PPI – It’s not over!

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It is not over – the biggest consumer scandal continues to cost more and more for the banks.

Lloyds have revealed this morning that they are paying out another £750 million in compensation which doesn’t just push them into a loss, when their books are looking better, but takes just their bill for the mess to over £8 billion.

Barclays has earmarked an additional £700 million to meet payment protection insurance (PPI) compensation claims, the lender has announced. Extra funds will cover costs and refunds in the ongoing saga over the mis-selling of PPI.

These are not the only banks setting aside more money to cover the cost of increased PPI claims leading up to the deadline of the 29th of August 2019.

Have you checked if you have a claim yet? If not why not? It costs you nothing to find out if you are entitled to a refund of the money paid to the banks for PPI.

Contact CompiClaims today on 01942 619911 and speak to one of our advisors who will be pleased to advise you on how to proceed with a claim which could be worth thousands of pounds to you!


Don’t miss the boat!

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The banks are setting aside even more money for PPI compensation as it is expected that in the run up to the deadline on the 29th of August 2019 they will be inundated with new claims!

Have you checked to see if you could be entitled to compensation for the insurance taken out to protect your loan?

If you agreed to PPI were you advised of the level of commission the bank would receive? The average commission received by the banks was 67-76% and after 2 recent court rulings and you were not advised of the level of commission being paid you could claim back and payment over the threshold of 50% plus interest.

Time is running out, there is less than year in which to start a claim so contact us today on 01942 619911 and speak t one of our advisors who will be able to check if you can make a claim.

Even if you have had a claim rejected all is not lost as since the court rulings banks are obliged to take another look at your claim.


Mis-sold Pension?

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Duped savers could each pocket a £50,000 windfall due to their underperforming pension schemes as part of a mammoth SIPP scandal engulfing the UK. £10 billion worth of badly performing SIPPs  (Self Invested Personal Pensions) are believed to have been mis-sold to hundreds of thousands of people by unscrupulous financial advisors.

Potential victims are being urged to check if they can reclaim huge portions of their lost cash and the government has set up a special £120 million fund to compensate losers so far. A maximum £50,000 compensation sum is currently available from the large fund managed by The Financial Service Compensation Scheme and the figure is set to rise by 75 per cent to a £85,000 maximum in the next nine months as claims grow.

The Financial Ombudsman however are allowed to raise their compensation ceiling and can award up to a further maximum of £150,000 for many cases.

The SIPP scams involved unscrupulous Financial Advisors preying on savers who were promised massive returns of up to 20 per cent a year only for their savings to be squandered on get rich quick schemes including investing in airport parking, holiday properties and green energy projects.

The Financial Conduct Authority revealed one in eight savers think an advisor has mis-sold them a financial product such as a pension.

The regulator the Financial Conduct Authority (FCA) has begun conducting the Financial Lives Survey, where it speaks to thousands of people aged over 18 to find out more about their use of financial services. And the mis-selling of investments sadly featured quite prominently.

According to the survey, around one in eight people who have received financial advice in the last year claim that an adviser has mis-sold them an investment or pension product at some point.

The FCA itself noted that this is likely to be an underestimation, so in truth we are looking at hundreds of thousands of people who may have been duped into making questionable investments in their SIPP.

If you are concerned that you may have been mis-sold an investment, then don’t panic. It may be possible to pursue a compensation claim against the IFA involved in the investment or the provider of your SIPP.

Contact us today on 01942 619911 to speak to one of our advisors who will be able to establish if you have a claim. Don’t delay as there is a 6 year time limit on claims starting from the date that your pension was transferred.


PPI, Time is running out!

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So, you haven’t checked if you are eligible for PPI compensation, this can only mean that you have never taken out a loan or a mortgage!

It used to be common practise to tell you when making a loan application that you would only be accepted if you took out Payment Protection Insurance. I bet that they never told you how much commission they were earning from it!

It is estimated that 45 million policies were mis-sold but now due to new rules even those who have been rejected could be in line for money to be refunded over hidden interest rates!

After August 29 2019, you’ll no longer be able to make a complaint – even if you think you might be owed money.

As part of the countdown, the FCA has also widened the window for customers who might be eligible for compensation – even if they weren’t initially miss-sold.

This means many customers who were previously rejected, could be in line for money back.

It comes on the back of the Plevin ruling – a 2014 court case that ruled brokers were not being entirely transparent about commission rates when selling PPI – which in turn made millions of transactions ‘unfair’.

The FCA set a new rule that says the bank should’ve declared its commission to you if it was over 50%. Yet even the average bank and building society commission was 67%. If they didn’t declare it, you’re entitled to the commission over 50% back, plus interest. This will be £100s or £1,000s for some.

You may have bought payment protection insurance without even knowing it.  Some old policy agreements used pre-ticked boxes that required consumers to request not to have PPI with their loans or credit agreements.

Time is not on your side so act today and call to speak to one of our advisors on 01942 619911. It doesn’t matter if you can’t remember who you took the policy out with, we can do all the research for you.


PPI Deadline less than 12 months away!

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With less than 12 months before the PPI Claims deadline there is no time to waste! Billions of pounds remain unclaimed so why not see if you could be entitled to receive compensation for your PPI.

 

Even if your claim has previously been declined it is worth re-submitting it as since the 29 August last year banks have had to consider a court ruling known as ‘Plevin’ when dealing with PPI claims, meaning you can now claim if your provider earned a high level of commission from your PPI and this wasn’t made clear to you.

 

It is anticipated that during the run up to the deadline date many thousands of claims will be registered so don’t wait too long before deciding to make a claim.

 

All it costs to find out if you have a claim is a phone call to our office on 01942 619911 and we will do the rest for you.

 

CompiClaims operates on a ‘No Win, No Fee’ basis, yet another reason to make the call today! Call 01942 619911 and speak to one of our client managers now!


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