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.
It is to be pointed out by consumers who were swayed by the mis-selling that when they make their PPI claims with their own bank to not only reclaim what they've paid but it should also include the interest on the premiums paid. To better comprehend, in the event the borrower has long been completed repaying the loan then the lender needs to repay the sum as well as the statutory interest. Otherwise, if the borrower is still paying the loan then the bank has the right to offset the reimbursement from the balance of the loan and just the excess amount be given to the clients or maybe to the claim management companies.
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 marketing to clients who wish to make a PPI claims. Further, they must give the consumer written data on how to create a claim and how much it will cost them if and when they hire the company. Lastly, a 14 day cooling period should be also given to the customer as soon as they opt to use the company just in case they change their mind.
Nonetheless, if the consumer can still put back the trust to their particular loan provider who in the first place has formerly tricked them into paying insurance that will likely be useless to them then by every means they can file the PPI claims on their own. All they have to do is deliver all the needed papers then file it with their particular lender and merely wait and wish that they will get compensate at the soonest possible time. Otherwise, they can choose from any of the claim management companies controlled by the Ministry of Justice to help them with their claims. Anyway, if ever the government have confidence in these companies to perform the operation then why can't the claimant put the same trust too?
It is to be pointed out by consumers who were swayed by the mis-selling that when they make their PPI claims with their own bank to not only reclaim what they've paid but it should also include the interest on the premiums paid. To better comprehend, in the event the borrower has long been completed repaying the loan then the lender needs to repay the sum as well as the statutory interest. Otherwise, if the borrower is still paying the loan then the bank has the right to offset the reimbursement from the balance of the loan and just the excess amount be given to the clients or maybe to the claim management companies.
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 marketing to clients who wish to make a PPI claims. Further, they must give the consumer written data on how to create a claim and how much it will cost them if and when they hire the company. Lastly, a 14 day cooling period should be also given to the customer as soon as they opt to use the company just in case they change their mind.
Nonetheless, if the consumer can still put back the trust to their particular loan provider who in the first place has formerly tricked them into paying insurance that will likely be useless to them then by every means they can file the PPI claims on their own. All they have to do is deliver all the needed papers then file it with their particular lender and merely wait and wish that they will get compensate at the soonest possible time. Otherwise, they can choose from any of the claim management companies controlled by the Ministry of Justice to help them with their claims. Anyway, if ever the government have confidence in these companies to perform the operation then why can't the claimant put the same trust too?
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