It is estimated that banks and other financial institutions fraudulently sold 20 million PPI policies worth over £11 billion. This means many people fell victim of this scam that involved forcing people to subscribe to the payment protection insurance policy or misrepresenting important information that depositors and other account holders would use to make decisions on whether to take up the payment protection insurance policy.
When the scam was unearthed, it was directed that victims of such dealings be refunded and paid interest for the failed “investment”. Certain formulas were developed to determine how much money a victim would qualify for compensation of the principle and the accrued interest. The PPI claims calculator is one such method that allows agents to assist victims to be compensated for their losses. Here is what the PPI claims calculator uses in determining who qualifies for what:
• You stand to be a victim of the fraud if the lender did not explain in detail what the policy entails. Many people were lured into believing that the PPI was a compulsory policy when in fact it was optional.
• If there is no proof that the lender explained to you the exact cost of the PPI prior to your commitment, you qualify to be compensated the full amount plus any accrued interest.
• If the application forms did not include any terms and conditions for the policy, there is no way you would have known what the terms were. This qualified you for compensation since it is a legal requirement that you be informed of the terms and conditions any financial instrument.
• Some people were allowed to subscribe to PPI when they were suffering from terminal diseases, which was contrary to their terms and conditions. Others were even allowed to have multiple PPI policies which was in contravention with the essence of the policy. Lenders who did not ask many questions during the application process are therefore liable to compensate their clients.
You must use the PPI claims calculator to know how much you qualify for irrespective of how long your policy has been in existence.
Unfair PPI charges are threatening to become the UK’s financial scandal of the century. With upwards of four million Britons filing PPI claims for mis-sold PPI, it is time to get informed about this credit insurance scheme and make sure you are not getting charged unfairly.
So, what is PPI exactly? It stands for "Payment Protection Insurance", and it is there to make sure a client’s loan is serviced regardless of the client’s circumstances. In cases of death, illness, disability, or unemployment, PPI is supposed to come to the rescue and take over the cost of servicing your credit card debt, your car and home loan, or your mortgage. It usually covers a finite time period (typically up to 12 months), which is enough for most people to find new employment and continue repaying their debt on their own.
This is great in theory, but in practice PPI has caused clients a lot of frustration. As with any insurance, there is a percentage of rejected claims, but for PPI the rejection rate is much higher than the average. Additionally, there is a lot of fine print in every PPI contract, and a client is faced with a number of obstacles and waiting periods until their PPI claims are honored, if at all. This causes many people to opt out of the insurance scheme in the first place.
The recent spike in claims for mis-sold PPI is due to banks and other credit institutions forcing their clients into the scheme, usually by presenting vague or downright misleading information. Many people join the scheme because they are led to believe this increases their chances of getting their loan approved; others opt in because they are told it "protects" their loan. Both statements are inaccurate at best.
If you find yourself strapped with a mis-sold PPI, we can help you with your PPI refund claim. Contact us to start the process today!
Everyone is looking for money saving tips for insurance these days – like other household bills, it’s important to keep a close eye on both buildings and contents policies.
As far as buildings cover is concerned, first and foremost, make sure you are not over-insured. The market value of your house may be considerably higher than the amount it would actually cost to rebuild from scratch – which is the amount you need to insure for. You can use an online calculator to make sure that you are not paying for more cover than you need.
Next on the list of top tips is to take the time to thoroughly explore comparison sites, and make sure you are entering accurate information on each. There are even comparison sites, for the comparison sites – searching one of these will let you know in advance whether your details will be shared with third parties, and how long the average comparison will take. Take advantage of the advice from at least two or three sites before making a decision.
Sometimes, money saving tips for insurance can look contradictory! My next tip is to look for offers NOT offered on comparison sites! Careful searching on the internet can locate these special deals which may apply to you.
Another possibility is to use sites which offer cash-back. Once again, do your research and make sure you read some advice sites before committing – don’t pay more for your insurance and rely on the cash-back as things can go wrong.
Fifth and final of these money saving tips for insurance – take a look at existing providers – your bank, your car insurer, even your supermarket – may offer deals for combining policies or for new customers. Discounts are available for combined buildings and contents, for loyalty card holders, whereas some providers will offer a discount code, or a voucher by way of reward.
Saving money on your household electric bill is the aim of everyone during the era of the recession. There are some simple, free ways you can make an immediate impact on your energy bills.
We all grew up with Dad telling us to turn the lights off and we’re not paying to heat the street. These two little lessons will actually make a huge impact on your monthly financial outgoings.
Eight quick tips
1. Turn off the lights.
When you leave a room – switch off the light. There is no need to have the whole house illuminated, when you are only in one room.
2. Close the windows.
Keep the heat in the house and you can use your central heating less. Turning down the dial, will use less electricity.
3. Swap your provider.
Using a comparison website to find the cheapest electric provider could save you as much as £300 a year. When you swap, check the tariff you are on and ensure it’s the cheapest one for you.
4. Unplug devices.
When your phone has fully charged, unplug it and turn off the socket. There is no need to continue paying to charge a fully charged phone.
5. Use appliance timers.
Set your washing machine to turn on at 3am, electricity is often cheapest when it’s least in demand. Don’t wash your clothes during peak times.
6. Pay by direct debit.
Most companies will offer a financial incentive to pay via Direct Debit instead of credit card and cash payments. You can save up to £100 a year just from one phone call.
7. Wear a jumper.
Instead of putting the heating onto a higher setting, just put a jumper on. The extra layer could save you a large percentage of your winter electric bill
8. Get free insulation.
Energy suppliers have government set efficiency targets and therefore are giving away free loft insulation. British Gas one such company.