Saturday, 25 May 2013

Is the PPI scandal past its peak?

PPI scandal, the biggest ever scandal to hit the UK financial sector basically arose from the fact that the PPI policies were mis-sold. The financial institutions and banks which provided the PPI did not give out the accurate and complete information about the policy to the customers. The misleading information only increased the number of complaints that the customers had against PPI as, following the recession, 85% of people who tried to make use of the policy were declined as they were ineligible to make a claim.

The number of people claiming back PPI increased ever since the Bankers’ Association decided not to appeal against the High Court ruling against the mis-selling of the PPI. However, the latest figures released show that the number of claims that the banks and financial institutions are getting has reduced. The FSA was scrapped on April 1, 2013 and in its place the FCA or Financial Conduct Authority now handles all complaints against the PPI. The FCA also releases figures on the complaints that are received by specific bodies in the financial sector.

As per the figures released by the FCA, there has been a slight decline in the number of PPI mis-selling scandal in the second half of the year 2012. During the second half, there were a total of 2.1 million complaints that were received as compared to 2.2 million complaints that were received during the first half of the same year. 

The figures, however, also revealed the fact that the number of complaints received regarding PPI was the largest in the sector. An estimated 63 % of all complaints received were against payment insurance. A number of institutions have also been fined for failing to meet the PPI claims. In addition, banks are now pushing for a deadline to be applied to the PPI claims.

Thus, it seems that the worst is over and that the PPI scandal is past its peak. 

Wednesday, 8 May 2013

Save on Internet, Phone and TV

Most homes in the UK now have broadband connections, but are you one of the many who still has their internet, land line phone and TV supplied by different providers? The fact is that many households have simply bought the best deal for each – separately – and, as a result, may be paying somewhat over the odds. By bundling all three – and it can be done very easily – it is possible to get a very good deal that may be considerably cheaper in the long run.

Unlimited or Otherwise
One thing to pay attention to is whether your package includes unlimited broadband, or has a limit on the amount of data included in the package. Some offer a genuine unlimited deal, others a ‘within reasonable use’ deal, and some include many more offers that make them more attractive overall. You should also consider how often you use your landline, and the option of free TV channels and pay per view deals, as all can make for a more accessible package.

Landline Usage
The advent of the mobile phone has seen landline usage fall, but one is still necessary for broadband hence the need for bundling. To this end, you should consider how often you use your landline to make calls; if it is rarely – as with many mobile users – then the offer of free calls at certain times, which many providers include as part of the package, may not be of any value to you. Look for advantages that are ideal, and pick the best package for you.

Check your current provider
The best way to get the right package deal is to talk to your current broadband provider; they may be able to offer you an all in one package that suits your need, and would be able to see how your usage pans out across a given month and offer you a great package. Remember, there are many different packages on offer, and choosing the right one can be bewildering, so use all the comparison tools you can to look at the options, and you may find a very good deal.