Consumer advocates groups are continually monitoring the activity of lenders since it has become quite obvious that they have no intention whatsoever of ceasing from mis selling payment protection insurance to unsuspecting consumers. Although you could say that the insurance product itself is faulty, that is not the reason for their concern. In fact, that is only a small portion of their alarm. Combined with the extremely high cost of payment protection, the fact that lenders are scamming consumers is the real reason why so many of these consumer advocate groups are up in arms. It is why they are urging consumers to reclaim PPI by filing claims against those lenders who make it a habit of scamming their borrowers.
Why Is It Necessary to Reclaim PPI?
Perhaps the biggest question on everyone's mind is why should it be necessary to reclaim PPI? After all, since the product provides very little cover to the people who need it most, is extremely expensive and too easy to mis sell, it seems as though government would simply force it off the market. There are, in fact, some consumer advocate groups that are lobbying for just that very thing! Unfortunately, at the moment it is still on the market and as a result consumers can still fall prey to the wiles of less than scrupulous lenders.
Payment Protection Claims on the Rise
In fact, not only is PPI not going away any time soon, as evidenced by the increased numbers of payment protection claims, it is still gaining more momentum. It would be good to see just how this is happening since consumer awareness is heightened, but there doesn't seem to be a market analysis as of yet pertaining to the reasons why PPI is being declared mis sold. Balancing the increase of consumer awareness against the increase in PPI claims, it just might be that lenders are now 'slipping it in' whilst consumers aren't looking! Sadly, there isn't any proof one way or the other, but if the numbers are indicative of a trend, something perhaps needs to be done by government to call a halt to the sale of PPI across the board until a viable solution can be found.
How Can I Reclaim PPI That Was Mis Sold?
Although many consumers are aware of the fact that they have been mis sold and are entitled to reclaim PPI they just don't know how to go about it. The easiest and perhaps the most successful way of reclaiming PPI is to hire a professional claims management company to act as your representative. An organisation like Belmont Thornton, Ltd., The PPI Claim Company, offers no win no fee service and will only take a fee if they win your claim for you. With a knowledgeable staff of claims specialists on hand to handle all your enquiries, you will never be left in the dark when it comes to the status of your claim. To speak with a claims specialist today, call them on 0207 471 2000.
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