PPI Mis-selling is Wrong Or: how I learned to stop worrying and Reclaim PPI
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Date: Sun, 5 Feb 2012 Time: 9:09 PM
PPI Mis-selling is Wrong Or: how I learned to stop worrying and Reclaim PPI
A commonly sold product, it seems to go hand-in-hand with a loan, mortgage and credit card agreement as both lender and borrower are protected in the event that bills cannot be met.
PPI sounds like perfectly sound insurance: fair, efficient, reliable and built-for-purpose. But that's the thing with PPI - its intended use was never the main issue (although certainly, there were some policies sold that didn't offer as much protection as one would hope).
The main downfall of PPI customers came in the manner in which it was sold, and this has caused a storm of anger amongst customers who were mis-sold it by devious bank employees, often at the behest of superiors.
Since a High Court ruling in April 2011, banks have had a duty to inform customers that they were mis-sold PPI (credit card, loan and mortgage applicants were the main targets of PPI mis-selling) - however, the sheer volume of affected customers has resulted in an unprecedented backlog of complaints, to the extent that banks have had to hire extra staff just to handle PPI claims, and it could still take them a very long time for them to contact each and every customer.
If you want to speed up your PPI credit card, loan or mortgage claim, it is entirely possible to make a claim yourself or through the services of a Claims Management Company (CMC).
Applying by yourself can save money (no fees to pay) but you have to be confident and have the time to make the claim, whereas a respectable CMC can wrestle with the banks on a claimant's behalf (for a fee) and can use their claims process knowledge to hound banks into repaying mis-sold PPI premiums plus interest and save you the hassle.
However, it is important when choosing a CMC to ensure that they are is reliable and trustworthy as it is not uncommon for some CMCs to mislead customers over the charges and stipulations in their terms and conditions, which has led in the past to customers receiving less money than the CMC does after the claim has been made.
CMCs offer a valued service for those people who are unsure of the whole claiming process and lack the confidence to dispute the issue with their bank, but a little research can go a long way to ensure you won't be ripped off by a CMC taking advantage of your situation.
It only takes a second to do a web search on the CMC and check what their clients have said about them. If a majority of people have found their services useful and efficient - then they are more than likely a decent CMC to use and could get at least some of your money back, especially if a bank disputes your rightful claim.
Also take into consideration the length of time that CMC has been operating - naturally, a company with a long history of dealing with a variety of claims is likely to be more reputable than a company that sprung up as soon as PPI mis-selling became big news.
Remember though: Each claim is different, and while some people have had what they perceive to be a bad outcome from using a CMC, it doesn't mean that you will too.
About the Author
Rhiannon Warner has been watching the PPI fiasco for some time, writing for Claims Financial, one of the UK's leading claims management companies.
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