In the past PPI (payment protection insurance) was mis-sold and changes in the system mean that many people are able to claim it back. It is sold alongside loans and is meant to provide financial assistance if you become unemployed, become sick with an unforeseen illness or are injured.
The Financial Ombudsman pushed through the new process for handling PPI Claims earlier this year. It will cover both consumers that have complaints about mis-sold PPI and the businesses who sold it to them. This process has been designed to help the Ombudsman handle complaints that have not been resolved between the two parties and have reached deadlock.
Many consumers are disappointed in the ineffectiveness of the product that they were promised would help them if they were ever in need, for example if they faulted on their mortgage. Others did not want to buy the product in the first place and were the victims of pushy sales people. New forms now make it easier for these customers to claim back their money, by allowing them to provide the Ombudsman with these details.
This has been acknowledged by the banks and the FSA and will hopefully result in banks being more forthcoming when offering redress to customers. With this in mind it is likely that the levels of PPI claims will increase to epic levels that won't be surpassed by any other mis-selling claims.
This is set to be a lengthy task with millions of policies in existence and billions of pounds waiting to be claimed back. Especially high amounts of compensation are expected to be awarded to those who were mis-sold Credit Card PPI as banks often do not hold records of how this PPI was originally sold.
All the extra publicity over the past few months will have significantly raised awareness, meaning that record levels of consumers are set to claim back PPI. This is set to reach its peak in the next 2 years but to have ceased by 2017.
More Information:
If you are looking to claim PPI insurance back you will require the services of a dedicated solicitor. Visit Donns PPI claims. Donns can help reclaim PPI.
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Article: PPI Claims Process Author: Katie Clayton Publication Date: 2010-11-30 Total Views: 200 Word Count: 356 Category:Home /
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