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PPI CLAIMS DEADLINE
29th Aug 2019

Yorkshire Bank Credit Card PPI Check

Yorkshire Bank PPI

What is Yorkshire Bank PPI?

There are many ways of referring to Yorkshire Bank payment protection insurance (PPI), these include credit insurance, credit protection or loan repayment insurance. The purpose of PPI was to help a borrower make their repayments to Yorkshire Bank if they couldn’t due to an unforeseen event, such as sickness, injury or redundancy.

PPI is often confused with income protection insurance. They are two completely different products. PPI provides short-term cover and is provided alongside loan and credit products. Any pay-outs under PPI go straight to the loan provider instead of the policyholder.

Income protection insurance is designed to cover 70% of the policyholder’s income if they can’t work due to accident or sickness. This is long-term protection and can cover a person until they retire if they are too ill or injured to work.

Many PPI policies sold by Yorkshire Bank were added on to a loan, credit/store card, mortgage or an overdraft.

The duration of Yorkshire Bank PPI usually covers a period of 12 months allowing the borrower to time to seek employment or return to work, if appropriate.

How was Yorkshire Bank PPI mis-sold?

Some customers were sold Yorkshire Bank PPI without knowing it had been added to their loan. Consumers say that Yorkshire Bank advised them their loan, mortgage or credit card application would not be approved if they didn’t buy Yorkshire Bank PPI. This meant borrowers took out the Yorkshire Bank PPI, even though they may not need it because they didn’t want to risk losing the deal.

Were you mis-sold PPI by Yorkshire Bank?

It is possible PPI may have been mis-sold by Yorkshire Bank if any of the following facts occurred at the point of sale:

    • Were you unemployed, self-employed or retired at the time Yorkshire Bank sold you the PPI policy?
      • Had you been unemployed, self-employed or retired when you were sold your PPI policy by Yorkshire Bank, you would not have received any benefit from it as you would not have been covered.
    • Did you know that PPI had been added to your agreement by Yorkshire Bank?
      • If you had no idea that Yorkshire Bank had added PPI to your agreement, it could have been done without your consent. Alternatively it could have been an opt-out box that wasn’t clearly visible.
    • Had the Yorkshire Bank explained the total cost of Yorkshire Bank PPI to you at the time of sale?
      • All costings relating to the PPI should have been explained to you by Yorkshire Bank. This will be a major mis-selling factor if it wasn’t done.
    • Did Yorkshire Bank make it known that that some of the PPI premium may have been paid as commission?
      • If more than 50% of your PPI premium was paid as commission to Yorkshire Bank, this is classed as high commission under the Plevin rule. You were mis-sold and due a PPI refund.
    • Were you made aware by Yorkshire Bank that you could cancel the PPI policy?
      • Yorkshire Bank should have explained that you had a cooling off period and could exercise your right to cancel the PPI policy within that time.
    • Were you made aware by Yorkshire Bank of any circumstances or exclusions where you would not be successful in making a claim?
      • If Yorkshire Bank had not made clear any exclusions or circumstances that would prevent you from claiming, you may have been mis-sold Yorkshire Bank PPI policy.
    • Were any enquiries made by Yorkshire Bank if you had other PPI cover that would cover repayments?
      • Yorkshire Bank has a responsibility to find out if you had sufficient PPI cover elsewhere.
    • Were you pressured into purchasing the Yorkshire Bank PPI policy?
      • Yorkshire Bank should have looked at your personal situation to assess if you would benefit from having PPI without any pressure or hard-sell.
    • At the time of taking out the PPI policy with Yorkshire Bank, did you have any pre-existing medical conditions?
      • If you had any pre-existing medical conditions that meant you could not have worked for the duration of the Yorkshire Bank PPI term, you would not be covered by the Yorkshire Bank PPI policy.
    • Was it implied to you that Yorkshire Bank PPI was necessary to get the finance?
      • If the finance sought was such that required a PPI policy, Yorkshire Bank should have let you know that you could shop around to find and compare PPI cover or if you already had PPI in place, Yorkshire Bank should not have sold you their PPI policy.
    • Did Yorkshire Bank PPI have an upper age limit, if so, were you older than it?
      • If Yorkshire Bank PPI specified an age limit for cover and you were older than this, you would not be covered by the policy.
    • How long was the term of Yorkshire Bank PPI, was it was shorter than the term of finance agreement? Did Yorkshire Bank explain that there would also be a period of no cover towards the end of the finance agreement?
      • If Yorkshire Bank didn’t explain that you would have a period of no protection during the term of the finance agreement, you Yorkshire Bank PPI policy was mis-sold to you.

What could you claim from Yorkshire Bank?

If your claim against Yorkshire Bank is upheld, you may receive a full refund of PPI paid to Yorkshire Bank, including any interest charged on the PPI. Statutory interest of 8% per year would also be payable on the premiums and any interest charged.

How to Make a PPI Complaint to Yorkshire Bank?

The Financial Conduct Authority (FCA) has set a deadline of 29 August 2019, by which time all PPI complaints will need to have been submitted. After this date, customers will lose the right to have their complaint assessed by us, or the Financial Ombudsman Service.

If you have previously received a letter from Yorkshire Bank outlining potential concerns about the way PPI may have been sold to you, then you may have less time, so it is important to act as soon as possible.

Please be assured that by checking or complaining about PPI to Yorkshire Bank, neither your relationship with, nor your credit score will be adversely affected in any way.

If you have a concern about how your PPI Policy was sold, it’s easy for you to contact us directly to discuss and start your check PPI for FREE.

We understand consumers may require different levels of assistance and are committed to making your check PPI** and claim process as simple as possible. Our process has been designed to make it as easy as possible for everyone wishing to make a complaint.

We’d like to discuss the details of your case with you so your complaint can be lodged as quickly as possible with Yorkshire Bank to find out if you had any PPI charges on your loan or finance agreement.

The PPI Deadline

IMPORTANT NOTICE!

WE ARE NO LONGER ACCEPTING NEW PPI CLAIMS!

Due to the proximity of the PPI deadline, we are no longer accepting any new PPI claims to allow us to process existing PPI Claim enquiries

Please be assured, if you have already enquired about a PPI Claim with Money Management Team Limited we are processing your enquiry and will update you as your claim progresses. If you need an update in the meantime, please contact us.

You can pursue your own claim direct to the firm to obtain a refund. You can do this for yourself at no cost and then use the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) which are both FREE.

Dont Miss the 29th Aug 2019 PPI Deadline!

£Millions Remain Unclaimed!

PPI Deadline FAQs

Is there any leeway in deadline timing?

No – the deadline is absolute. If the claim is not properly logged with the lender before midnight on August 29th it will be officially time-barred.

I already have a case(s) going through with you, what will happen to them?

The deadline is for new claims only. All existing claims will be investigated and decided normally.

I have had a case with FOS through you for ages – what will happen to it now?

All FOS investigations of current claims will be unaffected by the deadline. It is for new claims only.

Will the deadline cause any delay in my case?

No – existing cases will be processed as normal with a final decision expected within 8 to 16 weeks of acknowledgement of the claim by your lender.

What if the bank wants more information?

A request for further information from the bank means that it has been accepted and is under investigation. The usual timescale of 8 to 16 weeks for a decision will still apply.

Why is there a deadline?

The deadline was set in place by the Financial Conduct Authority (FCA), which is the UK’s financial regulator. It’s chief executive, Andrew Bailey, said at the time: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off. We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.”

“We have carefully considered the feedback we received and we still believe that introducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”

What happens after the deadline?

The deadline is for new claims only. If your claim has already been lodged with your lender then it will be fully investigated.

What happens if my case is rejected by the lender?

If your claim is rejected then it will be passed to our specialist team who will evaluate the terms of the rejection to see whether an appeal to the Financial Ombudsman Service (FOS) might be possible and advise you of their findings.

PFCA MEMBER

PPIClaims.com is a trading style of Money Management Team Ltd. Money Management Team is a member of the Professional Financial Claims Association (PFCA).
We comply with the PFCA Code of Practice

Important Information


*Free Check with our Claims Service. Outcome is lender specific and may result in a complaint being investigated

Your PPI Claim starts with a Free PPI Check service. Our PPI Claim fee of 20% + VAT (so 24%° of the total redress offered by your lender) is payable if your claim is successful. That means if we don’t recover you anything, you don’t pay us a penny.
You can submit a claim directly to the lender yourself for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free to review your case, providing it falls within their remit and you have approached your lender first.

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