PPI insurance claims are now made easy with a company in the United Kingdom called the Consumer Benefits Network.

Already the Consumer Benefits Network have secured payment protection refunds for hundreds of people and their success rate is impressive at around 75%.

The Consumer Benefits Network also deal with unenforceable credit card agreement claims but the main business at the moment due to all the media coverage around mis-sold mortgage insurance is PPI insurance claims.

For further details please see the Consumer Benefits Network website or call James on 0115 9400 899.

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Everyone understands why it’s best practice to prevent personal details from falling into the wrong hands.

Credit reference agency Experian have released a report claiming that young people need to take special caution.

Research from Experian indicates that young single adults who often live in shared rented accommodation and are on a reasonable income are at the greatest risk of having their credit cards, bank accounts and other financial products compromised by identify fraudsters.

Single people in their 30s living in rented flats and “high-flying” graduates saving for a mortgage deposit are also among those deemed to be particularly susceptible.

The vulnerability was attributed to those who rent being popular targets for mail interception, a method often used by fraudsters to obtain people’s details.

Darryl Bowman from Experian says: “Criminals are switching their focus from the wealthy to people whose details they can get hold of more easily. Because of this, each one of us needs to be aware of the dangers of ID fraud and take steps to protect our identity and stop thieves from getting access to our personal information.”

Research from the company also reveals that London is the nation’s identity fraud capital, with those living in the city around four times as likely to be targeted by such crime than the average person.

In an effort to protect their UK accounts people should take the utmost care when throwing away bank statements, utility bills and other documents containing their personal details. Instead of simply throwing them away they should use a cross-cutting shredder.

The checking of credit reports on a regular basis for any signs of suspicious transactions was also recommended, while consumers should notify their bank if credit card statements and other mail they have been expecting does not arrive.

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• Swinton
• Alliance & Leicester Building Society
• Egg
• Liverpool Victoria

Recently Swinton were fined £770,000 for “inappropriate selling” of PPI and ordered to refund 480,000 customers.

The Financial Services Authority (FSA) came to an agreement with the Insurer on what action they must take late last week.

Swinton customers can therefore expect to receive some PPI compensation or a refund. Swinton is expected to write to all effected customers and let them know what will happen next.

Customers of other companies who believe they have also been mis-sold PPI insurance will have to seek the guidance of a qualified legal advisor.

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Adam Phillips, chairman of the Financial Services Consumer Panel (FSCP), said he wants the Financial Services Authority (FSA) to fine the most senior executives at banks that are found to have taken part in mis-selling Payment Protection Insurance plans over the past few years.

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Previously they were taking £80 million from their customers for insurance cover that may have mis-sold and might have been completely useless. It’s no wonder so many people are are making PPI claims when they see just how much they’ve been taken for a ride.

Norwich Union doesn’t provide PPI but backs policies sold by other loan and credit card companies in the PPI industry. Overall PPI industry profits fell to £245m last quarter after the Competition Commission ruling that PPI can’t be sold at the same time as loans to prevent any future unfair PPI claims from arising.

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One thing’s for certain, no-one would sing the praises the insurance cover, unless of course one of the people you asked was Tony Byrne, managing director of IFA Wealth and Tax Management. Unsurprisingly, he isn’t thinking about all the PPI compensation claims when he shares his thoughts on the FSA and Payment Protection Insurance with the Financial Times.

He said: “Most of these are against insurance companies and banks because they are still selling products that should not be sold.

“The FSA allowed PPI to be sold and then it decided it was mis-selling and I think that the product was wrong and has been for a number of years. One of the big reasons complaints arise is because it encouraged by the regulator – because it keeps them big. I am quite cynical about the whole thing.”

Mr Bryne said while the quality of advice is increasing, advisers have to deal with increased regulation, such as treating customers fairly.

He said: “Insurance companies and banks should come under TCF. IFAs build long-term relationships with clients, not customers. There have been more complaints with investment performance going down and we have become a more litigious society.”

David Barnett, principal of Middlesex-based DPB Independent Financial Services, said the FSA made it too easy for the public to complain or the complaints management company to complain on the public’s behalf.

He said: “There should be a modest deposit, and if the complaint is upheld they should get their money back and if it is not it should be put towards costs.

“Some complainants hope that they get money for nothing. The FSA is bending over sympathetically with the public and there is no balance between the responsibilities the adviser has and the member of the public has. The simplest way is for the public to forfeit money if the complaint is not upheld.”

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They attribute the decrease in sales to three factors:

• The state of the economy
• Employers stopping income protection cover for their employees
• Coverage of mis-sold PPI policies in the media

Swiss Re says this has resulted in a massive gap of £190 billion between the cover adults currently have and the cover they should have.

A survey by the Institute of Financial Planning (IFP) backs up what the financial services company have revealed and found that 75% of people admit they would struggle all or some of the time if their circumstances changed for the worse.

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The usual methods are debt consolidation and debt management programs, with possibly insolvency proceedings or Private Voluntary Arrangements in extreme cases.

Recently however there is a new tactic when it comes to clearing credit card accounts: the illegal credit agreement.

This method uses a little-known “loophole” in the Consumer Credit Act that means that unless a credit card agreement complies with a group of exact regulations it is invalid and can’t be implemented legally.

The effective outcome is that any money owed on accounts set up with one of these agreements cannot be collected, and does not have to be repaid.

The first thing to consider is that only agreement documents drawn up prior to April 2007 have the possibility of being declared unenforceable under this loophole. If this is the case, there are several reasons why the agreement may be invalid, including not being signed by both parties, the APR not being distinctly stated, or copies of the original documents not being available on requesting them.

Lawyers specialising in the financial field will check over your credit agreements for you to determine if they are all sound.  If so, this loophole could be your ticket to financial freedom.

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One of the top 10 reasons for a PPI providers rejecting a claim is that the borrower was: “aware of any increase in the risk of unemployment” and didn’t declare it. This is the typical excuse that unscrupulous insurers use to avoid paying out.

PPI providers will defend this clause claiming it’s there to protect themselves against customers  who bought cover whilst knowing they were up for redundancy. However we all know this is just more evidence that Payment Protection Insurance is useless in the vast majority of cases.

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The majority of the staff are based at the firm’s Southport office. After multiple accouts of mis-selling and hundreds of thousands of PPI claims against insurers Paymentshield may be the first of many providers hit by the lack of trust in Payment Protection Insurance.

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