PPI News | PPI Claims

PPI News 2011-Banks Lose Judicial Review In High Court Battle

January 6, 2012 By admin

Earlier this year the British Banker’s Association (BBA) went to court with Financial Services Authority (FSA) and Financial Ombudsman (FOS) for the battle dealing with mis-selling PPI policies to consumers.

The court ruled against BBA concerning the way the handled rules on payment concerning PPI policies; the BBA has stated that they will not seek to appeal the holding of the case.

This means a big win for consumers. The BBA will immediately have to pay out on claims which were filed by consumers relating to the handling of their payments. The complaints which were on hold during the trial will be the first to be paid out on. The court stated that the BBA may not delay on paying out compensations to individuals who were mis-sold insurance products.

Additionally, anyone who has not filed a complaint, but has been mis-sold PPI policies, is encouraged to file a complaint to the lender who sold them the policy for a refund as well. The FOS stated that the outcome of the case will hopefully send a message to banks that they must move away from PPI, and that they will not get away with continual mis-selling to innocent consumers on the market.

Filed Under: PPI News, PPI News 2011

PPI Latest News-PPI Complaints Soar to Record Highs

December 6, 2011 By admin

Over three million consumers were miss sold over 9 billion pounds worth of payment protection insurance or PPI.

The banks may not want to contact people who theses missold the policies to, but consumers now have a better grasp of their rights. The Financial services Authority has won multiple cases against the British Banking Association Because of the sheer number of policies that were missold, the banks have not hurried to contact the people they should not have sold the policies to under the FSA guidelines. Even if the banks are not hurrying to do this, a consumer can protect himself by making a claim.

The record number of claims has occurred because the several courts have upheld the FSA’s argument and held that the banks were in error when they sold these PPI policies.

Even though the rulings force the banks to contact people, many banks are waiting for this to happen. Consumers who know their rights in the matter have filed the complaint forms to get their money back as quickly as possible. The banks still need to review the claims and this can be a lengthy process. The banks now know they have lost there case and will need to pay out money to customers.

Filed Under: PPI Latest News

PPI Claims News-Why Is The PPI Scandal So Widespread?

November 6, 2011 By admin

The laudable cause of protecting the home buyer, those that have not already been victim to the world financial conflagration, has been misused by the banking industry.

With their already established complicity in the international financial meltdown of the recent past, one might grow to question the integrity of those in charge of the field. Where there is a lot of money, corruption is almost assuredly to follow.

The banks, failing here and failing there, are still essential to society at large. Many watchdogs are in place but hey are sleeping on the job. PPI, the much needed protection for the home buyer, must continue in some form, with upgraded oversight by those already being paid to do the job. A slap on the wrist and going to sleep less their milk and cookies later will repair the program and reboot consumer confidence in real estate. Greater accountability is the byword.

The Financial Ombudsman Service, along with the Association of British Insurers must work together with the banking industry and re-establish fair and appropriate selling practices. How commissions are awarded, if any, for selling the plan to home buyers must be thoroughly scrutinized to verify that ethical sales practices are being followed from the banking managers on down to the banking associates in the trenches.

Filed Under: PPI Claims News, PPI News

Latest PPI News -Who Is To Blame For The PPI Mis-selling Scandal?

November 6, 2011 By admin

PPI Claims against banks has reached a record high due to banks mis-selling PPI insurance to consumers, and in many cases without the consumers knowledge.

So who is to blame for this error, and who should have stepped in to cut the losses sooner? One major prominent figure to step up and speak out on the issue was BBA’s Eric Leenders, who claimed the banks had complied with regulations which were in place at the time, and if the insurance industry had stepped in and had questions over legitimacy of the sales practices the banks were using, they should have stepped in and stopped the banks when the errors were occurring.

This claim by BBA is correct; the insurance companies were aware of the increase in sales of PPI during the height of the mis-selling scandal, and by them stepping in and questioning the banks when these scandals were occurring, they could have saved thousands of consumers from being scammed, and being charged for these PPI policies which they were unaware of.

Although the blame placed on the insurers is still questionable, and the extent of their error is debatable, if they had stepped in sooner, many consumers could have been spared these costs.

Filed Under: Latest PPI News, PPI News

How to Spend Your PPI Refund

October 7, 2011 By admin

Author: Michael Cronin

Information on how to spend your PPI refund.

If you successfully make a claim on PPI, you have several options on how to spend that money. One of the best places to put that money is in a savings account. This will allow you to have the money available for an emergency in case you need the funds. While many savings accounts do not pay high amounts of interest, they do provide protection for the funds until you need them. Other investment options provide higher amounts of interest. The best option is one that gives a good interest rate without penalty if you withdraw the funds in an emergency.

Another option, lauded by claim advisory groups, is putting the PPI refund money towards your debts. It will be ironic if you pay off a loan on which you just got a PPI refund. If you can do that will a few different loans, it will be ironic and extremely gratifying for you. By turning that money around and paying off debt, you will save interest as well as free up your monthly income to pay down other debt or put away into a savings account. It is best to get rid of unsecured debt like credit cards or personal unsecured loans before a secured loan.

If you do not want to save the money or put it towards your debt, claim advisory groups give advice about putting the money towards something you need rather than want. If you need to get your children ready to go back to school, that money would come in handy to pay for uniforms and shoes. If you need to make repairs to your car, put the money towards those repairs. The money can be handy for house repairs, past due bills, and anything else that will help the family financially.

If you do not have any needs and only wants, then use the money as you wish. You can upgrade your electronics or take an extended overseas holiday. You can likely find a way to spend the money on just what you want for your birthday or Christmas. You also have the option of saving some of the PPI claim while also paying off debt, dealing with a few needs, and handling a particular want. Claim advisory groups are there to help you get the PPI money you deserve. You have the option of spending it, as you want.

Michael Cronin is a claim expert who is currently researching websites that offer payment protection insurance including claim advisory groups

Article Source: http://www.articlealley.com/http://michaelcronin.articlealley.com/how-to-spend-your-ppi-refund-1849694.html

Filed Under: PPI, PPI News Tagged With: ppi refund, ppi refunds

The Latest News On PPI-Financial Ombudsman Criticises Insurers For PPI Misselling

October 6, 2011 By admin

PPI Claims are going to cost banks billions in compensation to consumers.

This industrial mis-selling which took place was not going unnoticed in the insurance sector, yet nothing was being done, and consumers were paying the price; at least from Financial Ombudsman Service’s perspective (FOS). An FOS spokesperson claimed that the insurance industry is in part responsible for these mis-sellings, since they did not take a proactive role and stop them from continuing.

The insurance industry has been seen as less culpable in the eyes of most people, even though they had knowledge in the mis-selling which was occurring, and they should also be held accountable for their errors and not stepping in sooner. The insurers had a responsibility as part of the product delivery to ensure their policies are sold in accordance with regulations and FSA/FCA compliance requirements.

Although most of the blame has been put on banks, for charging consumers with these huge PPI insurance premiums, and not letting them know they were being charged, or not informing consumers they had the option to stop paying for the coverage, the insurance sector had a duty to step in, and failed the consumers in their duty to provide these policies in a fair manner.

Filed Under: Latest News On PPI, PPI News

PPI News 2011-PPI Complaints to FSO Soar

September 10, 2011 By admin

After the judicial hearing earlier in 2011 due to mis-sellings on PPI loans by banks, the number of claims to the Financial Ombudsman Services (FOS) continues to grow day by day.

Just recently, the FOS has stated that they are receiving over 1,000 claims per week, and see no letting up any time soon on these claims. The major reason for the claims by consumers is due to the fact that many consumers are being sent rejection letter after rejection letter on their claims, by their lender; therefore, consumers are forced to go through the FOS to file their claim against banks.

Many consumers are missing out on payouts due to these mis-sellings, mainly because they are unaware and do not understand the process of filing a claim to the FOS.

Many claims for mis-sellings are totalling over 2,000 pounds, especially in those cases where consumers have taken out the single-premiumPPI insurance policy with their lenders.

Although not all claims are eligible to go to the FOS, consumers might still be able to obtain a refund. If you have tried to file a claim and failed, try contacting a claims company to help assist you in obtaining your refund today.

Filed Under: PPI News, PPI News 2011

PPI Latest News-Millions Eligible To Re-Claim PPI

September 9, 2011 By admin

In the last six years, you might have taken out a loan. If you did then you probably had a PPI tacked onto your policy without it being discussed with you.

This was common for lenders to do; they just assumed that their customers wanted the insurance. The lenders didn’t look at the customer’s backgrounds or current situations to see if PPI policies were even necessary. As a result many people that did not need the insurance protection were paying the price of the PPI that was impractical for them to even have. If this sounds familiar then you are entitled to look into making a PPI claim. You might be entitled to a reclaim. It is up to the lender to prove that they offered the PPI to you in a fair way, if they cannot do this then it is highly likely that your claim will be approved and you will successfully get back the money you paid them back. Another plus to reclaiming you funds, is that you can also claim the interest that might have occurred had you placed that money into the bank over the years that you were paying into the PPI. So remember to check out your policy and see if you are owed funds.

Filed Under: PPI Latest News, PPI News

Latest PPI News -HSBC Given More Time to Deal with PPI Complaints

September 7, 2011 By admin

Due to the high volume of complaints and claims which banks have been getting after the judicial hearing early in 2011, HSBC has been allotted extra time by the Financial Services Authority (FSA) to deal with the claims and complaints which they cannot keep up with, due to the millions of filings by consumers in regards to PPI insurance claims.

Mid June, 2011, the FSA allotted certain banks extra time to pay out on these claims, which are coming in by the thousands per week. Normally banks have 8 weeks to pay out, or at least reply to a claim, however, tens of thousands of claims have been put on hold (due to the court proceedings), therefore these banks have been given extra time to deal with PPI claims which were on hold, and the claims which are currently still coming in. The new complaints which are coming in (after the judicial review hearing in April), but which are received before August 31 of 2011, must be handled by the banks within a period of 16 weeks. Those received after (at the end of August), must be dealt within a 12 week period; and, anything after this time period banks have the normal 8 weeks to handle.

Filed Under: Latest PPI News, PPI News

PPI Complaints Make Up The Majority Of Complaints To The FSO In 2011

September 7, 2011 By admin

And Lloyds Bank top the charts with over 37,000!

Which? executive director, Richard Lloyd, said: “These numbers show that some banks are still not dealing with PPI complaints fairly. If the next round of complaints data doesn’t show a dramatic improvement then the FSA must take tough enforcement action against banks whose complaints handling isn’t up to scratch.”

The large majority of complaints to the FSO were about the mis-selling of PPI on loans and mortgages.

Lloyds and other UK banks agreed to honour all PPI claims after the Financial Services Authority (FSA) won the judicial review on the issue against the British Bankers Association (BBA). This should, in theory reduce the number of complaints in the second half of the year.

Lloyds, the largest provider of payment protection insurance (PPI) have received the most number of complaints. Once the FSA won the Judicial Review, Lloyds were the first bank to announce that they would settle all claims received within a certain period, costing the bank more than 3 billion pounds.

This should, in theory reduce the number of complaints in the second half of the year as customers should have no need to contact the FSO with regards to PPI refunds.

We shall see……………….Free DIY PPI Claims Letter

Filed Under: Latest News On PPI, PPI, PPI News