Mis-sold Payment Protection Claims

As many people are informed there have been a lot of concerns within the United Kingdom of customers being mis-sold payment protection insurance. Measures were taken to apply rules and regulations by the FSA and in addition for consumers to get back their funds if they had a valid claim. It had been determined that the primary offenders of the unjust procedures were being done by banks.

Lately a truly alarming statement was released by the Financial Services Authority that over 300,000 client claims that have been submitted to reclaim a refund on mis sold payment protection insurance were denied. It is stated that the banking institutions may not be actually looking at the actual claims but merely automatically denying all of them.

This is currently leading to more of a burden for the Financial Ombudsman Service, as whenever a customer files the complaint with them, they will then take action on the PPI claims for customers that place their case with them. On average the FOS receives roughly one thousand claims from customers who have been denied their refund by the banks, and it is declared that this is just between 15-20% of the actual quantity of customers whom have been denied. Which means the banking institutions are getting away with their unfair practices.

If you think you were mis sold payment protection insurance you need to still file a claim to request a refund regarding premiums. Of the PPI claims made by FSO on the consumer's behalf, a minimum of 90% have been in favor of the client. This means, that even though you get rejected of your claim you have very high odds that you had been rejected automatically without the actual financial institution even looking at the claim.

The customer which feels they were unfairly sold PPI certainly has a few options to begin a claim. One of course is filing all of the documents yourself and beginning the process, the second is to find a reliable firm which deals in PPI claims and reclaiming. The disparities in the two rather simple - one costs nothing, and one you will only have to pay a fee if the case is resolved and you receive compensation (No win - No Pay). Furthermore, one you have to do all of the paperwork yourself, whereas the claim specialist will do most of the filing for you.

If you take into account that just 15-20% of consumers actually 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 banking institutions are getting to keep is actually astronomical and outright thievery.

By: Tucker Dawkins

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If you were mis sold payment insurance and want more information and tips on ppi claims please visit Simplicity Claims.