PPI is always optional, it is never compulsory.  The skyrocketing number of mis sold PPI claims, since 2010, is brought about by the hungry-for-commission agents who mislead their clients the into taking out the controversial insurance policy and not claims managements firms, like they would have you beleive. Complaints made in the second half of 2010 increased by 63% as reported by the Financial Services Authority (FSA), and the dishonest bankers are trying to shift the blame onto reputable claims mananegment firms, like ourselves, and have resorted to name calling – “ambulance chasers and claim farmers” to divert thpressure away from them and onto us…. tut-tut!

There were approximately 434,596 complaints made about payment protection insurance in the last six months of 2010. A leading insurance specialist has warned the public on the possibility of claims for the mis-selling of payment protection insurance to keep rising over the next few years. Over last ten years, British banks could be indebted for as much as £3 or £4 billion to consumers who have been mis-sold PPI.

Consumers who applied for loans, mortgages or credit cards who were unfortunate enough to have incurred mis sold PPI often are whining about the idea that many sellers had made them believe that PPI is compulsory. With Bankcharges.com, each consumer who was misled to pay out for PPI is given proper assistance to reclaiming their compensation.

“History shows there is around a two-year delay in complaint activity and compensation demands, so it is clear that PPI compensation is going to keep rising for the next few years,” argued Steve White, Head of Compliance and Training at The British Insurance Brokers Association (BIBA).

Despite the trend of delay between complaints made and giving of compensation, Bankcharges.com has established fast and reliable 100% No Win No Fee guarantee in reclaiming unfair bank charges due to mis sold PPI and mis sold mortgages.

Phillip and Angela Allberry, a couple from Evesham, Worcestershire were pushed into a mis sold Northern Rock  mortgage in 2006 leaving them in constant hardship during their retirement. According to the couple, their adviser instructed them to use the mortgage to release cash from their home to invest in an equity bond. They also added that the said adviser speculated that the bond does not only centers on covering mortgage interest payments but also on supplementing their pension.

Fortunately last August, the Citizens Advice referred them to a chartered financial planner, Rob Gill  who assisted the couple in reclaiming their mis sold mortgage from NRAM. Philip and Angela then received the maximum £50,000 compensation that the Financial Services Compensation Scheme allowed at that time. On the other hand, it did not cover all the £153,000 debt incurred.  “Even after putting their £50,000 compensation and most of their life savings towards the debt, the Allberrys still had a £54,000 outstanding mortgage with Northern Rock” Gill explained.

At present, a humungous number of older homeowners in the Eighties fell in the traps of these commission-hungry advisers who keep on pushing them in the pit of debt. Reported mis sold mortgages which have exacerbated the financial burden of its victims are lesser compared to the unreported ones.

For a number of years, Bankcharges.com has provided its clients viable services that enable them to reclaim unfair bank charges. Those who want to get back the cash they have paid for their mis sold mortgages, must ask experts first on how and what is the best thing to do to make their claims.

Following last month’s £840,000 fine of DB Mortgages, the Financial Services Authority (FSA) last week confirmed it was investigating a second firm over questionable mortgage lending practices.  Mis sold mortgage claims are expected to increase in volume as more lenders’ mortgage selling practices are scrutinised.  We would like to see more lenders and mortgage brokers investigated and brought to justice for effectively conning their customers into taking out inappropriate mortgages.

Consumer confidence in the banking sector has remained low following the global banking crash and what we are seeing in the aftermath is adding more fuel to the fire.  The Financial Ombudsman Service (FOS) are encouraging people to contact the lenders directly or deal with the FOS themselves, but experience tells us that the customer will only be frustrated as the banks will give them the royal runaround in the hope that they give up before the matter is satisfactorily concluded.    

We agree that there are some some unscrupulus firms that will try to benefit from the borrowers mis fortune so we advise caution.  Do not pay any money upfront and do your homework before deciding on how to proceed with your mis sold mortgages claim.  If you believe that you may have been mis sold a mortgage in the last 6 years then call our mis sold mortgages team now on 0800 840 7291.

Barclay’s chief Bob Diamond announced that their investment bankers average pay rose up to £236,000 from £191,000 last year despite the cutting of its bonus pool in line with the Project Merlin deal. The bank admitted that the amount of revenue that they are using to pay its investment bankers rose to 43% from 33%. Reportedly, they have a current profit of £6bn.

Unions such as UK Uncut and Unite have angrily demonstrated over the said boosting bonuses to investment bankers and pay-outs for top bankers. They argued that this could mean that the gap between the lowest employee and the executives would be a lot wider. “The Barclays decision to award these mammoth bonuses for their top bankers is shameful. These bonuses undermine any claim by the government that there is fair pay in banking. Those at the top of the big banks are paid more than 100 times the pay of those workers at the lowest level. These excessive rewards widen the gap between those at the top and ordinary workers struggling to pay their bills” commented Unite General Secretary.

Furthermore, this suggests that Barclay profits excessively at the expense of taxpayers, customers, investors and corporate clients. Hence, the prevalence of mis sold mortgages. Through these hidden subsidies, Barclay will still be able to increase their bonuses as high as they want even with the bonus pool cut.

The case on unfair bank charges due to mis sold mortgages as of the moment is unstoppable. Banks will forever find ways on how to increase the profits through hidden subsidies. Bankcharges.com has been at service through years helping financially crippled individuals to reclaim bank charges due for them.

Another bank crisis looms ahead says top banker this week. Remembering the last bank crisis’ which are still crippling our society it is no wonder the warning will shock millions.

The scars of the mis sold ppi which the banks deliberately pushed onto us stays with millions of customers today, not to mention the mere mention of Northern Rock which will make you scream. It is Mervyn King this week who warns us of troubles ahead. He warned that the UK will be plunged into another financial crisis, unless reforms of the banking sector are pushed through and spoke of the growing imbalances in the sector and claimed that problems still remain in the banking sector.

Mervyn also urged the banks to put an end to operating solely to maximise profits and added that they need to pull away from their short term profit culture. It seems that it was this banking culture which caused them to run into the mis sold mortgages fiasco in the first place.

Be it the banks to blame for the mis selling of millions of ppi it is the customer who is left to correct the bank error and claim back any costs incurred by the mis sold mortgages through claims for compensation. If you have a mortgage which you feel just not add up or has been mis sold to you then call our claims team on 0800 840 7291 For specialist advice today.

A new book by economist and author David Craig, is set to reveal the true cost of bank charges and warns that the UK financial services sector has become an “obscenely profitable money-making monster” that needs to be reigned in by the UK Government.

In a investigation spaanning 6 months, David Craig consulted with the Bank of England (BoE), Financial Services Authority (FSA), Investment management Association (IMA) and our friends at the British Bankers Association (BBA) and reviewed 6,000 products including current accounts, savings accounts, and unit trusts. 

His investigation revealed that the banks make a staggerring £105 billion a year in interest and bank charges form their coustomers.  And went on to state that the banks had profited hugely from the low interest rates - currently at 0.5%, but had failed to pass on the benefits claiming that “There’s virtually no interest on our savings, our pension funds hardly grow and our unit trusts seldom achieve the tempting returns hyped in the sales pitches. This is a catastrophe for ordinary people trying to save a little money for their own and their family’s future.”

This news will only reinforce public anger directed towards the banks who have seen a drop in consumer confidence following the global banking crash during which several banks  had to be bailed out by the tax payer.  This news is just another reminder to the people that the banks will do whatever they can to boost their profits and may open the door for more financial mis selling compensation claims.

Bankcharges.com is already helping people to reclaim unfair credit card charges, mis sold ppi, and mis sold mortgages.  Please continue to visit our site regularly to keep up to date with the all matters related to financial irregularities compensation claims and how we can help you to get your money back from the greedy banks.

David Craig, “Pillaged! How They Are Looting £413 Million a Day from Your Savings and Pensions” is now available to buy.