How did the mis-sold PPI scandal happen?
The banks operated many underhanded methods in order to get people to pay for payment protection insurance, which in many cases, was not wanted, needed, necessary or made clear to the costumer what they were purchasing.
The banks guided people into thinking that it was absolutely necessary for them to partake in payment protection insurance schemes and make payments, that in some cases may have forced consumers into debt or left them severely cash-strapped.
The banks encouraged their employees, by way of bonuses and incentives to secretly slip PPI into their bills or contracts, the consumer had taken out with the bank. In most instances, the consumer was left completely unaware that they were paying for a payment protection insurance policy.
The banks also indulged in lumping PPI payments onto a loan that a person may have taken out with the bank, right at the start of that loan. Which meant inevitably that the interest payments on the loan increased, further increasing the financial burden on the consumer and in effect forcing the individual to pay twice.
The banks were shy when it came to properly informing their customers about PPI. They purposely made an effort not to explain the intricacies of PPI.
There was pressure from the banks’ directors to squeeze as much money as possible from their customers, which meant people who did not need PPI, such as the unemployed, pensioners and students, being easy prey for the banks in their insatiable quest to accumulate money.
What is PPI?
Payment protection insurance or PPI is a type of insurance that was offered to millions of people in the UK, for some this insurance was mis-sold and now they are wondering what should and could be done about it.
In some cases it is recommended that if you had PPI and it was sold it by mistake you can make a PPI claim by going through a claims management company or you can make a PPI claim yourself without the help of a third party.
This kind of depends on you and how quickly you would like your PPI claims to be handled, and with what amount of difficulty to you.
Payment protection insurance is an insurance that was sold to millions of U.K. citizens over the years. Essentially if you purchased anything on loan or through credit, including the mortgage on your residence you probably paid for payment protection insurance.
If that is the case, you might be eligible for the refund on that. However there might be a limited time frame in order to claim the money that you are owed, no matter how much that is.
You should start out by finding out some basic information.
First and foremost is whether you have a PPI claim. How many policies that you may have and how many were mis-sold ppi and finally although probably most importantly, how much money you are owed.
Once you find out those things you can move forward with your PPI claim, whether you choose to work with a claims management company or try to make the PPI claim on your own.
Most claims management companies will charge fees of 10% or more on your PPI claim so make sure to compare many of them to find a company that is good and have low fees as it means more money for you.
You might save some money if you file a claim on your own, however it could be difficult for you to know how to go about filing a PPI claim and with a limit on the time available it might be better to work with a claims company, so that they can help you get your money back, in a simple and hassle free process.
If you aren’t sure about your PPI claim, you can contact most claim companies and discuss your case without them charging you, which will give you the option of finding out more information about your possible PPI Claim.
You can also get help to fill out your PPI claim back, step by step and get the support and advice you may need in making your PPI Claim.Continue Reading...
Bad credit loans are something that can help even people with challenged credit get what they really want — whether that’s a new vacation or a new car. However, when payment protection insurance is packaged with the loan, things tend not to work so well.
If you’re not in the loop about this insurance product, here’s what you need to know — payment protection insurance is supposed to protect you in the event of losing your job or getting very ill. Instead the protection was found to be useless in many cases — the high rejection rate is something that has actually given the insurance industry a black eye. When people take out insurance premiums, they are expecting that if the worst actually does happen that they will be protected at all costs. Unfortunately, this didn’t happen and that’s where the problems actually started. If you really want to make sure that you’re going to be able to take care of yourself, you definitely want to make sure that you take a good hard look at your bad credit loans.
If they include PPI and you were not informed fully of this product, you definitely have a case for compensation. Many people were also mis-sold PPI, so it’s definitely not only you. Now is the perfect time to stand up for yourself — even if you want to back down because you don’t have a lot of money for legal representation. There are numerous law firms that are more than happy to hear you out and make sure that you have a case. If you do, you definitely want to claim this money back. It’s not even just a matter of the raw money figure — it’s all of the interest that you are owed. If you took out a loan 5 years ago and paid it back, you could be due a lot in interest without even realizing it.
Don’t just read this and think that you don’t have a case — let an expert tell you where you actually stand. You might be surprised at how much money could be due your way. All you really need to do in order to get started is to make sure that you think about the bigger picture from every angle. Once you find the courage to stand up for yourself, all things are truly possible!Continue Reading...
If you have payment protection insurance going on right now — stop right here. You might not want to hear this, but your policy could be completely bogus. It’s not that you were sold a policy that would never work. However, there is a strong possibility that if you were to actually activate the loan’s payment protection insurance, you would be denied. How can that be? It all goes back to the salespeople that just pushed you into the loan. If you needed money right away, you were probably told that you had to just deal with PPI. This isn’t the case at all. After all, who wants to live with PPI anyway?
The reality is that if you already have a preexisting health condition, you should have never been offered any type of cover that addresses your health. A pre existing condition negates any type of cover unless otherwise specified. This means that if you were to get a policy anyway, your claims would probably be denied on the basis of having the preexisting health problems. It’s not a fair system by any means, which is all the more reason why you need to have your voice heard. Far too many people suffer in silence, thinking that their voice doesn’t matter.
Thankfully, you can always get a claims company to stand by you. PPI isn’t something that you want to just wait around, hoping that it’ll fix itself. The only way to get out of payment protection insurance and have your premiums returned to you is to get legal attention on the matter.
There are multiple twists and turns with PPI, twists and turns that you really do need to have someone look into on your behalf. Hiring a claims company also means that you don’t have to spend night and day trying to figure everything out on your own. It’s better to think about the bigger picture rather than getting sucked into what you think is the right answer. Be sure that you pay close attention to this as much as possible.
Good luck with your upcoming PPI fight. It might sound hard at the beginning, but just trust the solicitors — they will not steer you wrong if they can help it!Continue Reading...
This is a question we get quite a lot here at PPIClaimer and it’s probably the hardest one to answer as there are so many variables in each case, for example:
- Did you complete all the required paperwork as soon as possible?
- How long does it take for the lender to respond?
In most cases it’s the lender that will be holding up the process and not the claimer as they have initiated the process to start with so there won’t usually be a delay there. However to outline things the process goes a bit like this:
- You decide you are going to make a claim and send in some details of the loan such as the amount, date applied for and account number
- The claims management company will then send you a letter of authority which allows them to contact the bank or lender on your behalf.
- The lender then has 40 days to respond and they will either reply with an offer or dispute your claim. In the event of a dispute they will usually be implying that you did not have PPI insurance with your loan or credit card.
- If you accept the offer you will receive a cheque in around 3 – 4 weeks.
Things don’t always run smoothly and there can be problems with both the claimant and the lender. The most common problem with the claimer is that they don’t have a copy of the original loan agreement. This means the claims management company has to request a copy of the agreement from the lender under the data protection act, this can prolong the process.
The main complication with lenders and banks is the amount of time they take to process a claim. For instance in my last post I mentioned that Lloyds had recently been fined for taking too long to process their PPI claims, but hopefully this action will help to speed up other banks into processing claims faster.
The main point to get across about this whole process is that after the initial paperwork is returned to the solicitor or claims management company there is very little work to be done on the claimers side of things. If there are delays (which often happen) it will usually be the solicitor who is chasing the bank to make the claim go faster. All you have to do is wait for the money to arrive at the end of the process. So I suppose in that sense it really is about as close to money for nothing as you can get!Continue Reading...
I know quite a few individuals who have a strange belief that having a prepaid Visa card is exactly the same as having a credit or debit card. Nevertheless, these financial alternatives are very different in a variety of different aspects; let us have an in-depth look. While the majority of people already have a bank account, only few have the consciousness to discover the different aspects and benefits of using a prepaid card. In fact, prepaid cards offer worldwide financial access and help users manage their money in the right way. These and other benefits are summarized below.
One thing that most people do not realize is that when apply for a bank account, it is quite rigorous in fact to maintain the minimum balance. This is mandatory and poses quite a hindrance on the account holder. This in fact is not applicable with the prepaid cards. The user can choose to set the deposit amount to whatever he/she wants. And since there is no minimum balance you need to maintain, you will not be charged any fee at all. Another factor every person needs to consider is selecting the type of bank account, which is just as crucial as well as can be difficult. There are a myriad of accounts to pick from, and these different selections all come with their own fine print. Don’t forget the fact that there are often strict rules about usage depending on the type of account you have selected. Prepaid cards surpass all of this, which makes managing and accessing your financial transactions both easy and convenient. (more…)Continue Reading...