PPI Money Back Company Announces That There Is Still A Billion Pounds Of Unclaimed PPI Claims
May 24, 2012 -- Are you one of over 20 million people in the UK owed money by your bank or insurance company? The average PPI claim payout is in the region of £3,675 and this includes all the premiums paid, interest paid to date and compensation for the mis-selling. Banks have fully admitted the scale of the problem and have consequently announced they have set aside a multi-billion war chest to fund repayments and are writing to all customers.
Apart from the fact banks seem to be incredibly slow at getting letters out to customers for ppi claims, you probably stand a better chance of winning more compensation if you submit an application first and put in a complaint rather than waiting for your lender to contact you.
The process is simple and, even better, many companies offering to act as an agent to manage your claim will work on a “no win, no fee” basis.
The application process is quick and simple. You simply fill out a contact form on the agent’s PPI Claims website and an agent will call you back to confirm some simple details. At this point they will be able to tell you if you are eligible or not.
Mis-selling has occurred if any or all of the following situations applied when you took out your policy:
1. Was it made clear the PPI insurance was optional?
2. Were any ‘exclusions’ to the policy made clear to you?
3. If you took out a loan or finance agreement, was it made clear that you would have to pay for the insurance up front and that the cost would be added to the loan and would incur interest charges?
4. PPI insurance normally only lasts for 5 years. If you loan was for a longer period, was it made clear that the insurance would run out before the length of the loan agreement and that you would continue to pay interest on the PPI, even after the policy had expired?
5. If the PPI was sold after January 2005 and the adviser strongly recommended the policy, this counts as “advice” and the adviser should have issued a ‘demands and needs statement’ to show why they recommended that policy, if they didn’t that is grounds for complaint.
Once the application form is complete, the agent will handle all the communication with your lender and could get you your money back or cash back.
Once company that offers to handle PPI claims is PPI Money Back with a great website full of free advice and information. There are no upfront fees, no scams and no hidden charges. In one three month period alone the company was responsible for reclaiming over £500,000 of refunds on the grounds of mis-selling PPI.
For further information visit: http://ppi-money-back.co.uk/ppi-claims/
- Contact Information
- Gareth Foxon
- Sole Trader
- Contact via E-mail
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