How to reclaim your PPI

HOW TO RECLAIM YOUR PPI You may have unwittingly been a victim of PPI mis-selling and may be entitled to reclaim your PPI. For over a decade, high-street banks, car finance providers and loan companies have been mis-selling PPI policies to customers. Over the past few years, the Financial Ombudsman Service, Financial Services Authority and a number of Claim Management Companies have been working to redress this issue and get consumers their money back. Payment Protection Insurance monthly redress paid since January 2011 £800M £700M £600M £500M £400M £300M £200M £100M £0M JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN 2011 2012 Payment Protection Insurance cumulative redress paid since January 2011 £5.5BN £5BN £4.5BN £4BN £3.5BN £3BN £2.5BN £2BN £1.5BN £1BN £0.5BN £OBN JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC JAN FEB MAR APR MAY JUN 2011 2012 £5.275bn Total funds put aside by banks to cover the cost of PPI claims, as of November 2nd, 2012 E Lloyds TSB £2.176bn £1.735bn £1.110bn £821m £506m O BARCLAYS *RBS HSBC A Santander mbna Quick Reference Guide: PPI PPI is an insurance policy that covers your liability for loan or debt repayments in the event that you are unable to pay. For example, if you were made redundant and were unable to make loan Payment Protection Insurance repayments, your PPI policy would come into effect. FSA This independent body was set up by the government to regulate the UK's banks, loan companies and financial services industry. Financial Services Authority FOS This independent body was set up by the government to settle disputes between customers and financial service providers. Financial Ombudsman Service Claims Management Companies Businesses that offer advice or services in respect of claims for compensation, restitution, repayment or any other remedy for loss or damage. On average 71% of all complaints passed onto the FOS are resolved in favour of the consumer. The highest resolution rates in favour of the customer were against: E Lloyds TSB 98% mbna 97% O BARCLAYS 93% cítifinancial 93% welcome W finance 92% 焱 RBS 90% TheyeaofSotind HFC 90% a NatWest 89% FOS complaints breakdown: Complaints against financial providers mis-selling PPI now account for 60% of all 60% PAYMENT PROTECTION INSURANCE (PPI) 7.0% Credit cards complaints the FOS receive. 6.0% Mortgages 4.0% Consumer-credit products and services 3.0% Motor insurance 2.5% Unsecured loans 2.0% Buildings insurance 2.0% Savings accounts PPI complaints Whole-of-life policies and savings endowments 1.5% 60% 1.5% Pensions 1.5% "With-profits" and unit-linked bonds 1.0% Mortgage endowments 1.0% Travel insurance 1.0% Contents insurance 3.5% Other products For mis-selling PPI policies the FSA have fined: egg TM Swinton Alliance Leicester Egg Banking plc Swinton Group plc Alliance & Leicester £721,000 £770,000 £7,000,000 The FSA has estimated that.. 10.8 Million people 17% of the UK population 1 in 6 people in the UK ..are eligible for a payout. Eligibility Checklist You will be eligible to reclaim PPI if, when You could be eligible to reclaim PPI if you have taken out any finance in the last ten years. This includes: applying for your loan, you were: E Pressured into buying PPI. E Credit Cards E Not told PPI was optional. E Store Cards E Not clearly informed that interest would be charged on the PPI policy. E Personal Loans E Advised to take out PPI, even though it was not suitable for you. E Car Finance E Mortgage E Told that buying PPI was a condition of getting the loan. E Not clearly informed that the PPI cover could end before the loan was repaid. If ANY of the above criteria apply to you, you have been mis-sold PPI and are entitled to reclaim your money. 33 How Much Could You Win? 33 3 According the FSA the average In November 2011, Phil The largest payout to a single individual is for a woman in Yorkshire who received Stephens a father from Essex received compensation figure is £82,300 £142,000 £3,500 for mis-sold PPI on his Barclaycard. for mis-selling on two credit cards. If there is any possibility that you have been mis-sold PPI, don't delay, claim today. Brought to you by: GLADSTONE BROOKESTD Sources: Financial Ombudsman Annual Review 2011/2012 - http://www.financial-ombudsman.org.uk Payment Protection Insurance Monthly Redress Paid Since January 2011 - http://www.fsa.gov.uk