How to Recover PPI
Amidst growing concern that lenders are still mis selling payment protection insurance, increasing numbers of UK consumers are looking at how to recover PPI. Each and every day the news is highlighting a story of how lenders are selling payment insurance to borrowers that either don't want the cover, don't need it, can't afford it, are not eligible for it and sometimes don't even know they are buying it. Whilst all of those are reason enough for concern, it is unconscionable to think that a lender would actually tack on another expense without the borrower's consent. It is no wonder that so many in the UK are interested in how to recover PPI payments they shouldn't have been making.
Statistics Are Grim
If you look at the history of PPI claims over the past six years you will see that statistics are grim indeed. According to the Financial Ombudsman Service, FOS, there were only 833 complaints registered with them in 2005 whereas there were an amazing 49,196 complaints logged in 2010 and some estimates conclude that this amount may more than double in 2011. In fact, it is reported that the FOS receives thousands of complaints weekly, most of which are in terms of mis selling by lenders and other financial institutions. Greater numbers of people are now asking how to recover PPI, and with grim statistics like these there is no question why.
What Is Government Doing About Mis Sold PPI?
Although there have been significant changes to the ways in which payment protection insurance is sold as well as in regards to how lenders are to handle claims, government is constantly monitoring the industry and revising rules and regulations. In fact, the Financial Services Authority, FSA, is set to release new data and recommendations in mid June of 2011. Anyone affected by mis sold loan insurance as well as those in the PPI reclaim industry are awaiting these newest findings. There may or may not be suggestions that will affect how to recover PPI but there will certainly be changes to the ways in which lenders can sell payment protection.
What You Can Do to Recover Mis Sold PPI
Since it is recognised that mis sold loan protection is an ongoing problem there are ways you can go about finding out how to recover PPI. The best suggestion would be to contact a claims management company such as Belmont Thornton, Belmont Thornton to handle your claim/complaint to the lender. It has been discovered that certain lenders have not been reviewing claims timely and as a result there is a backlog of claims waiting for their attention. By letting the claims team represent you, there will be someone in constant contact in order to make sure you claim doesn't get lost in the shuffle. If you are asking how to recover PPI, then you may certainly benefit from getting a pro on your side.
Belmont Thornton, Belmont Thornton is registered with the Ministry of Justice as well as with the Information Commissioner's Office. We hold a Credit Consumer Licence issued by the Office of Fair Trading and only work on a no win no fee* contingency. Let our claims team act on your behalf to claim back what is rightfully yours.
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