Mis-sold Payment Protection Claims

As many people are aware there has been loads of problems within the United Kingdom of consumers being mis-sold payment protection insurance. Measures were taken to impose rules and regulations by the FSA as well as for consumers to reclaim their funds if they had a legitimate claim. It was established that the major perpetrators of the unfair procedures were done by banking institutions.

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

This is now causing more of a burden on the Financial Ombudsman Service, as when a client files the actual complaint with them, they are going to then take action on the PPI claims for clients which place their case with them. On average the FOS gets around 1000 claims from consumers who were rejected their refund by the banking institutions, and it is said that this is only between 15-20% of the actual amount of clients whom have been denied. This means that the financial institutions are getting away with their unjust practices.

If you believe you had been mis sold payment protection insurance you need to still file a claim to ask for a refund for premiums. Of the PPI claims made by FSO on the consumer's behalf, a minimum of 90% were in favor of the client. What this means is, that even if you get rejected of your claim you have very high odds that you simply had been rejected automatically without the bank even viewing the claim.

The consumer which feels they were unfairly sold PPI definitely 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 reliable company which deals in PPI claims and reclaiming. The disparities in the two very straightforward - one costs nothing, and one you will only need to pay a fee if the case is actually settled and you obtain compensation (No win - No Pay). Likewise, one you have to do all of the paperwork yourself, whilst the claim specialist will do most of the filing for you.

When you take into account that only 15-20% of consumers actually continue their claim after they are denied by the bank and over 90% really do win when they do pursue the matter, the amount of money the banks are getting to keep is astronomical and downright thievery.

By: Tucker Dawkins

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