PPI Claims - Everything You Need to Know
Banks and Insurance companies are hardly the flavour of the month in these difficult economic times. Add to that the huge number of PPI Claims being seen now in the UK and their reputation is actually sinking even further if that is possible! The banks and leading insurance companies have mis-sold PPI (Payment Protection Insurance) at exorbitant prices to its customers. If you obtained a mortgage, loan or credit card in the last six years, you may have been an unwilling victim.
In theory PPI is intended to cover loan repayments during illness or unemployment of the borrower. However, banks have mis-sold the product by either describing it as mandatory when it wasn't or just not telling the customer that they even had the policy. Banking employees have been influenced by financial considerations and the big bonuses on offer for each PPI scheme sold. If the scheme isn't sold, their individual pay packet for the month is that much smaller. That's the harsh reality.
However, all is not lost. This rampant culture of mis-selling is now in the Government's sights. According to their statistics, almost 65% of PPI's have been mis-sold.
It may be possible to reclaim your money by the use of a PPI Claims procedure. And it is well worth your while pursuing this course. Thousands of pounds could be at stake...significantly more if the PPI is being used to cover a mortgage. The scales are starting to tip in your favour. However as you would expect, banks are not in the habit of surrendering money. To complicate matters, they will use legal terminology in order to unsettle a PPI refund. Processing PPI claims can be a minefield. The best course of action is to use specialist legal advisers to help you.
