13 July 2015
Payment protection insurance (PPI) is a financial product that is now infamous across the UK, with no one surely having failed to have heard about it, the banks and mis-selling.
However, studies suggest that there are still many thousands of people who have yet to submit a claim for compensation after the policy was mis-sold to them. But, with so many people aware of the scandal, why are still so many people yet to make a claim?
PPI was mis-sold to customers in many different ways including the policy being added without the account holders consent or knowledge. Thus, in a nutshell, some of these customers are simply unaware that they should be looking for PPI on their accounts, let along making a claim.
There is also a danger with something as big as the PPI mis-selling scandal that people will assume that it is too good to be true. Add to this the good news stories in the media and across the internet of people claiming back tens of thousands of pounds, and you have all the ingredients to create a situation that feels too good, and too remote.
In the early days of compensation, banks often made derisory offers to customers in terms of compensation and some were told that they did not have a claim. There may also have been instances in which some people were also unable to find out from their bank or lender if they had PPI. This attitude has changed considerably, with banks and lenders realising they need to be able to build a sense of trust with customers again. If this has happened to you, it may be worth looking at a claim again.
Banks and lenders have been told that they should be contacting their customers who they know had PPI and encourage them to make a claim. This does not necessarily mean that the PPI policy was mis-sold to them, however. But why wait? Contact your bank and ask about making a PPI compensation claim.
Yes, we can. As a highly reputable claim management firm, we have helped thousands of people claim back the money that was taken from them in error by their bank, credit card provider or lender for a policy that was of little use to them. And we can help you - call us.