23 April 2018
From texts to automated calls claiming you are entitled to thousands in PPI compensation, not all companies act with integrity when it comes to selling their services.
We take a look at what you need to bear in mind should a company contact you via phone, email or text and declares you have a case to claim PPI compensation.
The scale of mis-selling is unlike anything that the British banking industry has ever seen, or the industry regulators and consumer organisations.
For this reason, consumer groups are still telling customers thatthey are likely to have been mis-sold payment protection insurance (PPI) if they had a loan, credit card, car finance, store cards or any kind of credit package from lenders and banks.
It is a mis-selling saga that affectsall bank and lenders, not just a few, although some larger banks have a bigger issue that some of the smaller financial business but, there were all virtually involved in mis-selling PPI to their customers.
It also lasted for a very long time, in fact, consumer organisation raised concerns regarding the selling practices behind PPI back in the mid-1990s. But, it wasn't until we hit the 21st Century that all the necessary legal reviews had taken place that confirmed the mis-selling of PPI to thousands and thousands of customers had actually happened.
You may know, or you may think you know that you were not mis-sold PPI. BUT, how did you 'buy' your loan or credit card? Was it online? In these cases, the box 'I would like PPI' was already ticked on your behalf and so you opted for something you may not have really needed.
You may not actually know you had PPI as, in many cases, not only was it added later but you were not asked or told you had it. You may have noticed an increase in your monthly payment, but not realised it was for this type of policy.It's worth taking a second look.
There is a PPI deadline in place. You need to make a decision and make your claim by 29th August 2019. Or you could miss out.
Any firm that contacts you to say you have a claim are NOT in possession of all the facts.