PPI On Mortgages, Reclaim Now With Beat The Banks
Just let’s say that mortgages are perhaps not the biggest money spinners for banks. Well not unless you sell the customer something else at the same time – now you are talking !!
Of the portfolio of borrowing that a bank can sell customers, mortgages in themselves make the smallest margin. Priced closer to the Bank of England Base Rate than a personal loan and certainly much more so than a credit card, they tend to operate on a daily interest basis.
So, with that in mind, the banks came up with a fantastic new game called cross-selling. The more you cross-sell, the more points you get …. and as everyone knows, points make prizes. And make them, they certainly did. Staff were often heavily incentivised to sell or even penalised if they didn’t.
So where does the PPI come in ? Well, the banks wanted these monthly repayments covered, but what they didn’t tell you was, that you didn’t need to buy the cover from them and it many, many cases, you simply didn’t need it anyway.
Mortgage PPI or as it was most commonly know as, Accident, Sickness and Unemployment Cover, was what the team at Beat the Banks, call a scattergun approach to insurance – a kind of one size fits all, regardless of the limitations of the contract. Priced per £100 of cover, the price varied between lenders, with the average being somewhere between £6/7 per £100 of cover. Now here is the good bit – everybody paid the same price per £100 of cover. Regardless of whether you were a 64-year-old male miner, smoking 60 a day or an 18-year-old, non-smoking female office worker, the price was precisely the same. All logical common sense, as you will appreciate!
Now, if you had work benefits or savings, it might not have been the best thing for you – but let’s not get that in the way of a good chance to cross-sell. The 90’s and early noughties saw the banks sell this type of product by the bucketload. Northern Rock Paysafe, Abbey National Paymentcare, Halifax TMP are just some of the more recognisable names.
Just like the sale of every type of PPI, certain rules had to be abided by and with our masses of practical banking experience, we know precisely what should have happened and what should have been said, at the time of every single sale.
If you think you have been mis-sold PPI on your current or a previous mortgage, then you can give our team a call on 01382 200474 or for free on 0800 193 1234.
Oh and the other cross-sales? – building and contents insurance and the BIG money spinner – life or life and crucial illness cover. Certainly in the case of the latter, the moral is never, ever buy these products from a bank. In most cases, the cost is hugely inflated and often can be of significantly poorer quality. Sold at a cosy business partner rates with insurance companies such as Scottish Widows, Aviva and L&G, maybe it’s time you checked your cover. A service that Beat the Banks are happy to offer through a number of tried and trusted brokers.
Mortgages And PPI - The Facts
Was most commonly known as, Accident, Sickness and Unemployment Cover
Priced per £100 of cover, the price varied between lenders, with the average being somewhere between £6/7 per £100 of cover.
All PPI claims need to be registered by August 2019, if you were mis-sold PPI by any of the mortgage providers you need to act now.
From Our Clients
“Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”Shona, Dundee
“From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”Mr A McQuillian
“Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”T & A, Dundee
“I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”Mrs S, Falkirk
“Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”Mrs M, Elgin
“We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”Dave & Linda , Dundee
“Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”Mr S, Dingwall
“We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”Mr & Mrs M, Shetland
“From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”Mrs C, Glasgow