The real problems with Payment Protection Insurance (PPI).

August 6, 2009

Whenever a lender enters into an arrangement with a borrower they have an obligation to offer best advice to their client. This is a duty of care or fiduciary duty. It dictates that the lender must act in the best interest of the client and be open and transparent in all dealings with the client [...]

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PPI Misselling

August 6, 2009

Many competing companies pursue the recovery of PPI premiums for ‘misselling’. This is a broad term which identifies customers who have been wrongfully sold the insurance and will never be able to claim.
There are a few broad categories for misselling.
Medically Exempt. All those with pre-existing conditions will find it nearly impossible to claim. Anyone [...]

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The type of Payment Protection Insurance (PPI) we can challenge.

August 6, 2009

There are two types of PPI policy offered.
Monthly premiums. These policies are separate from the loan, paid on a monthly basis and paid by a separate direct debit. These policies can be cancelled, increased or decreased at any time to reflect the personal circumstances of the borrower and there is no interest added to the [...]

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Payment Protection Insurance (PPI)

August 6, 2009

PPI (payment protection insurance) has been pushed mercilessly alongside loans for the past 15 years. The lenders nearly always make more from the sale of PPI than from the loan itself.
As an example, in 2002 Barclays Bank sold £360 million of PPI alongside loans. Their profit from that was over £280 million. They are not [...]

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Banks to face tougher regulation

July 10, 2009

Alistair Darling has proposed tougher new reforms to the financial system specifically targeting UK banks. Stricter regulations will be introduced with a view to giving the customer much greater consumer protection.
In a statement to the House of Commons, Alistair Darling said the financial system needed to ensure robust regulation, and banks and financial institutions should [...]

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What are Unenforceable Loans?

July 8, 2009

Agreements on money borrowed up to the amount of £25,000 before April 2007 could be found to contain errors. Whether it’s a personal loan, credit card, store card, hire purchase agreement, overdraft or car loan then these credit agreements and even some charges may become unenforceable in certain circumstances.
The Consumer Credit Act 1974 laid out [...]

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What is PPI Mis-Selling?

July 7, 2009

Payment Protection insurance (PPI) is often mis-sold as a result of greedy financial services looking to make an easy and tidy profit. PPI is usually sold by financial institutions such as banks, money lenders, car finance companies, Credit Card companies and the like. PPI has been a profitable business for some time now and only [...]

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Mis-selling fines to increase 3 fold

July 7, 2009

The City watchdog have announced that firms which mis-sell financial products to consumers and individuals guilty of insider trading are to face a hard new crackdown which could lead to serious fines.
The Financial Services Authority (FSA) wants penalties to be linked to the companies income, with up to 20% of their income from the products [...]

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Mortgage endowment mis-selling claim battle takes five years

July 6, 2009

The Financial Ombudsman Service, which adjudicates on consumer complaints, says on average it processes complaints within six months. However this is not always the case, for Elizabeth and Keith Birbeck their  mortgage endowment mis-selling claim has taken almost 5 years for a conclusion to be reached.
Nationwide Building Society was forced to make a payment of [...]

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Twitter Weekly Updates for 2009-07-05

July 5, 2009

Trying to get our new blog up and running properly http://www.realclaims.co.uk/blog/ #

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