Yorkshire Bank and its subsidiary Clydesdale Bank have set aside a substantial sum to reimburse customers in what has become one of the worst banking scandals in history.
The Financial Conduct Authority has said that Yorkshire Bank was guilty of “serious failings” in PPI complaint handling. As a result, 40,000 cases may have been unfairly rejected and over 50,000 may have been given inadequate compensation.
How Much Has Yorkshire Banking Group Allocated For PPI Claims?
Clysdale Yorkshire bank (CYBG) has to date alloacated more than £2.05bn to settle PPI claims. In April 2018 the owners of Clydesdale and Yorkshire banks set aside another £350m to handle tens of thousands of unexpected claims for mis-sold payment protection insurance (PPI) in the run to the PPI deadline.
The announcement by CYBG came after the group saw the number of claims surge to 59,000 in the six months to 31 March 2018.
Grounds On Which PPI May Have Been Mis-Sold By Yorkshire Bank:
You were not made aware by Yorkshire Bank that you were being sold PPI on your store card account.
- You were told by Yorkshire Bank that having the PPI policy was a compulsory requirement.
- Yorkshire Bank did not check if you had any exclusions that would make it impossible to make a claim on the PPI policy?
- You were led to believe by Yorkshire Bank that you needed to buy PPI from them to be accepted for the store card account.
- Yorkshire Bank didn’t check if you had any pre-existing medical conditions before selling you the PPI cover as these can fall under exclusion clauses.
- Yorkshire Bank has already been fined and/or is facing mis-sold PPI queries.
- Yorkshire Bank didn’t check to see if you already had this type of insurance cover through your employer or another policy.
- You believe Yorkshire Bank sold you the wrong insurance product.
- Yorkshire Bank did not check your employment status to ensure you were not self-employed, unemployed or retired as PPI does not cover these.
- Yorkshire Bank did not disclose if commission on PPI policy was being paid to an intermediary or how much it was.
What Information Need To Start A PPI Claim With Yorkshire Bank ?
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim. If you no longer have the paperwork, don’t worry, at PPIClaims.com we can find out if you bought PPI on any previous products or accounts.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember:
- when or why you agreed to it?
- if you were informed that it would be added?
If you can’t remember please don’t worry, we can check if you had PPI with Yorkshire bank for free on your behalf.
How Do I Start My Yorkshire Bank PPI Claim?
We’d like to discuss the details of your case with you, so your complaint can be lodged with Yorkshire bank on your behalf as quickly as possible.
- Start your Free PPI check process by using our online form. Completing the required information will help to establish if you have held a policy with Yorkshire bank; or
- Complete our online claim form to start your claim.
What If My PPI Claim Has Already Been Rejected By Yorkshire bank?
If you have raised a previous PPI complaint with Yorkshire bank which was not upheld, you are now be entitled to raise a further complaint relating only to the commission charged under the Plevin ruling on your PPI policy, please complete our online PPI High Commission refund form.
High Commission PPI Claim
When PPI was sold by banks and lenders the majority of the cost was actually received in commission. So, a percentage of what was paid for your Yorkshire bank PPI premium was actually commission and this went to the bank or broker, rather than the whole amount going towards paying for your insurance.
What are the eligibility requirements for a high commission
If any of the following scenarios apply you may be eligible to make a claim:
- Your credit agreement was covered by section 140A of the Consumer Credit Act 1974
- You weren’t told about the commission that was being charged on your policy
- The commission paid was more than 50% of your premium with the average commission being charged at 60-70% of premium being paid by most banks and lenders.
How to make A PPI complaint about high commission ?
To help you we’ve set up a simple and easy way to complain about the commission on your PPI policy. Just complete the short form above with your contact details and we will call you back to get more details about your PPI policy and circumstances. We’ll then register a formal complaint with your lender on your behalf to ask them to investigate if you were charged a high level of commission on your Yorkshire bank PPI premiums.
Please note: If you’ve never made a complaint about PPI, you should do that first using the PPI check form at the top of the page, so we can register your FREE PPI check with Yorkshire bank and ask them to confirm if you had a PPI policy with them. However If you have previously made a complaint about PPI with them, you should use the PPI commission form to start your high commission PPI claim.
Next of Kin Mis-sold PPI Claims
An area of mis-sold PPI that is often overlooked because many people do not know about it is claiming on behalf of a deceased spouse or other family member who has passed away. For example, if you knew your spouse was paying for PPI before they passed away and you have concerns if it was mis-sold, you should find out as you may be entitled to claim it back.
Each month a sum of money was paid for a PPI policy that covered the policyholder should they repayments become unaffordable because of illness, accident, redundancy or death.
The PPI policy would have been sold by a bank, building society or other financial provider such as an insurance company or broker.
There have been many cases of banks, lenders and other providers selling PPI to customers who would never be able to claim on it.
The are several situations that could apply to your spouse or family member that would make them ineligible for PPI. These include:
- Having a pre-existing medical condition or if someone was;
- Being self-employed or retired at the time of taking out the cover;
- Public sector workers, civil service workers and those in other similar employment may have protection through their employment contracts, so did not require PPI;
- Some customers were not aware that they had PPI as it was added on with their consent or knowledge;
- Customers being led to believe the PPI cover was compulsory when it was optional, indicating that they didn’t understand what the cover was for.
If you, as an executor, personal representative, or next of kin know or suspect that any of the above situations applied to your late spouse or family member, look further into it as there is a strong possibility that the PPI was mis-sold.
Here’s what you need to do:
- Establish if your spouse or family member was paying for PPI on a credit card, loan or mortgage.
- Try and work out if the PPI was mis-sold based on the situations described above.
- Decide how you want to pursue the claim: yourself or by using PPIClaims.co.uk. By using PPIClaims.co.uk we do all the hard work, so you don’t have to.
If you think there may be PPI on any loans or credit agreements that were take out by a deceased spouse or family member it is worth getting a FREE PPI check done to know for sure.