment Protection Insurance) by firstly contacting the bank to establish if PPI was applied on any old facilities that you might have had. If it has been applied, and you believe it was mis-sold, then you can make a claim for a refund.
How do you know if you had PPI?
There are around 40 million policies which still remain unclaimed, as at 2017. This is likely to be largely as a result of people not realising that they were on their facilities that they had in the past (whether it was on credit cards, loans, hire purchase, store cards or mortgages). The vast majority of people do not have any paperwork and are unable to establish if PPI was applied from the information and knowledge that they have.
The main thing about PPI is that people were unaware when it was applied. This could be a reason why so many policies remain unclaimed. People did not realise it was on their old facilities and were unaware of it. Unfortunately, with the passage of time, this also weakens the senses and means that people are missing out on potentially on thousands of pounds by way of refunds.
How do I make a PPI claim?
Whether you are aware of PPI being applied on an old facility, or not, you can look to make a claim if it has.
The first step is to establish if PPI was applied on your borrowing facility. This can be dealt with by contacting the banks or any other finance company that you had borrowing with and ask them if you had PPI. They will of course unlikely make this particular job easy for you and many will come up with excuses, such as they only have information for a certain period of time, primarily 6 years (which is the time they have to keep information under the Data Protection Act).
However, we have found that through our experience and persistence, information through to the late 1980s has been found for some clients. This is never a guarantee, however, which is why we work purely on a no win no fee basis.
How do I calculate what refund I should get?
This is always an extremely difficult question and one that is, quite frankly, almost impossible to answer. There are effectively three elements that need to be considered when looking at any refund. These are: –
- Payment Protection Insurance premiums paid.
This is fairly self-explanatory. Within any refund they would need to take into account the PPI that you have paid from the outset of the facility through to when the facility was closed, or when the PPI was cancelled or stopped.
Interest needs to be refunded on the PPI paid at the date the PPI was paid through to the date of your refund. This calculation is made upon the prevailing rate of interest of the facility (loan, credit card or mortgage) at the time the PPI itself was taken. Of course, if interest rates changed and altered, then this is reflected within this particular calculation.
Another element that needs to be taken into account is how the PPI was taken in the first place. Was it collected as an upfront fee (as most loan facilities were), or was it calculated and taken on a monthly basis (such as with a mortgage or on a credit card) where a premium is calculated on the amount you owed at any particular monthly point.
- Compensatory Interest.
This is the 8% compensatory interest that is calculated upon the total amounts from a) and b) above for the duration of the facility and up to the date of the refund being made.
Therefore, as you can see, calculations are not necessarily straightforward and, with the make-up of any refunds (particularly in respect of refunds being made and including interest at the prevailing rate of interest of the facility involved, which can have real effect if a credit card PPI is dealt with) then refunds can mount up.
What if the lender declines my claim?
The lender can decline a claim for two reasons: –
- The lenders are unable to establish or find any information in relation to PPI.
This is a common reason for declining a claim and one that does not necessarily mean you have to stop. We have found that with persistence the vast majority of our clients’ information can be located. This can take some time and resources in order to pursue the lender.
Sometimes we end up in a situation where the lender cannot find the information, regardless of how long we pursue them for and what information we are able to provide (although the vast majority are able to locate information based on name, address and date of birth). If they cannot find it however, they cannot find it and unfortunately that will be the end of the matter.
- After reviewing PPI the lenders have established, they then look to decline a claim stating that the policy was not mis-sold.
Once again, this does not mean that you have to stop the claim. It can be taken forward (as we often do) through the Financial Ombudsman to challenge the decision of the lender. You have 6 months to do so from the date of issue of the lender’s final response letter.
Whilst the banks and lenders wrap it up in nice fancy terms, having provided you with information and so on, the real reason for them declining claims is that they can get away with declining a certain proportion (probably around 40% to 50% of claims) as the majority of these people who they decline claims for will not take it further. This of course means that the banks have actually won – because there is no refund due to the fact that it does not go forward any further.
Can I use someone else to make my claim for PPI?
We have considerable experience dealing with a variety of bank complaints since the late 1990s and PPI is the one that we enjoy and have a large number of clients who we have represented and are able to and have been able to obtain refunds and still are.
We work purely on a no win no fee basis where, should PPI be established and we are able to challenge it successfully, our fee is 20% plus VAT (equivalent to 24% inclusive). Of course, if there was no PPI or we are unsuccessful in obtaining a refund – there is no fee to pay.
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What is a bank complaint?
With all the various scandals that have rocked the financial industry over recent years, it is important to go back and sometimes look at what a bank complaint is and how it has been dealt with. Bank complaints, regardless of the financial scandals, have been going on for years and years. It will continue to do so whilst the banks look at profiteering and lining their own pockets to the detriment of their clients.
How do you make a bank complaint?
There are 2.5 million complaints every 6 months to the banks and financial institutions in this country. This includes the various scandals that have rocked the banking industry over recent years, such as PPI, packaged bank account facilities and charges, but even taking these out of the equation – complaints each year run into the millions.
It is therefore important to understand what a bank complaint is and what you can do about addressing the concerns that you have had in order to get recompense if misdemeanours have happened.
Bank complaints can relate to small grievances (which, to be honest, do not even come up in the figures that are provided each year on the number of disputes involving clients and banks). Complaints can range from queuing or broken cash machines at the weekend or cash machines running out of money right the way through to complex and financially crippling problems as a result of serious misdemeanours by the banks and lending institutions, such as the mis-selling of products. This can be in relation to, not only businesses, but also to consumers.
Who are the Financial Ombudsman?
The financial ombudsman is an organisation set up to impartially look at complaints that have been dealt with by the bank on behalf of clients and once these have been reviewed, if the client is unhappy with the decision then they can challenge the decision further by taking the complaint to the financial ombudsman.
The financial ombudsman was set up in 2001 (taking over from the then banking ombudsman) to review complaints impartially on behalf of clients and establish if any wrongdoing has occurred. If it has occurred they will then look at providing the customer with recompense.
Of course, this is certainly not something that happens all the time and the ombudsman will of course find in favour of the banks and decline claims if they do not believe that there are any grounds or merit in making a complaint in the first place. The service is free to use for clients. The complaint procedure must be followed by the client in order to bring the ombudsman into play and this means allowing the bank a period of time (namely 8 weeks) to ascertain whether a dispute can be resolved or not.
What makes a bank complaint?
I do not believe that a lot of the figures provided shows the large proportion of complaints, namely the small grumbles that we all have about the banks such as queuing, running out of money at the weekend from cash machines and so on, but these are all bank complaints and concerns that you may have.
Basically, a bank complaint is a grievance that you have as a result of your banking relationship with your bank. It can include other financial institutions, depending upon the product that you have, such as a pension company or an investment company or adviser. So, when using the term bank complaint, it encompasses all sorts of financial arrangements and firms within that sphere. The firms involved (and this is particularly relevant with regard to crowd funding) must be covered by the Financial Conduct Authority (FCA) in order to make a complaint valid, namely one that if there is a continued dispute, can be reviewed by the financial ombudsman. If you do have a bank complaint, then it can be made firstly to the bank and then onwards to the ombudsman should you remain dissatisfied.
It is important to know that with regard to crowd funding, a large proportion of these investments are not in fact covered by the FCA and therefore the ability to challenge any form of advice is extremely difficult.
What happens to me if I make a bank complaint?
Many people are concerned when making bank complaints as to what will happen to their banking facilities and banking relations that they have with their bank.
I think it is always important for people to stand back and decide how they want to proceed with regard to this. It is absolutely right to be concerned as to what will happen if you make a complaint. It will obviously depend on the type of complaint that you made. For instance, there is an lot of PPI complaints. The bank that you may be complaining about will not be the only current banking facility that you enjoy and will likely be an old facility and lender who you probably do not have any form of relationship with. So that makes that particular complaint nice and straightforward and easy and it does not make any difference if you carry on because you have no relationship which it could potentially affect.
In addition, you might have a PPI complaint with your current bank. Again, this is not a huge problem because most of the staff were forced into selling the PPI and quite frankly they find it quite therapeutic seeing customers getting all this money back and the powers that be getting their comeuppance that they deserve for demanding that it was sold in the first place.
Problems can occur when making the bank complaint if you have ongoing facilities with the bank, namely you are borrowing from them. This is particularly relevant when the borrowing is an overdraft facility or a business account facility as it could potentially have some effect on that relationship. I know people will always try and say it should not have any effect, but if someone moaned to you, would you be happy with them? The answer is probably no. That does not mean that you should not make the complaint, it just means that you need to be wary and protect yourself and also the continuation of any complaint will have to depend upon what you are complaining about and your reasons behind it.
If you have a severe complaint against the bank and the considerable wrongdoing has caused considerable loss, then it is absolutely right to make that complaint. Yes – you should protect yourself but yes it is absolutely right to make the complaint.
If it is a small matter which is just going to aggravate the person(s) involved at the bank in dealing with your account on a day-to-day basis, then sometimes it is worth checking yourself to see whether you want to continue. This is not a weak person’s way out – it is just being realistic. You have to protect your own day-to-day concerns and if it is not worth rocking the boat, then I would say it is worthwhile just holding back.
We have been dealing with banking disputes and complaints on behalf of clients for almost 20 years following our time in the banking industry. We have seen huge numbers and types of complaints that clients have. Grievances have ranged from fraud all the way through to sexual harassment and we are seeing more and more mis-selling as the years go by.
Personally, I have turned away complaints believing that they will be more trouble than they are worth for clients and explaining my reasons. So, whenever we take on a new complaint, it is always important to address this and go from there.
Our work is always conducted on a no win no fee basis which protects the client and we will always try to ascertain at the outset what a good outcome would be on behalf of the client.
How do I make a bank complaint?
Making a bank complaint is, on paper, relatively straightforward. However, it can take a long time and can be frustrating and you can be thwarted by the system that is in place and the tactics operated by the banks in dealing with complaints.
Making a bank complaint
- Contact the bank with your grievance.
- The bank will respond in relation to your grievance within 8 weeks.
- Accept the decision made by the bank.
- Go to the ombudsman if you are unhappy with the bank’s decision.
- Accept the final decision of the ombudsman.
Bank complaints can be incredibly frustrating and time-consuming and can put a lot of people off, but there is no reason why a complaint should not be made. Complaints to financial institutions can be complicated, long-winded and can be in relation to products and services that the client had many years ago. Therefore, the ability to recollect information that is useful is somewhat restricted.
Regardless of how long ago a problem occurred, everyone should have the ability to make a bank complaint, but we can certainly understand the reluctance people do have in taking one forward themselves. The various procedures and concerns over bank disputes can take a tremendous amount of time and as such can be very off-putting when taking it on in the first place.
We will work on behalf of clients, thus taking away the requirement to chase the lender for information. We enquire correctly as to what details are needed in relation to the dispute and negotiate with the lender, if needs be, or we take the complaint forward with the full report to the financial ombudsman and negotiate and deal with them direct.
Many complaints can take, certainly weeks, if not months and in some cases where complaints are complicated or require considerable investigation, they can take years.
We have worked for clients for a number of years and understand the system and the complexities that certain complaints can have.
The 5 problems with making a bank complaint:
- Unnerving taking on your bank.
- Not sure how to start.
- Confused as to what to do.
- Concerned with how to proceed.
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What is a packaged bank account?
A packaged bank account is an account facility operated by one of the main high street banks in the UK. It is identical to a normal current account, other than the fact a monthly fee is taken for a package of benefits which are attached to the facility. The package account fee is taken monthly.
Packaged bank accounts were introduced in the mid to late 1990s by a variety of the banks who wanted to look at obtaining further revenue from their clients who just had a normal account facility.
The banks are very good at taking money away from business accounts or accounts where customers are looking to borrow but current accounts have always been a problem for them. They do not like the fact that they do not have any fees associated with the current account range and they wanted to address this as they could see it potentially being highly profitable. This is because everyone needs a current account to operate successfully in any degree of finance throughout the UK.
How do I know if I have a packaged bank account?
Packaged bank account facilities are straightforward, in that if you have a current account and you pay a regular monthly fee of between £15 and £25 then you have a packaged bank account.
A lot of the account facilities are called nice names like “Silver” or “Platinum” to make the owner of the account feel that much more special, but apart from that it is a current account. You have your ability to use online facilities, direct debits, standing orders and in some cases, depending upon your finances, overdraft facilities or other borrowing attached with a service by this current account.
Why are packaged bank accounts wrong?
Packaged bank account facilities are not necessarily wrong – they just have not been promoted or sold correctly to a large number of people.
This is the problem that the banks have all the way through when dealing with clients because rather than provide a product and ascertain whether that product is worthwhile to a client which provides value for money, they go away and work out a particular product and then look at flogging it to any client in order to maximise their own profitability at the expense of the clients’ monies.
We never think that the banks are going to learn about extorting money from customers in this way, so we grow to just expect it and have to deal with the consequences retrospectively. This is annoying because when things like packaged bank account facilities are designed, they can be useful to people.
People can use travel insurance and breakdown cover and it is nice and simple because it is all lumped together in one. However, when the banks go ahead and sell it, they do not establish if the customers are going to benefit from the particular elements of the product, or not. For example, people may have travel insurance but do not go abroad, or they go on holidays which include something like skiing which some of the basic travel insurances do not cover. This is because travel insurance involving skiing requires specific levels of cover due to the risks attached.
Can I make a claim for the mis-selling of my packaged bank account?
If you have a packaged bank account facility and you are, for whatever reason unhappy with it, i.e. you do not like paying the money, you do not think it was any use, nothing was explained to you, then yes, we can look at recovering the premiums that you have paid and interest for a period of years.
There are never any guarantees of success, which is why we work purely on a no win no fee basis. If you have a packaged facility and you want to look at recovering the monies in relation to it, then contact us. We work purely on a no win no fee basis on your behalf.
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How to get a free PPI check
It is important that with the deadline now set by the Financial Conduct Authority (FCA) (for end August 2019) that anyone who has had any form of borrowing in the past, particularly credit cards and loan facilities who have not checked whether they have PPI, checks now – without delay.
Is it worth checking for PPI?
The honest answer is yes. It must be worthwhile checking, even if it comes back and it is established that no PPI was applied or (for whatever reason) the details could not be located. At least you will know.
he last thing you will want to do is find out that in a couple of years’ time, when the deadline has been passed, that PPI was applied to a facility that you had in the past and a windfall could have been paid to you.
This is a ridiculous situation and one that you do not need to put yourself into.
Is there a PPI time limit?
The reason why it is important to have a free PPI claim check is that the Financial Conduct Authority (FCA) for a variety of reasons (mainly to protect the Banks) is introducing a time limit to submit claims. This time limit has been set for the end of August 2019. It does seem a long time away at the moment but this time will soon pass and it is essential that if you have not checked on any old facilities that you may have had, whether PPI was applied or not, that you do so now without delay.
The time limit was imposed in order to protect the Banks from having to pay out vast sums of money over the next few years. They have already paid out approximately £13 billion in the last 8 years and this is due to rise considerably, bearing in mind only about one-fifth of people have made a valid claim so far.
The FCA have calculated that there are more than 40 million policies still out there remaining to be claimed upon.
You have nothing to lose in checking for PPI
This is the most important thing. We can look at establishing if PPI was applied or not on any old facilities, regardless of whether you have any paperwork, or not and regardless of whether you know if PPI was applied or whether you have any account numbers. It does not matter how far you want to go back. We are happy to go back to the 1980s and check any old facilities you might have had, whether they are open or closed.
We can establish if there was PPI and, if there was PPI, look to make a claim on your behalf.
Of course, if there is no PPI – then at least you will know and you will not have had to pay anything and you can put it to bed and forget about it.
Five reasons why you should bother checking for PPI
- 80% of policies sold have not been claimed.
- The average claim is around £3,000.
- Interest is added on top of the PPI applied.
- Claims for credit cards can be considerable with the added interest.
- You have nothing to lose and potentially – everything to gain.
Is working on a no win no fee basis correct?
As a firm, we have our main Principal, who has operated in the bank complaints industry for almost 20 years and deals with all clients on a no win no fee basis.
If it is established that there is no PPI, that no facilities could be located and, for whatever reason, no refund is obtained in the PPI was applied, then there is no fee to pay. The only time a fee is paid is if the claim is successful and a refund is made, in which case the fee is 25% which includes the VAT of any amount of money received by way of a refund. So, for example, if a refund of £1,000 is received, the fee is £250.
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PPI Claims Check
Checking PPI (Payment Protection Insurance) is essential now that a time limit has been imposed for August 2019.
There are still so many millions of people who have not yet ascertained whether they have had PPI in the past and this needs to be done now to avoid missing out on potentially thousands of pounds worth of refunds.
How do you know if you have had PPI?
The honest answer is that unless you can remember you had PPI, you just do not know whether you had it. The reason why there is a PPI claim check available is so that we can establish if PPI was applied to any facilities you had in the past, regardless of whether those facilities remain open or are now closed and whether they more recent, or go as far back as 30 years.
Why check for PPI now?
The Financial Conduct Authority (FCA) has imposed a time limit in relation to PPI claims (all PPI claims will end in August 2019). It is therefore essential that you do not wait any longer to see if the old facilities that you had, whether open or closed and regardless of how far back they went, are now checked.
PPI could have been applied to loan facilities, credit cards, mortgages, car finance, store cards and so on. All these can be checked.
Lenders can be very difficult when providing the information but that is our job to overcome and it is why we offer the PPI claim check for our clients.
Five things you need to check for PPI
- If you have had a credit card in the last 30 years.
- You do not need paperwork.
- You must have your name and address.
- You need to know the name of the lender or provider of the finance.
- You can check on facilities whether the borrowing is still in place or has been closed.
What is PPI?
PPI (Payment Protection Insurance) is a form of cover that lenders provided through the 1980s and certainly through the 1990s. It was developed in order to protect the borrowing that they provided to clients. Primarily it was as a result of protecting loans, overdrafts and credit cards, but it spread to all areas of finance over time.
It was a huge money-spinner for the various lenders as they could apply the PPI onto all their different products and make huge commissions on them. Unfortunately, for the client, PPI itself was pretty shoddy and claiming was difficult and protracted. The PPI itself was extremely expensive and, quite frankly, was not worth the paper it was written on. So, clients then found themselves with huge bills and amounts to pay on PPI without any real benefit to them.
Why is it important to check for PPI?
It is important that you check now for PPI. This is because a time limit has now been set where PPI claims cannot be made after August 2019.
There is only a relatively small window to make sure that PPI was not applied to facilities you had in the past. If it was applied then of course you should look to make a claim.
Why, with all the advertising that has been going on over the last few years and the dratted phone calls and text messages from firms to enquire about PPI is it so relevant to look?
The reason being is that the Financial Conduct Authority (FCA) has established that 80% of PPI policies have still not been checked.
Could you still have one of these? Did you have any borrowing in the past that you thought you did not have PPI on, or have you not checked it for some reason?
If it has not been checked, then it needs to be checked now.
Are PPI claims just a scam?
The simple answer is no.
The British Press has been fed an awful lot of information in order to take the side of the Banks. Rather than embracing clients and the potential refunds that they could potentially achieve, they have instead decided to attack claims management companies.
Do not get me wrong – a lot of those times it has been correct as a result of the way that they approach and attain new clients. However, it is taking the focus away from clients’ getting back what is rightfully theirs.
Bearing in mind £60 billion to £70 billion worth of premiums have been paid in relation to PPI, with only around £13 billion having been refunded in relation to just the premiums, there is still a vast amount of monies out there owed to clients. Add to this the interest (which is applied to any refund) then potentially huge windfalls are available to people – if they just check if they have PPI, or not.
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Why is PPI so bad?
Payment Protection Insurance (PPI) was mis-sold by the banks and financial institutions throughout the 1990s and early 2000s. Sadly, the phrase mis-sold does not give a true reflect of just how bad this product was. When adding it to a loan, it could put on up to 25% of the value over a period of time, in addition to the interest charged on the premiums which were always added to the loan itself.
Staff were sent on courses specifically to sell PPI and again, by the word sell, it does mean or give the impression of some sort of interaction between a client and the member of staff. In one particular experience, I can remember a course that we were sent on relating to the selling of PPI and the 7 forms of negative response and reply in relation to applying PPI. One of these included just adding it to a form and not telling the customer.
Therefore, with the main banks and high street lenders looking at doing this, what chance had a customer if they were not even told PPI was applied? How could they understand that the product that they were taking was mis-sold? Quite frankly, they did not even know it was being applied in the first place!
It always amazes me that the banks have managed to spin the whole PPI saga into one of denigrating the claims management industry for the way it has approached customers in trying to get business to obtain refunds on behalf of clients.
Do not get me wrong, I think some of the behaviour of the claims management industry is downright disgraceful and the people involved should be brought to task and justice. However, the media seems to have latched onto this by way of the banks manipulating these stories in order to avoid dealing with any future claims. What the media should have been doing, if it was in any way, shape or form trying to look after clients, is establish who the 80% of people with policies who have not made claims (yes, 80% of policies have not had a claim upon them) should do about getting a claim registered and money back.
PPI is a scandalous product and anyone who has had any form of borrowing in the past should look to try and recover it. It does not matter whether you know you had it, or have any paperwork or details. It does not make any difference if you know if PPI was applied or not, the only question you need to answer yourself now is; did you have any borrowing in the 1990s and early 2000s through to 2007? Whether it was credit cards, loan, mortgage.
If you had any forms of borrowing and you have not yet ascertained whether PPI was applied, or not, then you must do so without fail. If you do not check on any of the old facilities that you had, whether PPI was applied, or not, and which we can do free of charge and the time limit is applied (which is going to be the case in August 2019) then you have no-one but yourself to blame.
80% of all policies remain unclaimed. Make sure you do not miss out!
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Is setting a PPI time limit legal?
The ability to make a claim for Payment Protection Insurance (PPI) is now drawing to a close. The regulators, the Financial Conduct Authority (FCA) are looking at setting a time limit in August 2019 to conclude the starting of any new PPI claims.
The Financial Conduct Authority (FCA) are a regulatory body that oversees all financial institutions and is set up to make sure that all Practises are fair and appropriate to protect consumers and the global economy.
It is therefore surprising that, after being so hard on the banks (where following the crisis in 2007 and 2008 they showed resolve and mettle under their previous leadership) that they are now choosing to side with the banks and bring an end to PPI claims.
This is despite over 80% of consumers not having claimed on their policies that they had in the past and which is largely due to the fact that they do not realise they are there.
Can the PPI time limit be challenged?
The PPI time limit is likely to be challenged but success for this is likely to fail. This is because the FCA have the all-seeing power over whatever they want by the way that they have been set up.
This is good in some ways, as anyone (including the financial institutions) could challenge them at any particular point in time. However, it can be prone to abuse if their decisions are not decided upon, purely due to factual information that will benefit consumers but instead are swayed by the powers of, not only the financial institutions that they are there to govern, but also the government at the time.
Get your PPI claim in now!
Regardless of whether there is going to be a legal challenge in relation to the mis-selling of PPI, there is still a considerable amount of time to make claims to the banks if PPI was mis-sold.
You will need to establish if you had PPI, which we can do on a free of charge basis and, once it is established, we work on a no win no fee basis to see if the policy itself was mis-sold. If it was mis-sold, we then look to obtain a refund on your behalf.
Five PPI facts
- PPI has been mis-sold since the late 1980s, where almost 64 million policies were sold where a large proportion of these were in fact mis-sold.
- Banks made billions of pounds in profit from the PPI sales.
- Refunds so far have totalled £25billion.
- 80% of PPI policies that were sold (or just over 50 million policies) have not been challenged or claimed upon in relation to mis-sale.
- Millions of people can potentially claim and receive a windfall with regard to mis-sold PPI.
How do I know if I had PPI?
To find out, we can look for you on your behalf on any old facilities that you may have had, whether you had any paperwork or not, whether you know if there was PPI, or not and regardless of how long ago and which lender it was.
We can look at it all on your behalf. This takes out any element of doubt as to whether you had PPI and whether you are one of these millions of people who have yet to make any form of claim.
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Beat the PPI time limit
The Payment Protection Insurance (PPI) time limit is set to be imposed in relation to the mis-sale of PPI. New claims are to be submitted by August 2019.
Ignoring the fact that there might be a legal challenge to this date (which is likely to be unsuccessful) it is essential that if you do have any old facilities in the past (whether you know there is PPI on it, or not) that you check to see whether PPI was applied.
PPI could have been applied to credit cards, loans, overdraft facilities, mortgages or any other form of finance that you could have had. It is certainly relevant to anybody who has had any form of borrowing in the 1990s and early 2000s.
If you have had any form of borrowing in the early 1990s and early 2000s, regardless of whether you think there is PPI on it, or not – you must check. This is because 80% of PPI policies have not been assessed for the mis-sale of PPI.
80% of policies have not been checked for PPI mis-sale.
It is incredible to think that with all the advertising over the last 6 years that there are still 80% of policies that have not been assessed for the mis-sale of PPI.
There are millions of people out there who, for whatever reason, decided not to check any old loans, overdrafts or credit card facilities that they might have had from the 1990s and 2000s and who could potentially receive a windfall running into thousands of pounds.
Five interesting facts you may not know about PPI:
- 80% of all policies have not been challenged for the mis-sale of PPI.
- We can check to see if PPI was applied to any old facilities free of charge.
- We can check if PPI was applied to any old borrowing facilities without paperwork.
- We can check if PPI was applied with any old facilities if there are no details.
- If you did not know if you had PPI, we can check – all free of charge.
Can I check if I had PPI for free?
It is essential, bearing in mind the numbers of policies that remain unchecked and unclaimed, that if you have had any form of borrowing in the 1990s and early 2000s that these are now checked.
It does not matter if the credit card, loan, overdraft, mortgage or any other type of facility is still in place, or not. We can still check for you and assess if PPI was applied, free of charge.
Of course, if there was PPI applied, then we can look to work for you on a no win no fee basis to establish if the policy was mis-sold and then look at recovering the PPI premiums, as well as compensatory interest until the refund is made, from the date of the sale.
What if I do not have PPI?
If, once we have checked any old facilities you may have had, no PPI was found or could not be located, then you can put your concerns away and you do not have to worry about them as you will know that you will have checked.
As we check on a free of charge basis, if no PPI was applied or cannot be located, there is of course no charge.
What if I do have PPI?
If PPI was applied and we can establish the amount (which once we can locate PPI we can easily do) then we can approach the lender in relation to whether the policy was mis-sold, or not.
If the policy was mis-sold then we can look at obtaining a refund on your behalf for, not only the PPI premiums paid, but also the interest and compensatory interest from the date of sale right the way through to the date of the refund.
In some situations, bearing in mind the passage of time, this can be quite considerable.
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