How To Make Uk Ppi Claims, Large Sums Still Not Claimed From Major Building Societies

This short article explains all about PPI claims in the United Kingdom

. Over the last few years the banks, credit card companies, and other financial institutions have sold approximately 20 million PPI (Payment Protection Insurance) policies. In many cases these policies were sold to customers who had no need for that insurance, or who could never benefit from that insurance. Also, other customers did not have the insurance explained to them properly, and in some cases the insurance was even added to the loan without the customer being aware of it. Customers who have been a victim of this PPI mis-selling are eligible for compensation. The first step is usually to contact a PPI claims company either by telephone, or via their website.

In the last few years most of the UK major banks, building societies, credit card lenders, and other institutions, sold PPI insurance policies to customers who were taking out a personal loan, a credit card agreement, or a hire purchase agreement. Many major high street names, such as HSBC, NatWest, RBS, and many others, sold these policies. Many people entered into loan agreements without being made properly aware that they were paying for this insurance.

In other cases, PPI insurance was sold to individuals who would never be eligible to make a claim. As an example, insurance against unemployment was sold to pensioners, and the self employed.

Other people were sold sickness insurance which they had no real need for. For example public sector employees such as nurses, teachers, and the police very often have good sickness benefits in their contract of employment.

Also some banks added the cost of the insurance to the loan principal, and the customer therefore paid interest on the insurance as well as on the loan. There were even cases where the insurance had expired before the loan had been paid off, so that the customer was still paying for insurance which was no use to him whatsoever.

Those banks, and other companies, who have been involved in PPI mis-selling, are liable to make compensation payments to anyone who has been affected. Individuals can claim on their own, using information from the net, and from organizations such as Which Money, and the Financial Ombudsman.

Some people however may find the prospect of going it alone rather daunting, and to help them there are now quite a number of PPI claims specialists operating in the UK. These PPI claims companies have specialist knowledge of the most common mis-selling practices, and the best procedures for getting compensation. A representative of one of these companies explained that his company had already obtained 40 million pounds of compensation for their clients.

Barely 10% of those with eligible claims have received compensation at this point. Many did not even know that they had a claim, others felt intimidated by the claims process, thinking that it might be complicated and time consuming.

If you have had a loan or credit card agreement, in the last ten years, then you may have been a victim of PPI mis-selling. Any PPI claims company will be able to advise you if you have any valid claim, and they will help you to submit your claim for compensation.

by: David Sparks

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