Since investigations have unearthed the PPI banking scandal that
has affected thousands of people in the UK, people are finding that
claiming for PPI compensation is not always the simple task it
should be, and it is not uncommon for the process of claiming
mis-sold PPI compensation from banks to be protracted, wearisome
and full of disputes.
While banks have been ordered to let affected clients know that
they have mis-sold them PPI, it appears they are under no
obligation to do it quickly, although this has much to do with the
amount of people that have been affected.
It could take a very long time for banks to contact each and
every person who has been mis-sold PPI and it is therefore up to
the person who suspects they have been the victim of mis-sold PPI
to inform the bank of their grievances.
To take away some of the burden, Claims Management Companies
(CMCs) have been well- publicised in the media as the "go-to"
people for handling mis-sold PPI cases on behalf of their aggrieved
customers.
While there is a camp who believe that CMC's are taking
advantage of people because they believe most people can
successfully make complaints and agree on repayments from banks
without the need to consult CMC's, the CMC's are not forcing people
to use their services.
CMCs are simply offering a service to people who may have
difficulty understanding or carrying out the process involved in
claiming for their mis-sold PPI compensation, and the more
respectable CMCs do this on a no win no fee basis. While it is true
that CMCs can take around 25% of the money that is successfully
claimed back from banks, it can mean that a person doesn't have to
deal with the stress of the complaints procedure, such as gathering
the initial evidence and it also means that their complaints won't
be ignored or avoided by banks, which can often sadly be the
case.
Whichever avenue a person who has been mis-sold PPI decides to
take - whether they do it by themselves or through a reputable CMC
- it is important not to give up the claim for what is rightfully
theirs, even if it means an extended, tedious battle with the bank
responsible.
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