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The Great PPI Reclaim
| UK banks have been accused of ripping off customers by using questionable methods and employing unethical tactics to sell Payment Protection Insurance along with their loan, mortgage or credit card agreement. The broker or lender who sold their customers PPI had a duty (a pretty simple, moral one at that) to inform the customer of any stipulations in the PPI contract that wouldn't allow them to claim on the insurance policy if they got into financial trouble - either by losing their job, contracting an illness or suffering from an accident. The PPI Trick However, in the vast majority of cases (as it is well-known by now), most brokers and lenders did not supply the full and correct information to their customers regarding the PPI policy, and in some cases wilfully ignored any information they had that they knew would disqualify people from claiming. Rightful cries of "Scandal!" and "Scam!" were sounded off by aggrieved customers, shouts which were heard by consumer watchdogs and banking regulation authorities. The chorus of dissent uncovered a multitude of irregularities in the ways that PPI was sold. The British media, with their delectable predilection for promoting big stories (especially those concerning juicy scandals) went wild with articles, reports and bulletins about how the banks were guilty of pulling the wool over their customers eyes. This was made even worse by the fact that the mis-selling continued during the credit crunch and resulting recession, where many people were burdened enough or in some cases financially crippled. Customers have responded to the news with a flood of PPI reclaim complaints and demands which have more than made their presence felt in each of the offending banks' complaints and claims departments. Save Your Money Making a PPI reclaim shouldn't be taken for granted, and who knows what laws may be passed to protect the banks in the future. There really is no time like the present to look at your PPI policy and see if it was mis-sold to you. You may think it hasn't happened to you, but the entire PPI mis-selling fiasco has affected millions of people in the UK. Claims for PPI compensation are expected to cost the banks billions of pounds - most of which has been set aside already - and if you have ever taken out a loan, credit card or mortgage, there is there is a significant chance that you had PPI added without you even knowing. You can claim yourself or through a reputable Claims Management Company (CMC), and either method could get your money back from the banks. Doing it by yourself means you won't incur the costs of asking someone to do your claiming for you, but it means you will have to be confident in your dealings with the offending bank and have the time to deal with them. Using a CMC may be worthwhile if you don't have the time or the inclination to claim yourself, and would rather someone else go through the hassle for you. Whichever path you choose, make sure you are completely happy with the decision but don't dawdle - get claiming as soon as you can. Good luck! |
About the Author
Rhiannon Warner has been watching the PPI fiasco for some time, writing for one of the UK's leading claims management companies.
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