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State of the UK Economy
Since the latter part of 2008 the UK economy has been in a downward spiral, but how bad has it really got? Less than 5 years ago the figures looked very different, take petrol for example, today it costs £66.75 to fill a 50 litre tank, back then it cost around £40. To take a better look at what is going in our current financial climate check out this infographic.17-02-2012Three reasons PPI may have been mis sold to you
Payment protection insurance is an additional services sold by the banks when taking out a loan. In the unlikely event of an income drop as a result of illness or job loss, (PPI) will cover your loan repayments to make sure you do not default. In the last 12 months it has come to light that PPI was, in many cases mis sold to customers. Here are the 3 main ways in which PPI was mis-sold. Sold in Disguise The banks have mis sold PPI to its customers by disguising it in many different ways. Banks selling the protection cover have called it many different names which lead to customers being unaware they had been sold PPI. Some of the names which the banks sold PPI were as follows; loan or credit protection and accident sickness and unemployment cover. Many banks failed to inform customers about the exclusion clauses within the cover, which meant customers were unaware of the pitfalls. The PPI cover was only for certain types of illnesses, it didn’t cover every accident or sickness that many customers believed it would. Mandatory Selling Due to the economic climate, the public’s urgent need for money became a necessity to meet daily living costs. Customers weren’t researching for the best financial deal; the urgency for money was greater than taking the time to understand the terms set by the banks. The banks were well aware of this and it was reported that the PPI was forcibly sold by the banks to the customers. In some circumstances customers would only qualify for the loan if they opted for the PPI cover. Added to the Loan Banks and credit facilities have been adding the insurance up front to the total amount of loan. This is known as a Single Premium Policy and is a particularly expensive way to protect your loan repayments. What to do next Last year the banks battle against repaying PPI was lost in the high court. Since then, thousands of people have been entitled to claim back PPI that was mis sold to them. All of the above illustrate ways that PPI was mis sold to customers and you may be entitled to claim back your money. If any of the above apply to you it may be possible to claim this money back. It’s quick and easy to do and one of our experienced legal backing team at Consumer Finance Claims can help you on your way. Consumer Finance Claims was established in 2008 and has a proven track record for successful PPI claims. Simply complete a PPI claim form on our trusted company website http://www.consumerfinanceclaims.org.uk/ or call 01642 717508 for more information. 16-02-2012UK’s Santander hit by PPI mi...
With the discovery of banks mis-selling PPI (Payment protection insurance) they have faced a short-fall in profits over the last few years. Santander UK reported an after-tax profit of £993m, a 40% drop on last year’s figures, which pushed net profits to its current low of 34% or £4.5bn (€5.37bn). In 2011 Santander set aside a provisional amount of £538m to cover the expected cost of settling PPI mis-selling claims. However, this is only one factor the majority o...06-02-2012Click to read more
Stress Borrowing...
The UK press is overwhelmed with reports of Britain racking up debt on credit cards and personal loans. During this spending crisis people are struggling to pay for essentials, so are ‘stress borrowing’ with unsecure borrowers. Stress borrowing is where people panic and borrow as soon as possible, not taking time to research where they are borrowing from. Some of the key facts are as followed: An increase of £629m borrowed on cards & loans in September compared...01-02-2012Click to read more
PPI pay-outs hit monthly high...
With the discovery of mis-sold Payment Protection insurance (PPI) last year, the month of November brought a record high number of pay-outs. An estimated £379m was paid in compensation. According to the Financial Services Authority (FSA), these figures show a huge increase on October, which saw the banks paying out £268m. The policy was implemented to repay individuals loans if their income was dropped as a result of illness or job loss. However, were people aware they were being...30-01-2012Click to read more
UK Debts hit £1trillion MPC c...
As conventional monetary policies are no longer effective, the Monetary Policy Committee (MPC) have unanimously voted in favour of extending the quantitative easing scheme (QE). Injecting more money into the UK economy seem the only way to stimulate growth and lead the way for the UK to decrease the £1trillion deficit There were no calls for the interest rate to be altered from 0.5 per cent which offers hope to lenders. Quantitative easing (QE) is an unconventional monetary policy used...26-01-2012Click to read more
The PPI scandal has a long way...
In early 2011 after many complaints from consumer groups, and investigations from regulators; the British Bankers Association (BBA) lost a High Court battle and were finally forced into reviewing past PPI sales. 12 months on things seem to be moving slowly. With the number of overwhelming claims (55,907 new claims in the last quarter of 2011), administrative errors and 200,000 cases that had been put on hold during the trial between BBA and the Financial Services Authority; banks are really ...23-01-2012Click to read more
Banks Cannot Cope with Volume ...
Millions of pounds are being added to the cost of the PPI scandal as british banks cannot cope with the sheer volume of cases that are being lodged against them. The Independent Ombudsman are dealing with an increasing number of cases as customers are complaining that the banks & insurance companies are simply failing to deal with them properly. The number of cases refered to the Ombudsman is expected to increase by 25% to 285000 within the year. Regulators now seek to fine the worst off...06-01-2012Click to read more
Gladstone Brookes TV Adverts B...
PPI Refund Specialists Gladstone Brookes were recently told to remove two adverts which were deemed to be mis leading customers. RBS claimed that the ads in question (one on TV & one in the press) implied that Gladstone Brookes were the official route to reclaiming PPI after issuing apologies & telling customers to hurry to beat a deadline that does not exist. A spokesperson for Gladstone Brookes claimed that the "deadline" referred to banks destroying documents after a p...04-01-2012Click to read more
£1bn Paid out in ten months o...
The FSA revealed in December that British Banks forked out over 1 billion pounds reimbursing customers who had been mis sold PPI policies whilst taking out loans, mortgages & such credit agreements during the first ten months of 2011. Whilst October is the latest month revealled by the FSA we can tell you that the banks have began paying out more & more since losing the landmark case in Court earlier in May; In total £268mill was paid out in October alone. PPI has be...03-01-2012Click to read more
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