subject: File Your PPI Claim and Pursue It [print this page] As many of us are aware there has been a great deal of situations within the UK of customers being mis-sold payment protection insurance. Measures were taken to impose rules and restrictions by the FSA as well as for consumers to get back their funds as long as they had a legitimate claim. It had been determined that the primary offenders of the unjust practices had been done by banks.
Recently an alarming statement was released by the Financial Services Authority that more than 300,000 customer claims that have been submitted to reclaim a refund on mis sold payment protection insurance have been refused. It is stated the fact that banks are not even looking at the actual claims but merely automatically denying all of them.
This is currently leading to more of a load on the Financial Ombudsman Service, as whenever a client files the actual complaint with them, they will subsequently take action on the PPI claims for consumers that place their case with them. On average the FOS receives around one thousand claims from clients who were rejected their refund by the banks, and it is said that this really is merely between 15-20% of the actual amount of clients whom had been denied. This means that the banking institutions are getting away with their unfair procedures.
If you believe that you were mis sold payment protection insurance you should still file a claim to obtain a refund for premiums. Of the PPI claims made by FSO on the customer's behalf, at least 90% were in favor of the consumer. This means, that even though you get rejected of your claim you have very good odds that you simply have been rejected automatically without the bank actually looking at the claim.
The consumer which feels they were unfairly sold PPI certainly has several options to start a claim. One of course is actually submitting all of the paperwork yourself and beginning the process, the second is to locate a reputable firm which deals in PPI claims and reclaiming. The disparities in the two quite straightforward - one is free of charge, and one you will only have to pay a fee if the case is actually settled and you receive compensation (No win - No Pay). Likewise, one you must do all of the paperwork yourself, whilst the claim consultant will do the majority of the filing for you.
If you take into account that only 15-20% of consumers in fact continue their claim once they are denied by the bank and over 90% really do win when they do pursue the claim, the actual amount of money the banks are getting to keep is astronomical and downright thievery.
