Don't Let the Banks Keep Your PPI money
View PDF | Print View
by: BTLewis
Total views: 0
Word Count: 483
Date: Sun, 5 Feb 2012 Time: 9:16 PM
Don't Let the Banks Keep Your PPI money
Thankfully, the inadequacies of this insurance have now been laid bare by consumer groups and the Financial Services Authority. Now that the tide has turned, the banks find themselves with the unenviable task of paying billions of pounds in mis-sold PPI compensation to the millions of customer who were taken in.
The UK is now awash with people claiming for mis-sold PPI loans as news on the TV, websites, newspapers and radio is beamed across the nation to spread the word of the scandal and informing people that they could have been taken for a ride by their banks, and could now be owed thousands of pounds in PPI refunds.
The internet is flooded with websites dedicated to Payment Protection Insurance, with keyword searches such as "PPI loans", "PPI scandal" and "PPI claims" being typed in my many web users wishing to find out about how they can claim back money and whether they are eligible to do so.
A short search finds pages of articles from online newspapers sources like the Sun, the Daily Mail, the BBC news website, The Times and The Guardian which all have the latest PPI stories, while the Financial Services Authority (FSA), the Financial Ombudsman Service (FOS), money saving experts and Claims Management Companies (CMCs) all offer information and services which enable people to reclaim PPI.
Mis-selling of PPI flourished for a number of years, and it's difficult to believe that banks were unaware that people were often ineligible for the cover when they persuaded customers to take it alongside their loan.
If you have taken out a mortgage, credit card or loan over the past fifteen years, it could definitely be worth your while to check whether PPI was attached to your agreement - maybe you were coerced into taking it by a pushy, unprincipled bank employee who told you that your family could suffer if you didn't purchase it, or that the policy was a requirement of taking out the loan.
There are a variety of reasons as to why a PPI policy might not be right for you, and it's definitely the time to see if you could claim back those misspent premiums (plus interest) which the banks have been taking off you.
Whether you have the time to do it yourself, via the FOS or from a reputable Claims Management Company, don't delay - that money is yours and the banks have no right to keep it.
About the Author
Bryan Lewis has been following the PPI scandal for some time, writing for one of the UK's leading claims management companies.
|
Rate the article: Don't Let the Banks Keep Your PPI money Rating: Not yet rated Comments
No comments posted.
|
