|
View PDF | Print View
|
PPI: Time to get out your wallets, banks
| If there is any one thing that is troubling banks at the moment, you can bet that it's Payment Protection Insurance. PPI, as it is more commonly known, is a form of loan and mortgage insurance that didn't quite cut the mustard when it came to helping the customers who spent thousands to make sure the policy was protecting them. The cover allowed them to carry on making payments to their respective lender in case something terrible happened, such as being the victim of an accident, getting a serious illness or losing their job. At some point, banks decided that it was okay to sell PPI to customers who couldn't make use of it. A significant majority of banks and lenders managed to persuade millions of customers to sign up to payment protection insurance when they didn't have a hope of using it - mainly due to their own ineligibility. The payment protection insurance policies offered by lenders just weren't right for everyone. Below are just some of the reasons why a customer would not be eligible for PPI cover - if any of these factors applied to you when you took out the PPI policy, then you could well be eligible for a PPI refund claim. • Being over the age of 65 or under the age of 18 • Working on a temporary or contract basis • Being self-employed • Having a pre-existing illness • Working less than 16 hours a week • Being told that PPI was essential if you wanted your loan to be agreed Banks and other financial institutions have set aside billions of pounds to fund mis-sold PPI claims they have to dish out to aggrieved customers. It's now clear that in most cases, payment protection insurance amount to much more than stealing from customers and is a very serious and grave problem that the banks now have to pay for. Even big names like Lloyds group have set aside £3.2 billion to cover what they expect will be a wealth of rightful claims, while other banks have also set aside serious amounts of money to cover the expected complaints. If you have reason to believe you were mis-sold PPI, gather all the relevant documents and write a stern PPI letter to the banks informing them of your policy number, any relevant dates and the reasons why you believe that the policy was mis-sold to you, using any number of official guides online. If you find this process difficult or you lack the confidence to argue with banks should they try to deny your claim, you can either go directly to a Claims Management Company or present the case to the Financial Ombudsman Service (FOS). It's always good to get a large amount of money back from banks - especially if they took it from you without a justifiable reason. Just don't give up. |
About the Author
Rhiannon Warner has been watching the PPI fiasco for some time, and knows a thing or two about reputable and reliable claims management companies.
Rating: Not yet rated
Comments
No comments posted.Add Comment
You do not have permission to comment. If you log in, you may be able to comment.