General News

Recent Successful claims for Abacus Reclaims
August 2011

Mr John Smith from Derby claimed back £1,243.98 in total from his miss-sold PPI with The Bank of Scotland. He also claimed back a total of £871.67 from NatWest bank.

Thousands of rejected PPI complaints to be reopened, under FSA plans
30 September 2010

Companies responsible for selling more than 40 per cent of single premium payment protection policies with unsecured personal loans have agreed to review their sales and compensate customers who were mis-sold the product.

FSA compliance will cost PPI insurers £3.2bn
12 August 2010

PPI insurers face a £3.2bn bill for complying to new measures issued by the FSA to improve the way they handle complaints.

FSA confirms measures to reform PPI
10 August 2010

Hundreds of thousands of individuals who have been mis-sold payment protection insurance could be offered compensation if companies follow new rules laid out by the Financial Services Authority on Tuesday.

Competition Commission confirms ban on point-of-sale PPI
14 May 2010

Watchdog rejects appeal, saying ruling will bring more choice and cheaper rates to payment protection insurance market.

Payment protection insurance
27 July 2010

Watchdog rejects appeal, saying ruling will bring more choice and cheaper rates to payment protection insurance market

Lloyds stops selling payment protection insurance
27 July 2010

Lloyds Banking Group has stopped selling payment protection insurance (PPI) to customers who borrow money.

'Unfair' bank charges to be banned, government proposes
20 May 2010 year

An end to "unfair" bank and other financial transaction charges are among the new policies that have been set out by the coalition government.

New Ombudsman: 'We need to resolve complaints faster'
20 May 2010 year by Emma Simon

Two months ago, Natalie Ceeney took up the role of the nation's chief financial ombudsman.

Complaints over payment protection insurance on the rise, says FOS
19 May 2010 year by Lisa Bachelor

Almost a third of all complaints received last year were about PPI, says the Financial Ombudsman Service

PPI heads complaints to the financial ombudsman
18 May 2010 year

Controversial payment protection insurance (PPI) has dominated the list of complaints to the financial ombudsman service.

Banks to miss out on PPI sales as watchdog unveils ban
15 May 2010 year by David Prosser

High street banks are set to lose an important source of income after regulators insisted yesterday they would press ahead with tough new restrictions on the sale of payment protection insurance (PPI).

Lloyds TSB at centre of Mis sold PPI scandals
2010 year

Lloyds TSB is at the centre of a revolt following the mis selling of Payment Protection Insurance Policies. It has since been revealed by the FSA that at least 80% of the policies sold by Lloyds TSB have in fact been mis sold.

Mis sold Insurance UK and How Halifax is scamming its customers £1bn each year
2010 year

Mis sold Payment protection insurance in the UK is at the forefront of a revolutionary campaign against the banks including Halifax Plc.

Missold PPI (Payment Protection Insurance Claims)
19 March 2010 by Danny Chapman

The Financial Services Authority is being urged by consumer groups to crackdown on the financial institutions responsible for misselling PPI according to the Daily Mail.

Hector Sants: 'the results were not acceptable to society'
12 March 2010 by Harry Wilson

Last night at Oxford University's Saïd Business School, the Financial Service Authority's (FSA) outgoing chief executive, Hector Sants, tore up the UK regulators...

FSA to clamp down on financial services mis-selling
12 March 2010

The head of the Financial Services Authority says the regulator will toughen up protection for consumers against poor financial products.

FSA sets out £4bn bill for firms who mis-sold PPI
10 March 2010 by Jeff Salvay

FIRMS providing payment protection insurance (PPI) could be forced to pay out more than £4 billion to victims of mis-selling after the City watchdog revised its redress estimates.

Banks may be forced to pay back £4bn in mis-sold insurance scam
9 March 2010 by Sean Poulter

Banks and insurance companies may have to pay a staggering £4billion to customers who were taken in by a 'loan protection racket', it has emerged.

New rules on payment protection insurance are delayed
9 March 2010

The Financial Services Authority (FSA) is delaying its plans to combat the mis-selling of payment protection insurance (PPI).

Mis-sold insurance estimated cost up
9 March 2010

The City watchdog doubled its original estimate for the cost to insurers of compensating people who are mis-sold controversial payment protection insurance (PPI).

Banks fobbing off PPI mis-selling complaints with 'goodwill' payments
22 February 2009 by Sam Dunn

Customers who reclaim mis-sold loan insurance from banks and other lenders are being warned not to accept "gesture" payments worth a fraction of their potential payout.

Major Lenders Fined By FSA
Dec 2008

Egg: Fined £721,000 in Dec 2008 for serious failings in its credit card PPI sales by telephone between Jan 05 and Dec 07.

Mis Sold Mortgages

Home owners face higher mortgage payments after bank miscalculation
21 July 2010

Thousands of home owners are facing increased mortgage payments after their bank miscalculated how much they need to pay back each year by hundreds of pounds.

Tighter mortgage rules - what now for borrowers?
13 July 2010

The Financial Services Authority has announced a further clampdown on mortgages which will make it harder for many people to get a loan. We take a look at what's been announced and what it will mean.

Mis-sold a mortgage??
2010 year

Over the past five years there have been millions of complaints logged about the mis-selling of endowment mortgages in the UK.

FSA promises early intervention to prevent mis-selling scandals
12 March 2010

FSA boss Hector Sants said the regulator would conduct mystery shopping exercises and visits to financial firms to try to prevent future mis-selling scandals

Lloyds Group tops ombudsman complaints table
25 February 2010

Ombudsman reports combined Lloyds TSB and Bank of Scotland complaints top its list, with Barclays in second place

Key repossession ruling opens door to mortgage mis-selling complaints
22 March 2009

Ombudsman's verdict offers hope for homeowners who are battling to keep a roof over their heads. Neasa MacErlean reports

Banks stop selling loan insurance
20 January 2009

Five of the UK's largest banks have agreed to stop selling payment protection insurance (PPI) where customers buy it with a single payment.

The Consumer Credit Act 1974 requires banks and finance companies to comply with strict procedures and protocols when offering credit agreements to their customers. Some credit agreements entered into before April 2007 do not comply with the Consumer Credit Act 1974. As a result these defective agreements maybe deemed unenforceable depending on the nature of the defect.

We at Abacus Reclaims are specialists in identifying defective agreements. Cases that we accept are then pursued against the particular bank or finance company for reducing the debt and/or writing off, in addition to possible compensation for breaches such as unauthorised commissions paid, unauthorised insurance policies, unfair administration fees and other unauthorised charges.