Over a 10-year period, it is estimated that more than 6.44 million consumers of financial products across the U.K were unnecessarily offered Payment Protection Insurance (PPI) by banks and financial institutions. Many of these individuals did not require PPI. Most of them didn’t know they were paying for it. And when some concerned consumers questioned the need for PPI, they were falsely lead to believe that it was mandatory, or were otherwise miss lead into thinking that PPI was something that it was really not!
Subsequently however, when some PPI policy holders attempted to make claims against their policies, their claims were disallowed – mainly on the grounds that clauses buried in the “fine print” disqualified them from receiving the benefits that they were lead to believe they were paying for.
As a result of many complaints to regulators, including institutions such as the Office of Fair Trading (OFT) and the Financial Services Authority (FSA), financial watchdogs initiated an investigation into the practices surrounding the sale of PPI and policy holder claims against those policies. Irate consumers also contacted the office of the Financial Ombudsman Service to inquire how to make a PPI claim.
As a result, institutions like Barclays , RBS, Lloyds-HBOS and HSBC, were ordered to repay over £9bn to affected consumers, and that’s why more and more people are talking about this “scam”.
And now you too have heard a friend or a colleague talking about how to make a PPI claim. You think to yourself – “What’s the point. Why should I bother!”. Well, it is precisely that kind of reaction that the big insurance corporations and large financial institutions, who wrongly sold you Payment Protection Insurance (PPI) in the first place, are counting on.
There are two main reasons that you should be interested in what’s happening with PPI claims. The first is that this is your money that was inappropriately charged to you, for a service that you did not need, or weren’t correctly explained about. If someone picked your pocket and tried to escape, wouldn’t you go after them?
The second reason that you should be interested in learning how to make a PPI claim is because, if you don’t go after the pickpockets and make them pay, the chances are they will do the same thing again. Perhaps next time the victim will be your child, your aged parents, or someone you care about. But if they know there are consequences to their rash actions, that may deter them from pulling these same schemes again.
It’s easy to pursue your claim for PPI refunds. Simply contact PPI claim processing specialists, and they will do the rest. You don’t even need to provide original documentation. You could receive as much as £3,000 in 8 weeks! And what if your claim is denied? Well, since the PPI reclaim specialists work on a “No Win, No Fee” policy, you don’t pay them anything until you receive your settlement. It’s that simple!
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