Top 10 reasons why people haven’t claimed PPI

Top 10 reasons why people haven’t claimed PPI

Picture courtesy of FCA

Arnie Schwarzenegger has only just started careering across our TV screens with his PPI claim message of ‘Do It Now!’ and already the volume of claims for mis-sold policies is growing.

The mis-selling of PPI has become known as the biggest financial scandal of its kind ever to hit the UK and you might think that seven years into it virtually everyone entitled to claim would already have done so.

Billions

But the FCA’s £42 million ad campaign is aimed at the millions of people who, for one reason or another, still haven’t checked whether they are owed any of the estimated billions of pounds still waiting to be paid out.

The Financial Conduct Authority (FCA), who are running the consumer awareness campaign, believe that between 40 and 65 million PPI policies were sold over the last 20 years, but less than half of those eligible to claim for potential mis-selling have already done so.

Paid out

Britain’s banks and building societies have already paid out £27.4 billion in compensation since January 2011, but they have also set aside another £10 billion to pay future successful claims with the possibility of still more to come.

Consumers are still being paid out at an average of more than £200 million a month and some experts are now predicting the final bill could come close to £100 billion.

Top 10

So what excuses have people given for not starting their claim.  The Top 10 are listed below with an explanation of how GB can help:

So what excuses have people given for not starting their claim.  The Top 10 are listed below with an explanation of how GB can help:

  1. I don’t think I’ve ever taken out any PPI.
    We can check this for you with the special pre-submission agreement we have with the majority of the high street banks and a wide variety of other lenders.  They will check to see if PPI was ever attached to an agreement before a formal claim is made.
  1. I don’t have any paperwork or account numbers.
    Paperwork should not be needed because a pre-submission check can be made to see if you ever had an agreement with PPI attached as far back as your lender’s records go.  As part of the claims deadline process the FCA have also ordered the lenders to make it easier for you to check.
  1. It’s too much hassle.
    The banks and building societies all offer a free complaints service, but GB aim to make the process as smooth as possible for you and communicate with them on your behalf, keeping you updated along the way.
  1. I probably wouldn’t get anything out of it.
    Our pre-submission process is designed to find out whether or not you had PPI, before you make a claim. So, if your lender confirms PPI was or may have been present, it would then be worth finding out for sure whether it was mis-sold to you. Our claims are done on a no win, no fee† basis so if your claim was unsuccessful, we would not charge you. 
  1. I don’t have the time.
    We can’t take all the time out of the process, but we can use out expertise to make the claim process as smooth and timely as possible.
  1. I wouldn’t know where to start.
    Our friendly, knowledgeable advisors can guide you through the claims process and keep you updated every step of the way. 
  1. I never win anything.
    This is not about winning – it’s about recovering money that could rightfully be yours.  If the policy was mis-sold then you are entitled to the return of all premiums paid, plus interest.
  1. My friend tried and got nothing so there’s no point.
    Each claim is different and must be decided on its merits.  If your friend’s case was rejected could mean that their policy was properly sold to them, but that doesn’t mean that yours was correctly sold to you.
  1. My bank wouldn’t do anything like this to me.
    The mis-selling of PPI was not a personal thing.  It was mis-sold on an industrial scale, using sales processes which did not have the best interests of the consumer at heart.
  1. I’m sick of this whole PPI thing – it’s been going on too long.
    The reason it has been going on for so long is that millions of policies were mis-sold and less than half of them have been dealt with so far.  There are billions more to be claimed and your policy could be one of them.

This entry was posted in News, PPI.