Payment Protection Insurance is one of the biggest scams that ever happened in the financial industry. Since 1998 magazines and newspapers have been highlighting the mis-selling of PPI. In 2005 the Financial Service Authority took over the task of regulating the Insurance industry in UK and they demanded Britain's banks to correct the issue. Fines were imposed on banks and court hearings were held one after another to prove that PPI was mis-sold. It was only in April 2011 that the High Court in the UK finally ruled in favor of the victims of mis-sold insurance policy to make their PPI claims.
Customers need to be informed that once they make application for a PPI claims with their loan provider the reimbursement that they're expected to obtain should not merely comprise of the premiums that they have already settled but also the interest it acquired. To illustrate, a borrower that has fully paid out his loan should collect entirely the premium amount together with the statutory interest. Nonetheless, when there is still an outstanding balance that the borrower is paying out then the bank has the right to counterbalance the refund from the particular loan. If there must be any excess only then that the specific claimant will be compensated else it will go to the claim management company.
At present, it has been observed that lenders are discouraging claimants from using claim management companies to help them with their PPI claims as there are heavy influx of claims made which are either bogus or they do not have any PPI policy in the first place. This may be true in some way if the consumer where being served by companies that are not authorised by the Ministry of Justice. Thus it is wise for the consumer to check the list of companies regulated by the Ministry as they are obligated to comply with strict rules of conduct.
The rule of conduct that the Ministry of Justice demands for claim management companies are for them not to do any cold calling or hard selling to clients who want to get a PPI claims. Additionally, they must give the client written information on how to generate a claim and how much it will surely cost them should they hire the company. Lastly, a 14 day cooling period should also be provided to the consumer as soon as they prefer to use the company just in case they change their mind.
Meanwhile, consumers can also prefer to make PPI claims themselves and submit their request for compensation to their lender as long as they have the necessary documents to back up their claims. On the other hand, can the consumer trust the lender to pay back with interest the amount due to them on the mis-sold insurance policy if they already have been cheated before by the same lender? This is the reason why consumers seek the help of claim management companies to help them with their claims. Anyways, if the Ministry of Justice gave these companies recognition to handle PPI claims then consumers can surely benefit from this.
Customers need to be informed that once they make application for a PPI claims with their loan provider the reimbursement that they're expected to obtain should not merely comprise of the premiums that they have already settled but also the interest it acquired. To illustrate, a borrower that has fully paid out his loan should collect entirely the premium amount together with the statutory interest. Nonetheless, when there is still an outstanding balance that the borrower is paying out then the bank has the right to counterbalance the refund from the particular loan. If there must be any excess only then that the specific claimant will be compensated else it will go to the claim management company.
At present, it has been observed that lenders are discouraging claimants from using claim management companies to help them with their PPI claims as there are heavy influx of claims made which are either bogus or they do not have any PPI policy in the first place. This may be true in some way if the consumer where being served by companies that are not authorised by the Ministry of Justice. Thus it is wise for the consumer to check the list of companies regulated by the Ministry as they are obligated to comply with strict rules of conduct.
The rule of conduct that the Ministry of Justice demands for claim management companies are for them not to do any cold calling or hard selling to clients who want to get a PPI claims. Additionally, they must give the client written information on how to generate a claim and how much it will surely cost them should they hire the company. Lastly, a 14 day cooling period should also be provided to the consumer as soon as they prefer to use the company just in case they change their mind.
Meanwhile, consumers can also prefer to make PPI claims themselves and submit their request for compensation to their lender as long as they have the necessary documents to back up their claims. On the other hand, can the consumer trust the lender to pay back with interest the amount due to them on the mis-sold insurance policy if they already have been cheated before by the same lender? This is the reason why consumers seek the help of claim management companies to help them with their claims. Anyways, if the Ministry of Justice gave these companies recognition to handle PPI claims then consumers can surely benefit from this.
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Go Claim PPI have a 100% success rate at helping people to gain compensation for valid PPI Claims in the UK.
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