The Financial Services Authority (FSA), Financial Ombudsman Service (FOS) and the Citizens Advice Bureau have all established that all but a very few lenders, including all the high street names, have systematically missold PPI for years and they are now being forced to make repayments otherwise they face FSA fines running into the millions. With the recent FSA findings, there is no better time than now to make your claim for the refund of the money you should not have paid and to reduce your monthly repayments for any outstanding balance.
For years most lenders have been making huge profits from selling PPI when it was simply not asked for, completely unsuitable or forced upon customers by using high pressure sale tactics. Those lenders must now be held to account for their unlawful conduct and repay the PPI premiums they should not have taken.
Most customers trust their lender, particularly the well known high street ones. In our experience and supported by FSA findings, some of the worst offenders include:
Some of the PPI Companies who are culprits:
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Reclaim Abbey National/Santander PPI:
According to July 2011 reports, Santander the parent company of Abbey National set £538 million to make pay outs of mis sold PPI compensation - 55% of claims that were sent to the Financial Ombudsman Service for adjudication were upheld in the customers favour. |
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Bradford & Bingley PPI Refunds:
This banking network was sold to Abbey National in 2008 and now it is a part of Santander Group. Parent company Santander has set aside some £538 million to make payments for successful PPI claim cases of mis sold PPI plans. |
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Bank of Scotland PPI Refund Claims:
Bank of Scotland has become a part of Lloyd's in 2009 leaving several consumers with unpaid compensation for PPI plans. But still it is possible to file ppi claim to receive compensation. 81% of turned down ppi claims with BOS were upheld in the clients favour when a FOS referral was submitted. |
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Claiming back Britannia PPI:
Selling of single premiums PPI plans was legally banned in 2009. Britannia was involved in mis selling of PPI plans as well as Single premiums and so it also comes under investigation. It was found that the company has unfairly sold some premium policies in the market. If you have also used the policy service from Britannia then you may be eligible to get PPI refunds. |
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Reclaim PPI from Lloyds TSB:
Lloyds, a part of Lloyds TSB banking group which has set aside £6.7 billion to clear PPI refund payments. This amount is to cover mis sold PPI claim compensation cost up to 2011. In February 2013, Lloyds was fined £4.3 million for delaying PPI compensation payments. |
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Claim a PPI Refund from Blackhorse:
Lloyds Banking Group is parent bank of Black Horse and this company was also involved in unfair selling of PPI plans. Parent bank Lloyds Banking group has set £3.2 billion to clear payout's of PPI claim refunds, with the Lloyds Banking Group set aside £6.7 Billion in total for PPI refunds. 97% of PPI claims cases that were submitted for FOS Referrals were upheld during 2012. |
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Barclays PPI Compensation Claims:
Barclays has made provision of more than £2.6 billion to make payments for PPI refunds that are due across it's brand, which include Barclaycard PPI Claims. Barclays customers throughout the UK are getting PPI compensation for their losses. |
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Reclaiming PPI from Nationwide:
Nationwide was fined smaller amounts in comparison to other high street British banks. It provisioned £25 million for mis selling of PPI plans and to pay off compensation to consumers. 25% of Financial Ombudsman Service referrals for Nationwide PPI claims were upheld in favour of the customer. |
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Alliance & Leicester PPI Refund Claim:
Alliance & Leicester is a formal building society was merged with Santander in May 2010. Alliance Building society and Leicester came together to form this company in 1985 when they legally merged. In October2008, the company was fined £7 million for controversial selling of Payment protection insurance plans between 2005 and 2007. |
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PPI Refunds From First Direct:
Customers who purchased PPI plans from First Direct, could if mis sold, claim to receive PPI refunds. |
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Claiming a PPI Refund from Halifax:
In earlier 2011, Halifax set aside £3.2 billion to clear PPI refund claims from consumers. Lloyds Banking Group is parent company of Halifax. • 82% of all cases submitted to the FOS were upheld in 2012. |
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Royal Bank of Scotland Payment Protection Insurance Refund claims :
Royal Bank of Scotland was also fined for mis selling of PPI plans and it has provisioned £2.2 billion for PPI refunds across it's various brands including RBS, NatWest, Lombard, Mint, Churchill & Direct Line. |
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NatWest PPI Refund Claims:
NatWest is a part of RBS banking group. RBS group has set £2.2 billion to make payments to consumers with successful mis sold PPI refund claims.
62% of all cases submitted to FOS in 2012 were upheld.
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HSBC PPI Claims:
HSBC plc has been fined for unfairly selling of various payment protection insurance policies that also includes “Single Premium” payment protection insurance misselling. HSBC PPI Claims are expected to cost them in the region of £1.5 billion and 51% of cases that were referred to FOS were upheld in the customers favour. |
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Egg PPI Refund Compensation Claim:
In Dec 2008, The Financial Services Authority (FSA) reported that it had fined Egg Banking plc £721,000 for serious failings in its sales of credit card payment protection insurance (PPI) and It was one of the first companies to be fined for unfair selling of PPI plans. |
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Citifinancial PPI Claims:
Citi financial provide finance agreements and loans which included the sale of PPI cover. In 2008, Citi was included as one of the companies who wrongly mis sold PPI plans and were listed for unfair selling of PPI plans -
94% of all claims passed to the FOS were upheld in 2012 in the borrowers favour. |
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Claim back a PPI Refund from Picture Loans:
Picture was fined for wrongly selling of PPI plans. It was one of the first companies to be fined for unfair selling of PPI plans. |
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First Plus PPI Refund Claims:
First Plus who are a part of the Barclays Group of companies were identified for the misselling of PPI plans.
64% of all cases submitted to the FOS were upheld. |
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HFC PPI Refund Claims:
HFC was fined with £1.085 million in January 2008 for wrongly selling of PPI plans (Source FSA). It was one of the first companies to be fined for misselling of PPI plans.
83% of all cases submitted to the FOS in 2012 were upheld in favour of the borrower. |
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Central Capital PPI Refund Claims:
Central Capital has been a significant lender/broker for wrongly selling of Central Capital PPI plans. It was one of the first companies to be picked up for the misselling of PPI plans.
90% of all claims passed to the FOS were upheld in 2012. |
You will note that based on the above statistics in respect of each of the lenders performance when dealing with PPI Refund Claims, a large percentage of those that have been turned down on the first attempt, are subsequently upheld when a successful referral is submitted to the Financial Ombudsman Service, giving you every reason to consider using the services of claims experts to make your claims for you.
The statistics given above were obtained from:
http://www.guardian.co.uk/money/2013/mar/04/ppi-facts-figures-biggest-mis-selling-scandal?INTCMP=SRCH
If you have taken out a mortgage, loan, HP, credit card or store card with any of these lenders then it is very likely that you will be entitled to a refund. Don’t lose heart or think you cannot claim if one of your lenders has not been mentioned. Evidence from consumer watchdogs confirms that most lenders were actively involved in the misselling of PPI and the sale of tens of millions of policies can now be challenged.
From our own experience, we have established that some of the best known high street lenders have charged for PPI that was in excess of 50% of the amount that the customer actually asked to borrow! Not all PPI was charged at such extortionate rates, but it is not unusual for PPI to cost a customer 25% of what they borrowed.
It costs you nothing to apply for a PPI Reclaim, simply complete your details in the form at the top of the page, Click "Start your Claim" and we can start the claim process for you.