Ppi Claiming: Get Your Money Back

If PPI were a racing car, it would come dead last.

If PPI were a bird, it would be one that couldn't fly.

If PPI was an apple, it'd be rotten to the core.

If PPI were an endangered species, its chances of extinction would be very high right about now.

If PPI was fair and just, millions of people in the UK wouldn't be so angry - initially at finding out that they had been mis-sold dud insurance, and then because banks were largely unwilling to get down on their knees and beg for forgiveness.

At the very least, banks should be gracious and efficient in giving back PPI that they duped their customers into taking - but this is reality, not some whimsical dreamland.
Claiming back PPI is still no picnic, although the situation is a lot better than before the landmark April 2011 High Court ruling in which the banks were ordered to respect PPI complaints and deal with them in a quick, effective manner.

Banks and other financial institutions have been charged with contacting customers who have been mis-sold PPI, and if you or anyone you know receive a letter from the bank which states that they may have mis-sold you a PPI policy, it is more than likely that you have a strong case to claim back PPI compensation.

However, due to the overall amount of afflicted loans customers, waiting for the bank to get in touch with you could take a very long time. Even if you don't receive a letter, it doesn't mean that you don't have a valid claim for mis-sold PPI compensation.

If you grow tired of waiting and are sure that you have the right to claim back PPI mis-sold to you, then contact a Claims Management Company (CMC) or make a claim by yourself - each option has their good and bad points:

" By yourself means tackling the claiming process by yourself and then taking it to the Financial Ombudsman Service (FOS) if your initial claim is denied by banks. This is a cost-free way of doing it. OR
" Using a CMC means that for a portion of the PPI compensation that you receive, the CMC will handle the claims process and free you of any ensuing hassle or disputes that will arise.

Banks and financial institutions have a duty to make amends with their aggrieved and rightfully angered customers by giving back the premiums plus interest in a timely fashion, although in some cases they may offer a smaller settlement instead of the full amount.

In some instances, it may be better to take the reduced settlement rather than incur the costs of taking the claim to court, but this is entirely up to how you feel about the claim and how you respond to being given less money than the banks truly owe you.
Remember - court fees might be more than your claim is worth so take a good hard look at the situation before committing to a decision.

Banks and customers alike will be all too happy to see the end of the whole PPI debacle. When the dust settles, the banks will have cleared the enormous amount of complaints made against them and can start laying the foundations to build up the trust of their customers again, while customers can feel that some measure of justice has been carried out.

By: BTLewis.

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Bryan Lewis has been following the PPI fiasco for some time, writing for one of the UK's leading claims management companies.