There is a risk in over-familiarity. PPI claims have, for many people, become an unwelcome part of their everyday lives, because they are associated with nuisance telephone calls.
“Significant numbers of people holding PPI policies have found them to be useless because there are various conditions preventing them making a claim. They should never have been sold them in the first place.”
Therefore, PPI claims exist to right a wrong.
The Background to PPI
Payment protection insurance has been sold to accompany mortgages, credit cards and other unsecured loans since the 1990s.
Later, reports came out on how banks and other organisations were making profits from PPI, culminating in Citizens Advice issuing a wide-ranging complaint to competition watchdogs in 2005.
The estimate is that around 53 million PPI policies have been sold, around 45 million by banks, with a total value around £44bn. Some of these policies were mis-sold.
“Some claimants have found that if they were retired or self-employed, for example, they were not eligible to claim. There are many reasons why these policies have been mis-sold in large numbers.”
Why Seek Professional Help?
Claiming PPI compensation can be drawn-out and involved. In certain instances, there may be large amounts of cash at stake.
“The banks may use complex arguments in defence of them selling PPI, and for customers, it can prove difficult to get to the bottom of whether they were mis-sold a policy or not”
It makes sense, therefore, to seek professional help in making a PPI claim.
“It’s about knowing the system thoroughly and being able to use this knowledge to resolve claims as quickly and painlessly as possible.”
This solid experience in claim management can greatly aid clients in winning compensation for mis-sold PPI.
“PPI should be protecting the customer. If it isn’t, then it becomes our task to help them get something back. There are even some account holders who were unaware they had PPI but were paying for it anyway.”
Why Act Now?
The Financial Conduct Authority (FCA) is giving people until August 2019 to make a claim for PPI, if they think they have been mis-sold a policy.
“This is a huge financial scandal and it’s been dragging on for years. Understandably, the FCA wants to bring it to a close. Now is the time to act and seek professional support in making your claim.”
The banks have set aside billions of pounds to cover the compensation they anticipate they will have to pay out.
“Since 2011, they’ve paid out over £26 billion in PPI claims,” concludes Morgan. “If you’re eligible for compensation, the money’s there. You owe it to yourself to act now.”
Paragon are a claims management company specialising in mis-sold PPI, packaged bank accounts and payday loans. This article is one in a series that highlights consumer protection and the personal impact of being mis-sold to. For an additional read, please visit: