Claiming PPI Payments
As a result of consumer complaints, the Citizens Advice Bureau launched an investigation of major proportions against lenders and independent producers selling payment protection insurance in the UK. Consumers were claiming PPI payments be refunded because of allegations that payment protection was either being misrepresented, added to loans without their knowledge or that enough information regarding cover was not given prior to contracting the policy. Upon review of the findings submitted by CAB, the Financial Services Authority (FSA) was given jurisdiction over personal insurance products which prompted an investigation of their own.
FSA Mystery Shopping
The FSA embarked on a mystery shopping investigation of 150 firms selling personal insurance products against which consumers were claiming PPI payments should be refunded. The mystery shopping process identified that there were serious failures within the ways in which many of those firms were selling payment protection insurance in regards to personal loans. They found that single premium policyholders were up against insurmountable obstacles when claiming on PPI and a significant amount of claims were being denied because of poor sales tactics.
FSA Findings
It was found that of those 150 firms that were the focus of the mystery shopping investigation, eleven firms were made to cease selling PPI until such time that they could get their sales approach in compliance with FSA standards. Keep in mind here that PPI refunds are the direct result in many cases of misselling the product which means that these firms not only had serious work to do but severe financial consequences as a result of those claiming PPI payments be refunded. In addition, three firms actually cancelled selling PPI altogether, four firms were more thoroughly investigated and an additional twenty needed to be considered for further study. The point is that there is ample evidence that the misselling of PPI is preventing cover when consumers are claiming on PPI for the benefits they believe they have.
What This Means to Consumers
Anyone who believes they have been mis sold PPI is urged to take a good look at their loan documents and monthly statements, especially if they are not even sure if they have purchased this cover. Getting a PPI refund is dependent upon having been mis sold PPI in most cases, but there are times when consumers can request a cancellation of their policy and a partial refund is in order. In fact, if there is any doubt at all as to whether claiming on PPI would provide cover, it is suggested that consumers seek the assistance of claims professionals to help them determine if indeed their protection insurance was mis sold.
Belmont Thornton, Ltd., the PPI Claim Company, can help you determine if you have a viable claim for mis sold PPI and will also be able to assist you in requesting cancellation and a refund. The claims team is on hand to answer any questions you may have and the company works on a no win no fee* contingency. To speak with a Member of the claims team on call 0207 471 2000 or fill out the brief contact form found on the PPI Claim Company website.
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