The fragile social and economic situation in the UK which
resulted from the recession has affected many people. The media
tells us daily about the lack of jobs and opportunities, as well as
the brittle state of people's finances as they struggle to find
ways to continue paying the mortgage and provide for themselves and
their families.
At times like this, people look to find any means to earn money
and often look to banks for financial guidance and loans. As it
turns out though, due to a grievous error made by the banks, people
can also look to them for compensation.
It is not often that people can claim compensation for a bank's
mistakes, but a thorough investigation by a number
of regulatory entities has uncovered a scam perpetrated by a
variety of respected banks and financial institutions, leaving a
huge number of victims in its wake.
If a person has taken out a loan, a credit card or mortgage then
it is entirely possible that they have been mis-sold insurance,
Payment Protection Insurance (or PPI, as it is commonly referred
to), which is a type of cover that was created to help people keep
up with their loan or credit card repayments when they had problems
doing so (through a redundancy or a long term illness, for
example).
As it turns out though, when a number of people tried to claim
under the policy, they were refused because the policy didn't
actually take them into consideration and was worthless to them,
despite their contributing to continuous monthly payments.
A lot of people who took out one of the above services from the
banks are unaware that they were mis-sold PPI due to how the policy
was implemented with their loan, mortgage or credit card. It was
usually the case that PPI was included as standard, and it was left
up to the customer to notice it and demand that it was removed from
their agreement.
It is important to note that some PPI policies are not
fraudulent and some are wholly justified, but nothing should stop a
person investigating a possible claim if they feel they may have
been the victim of this far-reaching PPI scam.
If a customer has taken out any services from the banks to do
with credit cards, loans or mortgages and were told that PPI was
compulsory, it could make a real difference to their bank balance
to claim compensation for what has been deemed a highly fraudulent
policy that was unleashed by the banks and lenders.
There is a certain procedure that a person must follow to start
their claim, and this usually begins with a letter to the bank
which presents them with the claimant's argument for why they
believe they have been mis-sold PPI, including any information that
may be relevant to the claim.
In the event that the claim is dismissed, it could be the case
that taking the issue to the Financial Ombudsman Service could be
the next important step.
Using a claims management company like Claims Financial could
relieve the stress of fighting the banks and can certainly help
things go smoothly should complications arise.
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