Over a million UK citizens made a successful claim to get back all their repayments last year. Many state that it was because of the Financial Services Authority (FSA)’s new claims guidelines and the efforts of the consumer group Which? that enabled many to make ppi claims successfully. In 2005 alone, banks have rejected virtually every claim and complaint from customers. Today, the new claims guidelines allow many UK citizens to get back all the money they deserve from repayments.
The controversial PPI or payment protection insurance is an insurance policy that is quite useful, but because of the mis selling methods of bank representatives, insurance brokers and other commission-based financial advisers, PPI became infamous in the United Kingdom. People were mis sold the insurance policy given that the financial adviser did not introduce the PPI’s requirements, nor did the customer fulfill them. It requires that customers have a stable employment and have a good health record upon purchasing the insurance and for a given span of time before they are awarded with benefits.
Around £1.9 billion has been paid out by banks for customers with mis sold PPI. Banks have topped up the amount to £5 billion this year in anticipation for the remaining 10.8 million customers who haven’t made a claim for mis sold PPI. The FSA has called upon banks to correspond with customers potentially mis sold the insurance policy.
PPI claiming has become quite simpler nowadays. Experts estimate that the 10.8 million remaining will be reduced to around 6 million by the end of the year. However, they still warn customers that the amount they might receive is not the complete repayment amount they can get. Banks do not have time to consider all factors of a PPI claim. To ensure that all details are considered, it highly recommended that you first consult with a PPI claims specialist. More information can be found here.