PPI - Millions Affected, Billions to be Claimed
Print View - Published: Sat, 21 Jan 2012 at 12:21 AM
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It's nice to claim back PPI compensation. The money to be claimed back never belonged to the banks and lenders in the first place, and hefty compensation is the least a person can expect after being fleeced by trusted, reputable financial institutions.
The whole mis-sold PPI debacle looks like a premeditated attempt by financial service providers to separate unsuspicious customers from their money, the customers unaware that they would never get anything for their regular payments to the policy.
Many hard done by people were denied their right to claim when it came time to do so because they were deemed ineligible, the policy seemingly constructed to be utterly unfair and unreasonable in most cases.
The banks initially fought the High Court ruling, which sternly told them how they should deal with PPI complaints back in April 2011 - mainly because they found it unfair that they were ordered to pay back PPI compensation to aggrieved customers that dated back many years - but they eventually succumbed by May 2011, unable to deny the evidence that justified the High Court's decision.
PPI Victory
This is a huge victory for consumers. Banks have since set aside billions of pounds to sort out customers, and it is now a great time for anyone who suspects they have been diddled by the banks to claim back PPI. The money is literally waiting to be claimed and collected.
Claiming back PPI can be incredibly simple, but this is not always the case. A PPI claimant should first of all collect any documents relevant to the PPI policy that was sold to them fraudulently and contact their bank. They should write a letter, keeping a copy for themselves, and make sure they detail how they believe they are eligible for a PPI refund and are the victim of mis-sold PPI.
A person would need to know the date they took the policy out and the policy number, while it is integral to write down the reason why they have been mis-sold PPI. Once this is done, a person should politely demand that the bank or financial service provider give them back all their premiums plus interest.
There are a plethora of reasons pertaining to why a person has a rightful claim, all involving how the policy was implemented alongside a loan, mortgage or credit card agreement. Some of the main reasons a person can claim back PPI include:
• their age (retiring during the lifetime of the policy, or retired already means they cannot claim)
• the type of work they were involved in (e.g. a self-employed person cannot claim)
• The policy was added without the customer's knowledge
• The policy was not explained properly
When a person makes a claim by themselves, one of two things will happen:
1. The bank or lender will accept their claim and either give a person the full amount they are entitled or to persuade them to accept a minimal settlement
2. They will deny the claim, and send the claimant packing.
In the event that a person is denied by their bank and still wish to pursue the claim (which could be utterly valid even if the banks have dismissed it), then contacting the Financial Ombudsman Service (FOS) or a claims management company could take the claim to the next step to the ladder of happiness.
Without a shadow of a doubt, a person should definitely start claiming back money taken from them due to mis-sold PPI. It is the right thing to do and banks should be made to feel accountable for their dubious, unethical mis-selling of PPI policies and pay back what they wrongfully took from their customers.
About the Author
Rhiannon Warner has been watching the PPI fiasco for some time, writing for Claims Financial, one of the UK's leading claims management companies.
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