PPI Claims Made Simple 2016
Welcome to the PPI claims guide, in a time where we are overloaded with information on PPI claims from adverts every 5 minutes on the TV to hundreds of spam websites on the internet we are here to provide you with the best advice, tips and inside knowledge on the processes surrounding how to make a successful claim – PPI claims made simple. We plan on developing PPI claims guide to become the only destination you need on the web for anything related to Payment Protection Insurance and making them simple, so please let us know if there is anything you want to see here.
This is probably the question that is asked the most in this industry at the moment, the term PPI definitely has acquired a lot of interest over the last year or so due to the many claims companies plastering their brand over daytime TV trying to sell the dream of getting an unexpected £1000 or so into your bank account within a few weeks. The reality is quite different and as you delve deeper into our site you will learn more but essentially PPI is Payment Protection Insurance, a service that has been mis sold to unknowing customers for several years now by the banks and is basically insurance for repayments on a loan of any kind you have taken out. As an example to help you understand, Mr Jones took our a mortgage for a property and was sold PPI so that in case he became unemployed or suffered from an illness that meant he could not work for a prolonged period of time the PPI would cover him and the payments would still be made from the insurance.
What Are PPI Claims And Why Would I Make One?
A PPI claim is when an individual makes a complaint to their bank or lender stating that they were mis sold the PPI on their loan and legally are now owed that money. There are many reasons why you could make a PPI claim and in a lot of cases the borrower would not have been eligible to even get PPI due to age or situation which obviously implied the payment protection insurance was definitely mis sold. The amount you could be owed is calculated based on the amount you borrowed and the rate at which the insurance was charged but as you can imagine if you are claiming on a mortgage or high value long term loan the amount owed will be very high and often in the tens of thousands of pounds region.
How Can I Make A PPI Claim?
PPI claims made simple – Making a claim is a pretty simple process and you can do it in using two different methods, the first being make the claim yourself as an individual using resources such as a PPI letter example and PPI calculator to work how much you could get back and then getting the full amount due back to yourself or the second option being use a PPI claim company to deal with your claim, the benefit is obviously you won’t have to waste any time making the claim and can leave it all up to them, the downside being that the claim company will take a commission on any amount won and can sometimes take up to around 40% which is huge considering you could actually do the process yourself however often the banks and lenders are more likely to deal with a legitimate company quicker as the quality of the claim is likely to be higher and easier to process.
So there you have it a quick start to PPI claims made simple, if you have anything to add please email us email@example.com we hope you find our website useful!
Banks and financial institutions involved in the scandal:
Among the main UK banks there are also several building societies and smaller banks implicated. The scandal looks set to continue for the next few years as new cases come to light every day of the week and money is still being allocated to clear up the cases. The main culprits are Nationwide, Barclays, HSBC and Halifax but also smaller banks and building societies like Direct Line, Black Horse and Egg.
Find our complete list of companies involved in the PPI scandal.
2015 update on the PPI scandal
The saga continues with increasing numbers of banks showing irregularities when it comes to dealing with the mis-sold PPI. This means that you can still make your claim if you believe that you have been mis-sold PPI. Many of the large banks are setting aside more funds in order to cope with the continued demand. Browse our how to guides and learn more!
The Financial Conduct Authority is currently reviewing policy with regards to the way that claims are handled, a decision is pending in the summer but this could mean that people who could not claim PPI before are now entitled to do so because of a change in the rules.
Will this bring a fresh spate of new claims? It remains to be seen and we will have to wait for summer 2015, but it looks like the PPI scandal shows no definite signs of abating!
The PPI scandal has rocked the UK banking sector and has revealed deep-seated flaws in the system. We provide the information on this site for educational purposes only and hope to inform and educate you so that you will be able to make independent decisions, the information on this site does not constitute legal or financial advice.
In latest news the FCA (Financial Conduct Authority) is to fine Lloyds over £100 million for its part in the PPI claims scandal.
The ombudsman still receives 4,000 complaints per week is nowhere as high as the 2012 peak but the scandal is likely to continue for many years to come. To give you some idea of the volumes at the peak of the crisis, there were around 12,000 cases a week.By March 2016 it is hoped that there will only be 180,000 complaints. According to the money and finance website Moneysavingexpert.com at the end of 2014.
- Barclays set aside an extra £170 million, taking its total provision to £5.02 billion
- HSBC set aside an additional £353 million, taking its total PPI mi-selling bill to £2.46 billion
- Lloyds Banking Group put aside a further £900 million, taking its total PPI pot to more than £11 billion
- RBS has put aside a further £100 million, taking its total provision for PPI to £3.3 billion
Pages to start with for more information on mis-sold PPI.