Reclaim PPI Insurance
Payment protection insurance is perhaps one of the most widely publicized insurance products of our time as there is so much scandal surrounding it. Lenders throughout the UK are misselling it to customers, often without their knowledge, and as a result millions of UK consumers are eligible for PPI refunds. When totaled, those refunds are in the billions of pounds. That's just one indication of how widespread the problem is. However, because the problem is so widespread there is a backlog of consumers waiting for responses to claims they have filed.
Updates in Legislation
In recent months the British Bankers Association filed an appeal with the High Court over legislation that mis sold PPI claims had no time limitations. It was their feeling that any claims which predated the Financial Services Authority's jurisdiction over the industry's handling of PPI and PPI claims could not fall under the same legislation. The High Court recently ruled on the issue and upheld legislation. As a result, there is no time limit on when a person can reclaim PPI insurance that was mis sold and can claim a PPI refund as far back as when the insurance first hit the market over a decade ago.
Backlog of PPI Claims
It has been reported that bankers across the UK held onto claims that were coming in during the appeals process because they apparently had hopes that the legislation would be overturned. As a result there is now a backlog of claims which will need attention immediately and the BBA has stated that British bankers are adding to the workforce by about 6,000 strong to help process those claims as quickly as possible. The claims departments at financial institutions now have their work cut out for them as consumers are waiting to reclaim PPI insurance.
Confusion Where to File Claims
To compound the problem, many consumers are confused over just where they should go to reclaim PPI insurance which is just causing further delays for them. Because it is an insurance product many people feel as though they are supposed to file for a refund with the actual insurance company. Unfortunately, it doesn't work that way in this case as the insurance company didn't mis sell the insurance and they are not the ones guilty of misrepresenting the cover or adding unbeknownst to borrower's loans. It is the lender who should be filed against for misselling PPI and the lender that is responsible to make restitution.
There is one alternative which many consumers have found to be of help and that is to contact a claims management company to file their PPI claims for them. The PPI Claim Company has a team of professionals who are at hand to answer any questions you may have in regards to filing a claim. The initial consultation is free of charge and if you choose to file through them there will not be a fee assessed unless your claim is won. With a no win no fee service, you can be sure you are getting the best representation because they want you to win. If you win, they win. It's as simple as that.
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