The protection mishap seems to never stop even though a High Court ruling has already been implemented years ago. There are still a vast number of credit consumers who, despite having heard of the PPI scandal, has brought were still cheated by the banks they have depended on to help them for a period of time.
When PPI was created and introduced to the market by the financial services industry, it had the most ideal intention. The purpose was to implement an insurance policy that can protect credit accounts and debts from being in arrears by having a sort of security fund charged to consumers that can cover a portion of their repayment if they become unable to for a period of time because they got sick, had an accident, or made redundant at work. Having this made available, banks and other lending offices were also going to be secured from potential loss.
Much to everyone’s disappointment, the selling of Payment Protection Insurance had become quite a scandal as banks themselves who were mandated to protect their consumers were the first to come up with schemes the sell these policies to the point that they breached selling regulations. There had been reportedly millions of customers who were ripped off their hard earned money because PPI was wrongly applied together with their loans, credit cards, or mortgages.
To date, since the discovery of the mis-selling tactics and the High Court ruling, people have been making PPI claims in hopes of getting their payments back plus the interest the premium incurred from the time they were made to buy the policy. A lot of them were able to make it on their own while others had to employ the services of PPI claims advisers. Whichever anyone preferred to reclaim, the process still went the same. The turnaround time was set to an ideal 6 or 8-week review before a decision and the Financial Ombudsman Service were made to intervene should an unsatisfactory resolution or action came up after such. They have been taking over the PPI claims review in the event that a complaint is made against the bank for failure to communicate or for giving a decision contrary to how evident the mis-selling was.
Despite the High Court’s attempt to put a stop to the mis-selling, consumers were still somehow felling cheated at this time. Their PPI claims were either rejected or the amount they were compensated were entirely non-commensurate to what they paid to the policy. However, there has been a reported 85% success rate among potentially hundreds of thousands of credit consumers who reclaimed their mis-sold PPI.
PPI is often mis-sold in several ways. You could either have been aware that you bought it as it was pushed so hard down your throat or you might have not been fully aware until later on that you actually were signed up to it. A great number of people were totally unaware that their banks signed them up to PPI when their application for credit was filed. They could either have applied for a finance agreement through the internet where the PPI sign up tick box was not obviously placed that they overlooked it, or their signatures were forged on the PPI agreement form.
Another form of mis-selling had subjected ineligible individuals to become victims. People who had pre-existing medical conditions, those not employed full time, and even people who were under the age of 18 and over 65 were still sold PPI despite the fact that were did not pass the eligibility requirements for cover – which, in the first placed should have been established together with the consumer’s immediate need of PPI and the product’s suitability to their financial situation.
Many others were deceived of the true details surrounding Payment Protection Insurance. The information was tremendously misrepresented, having made people believe that it was a compulsory policy and a condition on the approval of their credit application. The cost of the policy and its possible expiration ahead of the debt’s full repayment were also hidden along with other pertinent details. More or less, PPI was made to sound like something consumers had to take or they won’t be able to take out a finance agreement.
Had you fell victim to any of these tactics you can get out of the sham within the timescales mentioned above. Also you need to have a reasonably sufficient amount of evidence to prove the mis-selling through your account related documents. Gather the paperwork with references to PPI payments together and present them to the bank that sold it, together with a letter stating your intent to reclaim the payments and interest.
Eventually, when you succeed after the bank’s review of your account and their investigation of their own selling practices, the full amount paid to PPI will be paid to you. If you happen to owe them in debt, the money can cover it and you might still get a cheque for the remaining amount.
Making a PPI claim at the soonest possible time will keep you from being in a financial crunch. Also, it is your right to claim such, not to mention you owe yourself some clarity on how the policy was sold to you and make things right. Taking too long to reclaim your mis-sold PPI payments may only mean delaying your own better financial situation.