All You Need to Know About the Claims Deadline


Posted: 23rd January 2017 & filed under PPI

PPI Claims Deadline: Make a Claim Before It’s Too Late


Posted: 9th January 2017 & filed under PPI

Payment protection insurance is the UK’s biggest financial scandal with over £40bn put aside to repay customers who were mis-sold policies. However, the Financial Conduct Authority may approve a proposed summer 2019 deadline for all PPI claims – despite major opposition from consumer groups. Payback Time, a campaign group, believes the deadline could save the banks £20bn that they would have otherwise used to pay back mis-sold customers.

Once the deadline is officially announced, consumers can expect longer queues and troubling consumer service. The customer claims centres will struggle to cope with increasing demand as we near the deadline and this is likely to include upscaling a claim to the Financial Ombudsman Service.

Recent figures show that just over 50% of claims that are made without the help of a company like ourselves are rejected, either because the claimant hasn’t got the access to the required information or because they haven’t got the experience of dealing with these kinds of processes.

Because of our standing in the industry we have brokered a deal with the major banks and lenders, which means that we’re not required to submit anything more than a name, date of birth and address. Once the banks have this information they’re able to assess all of their databases and determine if any PPI was added onto any finance you may have taken out.

This kind of agreement is a relatively new one and is only available to select companies.

To begin a free check with PPI.co.uk follow these simple steps:

Step 1: Use our online FREE CHECK form to enter your current contact details and select the relevant lenders that you have previously borrowed money from. We can then send you the necessary pre-filled forms.

Step 2: You will need to sign the letter of authority for each lender and return these to us as soon as possible.

Step 3: We will approach your previous lenders to identify if you have a/multiple PPI refund/s due, we will update you with the results. If you do have a refund due it is up to you whether you complete the claim with us or do this alone, there is no obligation.

All refunds from a bank should contain your PPI compensation of 10% and the APR additions you have made up in the years you have paid for PPI policies. If you believe you were mis-sold PPI then it’s essential you act quickly.

PPI.co.uk has been helping customers retrieve what has been rightfully owed to them for a long time now and during this period we’ve been able to achieve a reputation of helpful, knowledgeable service.

PPI cases are rarely ever the same, and some, particularly the older policies, can be very difficult to achieve results on. However, it’s these difficult cases that have helped us build our reputation because we’re able to draw from our experience for other similar cases and achieve excellent results for our customers.

New Proposals Could Mean Banks Pocket £23bn


Posted: 21st December 2016 & filed under PPI

It has been revealed that banks stand to pocket up to £23bn in unpaid payment protection insurance (PPI) compensation when brand new deadlines come into play.

Under new plans, the government and regulators intend to force the banks to invest £42m into an advertising campaign to alert consumers of the upcoming deadline. This is a comparatively small sum if the banks manage to retrieve the unpaid redress.

The industry as a whole has had difficulties estimating the total cost of their misconduct. Recent research shows that Lloyds has been forced to increase its provisions for PPI 10 times between 2011 and the third quarter of 2014.

In August, the Financial Conduct Authority announced it was setting a deadline for complaints in June 2019, not the initial spring 2018 that was previously proposed.

The combined proposals could result in billions of pounds added to banks' balance sheets.

A survey by YouGov found that almost half of those surveyed thought the government wasn’t doing enough to improve the way the banks treat consumers, and 57% of people felt the banks need to do more to alert people to the fact that there is still around two thirds of the PPI redress yet to be paid out.

If you believe you were mis-sold PPI, there may not be time to waste, start a free PPI check now.

Financial Conduct Authority Delays Final Decision


Posted: 13th December 2016 & filed under PPI

In August of this year, the Financial Conduct Authority announced that by the end of 2016 it would have deliberated and confirmed a date by which all compensation claims related to the mis-selling of Payment Protection Insurance must be entered. At the time, the FCA claimed they expected the deadline to come into force sometime during the middle of 2019.

The first announcement meant that several banks were forced to increase their provisions that they had previously set aside for payouts based on an expected 2018 deadline. Major banks including RBS and Lloyds witnessed their share values drop after the announcement was made.

Barclays had set aside a further £600 million following this announcement back in August, bringing the total cost of the scandal for Barclays to £8.4 billion; pushing the total industry bill to over £40 billion. This means the scandal is the largest and most expensive to ever befoul the banking industry.

Lloyds bank is still the most financially affected by the scandal, having been responsible for over half of all the mis-sold PPI policies sold over the years. After they were forced to increase their provision budget by £1 billion, pushing their personal bill to over £17 billion.

The FCA’s latest statement explains that following the collection of data and feedback, they have decided to delay making the decision on the deadline until next year.

The initial timetable that was brought forward, they said was always going to be subject to numerous variables which including the extent and nature of the feedback in response to the consultation.

They received a great deal of feedback and decided, perhaps wisely, to delay the decision and make a statement in the first quarter of 2017.

If you believe you were mis-sold PPI then now has never been a better time to begin a free check with PPI.co.uk!

PPI & The Big Banks


Posted: 6th December 2016 & filed under PPI

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