PPI Claims Still Valid Even After PPI Claim Deadline

May 18, 2017
by admin in PPI News

The Financial Conduct Authority’s PPI claims deadline would give banks the investor confidence it would need in the next few years by taking off the negativity associated with mis-sold PPI and providing “certainty” regarding the fiasco’s situation. The most expensive mis-selling scandal in the country, the UK mis-sold PPI scandal has the entire industry earmark and pay for half of £40 billion for consumers.

The Financial Conduct Authority is, by constitution, to come at the aid of consumers. The probability its deadline is to avoid unnecessary media attention for bank industry confidence to return is likely high. The FCA, along with the Financial Ombudsman, must mediate issues between consumers and banks effectively.

Given this theorem, the FCA and FOS would continue to vouch for consumers mis-sold PPI to make a claim and use all available bank resources to receive their refunds.

The only issues would be banks that would prove abusive and delaying in resolving customer issues. If banks continue to “drag their feet,” as per former FOS Chief Natalie Ceeney, the issue could once again return to the limelight.

The FCA’s move to introduce a PPI claim deadline is to ensure that banks resolve many of their ill-service by urging consumers to make a claim immediately as possible. While it might force many to make their claim, it does not mean the deadline is the end for claiming and complaining about payment protection insurance policies.

The First Three Signs Of a PPI Claims Scam

May 11, 2017
by admin in PPI News

Scammers who pretend to be PPI claims managers tarnish the reputation of reputable PPI claims companies. Scammers would charge exorbitant fees or even claim money for work they did not do. Indeed, the PPI claims deadline would put an end to the scamming but before it does, here are a few ways to identify and ultimately avoid a PPI claims scam.

Charging Up Front Fees

Scammers would pose as agents of a bank who found an individual was mis-sold PPI in the few years and would charge a “processing fee.” If they ask for these fees in voucher or PayPal payment modes of payment, be wary. In the first place, any claims company charging up-front fees could be considered scammers.

Suspicious-Looking Website

A website that appears half-finished or lacking a professional appeal is truly questionable. Any company who posits itself as a PPI claims company should have a professional website that offers consultation and links to useful outbound resources such as the Financial Ombudsman’s PPI claim form and useful site to find PPI news.

Unprofessional Representatives

Be wary of claims companies who have questionable conduct when speaking on the phone or responding through email. Be wary of grammatical errors, speaking accents (most claims management companies are in Britain and should carry an English accent or speak fluent english). These are appalling warning signs that should not be ignored at all.

Ensuring The Smooth Flow Of Your PPI Claim in Three Ways

May 1, 2017
by admin in PPI News

Payment protection insurance’s deadline is certain and another thing that can certainly happen is banks refusing complaints without proper evaluation. To avoid all this hassle for a bad complaint result, here are three things that you could do.

Remember If Your PPI Was Mis-Sold

To find your entire historical record of buying and paying for payment protection insurance, it would be wise to use a data access request, which enables customers to see their previous records. Once the data access request provides evidence you pay PPI regularly, take a medical examination or check your final payslip to prove your ineligibility as you had an accident, sick or were unemployed or self-employed during the time you purchased the insurance policy.

Expect The Bank To Refuse Your Complaint Outright

Banks can be unscrupulous and unfair in their decisions but be prepared to deal with the possibility of a complaint refusal upon submission. The Financial Ombudsman is not too difficult to reach right after and has a 7 out of 10 chance of success for your PPI claim.

Review Your Case Multiple Times

Ask a claims expert or a friend who had accomplished their own PPI claim against their bank successfully so you would not miss any detail that could outright lead your PPI claim results to disarray.

Barclays Financial Products and Payment Protection Insurance Still Leading Complaints In FOS

April 27, 2017
by admin in PPI News

About three million complaints about financial products were made in the last six months of 2016 and PPI took most of them according to the City Watchdog. The Financial Conduct Authority indicated about 3.04 million complaints and about £1.9 billion in recompense for assorted financial products including PPI the bank industry had to dealt with.

About 60 per cent of these consumer complaints were about payment protection insurance taking over 514,000 complaints and above. Barclays has been the receiver of most of the complaints from customers, including their mis-sold PPI products.

Barclays has for the first time surpassed taxpayer-backed Lloyds, the biggest mis-seller of PPI. Lloyds only had 28 per cent of the shares of complaints made in the last half of 2016. Barclays received 47 per cent of the total complaints made by consumers.

Despite the announcement of the PPI claims deadline, UK’s banks are still to refund consumers mis-sold PPI policies. All financial institutions and related firms have to resolve PPI complaints until customers are satisfied. Even if the August 29, 2019 PPI claim deadline comes to pass, consumers can still use the Financial Ombudsman Service to file their complaint.

From their latest profit report, UK banks have reached about £37 billion in total recompense for consumers with mis-sold PPI. This is closer to the projected £40 billion banks have to pay for until the end of the mis-sold PPI claims in 2019.

The Public’s Concern Over Payment Protection Insurance Nowadays

April 18, 2017
by admin in PPI News

Mis-sold PPI is the biggest financial scandal by the banking industry for decades costing the latter more than £40bn for all the damages they caused customers. However, the FCA still sides with the banking industry by introducing a PPI claims deadline by 2019, much to the disappointment of consumer groups in the country.

The public’s concern over PPI is most consumers have over £3000 paid to banks for repaying their loans, mortgages and other financing in the standards of ASU (accident, sickness, unemployment). But because most consumers were ineligible for the PPI as they were urged to pay for it to ensure their loan applications, they had no use for it and it was a complete swindle from bank employees and banks.

The UK PPI claims deadline could be effective to alert all tech-savvy and TV-watching consumer in their own homes. Consumer groups are better concerned with the elderly, who may not have any avenue of information about claiming PPI except by having an alert from their bank that they possibly have a PPI mis-sold under their name.

Long lines and time-consuming claims processes also invade the public’s concern over payment protection insurance. By 2019, consumers could be struggling to make their claims successful against a backdrop of 3,000 complaints a week from the Financial Ombudsman and bank claims systems clogging with numerous mis-sold PPI claims evaluations.

PPI Challenges: What If Your Bank Misadvises You On Your Claim?

April 10, 2017
by admin in PPI News

Banks and financial institutions are advised to ensure consumer rights are properly respected in all cases. However, if banks misadvise on a PPI policy, the consumer has the right to forward their complaint to the Financial Ombudsman Service and even the Financial Conduct Authority for proper rectification of the issue.

When your bank misadvises, consumers could ask the bank for a re-evaluation. If the bank refuses, the Financial Ombudsman can evaluate the complaint and re-forward the complaint against the bank. Most of the time, bank decisions are reversed, likely due to the mismanagement of banks regarding the complaints.

Banks since the beginning of the scandal have always either redressed the complaint without proper evaluation or would reject it outright without proper evaluation. Consumer groups have long complained of banks refusing to invest in proper resource and resource development to facilitate the evaluation of mis-sold PPI claims effectively.

The Financial Ombudsman is likely to return an investigation result by eight weeks, the same span of time that banks should release their own investigation results. The decision of the Financial Ombudsman is final and both parties are to accept its evaluation of the situation, which means consumers must provide all proper evidences that prove they deserve the refund and compensation indicated.

Three Possible Difficulties Consumers Could Face When Claiming

April 4, 2017
by admin in PPI News

No matter the perfection a system might have, it will always have flaws. The UK PPI claims systems from banks are far from perfect. In fact, they are severely flawed yet the Financial Conduct Authority allowed the industry to set a PPI claims deadline by 2019 for a problem they themselves caused.

Facing this reality, consumers would fare better to make their claim as early as this year to avoid the surge of complaints that would possibly peak in the following year. Banks expect higher numbers of PPI claims because of the UK Supreme Court’s Plevin guidance. All PPI sold with a commission earned by representatives more than half the price of the PPI policy is considered mis-sold.

PPI claims procedures are never easier. It would still be wise to get all billing statements concerning payment protection insurance. Consumers could also fare better with rejected complaints by forwarding the failed complaint to the Financial Ombudsman, who evaluates and finds seven out of ten complaints to be valid against bank judgment.

The UK PPI deadline is on August 19, 2019. While many assume hundreds of complaints would still exist after the deadline, banks would possibly reject complaints to the best of their abilities. It saves the money from recompensing consumers or possible challenging complaints through expensive litigations. Both the government and industry are blank towards any possible solutions to these issues.

The Possibility That The PPI Claims Deadline Is Unlawful

March 30, 2017
by admin in PPI News

UK’s PPI scandal spans almost half its entire population with consumers paying an average of £3,000-5,000 for an insurance policy that initially renders them ineligible for its benefits because it was mis-sold. To spur UK consumers to make their claims immediately and avoid prolonging the scandal, the Financial Conduct Authority had approved a PPI deadline by August 29, 2019.

According to We Fight Any Claim, a claims management group, the FCA’s approval of the deadline is unlawful because it breaches the responsibility of the FCA by constitution to defend and protect the consumer. The CMC had threatened the FCA with judicial review should it consider an unlawful move in such a form. Stephen Knafler QC, commissioned by the CMC for a legal opinion on the matter, said the move was “probably unlawful.”

Consumer groups have also condemned the setting of a PPI claims deadline given that banks have yet to improve their claims services for consumers. Hiccups are common in the decisions of UK banks regarding PPI claims — with most rejected claims coming into the Financial Ombudsman approved seven out of 10 complaints.

The UK’s PPI bill is set to go beyond £40bn as the FCA had released guidelines that the landmark Plevin v Paragon Personal Finance had established. All commissions above 50% undisclosed to end-consumers of PPI could have the latter consider the PPI as mis-sold.

FCA Notes That Public Is Still Unspurned By Impending PPI Claims Deadline

March 23, 2017
by admin in PPI News

The Financial Conduct Authority notes that only about one out of five consumers are making claims regarding their payment protection insurance — an initial expectation as its “Consumer Communications Campaign” has yet to launch as advertising firm M&C Saatchi is currently developing its message. The PPI claims deadline was announced early March and it lands on 29 August 2019.

Majority of consumer groups have condemned the decision given that the FCA’s handling of the scandal is in favour of the banks. Which? said that banks have yet to be pro-active with helping consumers know more about their possibly mis-sold payment protection insurance. Moneysavingexpert founder Martin Lewis said it is “flabbergasting” to see the Financial Conduct Authority side with banks as the consumer public have yet to trust them that they would not commit these same errors with future financial products and services.

However, Citizens Advice supported the decision seeing that it would “help to draw a line under the ongoing scandal.” Its main concern is to ensure that all complaints are handled effectively.

FCA Chief Andrew Bailey defended the decision to impose an August 2019 deadline. He mentioned that consumers are not urged to make a complaint unless a deadline is in effect. Along with their public address campaign in the form of an advertisement, the City watchdog hopes to make progress with payment protection insurance.

See If You Were Mis-Sold PPI For These Three Reasons

March 20, 2017
by admin in PPI News

Payment protection insurance is mis-sold to 3 out of 5 UK borrowers, which means any borrower from the 90s to the year 2010 is likely paying for an insurance policy they are likely ineligible for or could not use. Any borrower who purchased an insurance policy upon a bank employee or financial advisor’s insistence has the right to reclaim their refunds — and in doing so gain the following perks.

The average payment protection insurance refund is about £3,000 and may likely have an additional £300 for PPI compensation, calculated per year by APR. Any consumer repaying their PPI and encountered numerous issues in the process could be recompensed for all expenses they encountered — such as an inflated repayment amount due to interest rates for unpaid PPI policies.

Another is to ensure they get their claim processed before the August 29 2019 PPI claims deadline. The Financial Conduct Authority had confirmed the PPI deadline for 2019. Consumers who process their PPI claims early can retry the process with the Financial Ombudsman with ample time to see whether banks rejected a valid complaint.

Lastly, making a claim also helps the banks streamline their PPI claims process. Admittedly, bank systems for PPI refunds could do better but it is only through pressure and experience could banks improve their services. Do a favour for almost every UK consumer by making the process easier.