Blog Category: PPI
In January 2014 the Financial Ombudsman Service (FOS) produced a budget based on the number of cases they expected to deal with in the coming year.
PPI remains the largest single source of complaints for FOS, who adjudicate on cases which have previously been rejected by the banks. Each case generates a fee.Read More
You’ve probably heard about PPI. Whether you’ve already claimed some back, or are wondering if you might be owed money, here are our top ten things you need to know about PPI.
1. What does PPI stand for?
PPI means ‘Payment Protection Insurance’ – a type of insurance that would help people if they struggled to pay back loans. It was sold alongside loans, mortgages, credit cards and other financial agreements.
2. Why can it be claimed back?
Banks, building societies and other financial institutions failed to follow the guidelines set up by the City watchdog. Thousands of people were sold PPI who didn’t want it, need it or even know they were paying for it.
3. How do I know if I could have a claim?
The easiest way to know is if PPI is listed on your bank, loan or credit card statements as a separate charge. In other cases, PPI was charged up-front. If you’re unsure, call one of our advisors on 08000 469 144.
4. How do I start my claim?
By getting in touch with us via our website, over the phone or by requesting a postal form. All banks have a free complaints service so you can lodge a complaint on your own behalf.
5. How long does a claim take?
Our average timeframe is 8-16 weeks from the lender acknowledging the complaint to a decision being made. If they can’t handle your case in this time, we can liaise with relevant authorities to ensure we are doing all we can to get your case resolved.
6. How will this affect my relationship with my bank?
If your lender has mis-sold you PPI, you are fully entitled to claim it back. Banks have acknowledged that they broke guidelines and will not put any sort of ‘black mark’ on your relationship with them. We’ve successfully recovered PPI from all the big banks, including Lloyds, TSB, Barclays, Halifax and HFC.
7. How much money have Gladstone Brookes reclaimed for customers?
So far, we have helped our happy customers to claim back £1 Billion± from banks and building societies.
8. How much PPI has been mis-sold?
The Financial Conduct Authority (FCA) reports that a total of £29.2bn has been reclaimed so far, and that billions more could yet be recovered.
9. How much does it cost to start my claim?
We work on a “no win, no fee†” basis, so making your claim will not incur any costs up-front. Gladstone Brookes will take 20% + VAT° (at the prevailing rate) of the total redress offered by your lender. If we do not recover you anything, you don’t pay us!
10. I’ve already made a successful PPI claim; can I make another one?
You’re entitled to claim back all mis-sold PPI, across different loans, credit cards and mortgages. If you’ve already reclaimed for one loan, but think you might be owed PPI on another, you can claim for that one separately.
Support worker Susan Britton had heard all about PPI being mis-sold over the years, but didn’t think it applied to her.
“But that was before I got a letter from Lloyds Bank to tell me that I had PPI attached to a number of loans I’ve held over the years,” she said.Read More
Hairdresser Caroline Cobb wasn’t sure whether or not PPI had been attached to any of the loans and credit cards she had in the past, but when she saw the Gladstone Brookes TV advert and realised the service was no win no fee she decided to call and find out if she was owed anything.
“No win no fee? I had nothing to lose and I would never have done it on my own because I hadn’t a clue where to start. I’m a hairdresser and I’m a great believer in letting people do what they’re best at,” she said.Read More
The Financial Ombudsman Service (FOS) is still receiving more than 3,600 new PPI complaints every week, according to figures released today.
But they are just the claims appealed by consumers after being rejected by the banks. Many thousands more are successful and are paid out each week.Read More
Financial experts are speculating that Britain’s banks are on the verge of being hit by another £40 billion bill for mis-selling and manipulation of a number of exchange rates.
The Co-operative Bank has almost tripled its losses for the first half of the year – from £77 million in 2014 to £204 million this year – and says it could be another two years before it is back in the black.
The bank has been under siege since nearly going under two years ago when it had to be rescued by a consortium of investors after a £1.5 million ‘black hole’ was discovered in its balance sheet.Read More
Storeman Brian Fawcett suspected he had PPI attached to a number of agreements with HSBC, but didn’t get around to making any claim because he had a bad accident and injured his back.
Then one day he saw the Gladstone Brookes advert on TV and decided we would be the people to help him out.Read More
Photographer Lynne South had put off making a claim for possible mis-sold PPI for years because she didn’t have time to do it.
Then one day she came across Gladstone Brookes while searching the internet and decided it was time to do something about her claim.Read More
The troubled Clydesdale/Yorkshire Bank has been given another £420 million by its Australian parent company to pay future successful PPI claims.
National Australia Bank (NAB) which owns the two British banks has also made a further £80 million available to pay compensation for mis-sold interest rate hedging products.Read More