The financial drama brought about by the discovery of mis-selling Payment Protection Insurance to millions of credit consumers across the country has continued on. Several years ago, the banks and other known financial institutions were slammed by a High Court ruling for having done such mischief, leading most people to go broke due to the extremely high costs of PPI. To date, PPI claims have been making these institutions busy, and once again, the banks are slammed for continuing to employ delaying tactics to compensate their victims.
Even though the High Court already ruled and an expected 9-billion pounds worth of compensation should be made available to successful PPI claims, offenders still sprout everywhere. They still were not willing to fulfill their obligations to their customers whom they ripped off a hefty sum through mis-selling.
If we look back, a great majority of PPI policy holders were actually not properly signed up to it. There were consumers who were unaware that they have had the policy all along, as they were either automatically sold it following an online application for a loan or credit card, or their signatures were forged on the PPI agreement form. Some were under the age of 18, had pre-existing medical conditions, over 65, and not employed full time, deemed ineligible for cover, but were still forced to buy it. A great number of consumers were also kept in the dark about the surrounding facts on PPI like costs, being an optional product, and duration of the policy. They were also told that they are required to buy the policy in order for their credit applications to be approved.
Because of these schemes, banks’ liabilities to their customers have significantly increased and your chance to make things right has increased, too. Making a claim for your PPI payments follows the same procedure as with doing it on your won, or hiring the services of PPI claims advisers. A reasonable deal of evidence should also be presented to the bank in the form of your account related documents that carries references to Payment Protection Insurance, e.g. statements, credit agreement forms, policy certificate, payment receipts, etc.
If you want to make a claim at the earliest possible time, you can do it by writing to your bank. That’s the most ideal and encourage way of initiating a reclaim, unless you would want to discuss things over the phone all the time. By writing to your bank and clearly stating the manner in which your policy was sold to you, they will be obligated to investigate how valid the sale was and how much you may be compensated after 6 or 8 weeks. They will need to review all the documents you presented and cross-check them with your account information in their database. Moreover, an investigation of their sales processes and their sales channels will be conducted, too.
After the review, you will receive a notice from the bank stating what went on and what they have decided about the case. If you want to discuss this with them, you may pay them a visit at their office to make things clearer. If successful, you’ll be awarded compensation with the full amount you previously paid to PPI and the interest it accrued from the start. (more…)