The issues surrounding Payment Protection claims have been with us for a while now, haven’t they? It seems like we have seen stories in the news about them for years.
You may wonder why there are so many Payment Protection claims going through just now, and really the answer is that there are so many people who were badly advised and took out policies which they didn’t need.
Of course, the banks involved in the scandal were only too happy to keep on selling this type of insurance even when doubts were starting to get raised over the quality of the sales procedures used. This meant that the number of people taking out inappropriate cover kept on growing while the matter was the subject of debate over the methods used and the fact that customers weren’t being given all of the necessary information.
Of the estimated 20 million or so Payment Protection Insurance policies sold in the UK up until now it has been suggested that a staggering 9 out of every 10 were badly sold. This means that if you have one of these policies there is a very strong possibility that you were mis sold PPI. So how do you go about sorting things out?
The first thing to do is to find out whether you definitely have the cover or not. Many bank customers aren’t aware that they were mis sold PPI and others might think that they have a policy which is actually something else. Look for a phrase such as “Payment Protection”, “PPI” or “Loan Protection Insurance” on your paperwork.
You may have seen some new stories recently about dishonest tactics being carried out by companies looking to recover Payment Protection claim back on your behalf.
Carrying out this important financial transaction can result in you cutting back on your monthly expenses and getting a sizeable cash payment. However, it only makes sense to do this with a Payment Protection claim back firm you can trust.
Don’t Pay Cash Upfront
The first thing to look out for is an upfront cash payment. You should not be looking to pay anything like this. A more secure arrangement is to not pay anything at all to begin the claim. If the claim is successful you should then expect the claims handlers to take a percentage of the settlement to cover their expenses. If the claim does not meet with success you won’t pay out a penny.
One of the big changes to come out of the number of cases of UK bank customers claiming back PPI is the fact that point of sale insurance can now no longer be sold to people taking out a loan or mortgage.
The new law states that this can only be discussed 7 days after the loan has been agreed. This means that customers have time to go through the paperwork and work out whether it is right for them to take out some form of loan protection cover.
The debate around mis-sold Payment Protection Insurance seems to have been rumbling on forever.
In fact, if you have been waiting to make your own claim for a mis sold policy then maybe you are worried that you have held off too long and that you have missed the boat. In this case the good news is that you can still make your claim and recover the cash which you paid out for unnecessary or inappropriate insurance.
The key point to remember is that you should go and ahead and sort out your claim as quickly as possible. At the moment there is no sign of a cut-off date for claiming on mis-sold Payment Protection Insurance but the sooner you get started the sooner you will get back your money and be able to forget about the whole thing.
There is still no end in sight to the long running story of UK bank customers claiming for mis sold insurance.
The fact that the big UK banks have all set aside millions of pounds to cover these costs shows they believe that their customers are going to keep on claiming for mis sold insurance for some time yet.
While it is not known exactly how many more people are going to step forward to make their claim it is fair to say that the following situations are among the most common in which people who haven’t yet claimed might find themselves.
There are many types of mis-sold mortgage around and many of the people who have them may not even be aware that they should be claiming for the bad advice they were given. Let’s have a look at a few of the most common situations.
A New Landlord
A few years back there was a lot of talk about buy to let mortgages and banks made it pretty easy for people to take out a mortgage on a property they intended to let out. The problem is that not everyone who was sold one of these loans was really suitable for it. For this reason a mis-sold mortgage to a landlord is one of the types of loan which people are beginning to claim back.
If you have been mis sold insurance in the past few years then looking at Payment Protection Insurance claims is a smart move.
If you do this right then you will get back your money and everything will be sorted out without any hassle or delay. However, the Claims Management Regulator has recently warned customers to choose their Payment Protection Insurance claims handler carefully.
Don’t Pay Up Front
One of the key things to avoid, according to this information, is the type of firm which charges an upfront fee. It is stated that some firms have been known to charge a fee and then not give a refund if the case is unsuccessful.
Hi my name is Phil Roberts and I’m a proud employee of Gladstone Brookes. Once your claim has been upheld, it is my job to ensure you receive your refund as quickly as possible!
I have a friend who’s girlfriend had Crohn’s. I had never heard of this and found it was as common as diabetes. Crohn’s is a bowel disorder that stops you from putting on weight and causes sickness and diarrhoea, and like diabetes it can kill you if left unchecked.
I chose the Bupa Great North Run because it is the biggest half marathon in the country – it is 13.1 miles long and consists of hills and straights and it takes part in Newcastle, a place I have never been.
I believe that this race would allow me to raise the awareness of Crohn’s and Collitis UK so that people know better what it is. Try asking somebody what is Crohn’s and most people will have not even heard of it.
“Try asking somebody what is Crohn’s and most people will have not even heard of it.” – Phil Roberts
And with fund raising there was no better race I could take part in. Everybody has heard of the Great North Run and it will be live on BBC TV so the race gets good coverage, plus I have had an even bigger boost in the fact that Gladstone Brookes has helped with fund raising and making people aware of this charity.
By giving me my own Blog with a link to my Just Giving site to help raise funds and awareness, they have centralised all sponsorship from the staff across the company to help me manage the fund raising, and are asking clients to make a donation via the Gladstone Brookes website.
I have been training for 6 months now but as the race nears I need to step it up a gear, I will do a blog each month to keep everybody informed of how the fund raising and also how my training is going.
So you will hear from me again and if you’re reading this and have not yet donated! What are you waiting for? Just click on the Just Giving site and spare what you can.
The initial reaction of many people caught up in the PPI insurance issue is of anger. This is perfectly normal when you consider that they have been mis sold something which they never needed or wanted.
In cases such as this, a common thing to do is to consider closing your accounts and moving your business to another bank. This is an entirely personal decision but to help you out we have listed here a few points to consider first of all.
Which Bank will you go to?