Mis-Sold Payment Protection Claims
As many people are aware there has been loads of concerns within the United Kingdom of consumers being mis-sold payment protection insurance. Actions have been taken to enforce rules and regulations by the FSA and also for clients to get back their money as long as they had a valid claim. It was determined that the major perpetrators of the unjust procedures were being done by banking institutions.
Lately an alarming report was released by the Financial Services Authority that over 300,000 client claims that have been submitted to reclaim a refund on mis sold payment protection insurance were refused. It is reported the fact that banking institutions may not be actually looking at the actual claims but merely automatically denying them.
This is now causing more of a burden on the Financial Ombudsman Service, as whenever a customer files the actual complaint with them, they will then take action on the PPI claims for consumers that place their case with them. On average the FOS receives around one thousand claims from consumers who were rejected their refund by the banks, and it is declared that this really is just between 15-20% of the actual volume of consumers whom have been denied. Consequently the banking institutions are getting away with their illegal procedures.
If you believe that you were mis sold payment protection insurance you need to still file a claim to obtain a refund pertaining to premiums. Of the PPI claims made by FSO on the consumer’s behalf, at least 90% were in favor of the customer. What this means is, that even if you get rejected of your claim you have high odds that you simply have been rejected automatically without the bank even looking at the claim.
The consumer that feels they were unfairly sold PPI definitely has several options to start a claim. One of course is filing all the paperwork yourself as well as starting the process, the second is to locate a reliable company which usually deals in PPI claims and reclaiming. The differences in the two very simple – one costs nothing, and one you will only need to pay a fee if the case is actually settled and you obtain compensation (No win – No Pay). Likewise, one you must do all of the paperwork yourself, whilst the claim specialist is going to do the majority of the filing for you.
If you take into consideration that just 15-20% of consumers actually continue their claim once they are denied by the bank and over 90% really do win when they do pursue the matter, the actual amount of money the banking institutions are getting to keep is actually astronomical and downright thievery.
If you were mis sold payment protection insurance and want more information and tips on ppi claims please visit Simplicity Claims.