I don’t know if I paid PPI, how do I check if I’m entitled to a payout?

Countless numbers of numbers of people have unwittingly signed up for PPI and have forgotten all about it. If you think you’re one of those people, you might not know where to start.

If it’s a case of not knowing whether you’re entitled to reclaiming mis-sold PPI, then we can help. Hundreds of thousands of consumers have successfully clawed back money they spent unknowingly on PPI, plus interest. So you have a good chance of success.Continue Reading…

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How do I prove mis-sold PPI from a long time ago?

With billions of pounds being paid out in personal protection insurance since 2011, consumers are enjoying small windfalls on the mis-selling of protection schemes.

However, the vast majority of these claims have been made in the past decade, and as anyone who has taken out a PPI claim knows, your credit history only goes back so far. In most cases, the records go back just enough, but countless numbers of the British public maybe missing out on tens of thousands of pounds in mis-sold PPI.Continue Reading…

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PPI Claims Hit £1.9 Billion – But Billions Still Left to Claim!

PPI Claims have now hit £1.9 billion, as recently reported by the FSA. The rate at which claims were being made sped up dramatically towards the end of 2011, with a record pay out month in December, where £441 million was paid out.


PPI claims will undoubtedly have had a large impact on losses reported recently by Lloyds TSB.


However, reports in May 2011 suggested that claims were likely to reach £9 billion, suggesting that this could still only be the beginning of claims made against providers who mis-sold payment protection insurance policies for years.


A typical PPI claim results in around £2,750 in compensation, but there are widely reported cases of much higher claims successfully being made.




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Mis-Sold Payday Loans Claims – The Next PPI?

Will mis-sold payday loans claims become the next PPI claims?

Consumers who were mis-sold payment protection insurance policies have been making PPI claims for several years now. Providers have been widely criticised for the way the policies were sold.

However, one financial product coming under more recent scrutiny is the payday loan. Lenders like Wonga, Uncle Buck, Mr Lender and a host of others lend smaller sums of money to consumers just to ‘tide them over’ until their next pay packet. The loans typically range from £50 to £750 and the sum must be paid back on the consumer’s next payday.

In many cases, the representative APR on these loans is over 4000%. So, for example, if you borrow £400.00 with Wonga.com for 30 days, you would have to pay back £525.00, but failing to make a repayment for a year could leave you owing more than 40 times what you borrowed!! Martin Lewis of Moneysaving Expert wrote a witty, if not somewhat alarming post on how long it would take to amass the equivalent of the US National Debt after borrowing £100 from Wonga! That post garnered a lot of attention!


Could Mis-Sold Payday Loans Claims Realistically be Successful?

Realistically, in order for anybody to make mis-sold payday loans claim, they have to be able to prove they were mis-sold the loan. Payday loans companies are generally all very up front about the product, about the representative APR and about exactly how much will have to be repaid if you take the loan out.

With PPI, common complaints included not being told you had the product with your loan or credit card. That’s because PPI is effectively a cross sell from another product (a loan, mortgae or credit card). It’s different with Payday Loans. The payday loan is the product and the consumer is aware of the product, of the cost of the loan and of its terms.

So while finance bloggers and experts speculate on whether mis-sold payday loans claims, it only takes a quick glance at the websites of the biggest providers to see the lengths they go to in order to make their fees absolutely crystal clear to potential customers. Yes, they’re an expensive way to borrow money and yes, it’s very easy to find yourself amassing debts far higher than the value of the loan, but as long as consumers are made aware of what they are being sold and as long as the product remains legal, there is no mis-selling taking place.

100,000 PPI Complaints to Ombudsman in Last Year

Figures from the Financial Ombusman Service released recently confirmed that, in the last year alone, there were than 104,000 complaints to the financial Ombudsman about PPI (payment protection insurance).

The complaints are not unexpected, with consumers now being made more widely aware of their potential right to make PPI claims.

PPI claims can be made by those who were mis-sold the PPI policies in recent years. This mis-selling was widespread, often deliberate and undoubtedly at huge financial cost to consumers.

At Moneybright, we can help you to make PPI claims. If you’re not sure whether you could be eligible, get in touch today and find out how we could help.

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More Time to take PPI Claims to Ombudsman

The Financial Services Authority today given people more time to take their PPI claims to the Financial Ombudsman. Presently, anyone seeking to make a PPI claim has 6 months from the time their clami is dealt with by their bank or provider, to then refer it to the Financial Ombudsman. However, this temporary extension for PPI cases will last until 27th October 2010.

A consumer may only go to the Financial Ombudsman service after receiving a final letter from their bank and not being satisfied with the outcome. Anyone who received this final letter between 28th November 2009 and 28th April 2010.

This comes after consumers have complained about the way providers have been dealing with PPI claims. Banks rejected 60% of claims last year, however of the cases referred to the Ombudsman, 90% were settled in favour of the consumer.

It was recently reported that the PPI claims cases could cost the industry billions as a result of widespread mis-selling of Payment Protection Insurance policies in recent years.

Posted on in Reclaim.