Are you one of those people who have ever asked themselves – have I got PPI? Any sensible person would of course, knowing that thousands of pounds could be owing to them from the banks. Read on to find out why…
The Financial Services Authority (FSA) was first led to investigate payment protection insurance (PPI) selling tactics in 2005, after receiving a number of complaints from customers. Their investigation showed that tactics which went against regulations were being used on a huge scale to sell PPI policies. These findings led to a tightening of regulations to give consumers better protection and a number of lenders being fined. The investigation also led to customers who had been mis-sold PPI gaining the right to make a PPI reclaim case and get back all charges associated with the policy. This was ruled by the UK High Court.
For these reasons therefore, in the past few years, the PPI scandal has been big news. PPI reclaims cases are still being launched in their thousands by customers who were mis-sold payment protection insurance, and combined payouts so far have reached well into the billions. Nonetheless, many eligible people are yet to make a claim, as they don’t know they ever had or still have PPI.
With the average payout standing in the region of £2750, if you believe you have been mis-sold PPI it is well worth getting the process started as soon as possible.
What is Mis-Selling?
Anybody who fell victim to mis-selling of PPI is entitled to make a PPI reclaim case. But what is mis-selling? A number of different tactics were used which violated consumer finance regulations. One of the most common was to give customers the impression that they had no choice but to take out PPI from the lender directly. In fact, they had a right to shop around for a better deal and should have been made aware of this freedom. Other people were sold policies that were completely useless to them (as they didn’t meet their requirements for their particular circumstances), or weren’t told they were being given PPI at all. Where any of these tactics were used, customers have the right to claim back the charges on their policy.
The Claims Process
Although you can claim by yourself, a lot of people find that it is easiest to let a professional claims company handle their PPI reclaim process.