The tentacles of the UK’s PPI scandal reached all corners of the country, but in many cases they started in and around the Leeds area. Major names such as the Halifax, the Yorkshire, the Skipton and Yorkshire Bank all sold PPI with an increasing level of gusto as the lending boom continued. And in 1990 the latter was taken over by the Clydesdale, an organisation that was fined more than £20 million after what the FCA described as ‘serious failings’ in the way it handled compensation cases.
Here at Beat the Banks, we are proud of the fact that we played a significant role in the process that led to the Clydesdale’s punishment. We worked alongside Members of Parliament and the media to bring justice to thousands of people who were so poorly treated over a number of years. If you’d like to find out whether you may be due compensation, call 0800 193 1234 and have a chat with our friendly team.
If you lived in Leeds at any time over the last three decades and you took out any form of credit agreement, there’s a chance that you were mis-sold PPI at some point. Products such as bank loans, mortgages, store cards, car loans and credit cards are just some of the purchases that regularly came with PPI tacked onto them. It seems inconceivable to say this, but in many cases it was added on without the borrower being told, let alone asked.
PPI you neither wanted or needed
In the vast majority of instances, PPI was next to useless for the consumer anyway. Many people found themselves lumbered with a policy that was completely unnecessary, and in the process the lenders made a small fortune. Instead of our banks and building societies being financial institutions that we could always trust, they evolved into corporate giants that were motivated by selling, selling and more selling.
It’s worth noting that a number of famous name stores, many of them with branches in the shopping areas of Leeds, also got in on the act. Store cards were seen as a convenient way for consumers to shop, but in a great many cases they also included PPI cover which was of little or no use to the card-holder. For the victims of this scandalous development, a great deal of money was wasted along the way.
The team at Beat the Banks has been mounting and winning robust compensation cases against a number of major players in the UK’s financial sector in recent years, and we continue to fight for justice for the nation’s victims. We have a number of industry experts who have spent many years working for some of the most famous names in banking and finance, giving us a wonderful insight into what went on.
If you feel you may have been mis-sold PPI in the past, we’d like to hear your story. It’s so easy to get in touch via the online contact form or by phone on 0800 193 1234. We hope to hear from you soon.