With tens of thousands of customers reclaiming payments and compensation for mis-sold payment protection insurance, the banking industry is starting to refuse more claims than ever before. This is because there are people who are uncertain about the reasons they have been mis-sold PPI and of course, there are those that are genuinely mistaken about the situation. Despite being turned down by their bank or lender, there are still those that rightfully continue to pursue the money owed to them and this is done by contacting the Financial Ombudsman Service (FOS).
People often find this process longwinded and tiresome and with my everyday life, already stressing them out, it can become a chore they could do without. It is only out of principle that many employed a professional service to handle my claim for them. The problem is often hard to leave go especially if someone was negatively affected by a situation because their Payment protection insurance was unsuitable for their needs.
Shock of their Lives
For hardworking individuals who find themselves out of work, they often don’t use their PPI policy unless it is a last resort situation. Most people expect to be back in work relatively soon even if they need to accept a stop-gap job for a short while. Unfortunately, the job market has slowed to a standstill and this has been the same across Europe. The fact that this is not a UK problem alone, has meant that people have found it hard to get straight back in to work and this has meant that more and more people have relied on their payment protection insurance. In majority of cases, there have been no problems with using PPI, but there are some cases where people are shocked to find they have no cover.
People who have been in financial trouble will have often experienced problems when they have tried to pay their mortgage and they may have skipped payments. In some cases there were PPI plans sold to people who had no knowledge of how they worked. If a PPI plan would not start paying out until six months with no income, people found they are in serious financial trouble.
Standing up for our Rights
There can be many negatives associated with the claim culture and some suspect that many claims are at best frivolous. There are always going to be people who claim for the wrong reasons, this is an unavoidable fact of life. This should not stop others who have a genuine reason to lodge valid claims for compensation. The major players in the PPI market have already set the money aside because they understand their obligation to compensate customers.
The money that is legitimately owed to them will help improve their quality of life and can go some way to compensating for times that they were unprepared for through no fault of their own. There are so many people who have made a claim in recent years, that nearly everyone can name someone who was affected by the mis-selling of PPI. Some people go through a long drawn out process of claiming and being refused the claim, then taking the claim to the overworked FOS. For those that have no inclination to handle the process from start to finish alone, there are established and reputable firms with experience of dealing with mis-sold PPI claims.
Making a Claim to Recover Money from Mis-Sold PPI
If you have decided to make a claim because you believe you may have been mis-sold a PPI policy, you can do this quickly and stress free with a professional PPI claims company.
Have I Been Mis-Sold PPI?
