PPI for a long time was slowly forced upon millions of people across the United Kingdom by lenders, who saw an opportunity to take a little bit more financial commitment to their client’s loan or credit card. Competitive interest rates have pushed lenders into mis-selling PPI. Something which they knew would bring in much more revenue for themselves than just the loan repayments.
This sounds rather ominous, however it must be made clear. If the Payment Protection Insurance or PPI had been correctly sold to the customer in the first instance, PPI is, was a great product and would have provided cover to the consumer.
Payment Protection Insurance PPI
Funnily enough, although dozens of companies were involved in selling, broking, reselling or underwriting PPI, it was never advertised.
- PPI complaints that were still with that firm but were put on hold during the judicial review will receive a decision by the end of August
- PPI complaints received after the judicial review came to a conclusion but before the end of August will have 16 weeks for a response.
- PPI complaints received after August but before the new year will have to see at response within 12 weeks.
- keep PPI complainants and their customers full informed.
- give regular reports on compliance to the FSA.
‘Hopefully this will have a domino effect and other banks will follow suit – the sooner the banking industry can consign the PPI mis-selling scandal to the history books, the better.’
PPI Claims News
Money Saving Expert with tips on PPI mis selling : Martin Lewis
We came across a wonderful interview from Martin Lewis aka the Money Saving Expert on tips about PPI mis selling. We are bombarded with TV ads for PPI mis selling and telephone calls for PPI claims, but what does it all mean? Martin Lewis, the Money Saving Expert helps to explain the facts.
Claiming PPI in IVA, Getting the Facts Right
Whether you have completed your IVA or you are still in your IVA, making a mis-sold PPI claim is still possible. However, there are differences between the two situations. In one situation, you will be able to keep the compensation you receive from a successful claim. In the other situation, this simply is not possible.
Other concerns also arise when filing a PPI claim. For example, your bank may attempt to use the unrealised asset rule or the offset rule in an effort to keep your compensation once your IVA is finished. Therefore, it is crucial that you understand all of the facts and your chances of success before making a claim.
Payment protection insurance (PPI) factsheet – FOS
The Financial Ombudsman Service factsheet provides information regarding payment protection insurance and information regarding ppi claims.
If you are fed up with those TV adverts and annoying texts- so are we. See below if we do things differently than other companies that you might have come across. Remember that you can do some of these claims yourself.
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
Latest posts by Tim Capper (see all)
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