It is anticipated that 2017 will be a record year for new PPI complaints being registered. The Financial Ombudsman Service, FOS, has predicted that the number of complaints it will receive in the next financial year, will be ‘heavily influenced’ by a proposed submission deadline for PPI complaints.
Following the scandal surrounding the way payment protection insurance (PPI) policies have been routinely mis-sold to borrowers, thousands of people have already successfully claimed their money back. The combined value of PPI claims is so far in the billions, and there is a widely-held expectation the bill still has a long way to climb. If you believe you are eligible to make a claim but have not yet done so, it is worth getting things moving as soon as possible.
The PPI scandal began after the authorities launched an investigation into complaints about mis-selling of policies. They discovered that tactics which ran contrary to regulations were being widely used by banks and lenders throughout the UK. The High Court ruled in 2011 that mis-sold PPI is to be refunded to all customers because not all customers needed the insurance policy and most were ineligible for the insurance. The decision for customers was based on the fact of profiteering made by banks by including and “recommending” the PPI to customers and served as a large source of income for many years.
Fines were issued to some of the offending firms, and rules were changed to give better protection to customers. Wronged borrowers also gained the right to claim PPI refunds on any policies they were mis-sold. If you were wrongly sold PPI on a loan, mortgage or credit card, it is worth getting your claim started as soon as you can.
How was PPI Mis-sold?
One common tactic that was used to mis-sell PPI involved lenders neglecting to inform customers of their rights. Borrowers should be told that they have the right to look around for better PPI rates from somebody other than the lender. Many customers were led to believe they had to take out credit and PPI from the same company. Others were sold inappropriate policies or completely useless ones that would not have allowed them to claim. Some weren’t even told they were being given PPI. If you have fallen victim to these or other mis-selling tactics, an average payout of £2750 per policy means it is well worth making a claim.
Claiming Your Money Back
Many people ask a claims management company to help them obtain PPI refunds. This takes the effort out of the borrowers hands and reduces the stress involved. Claims companies such as Oracle Legal Ltd employ an expert team of dedicated claims handlers who can give you all the help and advice you need with your claim. They work on a no win no fee basis so if you are unsuccessful you will not be left worse off.