PPI Reclaim
PPI stands for Payment Protection Insurance and is often taken out as part of an insurance or credit agreement to provide cover for the customer during the period of the agreement should circumstances change and alter their ability to pay premiums or make repayments.
Why So Current?
Prior to recent changes in the law and the Bank of England policy on such matters it was estimated that banks could make up to £80 million on sales of PPI with all manner of underhand methods being adopted to get the customers agreement and only 40% of customers at one time actually being aware that they had PPI.
Although there had been controversy up until that point it wasn’t until 2005 when the Financial Services Authority demanded action that many people became aware that they had cover or what it consisted of. The decisions reached by the FSA and the High Court in turn have meant that anyone who was sold PPI under false pretences can not only claim back the premiums they paid but also any interest which was paid on the sum.
How to Claim
Even if the policy in question has now expired or been claimed against consumers are still being encouraged to attempt a claim against the particular financial institution. As long as the claim is made within six years of the beginning of the policy and is made by the actual involved party then it should be considered. Rules state that a financial institution has five days to acknowledge receipt of a claim and then a further eight weeks to consider it. If the customer does not receive a response or receives an unsatisfactory response after that time they may take the matter to the financial ombudsman.
As was the case when courts ruled against banks for unfair overdraft charges there are two main ways to make your claim; either to claim personally or to employ a claims company to do so on your behalf. Each have their own advantages and disadvantages; claiming through a company means less hassle and form-filling but with fees to pay out of any awarded compensation whereas a personal claim is the exact opposite – hassle but 100% of any payment received.
Consumerprotectionservices.co.uk
specialise in PPI Reclaim. Our mission is to represent our clients with professionalism and expertise to get you the compensation you deserve. Visit us for PPI Claims.