Saturday, April 12, 2014
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Claim For Mis sold Ppi What A Pain
Millions of people in the UK and some of the most famous banks and financial service providers on the High Street have all been caught up in the mis-sold PPI scandal, and there are no signs of complaints abating any time soon.
HSBC, Natwest, Nationwide, Barclays and Lloyds TSB have all been found accountable for this fraudulent practice and all of them have been hit with PPI mis-selling claims. As well as the aforementioned financial institutions, Alliance and Leicester, Capital One, Clydesdale bank, Northern Rock, Santander, RBS, Yorkshire Rock and Halifax PPI claims are expected to carry on throughout the next couple of years (or at least until the majority of aggrieved customers have been compensated).
If you havent heard, PPI (Payment Protection Insurance) was sold alongside loans, mortgages and credit cards - a policy in place to cover borrowers should they suffer from economic hardship brought on by sudden illness, medical problems or the loss of a job. When the majority of people needed to make use of this insurance - banks denied them.
There are many factors to take into account to establish whether a bank mis-sold someone PPI and a lot of eligible claims cases involved bank employees using devious and unscrupulous tactics, including:
" Adding it onto loan agreements without the customers knowledge
" Coercing customers into taking it by saying it was necessary to get their loan
" Dismissing attempts to cancel the policy
" Ignoring their clients medical history
" Ignoring their clients employment status
However, in the majority of cases the fault must lay at the feet of the banks, which employed an overall strategy in which they pulled the wool over their respective customers eyes by knowingly selling a product which seemed tailor-made to not pay out even if people were eligible at the time they agreed to it.
Furthermore - despite plenty of evidence against them - it is not unheard of for banks to argue that the PPI policy the customer agreed to was actually completely legal and justifiable, even when the customer had no chance to make use of it in the first place.
Since the banks have been caught red-handed, anyone caught up in the mis-selling has every right to expect that reclaiming mis-sold PPI would be a simple, stress-free process - unfortunately, in a number of instances, they would be wrong. There is no shortage of stories about people encountering problems when they claim, usually due to the offending bank denying their eligibility for compensation.
If a bank denies a rightful PPI claim, the claimant should always take the next step and take the claim to the Financial Ombudsman Service (FOS) or a reputable claims management company to take the fight to the banks.
While rarer now, instances of the FOS finding a bank guilty of PPI mis-selling and the bank disputing can still occur, and when banks decide to fight a claim, it can lead to a long, drawn-out battle (which can take a lot more than a few months to sort out).
For example, an article in the Guardian website involved a man who wanted to reclaim Halifax PPI that was mis-sold to him on the basis that he was self-employed when the policy was added to his loan agreement. Despite the FOS finding him in the right, the bank disputed the case and it had already been two years since he made his claim.
Banks should not be allowed to get away with taking peoples money fraudulently and if they deny a rightful claim it is important to not give up. They know what they owe you.
Claim For Mis sold Ppi What A Pain
HSBC, Natwest, Nationwide, Barclays and Lloyds TSB have all been found accountable for this fraudulent practice and all of them have been hit with PPI mis-selling claims. As well as the aforementioned financial institutions, Alliance and Leicester, Capital One, Clydesdale bank, Northern Rock, Santander, RBS, Yorkshire Rock and Halifax PPI claims are expected to carry on throughout the next couple of years (or at least until the majority of aggrieved customers have been compensated).
If you havent heard, PPI (Payment Protection Insurance) was sold alongside loans, mortgages and credit cards - a policy in place to cover borrowers should they suffer from economic hardship brought on by sudden illness, medical problems or the loss of a job. When the majority of people needed to make use of this insurance - banks denied them.
There are many factors to take into account to establish whether a bank mis-sold someone PPI and a lot of eligible claims cases involved bank employees using devious and unscrupulous tactics, including:
" Adding it onto loan agreements without the customers knowledge
" Coercing customers into taking it by saying it was necessary to get their loan
" Dismissing attempts to cancel the policy
" Ignoring their clients medical history
" Ignoring their clients employment status
However, in the majority of cases the fault must lay at the feet of the banks, which employed an overall strategy in which they pulled the wool over their respective customers eyes by knowingly selling a product which seemed tailor-made to not pay out even if people were eligible at the time they agreed to it.
Furthermore - despite plenty of evidence against them - it is not unheard of for banks to argue that the PPI policy the customer agreed to was actually completely legal and justifiable, even when the customer had no chance to make use of it in the first place.
Since the banks have been caught red-handed, anyone caught up in the mis-selling has every right to expect that reclaiming mis-sold PPI would be a simple, stress-free process - unfortunately, in a number of instances, they would be wrong. There is no shortage of stories about people encountering problems when they claim, usually due to the offending bank denying their eligibility for compensation.
If a bank denies a rightful PPI claim, the claimant should always take the next step and take the claim to the Financial Ombudsman Service (FOS) or a reputable claims management company to take the fight to the banks.
While rarer now, instances of the FOS finding a bank guilty of PPI mis-selling and the bank disputing can still occur, and when banks decide to fight a claim, it can lead to a long, drawn-out battle (which can take a lot more than a few months to sort out).
For example, an article in the Guardian website involved a man who wanted to reclaim Halifax PPI that was mis-sold to him on the basis that he was self-employed when the policy was added to his loan agreement. Despite the FOS finding him in the right, the bank disputed the case and it had already been two years since he made his claim.
Banks should not be allowed to get away with taking peoples money fraudulently and if they deny a rightful claim it is important to not give up. They know what they owe you.