The last few months has seen a dramatic rise in the rate of payouts for missold PPI. In the months of May and June this years the banks have paid out over 100 Million pounds to their customers who have raised a complaint aginst the selling of PPI.
After revealing the figures, the Financial Services Authority (FSA) said that the data consisted of the 16 financial institutions and banks who had contributed to more than 90 per cent of the claims. After the court case to determine whether PPI should be refunded retrospectively ended with a victory for the consumer, the following months of May and June resulted in a particularly high period of PPI refunds.
For those who have successfully made their claim, the worst is now behind them. However, it does signal the ideal time for consumers to check their own status and see if they have a valid PPI claim. UK banks are now preparing for a massive rise in PPI claims as millions of consumers are still unaware that they are due compensation. With millions of products being missold over the past years, particularly when mortgages and other loans were taken out, a huge proportion of consumers will have the right to claim back the money that bought an unneeded or unwanted product. The level of PPI refunds is expected to rise for quite some time due to the widesread misselling that has taken place over a number of years which has affected missions of UK consumers..
Financial institutions who have been found guilty of misselling PPI are obliged to provide redress to the consumer which will amount to the refund of the premiums paid with a rebate for interest on those payments and statuatory interest on top.. Lenders are still responsible for compensating consumers even if the PPI policy was not missold deliberately. In addition, with over 20 million people subject to misselling in the past decade alone, checking PPI products is vital to ensure that individuals are not paying for worthless services.
Specialist claims management firms are skilled in the procedures required tosecure a PPI refund for their clients. Companies such as Fast Track Reclaim provide a free consultation and review of client agreements to inform and file a claim on behalf of the customer if the case has merit. Not all lenders are as cooperative or have the same efficient systems in place to deal with volume PPI complaints so in some cases the road to a successful settlement may not be as smooth as it should be.. A specialist firm will deal with all the red tape to make sure that the monies are refunded in the most timely and efficient fashion.. Your missold PPI can be refunded with all interest in the fastest timescale possible using a 100% hands-free system
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