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PPI Payback

Although lenders haven't been ordered to stop selling PPI, they had probably better take a good look at selling it in the future! Record numbers of payment protection refunds are being issued by the day and it is only expected to get worse before it actually gets better.

Why PPI Payback Is Higher than First Expected

Until the High Courts upheld previous rulings, PPI payback was not expect to reach the heights it has but since lenders are being made to review payment protection insurance claims almost a decade old, it is obvious that they will need to set aside even more PPI payback money to handle all the incoming claims. The controversy in this regards actually started in 2005 when the Financial Services Authority was placed in charge of the PPI issue. This is where the real problem begins as far as lenders are concerned. Since the FSA has only had jurisdiction over this end of the industry since then, lenders felt that they had no right to order claims older than that be reviewed.

High Court Rules in Favour of Consumers

However, there is another side of the story and that is that mis selling insurance or any other financial guidelines is against guidelines. It was against the guidelines in 2005 and it was against guidelines in 1998. The bottom line is that just because the FSA could only chastise them after 2005 doesn't mean that guidelines weren't broken prior to that! The High Court ruled that the FSA could impose fines on older claims and also that banks had to review them for mis sold PPI and subsequent refunds. This means that there will be a massive rush to set aside sufficient funds for this unexpected increase in claims. A larger PPI payback will need to be set aside.

If you are still struggling with filing a PPI claim against the lender who mis sold PPI and would like to proceed with getting your refund that is due you, you can either file directly with that lender or you can work with a PPI claims company. By using a professional claims company you can be sure that everything is in order and ready to be reviewed when that claim hits the lender. Whilst you may be able to write a claim letter and submit a claim based on what you have paid into mis sold PPI. For details on how this is done, call 0207 471 2000.

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