The Credit Card Debt Loophole

Swinton Fined For Mis-Selling PPI’s

So far the following companies have all been fined for mis-selling Payment Protection Insurance Plans: 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 compensati...

FSCP Says Bank Bosses Responsible For Mis-sold PPI

Bank bosses are ultimately responsible for how their Company acts and behaves, they get a huge bonuses when times are good (and bad), so some leading voices on the mis-sold PPI subject are saying it is bank bosses who should be the ones to pay out. 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...

Norwich Union takes £80M PPI hit

Norwich Union have taken an £80 million hit from the clampdown on unfair Payment Protection Insurance (PPI). 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 Still Has One Supporter!

If you polled the British public on their opinion of Payment Protection Insurance (PPI), the would probably be a 50/50 split. Half would probably never have heard of a PPI before and the other half would say they aren't worth the paper they are written on. 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...

Lack Of Cover Blamed On Economy And Employers

Research by global financial services company Swiss Re shows that new sales of Payment Protection Insurance are on a sharp decline. 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 Institut...

Financial Ombudsman Slams PPI Providers

Hardly a day goes by without Payment Protection Insurance (PPI) and the way it’s been sold appearing in the news. Today, the Financial Ombudsman (FOS) has accused loan insurance providers of using “vague” clauses to needlessly reject claims from policy-holders who have become unemployed in the credit crunch. 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 ex...

PPI Provider Paymentshield Makes Job Cuts

Payment Protection Insurance (PPI) provider Paymentshield is making redundant more than 60 of its staff because of "duplication in job roles" following their recent takeover by Towergate. This figure represents 20% of their entire workforce. The number of employees at Paymentshield is dropping from 300 to under 240. 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 ma...

Why was Payment Protection Insurance sold?

Payment Protection Insurance (PPI) according to many leading financial experts is a scam, it’s been mis-sold, mis-placed and mis-trusted - but why did the banks, lenders and providers sell it in the first place? This could be the answer: When you took out a PPI policy with a borrowing, be it a mortgage, credit card or loan; the sales person typically received 50 to 80% commission based on your initial premium. So you can imagine they were eager to convince you that you needed it! According to...