There are good news coming out for UK consumers who had been fleeced long back as they can apply for their PPI reclaims now. Leading financial institutions have instructed high street lenders to refund such policyholders who have sold Payment protection insurance wrongfully. Such victims of the payment protection insurance mis-selling scandal can claim their money back themselves now.
Accordingly to the Financial Ombudsman Service, there is a record of 130,000 PPI cases which need to be settled.There are campaigners saying about £5 billion in mis-sold PPI which is yet to be claimed customers. An average payout is £2,750 per PPI Claim.
PPI reclaims solution is the insurance plan that is supposed to protect each other, credit card and mortgage payments should the worst happen.
There are many advertising firms spreading awareness amongst borrowers heading for credit, loan or mortgage. Such groups are launching a radio advertising campaign to increase public awareness about how people can reclaim their insurance reclaims hassle free.
They are also holdingvarious PPI summits with major banks in the country with an aim to work together with credit providers to get refunds. These groups are also arranging separate meeting with representatives of claims management companies and understanding.
Basically, the payment protection insurance is taken out to giving financial coverage to the credit or loan. In case borrower misses out on repaying the amount on time, the PPI gives financial back up. It is considered to be one of the best policies when any unexpected incident happens to the borrowers, including illness, disabilities, accident or unemployment. In such cases, Payment Protection Insurance provides a good financial back-up to the policyholders through which repayment continues to be paid.
There is another very interesting thing about payment protection insurance is that policyholders can claim their insurance back without any problem. It is important for borrowers to pay their dues properly and then apply for PPI Claims.Policyholders need to understand the ppic claim PPI process.
The FSCS (Financial Services Compensation Scheme) pays out companies which havemis-sold PPIs to customers.More than three-quarters of borrowers are making claims to it all the way through claims managing companies. Customers are expected to get reparation if they make the claim themselves.
The FOS (Financial Ombudsman Service)is looking forward to settle a record 130,000 PPI cases this year. It has clearly warned that these financial disputes are likely to be more deep-rooted.You can make your PPI reclaims now!!