Don’t Delay: Claiming Back Your PPI
With one of the largest scandals in finance history showing no sign of slowing down, recent news has suggested that UK banks are pushing for a deadline for PPI compensation. Individuals all over the country are fighting back against banks and their unscrupulous mis-selling PPI tactics, claiming back money that is rightfully theirs.
High street banks are putting aside more and more cash to help cover the payment protection claims which have skyrocketed over recent months due to the increased media hype. In fact, some industry insiders are suggesting that the total redress could be as high as £25bn – that’s almost double what the banks currently estimate it as.
The FOS have had to employ an extra 1000 caseworkers, dedicated to PPI complaints, to maintain their efficient handling of every case – highlighting just how crazy the PPI scandal has gotten recently.
Recent independent figures have announced that banks are receiving 100,000 new claims every month – no wonder they are trying to introduce a deadline to try and draw a line underneath the whole outrage, once and for all.
The enormous volume of PPI claims seem to coincide with the FSA instructing banks to write clear and concise letters to victims that they know were mis-sold PPI. The letters need to contain easy to understand lingo, that won’t put off people from reading further. With between 4 and 12million letters expected to find their way to letterboxes over recent months (many of which having arrived already), it’s no wonder the nation is PPI mad.
The director of the FSA suggests that, even though the letters will be in layman’s terms, there will still be a low response rate from the consumers.
Have you received a letter from your bank regarding PPI but ignored it? If so, why? You may be eligible to a PPI claim, for money that is rightfully yours – take the initiative to chase it up.
You may be put off claiming because you don’t think that you will receive a positive result, but there’s no harm in trying, is there? With the help of specialist claim management firms, you don’t even have to do the hard work – they’ll do it for you.
Just be sure that you have a valid PPI claim before you start – the banks are receiving an increased number of false and frivolous claims, from people jumping on the bandwagon. Don’t claim unless you have been sold PPI without being made totally aware of it.
Last year, banks shelled out £1.9bn in compensation to people who had valid PPI claims and this year much more is expected. Banks are pushing for a 2014 deadline, currently being in talks with the financial watchdog, the FSA. This deadline could be as early as next spring.
Don’t put off claiming money that is rightfully yours – it’s all too easy to do it tomorrow, or next month, or ‘soon’. By the time you get round to it, you could be too late. Sit down with a brew and sift through your previous finance agreements and start your claim, today.
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The banks are really playing of our own laziness, so if you haven’t submitted a claim yet it might be worth taking a punt with a claims company.
There’a few things people don’t know. Firstly, your bank or lender can’t treat you any differently because you’ve submitted a complaint.
Secondly, a lot of people don’t understand the full amount they are entitled to. They think it’s just the premiums, which on their own don’t amount to much, however with the 8% interest on top it quickly adds up. Especially since you continue paying interest on the loan after the PPI cover has expired (usually five years).