Clydesdale And PPI - The Facts

Reclaim your Mis-Sold PPI By The Clydesdale Bank

June 2018 - Breaking News for Clydesdale Bank Customers.

The team at Beat the Banks are THE Clydesdale Bank experts. Since August 2014, we haven’t lost one single claim against Clydesdale Bank for mis-sold insurance on loans, credit cards or mortgages. This includes overturning many previous rejections by the bank and even the Financial Ombudsman.

We also specialise in recovering historic data from Clydesdale Bank. This typically extends to several inches of information. New rules on data handling (GDPR) came into effect at the end of May 2018 and this means that, by using our specialist knowledge, we now have the ability to access the bank’s “structured data” records as far back as 1990 and in some cases, even further back in time. This breakthrough applies to current customers of Clydesdale Bank and even to those who stopped banking with Clydesdale Bank up to 15 years ago.

What does this all mean? Well, even if you have already claimed successfully for mis-sold insurance on Clydesdale Bank loans, you could now be owed substantially more. Here’s an example of why older claims can result in much higher compensation.

Let’s look at an insurance premium of £3,000 paid in early 1990. First thing to say is that interest rates were much higher back then. On personal loans, an APR of over 25% would not have been uncommon. Also, whilst interest compensation now is 8%, prior to April 1993, it was 15%. A successful claim for mis-sold insurance submitted mid 2018 would result in a massive compensation payment in the region of £9,000.

Payment Protection Insurance was aggressively sold by Clydesdale Bank from the early 1980’s. If you have ever had a credit card, mortgage or personal loan with Clydesdale, then there is a significant chance that you may have been mis-sold PPI. For mortgages, initially the cover was provided by Cornhill, then London & Edinburgh. Later it moved to General Accident, CGNU and Norwich Union. All former trading names of what is now known as Aviva. It was sold at a price per £100 of cover. Typically in the earlier days, this would have been £6. For joint mortgages the cover could be split between the mortgage holders or in the name of one applicant alone.

In the case of personal loans, we were able to quote to the FCA a particularly aggressive and shameful policy that the bank operated from circa 1999. It was named "Scott Lane," after a branch of the Yorkshire Bank where the scheme was first piloted. This involved the relentless targeting of personal loan customers who, in many cases, may have only taken a personal loan with insurance a matter of months earlier. All quotes for the new and normally increased borrowing were only supplied with “lump sum” loan insurance added from the outset. The continual “rolling over” of loans in this fashion allowed the bank to rake in a fortune in insurance commission.

Credit cards were continually promoted by the bank too and especially when new loans were sold. Credit card balances were often run up by customers and then switched to personal loan borrowing, but with customers allowed to retain their credit cards. It was a vicious circle. Wherever possible, credit cards were always sold with insurance. It was an important part of the weekly target for each branch “seller.”

In April 2015, Clydesdale Bank were fined a then record £20.7 million by the FCA for serious failings when handing complaints relating to mis-sold PPI. They had lied to complainants and the Financial Ombudsman about sales procedures that in reality, were non-existent. They had also been less than truthful about their historic record keeping. Added to that, redress calculations on successful credit card claims were also being incorrectly applied with no account being taking of any PPI premiums paid pre- 2000.

The FCA Final Notice was the culmination of several years of work by Mike Begg and the team at Beat the Banks. Over that period, we engaged the help of a number of MP’s, the press and also the Enforcement Division at the FCA. We were able to demonstrate to the latter, through a vast number of packaged case studies, the true extent to which the bank were abusing the FCA PPI Dispute Appendix Rules. As a former senior manager with Clydesdale Bank, Mike Begg was also able to demonstrate and articulate to the FCA the true extent of the historic records held by the bank.

The core of the Beat the Banks team and many of our claims experts are former lending managers with Clydesdale Bank, meaning we are uniquely placed to help you recover PPI mis-sold by them on loans, credit cards and mortgages. To find out more, you can call 01382 200474. We are open each weekday from 9am until 6.30pm apart from Friday when we close at 5pm. On Saturday it’s 10am-2pm.

Reclaim your Mis-Sold PPI By The Clydesdale Bank

If you were a customer of The Clydesdale Bank, contact us today to find out how much they could owe you.

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Beat The Banks care, we care about you, we care about reclaiming what's rightfully yours and together we will continue to Beat The Clydesdale Bank. 

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Are you eligible?

Record fine for mal-administration of PPI claims

You are eligible to claim

In April 2015, Clydesdale Bank, were fined £20.70 million by the FCA.

Are you eligible?

Claim back to December 1989

You are eligible to claim

Clydesdale Bank customers can now claim for mis-sold PPI right back to December 1989.

Are you eligible?

Clydesdale Payout £62,000 ?

You are eligible to claim

Beat the Banks have recovered ten's of millions for customers and our biggest claim to date for one Clydesdale customer is over £62,000

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We’ve worked for banks on the inside. We know that they often get it wrong and when they do, they try to cover it up. Contact us today to find out how we can help you.

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