PPI for a long time was slowly forced upon millions of people across the United Kingdom by lenders, who saw an opportunity to take a little bit more financial commitment to their client’s loan or credit card. Competitive interest rates have pushed lenders into mis-selling PPI. Something which they knew would bring in much more revenue for themselves than just the loan repayments.

This sounds rather ominous, however it must be made clear. If the Payment Protection Insurance or PPI had been correctly sold to the customer in the first instance, PPI is, was a great product and would have provided cover to the consumer.

Payment Protection Insurance PPI

Funnily enough, although dozens of companies were involved in selling, broking, reselling or underwriting PPI, it was never advertised.

One high profile example is when Barclays Bank (one of the many financial institutions who have been found guilty of mis-selling) sold, in 2002, an estimated £350 million plus of PPI alongside loans and credit cards. Their profit from that was over £280 million. This is not an uncommon example. All lenders have landed their unwilling customers with this unwanted insurance for one reason, to increase their profits.
This now means that anyone who was given any of these policies is entitled to reclaim their money in full, with interest and compensation added. As we are able to recover PPI from over 6 years ago, the number if potential claimants will definitely rise considerably. You may be one of these. If so, fill in the form below, we will then call you back and you could be claiming back thousands of pounds in no time at all.
FSA grants temporary extension for some PPI complaints
The Financial Services Authority (FSA) have today decided to agree to temporary arrangements for the banks Barclays, Lloyds Banking Group and RBS to handle Payment Protection Insurance (PPI) complaints. These terms mean that the firms have a longer time period to sort out their backlog of old PPI complaints and the enormous volume of new complaints about PPI. 
Under FSA rules PPI complaints must be responded to within 8 weeks. This agreed time extension means this:
  • PPI complaints that were still with that firm but were put on hold during the judicial review will receive a decision by the end of August
  • PPI complaints received after the judicial review came to a conclusion  but before the end of August will have 16 weeks for a response.
  • PPI complaints received after August but before the new year will have to see at response within 12 weeks.
There have been some strict conditions implemented on the temporary time extensions, and the firms will have to:
  • keep PPI complainants and their customers full informed.
  • give regular reports on compliance to the FSA.
The FSA is expecting all the PPI complaints to return to the standard 8 week time period by new years day 2012.
Margaret Cole, the FSA ‘s interim managing director of the Conduct Business Unit, said:
“We want to see all PPI claims for compensation dealt with swiftly and appropriately. However some firms are facing a huge backlog and now a surge of new complaints which has created a bottleneck. It is not in the interests of consumers to receive further poor handling of their complaints as a result. This temporary extension means that these firms can process these complaints properly and fairly.
“We will be monitoring their progress carefully to ensure the new deadlines are met, that complaints are dealt with as promptly as possible and the backlog is cleared as a matter of urgency.”
Barclays Mis Sold PPI
Barclays has announced that it will compensate everybody sold Payment Protection Insurance to if their complaint for mis-sold PPI was made before the 20th of April.
Barclays is the first bank to pay out PPI compensation on a ‘no questions asked’ basis. Customers will be given back everything to do with PPI. Including the total value of all premiums plus 8% interest. 
Which? chief executive, Peter Vicary-Smith, says ‘Banks have a lot to do to re-build their reputation after over a decade of mis-selling PPI and then mishandling complaints about it. It’s fantastic to see Barclays stepping up in this way, acknowledging their mistakes and refunding customers what they’re owed, no questions asked. 

‘Hopefully this will have a domino effect and other banks will follow suit – the sooner the banking industry can consign the PPI mis-selling scandal to the history books, the better.’

PPI Claims News

Money Saving Expert with tips on PPI mis selling : Martin Lewis

We came across a wonderful interview from Martin Lewis aka the Money Saving Expert on tips about PPI mis selling. We are bombarded with TV ads for PPI mis selling and telephone calls for PPI claims, but what does it all mean? Martin Lewis, the Money Saving Expert helps to explain the facts.

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Claiming PPI in IVA, Getting the Facts Right

Whether you have completed your IVA or you are still in your IVA, making a mis-sold PPI claim is still possible. However, there are differences between the two situations. In one situation, you will be able to keep the compensation you receive from a successful claim. In the other situation, this simply is not possible.

Other concerns also arise when filing a PPI claim. For example, your bank may attempt to use the unrealised asset rule or the offset rule in an effort to keep your compensation once your IVA is finished. Therefore, it is crucial that you understand all of the facts and your chances of success before making a claim.

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Payment protection insurance (PPI) factsheet – FOS

The Financial Ombudsman Service factsheet provides information regarding payment protection insurance and information regarding ppi claims.

If you are fed up with those TV adverts and annoying texts- so are we. See below if we do things differently than other companies that you might have come across. Remember that you can do some of these claims yourself.

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Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim

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Tim Capper

Bringing you financial news and information in plain english for Maple Leaf Financial. My aim is to help readers understand these often complex financial instruments.