1. Millions of people in the UK and some of the
most famous banks and financial service
providers on the High Street have all been
caught up in the mis-sold PPI scandal, and
there are no signs of complaints abating any
time soon.
www.drppiclaims.co.uk
2. HSBC, Natwest, Nationwide, Barclays and Lloyds TSB have all been found
accountable for this fraudulent practice and all of them have been hit with PPI
mis-selling claims As well as the aforementioned financial institutions, Alliance
and Leicester, Capital One, Clydesdale bank, Northern Rock, Santander, RBS,
Yorkshire Rock and claims are expected to carry on throughout the next
couple of years (or at least until the majority of aggrieved customers have
been compensated) If you haven't heard, PPI (Payment Protection Insurance)
was sold alongside loans, mortgages and credit cards - a policy in place to
cover borrowers should they suffer from economic hardship brought on by
sudden illness, medical problems or the loss of a job
3. When the majority of people needed to make use of this insurance - banks
denied them There are many factors to take into account to establish whether
a bank mis-sold someone PPI and a lot of eligible claims cases involved bank
employees using devious and unscrupulous tactics, including: • Adding it
onto loan agreements without the customer's knowledge • Coercing
customers into taking it by saying it was necessary to get their loan •
Dismissing attempts to cancel the policy • Ignoring their client's medical
history • Ignoring their client's employment status However, in the majority
of cases the fault must lay at the feet of the banks, which employed an overall
strategy in which they pulled the wool over their respective customers' eyes by
knowingly selling a product which seemed tailor-made to not pay out even if
people were eligible at the time they agreed to it Furthermore - despite plenty
of evidence against them - it is not unheard of for banks to argue that the PPI
policy the customer agreed to was actually completely legal and justifiable,
even when the customer had no chance to make use of it in the first place
4. Since the banks have been caught red-handed, anyone caught up in the
mis-selling has every right to expect that reclaiming mis-sold PPI would be a
simple, stress-free process - unfortunately, in a number of instances, they
would be wrong There is no shortage of stories about people encountering
problems when they claim, usually due to the offending bank denying their
eligibility for compensation If a bank denies a rightful PPI claim, the claimant
should always take the next step and take the claim to the Financial
Ombudsman Service (FOS) or a reputable claims management company to
take the fight to the banks
5. While rarer now, instances of the FOS finding a bank guilty of PPI mis-selling
and the bank disputing can still occur, and when banks decide to fight a claim,
it can lead to a long, drawn-out battle (which can take a lot more than a few
months to sort out) For www.drppiclaims.co.uk example, an article in the
Guardian website involved a man who wanted to reclaim Halifax PPI that was
mis-sold to him on the basis that he was self-employed when the policy was
added to his loan agreement Despite the FOS finding him in the right, the
bank disputed the case and it had already been two years since he made his
claim
6. Banks should not be allowed to get away with taking people's money
fraudulently and if they deny a rightful claim it is important to not give up They
know what they owe you