26 January 2015
It is hard to believe but, if you do receive this kind of letter then you could have a claim. But, make sure the letter is not a marketing one from other agencies or companies, touting for business.
Banks and other financial institutions have been told to write to customers that they know have been mis-sold PPI compensation. The scale of the mis-selling problem is such that the organisations who regulate the financial sector suggest that banks and lender do know who they owe compensation to. As such, to speed up the whole compensation process, banks have been told to invite people to make claims.
And this is another reason why banks and lenders are being told to write to customers.
It seems that the sheer magnitude of the whole mis-selling process make the whole thing seem indescribably huge. Coupled with this are the amazing 'success stories' of other people claiming thousands of pounds in compensation.
This can make the situation seem too good to be true and thus, many people think that this type of compensation process applies to everyone but them!
Likewise, there are many people who are still unaware that they have been or are paying in to a PPI type policy and again, these letter from banks and lenders are a way of making sure the message reaches all customers, and not just a chosen few.
And this, of course, creates confusion. People are advised to check their accounts for PPI but, when they don't find it there, assume they don't have a compensation claim BUT, it can be called anything but PPI.
Some credit card companies called their card care, or something similar; loans provided by high street retailers also called theirs by different names too. With this in mind, it is imperative that you check again, looking for any kind of policy that suggests it will make the repayments on your behalf, should you no longer be earning an income.