Tag Archives: ppi mis selling

PPI Industry: What to Know About PPI Claims

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You are most likely familiar about the mis-selling of PPI if you are living in the UK. But one thing you may unaware of is that whether you can claim back PPI or not.

Lenders who have been mis-selling PPI has agreed to set aside provisions to refund consumers who have been mis-sold PPI and just chose to restrain their high court battle against the consumers regarding the payment protection insurance refund.

The estimated number of PPI policies that were mis-sold across the UK is 31 million. If you have bought a payment protection insurance policy that you didn’t need, inquire on how you can claim a PPI refund.  If you are not sure if you are a victim of mis-sold PPI, the best way to do is to seek for a professional assistance to be sure. There so many ways on how PPI is mis-sold. You just don’t even know it that you were victimized. At this time, lenders who have mis-sold PPI policies to millions of consumers are working on the refunding of billions of pounds for the expensive insurance.

Contacting a claims management company to attain a free no obligation review would be the best thing to do if you think you were victimized by mis-sold PPI policy. An 8% of interest is added along with your reclaimed premiums made into the policy if the claims company will discover that you were previously mis-sold PPI. Consumers’ way to avoid lenders and worrying about the PPI case is they look to appoint a claims management company to take care of their concerns. Claims management companies have improved their procedure to make it as simple as possible for the consumers and they are established for how many years now.

Here’s the list for the following advantages that you should look for in a claims management company:

  • Free review of your case
  • A no win no fee reclaim service
  • Does not charge any upfront charges or fees
  • No charge for claims that are unsuccessful
  • UK based office
  • Personal claims handler
  • Regulated by the Ministry of Justice

If ever you will find a claims management company that meets the above qualifications, then you can guarantee that they are a reliable company. Get in touch with their claims department to get a better understanding about how their company operates. Inquire about how they process to claim back PPI when you get to speak to a member of their claims team. Never hesitate to ask questions and information you may want to know about the company. Remember that reputable companies are capable enough to handle about your concerns and give you the service that is suitable for your prerequisites.

Growing PPI Mis-Sold Claims – Reached 4.5 Billion GBP?

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The British Bankers Association confessed that the banks have been mis-selling PPI to consumers. This confession took place last April 2011 and they have settled to reimburse the consumers to whom the product was mis-sold.  On the same month and on the same year, there was an estimated amount of £4.5 Billion for the claim pay-outs assessed by the banks. According to the Financial Ombudsman Service in the UK, the rate of complaints regarding mis-sold PPI continues to increase. Is ordering payment protection insurance a necessary evil due to the weakened state of the UK economy?

The payment protection started when the state provided financial support to those individuals who are unemployed due to a job loss and did not have enough money on their savings that would support them until they get a new job. In the last few years, the benefit paid by the government for the individuals who belong to the “job seekers” category is constantly decreasing and the sum distributed by the government is now about £75 per week. The government applied procedures that will determine on who will be eligible for the job seekers allowance and they keep a record of it every month. The insurers saw a breach in the market and recognized that if they piggy back on the government’s job seekers allowance payout process and add-on the funds to a higher amount, they could efficiently endorse it with a few other suitable standards. This innovative thinking resulted in the foundation of payment protection insurance.

The banks realized that this insurance is beneficial instrument as it helps the borrowers continue to pay their loan installment if ever they will lose a job or wouldn’t be able to pay due to sickness or accident. Then the banks started to pressure people to buy PPI or payment protection insurance every time their customers took out a loan and in some cases, they made it is a compulsory obligation to buy. The premium was subtracted from the loan itself and this made banks to gain substantial profits. In some cases, the profits that this PPI has produced were more than the loan itself. This encourages the incentivizing bank employees to sell more PPI. The desire to sell more ended in overlooking pre-existing conditions, type of employment and the contract of employment and all the eligible standards to qualify for a payment protection insurance. This leads for the banks to pay the substantial reimbursement amount of £4.5 Billion because of their greed to gain lots of profits.

On the other hand, the product was established to protect people in case they lost their jobs or got into an accident or illness that prohibits them to work and is the most efficient risk modification product ever created. On its own merit, buying this insurance after making sure all the qualifying criteria are met is a very useful fall back option. It is much more significant nowadays since jobs are scarce. On the other hand, people should not get disappointed with the headlines they see in popular press and disregard payment protection insurance. Good and carefully selected payment protection insurance can be the ultimate savior in terms of financial stability if someone loses their income due to unemployment, accident or sickness.

 

 

 

PPI Claims: Questions That Are Frequently Asked

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Payment Protection Insurance or what is commonly known as PPI has been mis-sold to ton of people in the UK. Most of this people have no idea that they could be eligible to claim back thousands of pounds.

Here are the top questions that people ask themselves whether or not to make PPI claims:

a.)   How to identify if I’ve been mis sold PPI?

A lot of people are not aware that they have been mis sold PPI and the other thing is there could be more than one PPI policy. You can get a larger refund without dealing with difficulties in making a PPI claim. You can as for Claims Management Company to assist you on finding additional policies.

b.)   How about the time limit for making PPI claims?

People who are into PPI should know that there is a limit of six years for making PPI claims. On the other hand, if you have saved the records for your PPI policy it may be possible to claim on a policy taken out more than six years ago. If you have put you your loan documents out of place, a claims company can help you by requesting those documents from the lender for you.

c.)   How much reimbursement am I going to get?

The sum of PPI claims that someone can get varies from person to person. The PPI can increase between 13% and 56% for loan repayments which could add up to thousands of pounds. This report is according to The Citizens Advice Bureau. You are eligible for the money that you have paid to date with an additional interest if your PPI claims come out successful. If your loan if still on process, your repayments monthly will also be decreased by the sum you are compensating for your PPI policy. You will only receive all your PPI refund in cash if your loan had already been recompensed.

d.)   How long do I have to wait to get my PPI refund?

There is no exact time on how long do you have to wait to get your PPI refund. Some PPI claims are processed in a few weeks and some others take much longer than that. It is determined based on the nature and intricacy of the claim. There are some lenders that are quicker when it comes to processing complaints compared to other lenders and a lot of people are not aware about this.

e.)   What is the advantage of a PPI Claims Company?

There are a lot of people that are unaware that they have been mis sold PPI policies and the other thing is that they don’t know that they have more than one policy where a PPI refund is due. A person that is trained and is capable to find all these policies is also known as a claims handler and it ensures that the full payout is received by finding all the policies. You can also seek an expert’s advice at a claims company on how to avoid difficulties in making PPI claims.

Qualities to look for in a good claims company:

  • A good claims company will never charge an upfront fee
  • It work on a no win no fee basis
  • There are no hidden charges for their services. The make charges clear from the beginning.
  • They are regulated by the Ministry of Justice
  • They have trained professionals working for them
  • A good claims company never makes false promises regarding guaranteed repayments and time limits.

It is recommended that you should inquire if you will be charged a fee for the sum of money that you’re going to save in the future as many companies have this rule in their terms and conditions.