PPI Claim Now!

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The PPI deadline has now been set for the 29th of August 2019. It may seem a long way off but it will come around sooner than you expect so don’t delay and act now as we are still processing claims on your behalf!

If you were took out a loan from a bank or building society with ‘payment protection’ as a condition of acceptance you could be entitled to have your money refunded.

It doesn’t matter if you cannot remember the exact details of the loan. Contact our office on 01942 619911 or fill in the call back request on our website (www.compiclaims.com), answer a few simple questions and we will do the rest.

We will keep you advised about the progress of your claim and if it turns out that you don’t have a claim it will cost you nothing!

A few minutes of your time could reward you with a large sum of money, in 2015 Santander paid out nearly £25,000 in a PPI compensation claim it had previously thrown out. If you have had a previous claim turned down it may be worthwhile starting a new claim and we can advise you how to proceed.

Nationwide profits hit by low interest rates

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Profits have fallen at Nationwide after the building society sought to protect savers from the impact of last year’s interest rate cut.

Statutory pre-tax profits for the year to March to £1.054bn, down 17% from last year’s figure of £1.279bn.

However, Nationwide said 795,000 new current accounts had been opened in the year to March.

That was a record for the society, it said, and more than any other provider in the UK.

The rise of 35% represented one in seven of all new accounts opened. It added that nearly one in five people switching their accounts became customers of the building society.

Chief financial officer Mark Rennison said: “Nationwide has delivered a very strong trading performance over the last year, with record levels of active members, mortgage lending and current account openings.”

The Bank of England cut its benchmark interest rate to a record low of 0.25% last summer following the Brexit vote. Nationwide said it kept rates unchanged on some savings accounts while passing on the rate cut to its mortgage customers.

Mr Rennison said: “We chose to protect savers from the full effects of last summer’s interest rate cut, knowing that this would reduce our full year profitability in the continuing low interest rate environment, but considering this to be in our members’ best interests.”

Branch network

Chief executive Joe Garner said the building society had seen “record use of online services driven by our mobile app” but added that branches continued to play an important part in the business.

He said that £80m was being invested in upgrading branches this year and added: “We still see a vital role for the branch network, despite the continued withdrawal of financial services providers from High Streets over the last two decades.

“We are exploring ways to ensure branches remain financially viable in a future where members may use them less.

“Similarly, we’re piloting a new community branch in Glastonbury, which opened in April, to test the viability of combining personal service and the latest technology to serve communities left without a bank.”

Mr Garner also revealed that Nationwide will stop offering car insurance to new customers from next month, will wind down its commercial lending business and will stop offering inheritance planning advice.

“We believe it is not in the interests of our society to provide services which are not core to our business,” he said.

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