Good news for millions of UK consumers looking to claim back ppi due to the mis-selling by the banks… Many of the big banks are reporting that they are making their way through the backlog and payouts should start to become more straightforward and faster. Already, many lenders are issuing a ppi refund within 4-6 weeks of the claim being submitted and if that efficiency is maintained, then many customers can start looking forward to a merry Christmas AND happy new year with their windfalls…
For those that have not been watching BBC news or the Panorama program recently, or indeed those who have limited access to the internet, the Banks recently lost a court case in regards to Payment Protection Insurance (PPI) because of the way that it was sold. PPI is an insurance that is attached to loans, credit cards and mortgages and is designed to cover the purchaser in the event of accident, sickness or unemployment.
However, because the Banks made so much money from the sale of PPI, they employed pushy salespeople to sell this cover to people who didn’t want it, ask for it or even need it. This has led to mis-selling on a massive scale, and the Banks have been ordered to repay the cash to their unsuspecting customers. It is estimated that collectively, nearly £10 Billion has been put aside by the Banks in expectation of claims.
If you feel that you may have been a victim of the PPI mis-selling scandal, then reclaiming your money could not be easier. As long as you have your account details, and you can give a valid reason as to why it has been mis-sold, then the Bank should refund your money without too much fuss.
There are a number of valid reasons for claiming back your money. For example, the salesperson may have told you that the insurance was compulsory – mis-selling. You might have been self-employed or unemployed at the time – and were therefore excluded from claiming against the policy from the beginning – mis-selling. They may have tried to sell you the insurance without fully explaining the terms and conditions – again, mis-selling.
If you want to claim back PPI but simply do not have the time to put the claim in yourself, there are many claims management companies that will recover the cash for you on a no-win no-fee basis. However, please be aware that you NEVER need to pay a company upfront to obtain your PPI refund for you. Any decent PPI claims company such as UKMS Money Solutions will be able to obtain your full refund and only charge you upon successful conclusion of your complaint.