Banks Rejecting PPI Claims Automatically
As many people are informed there has been loads of problems within the UK of consumers being mis-sold payment protection insurance. Measures have been taken to apply rules and regulations by the FSA as well as for customers to get back their money as long as they had a legitimate claim. It was determined that the major perpetrators of the illegal methods were done by banking institutions.
Lately an alarming report was released via the Financial Services Authority that over 300,000 customer claims that have been filed to reclaim a refund on mis sold payment protection insurance were refused. It is stated the fact that banking institutions are not actually reviewing the actual claims but merely automatically denying them.
This is now leading to more of a burden for the Financial Ombudsman Service, as when a customer files the complaint with them, they will subsequently take action on the PPI claims for customers that place their case with them. On average the FOS gets approximately 1000 claims from customers who were denied their refund by the banks, and it is declared that this is just between 15-20% of the actual quantity of consumers whom were denied. This means that the financial institutions are getting away with their illegal methods.
If you believe you were mis sold payment protection insurance you must still file a claim to ask for a refund regarding premiums. Of the PPI claims made by FSO on the consumer’s behalf, at least 90% have been in favor of the customer. What this means is, that even if you get rejected of your claim you have high odds that you simply had been rejected automatically without the actual bank actually viewing the claim.
The customer that feels they were unfairly sold PPI certainly has several options to begin a claim. One of course is submitting all the paperwork yourself as well as beginning the process, the second is actually to find a reputable firm which deals in PPI claims and reclaiming. The disparities in the two rather simple – one is free of charge, and one you will only need to pay a fee if the case is resolved and you obtain compensation (No win – No Pay). Also, one you have to do all the documents yourself, whereas the claim specialist will do the majority of the filing for you.
If you take into account that only 15-20% of consumers actually continue their claim once they are denied by the financial institution and over 90% really do win when they do pursue the claim, the amount of money the banks are getting to keep is actually astronomical and downright robbery.
If you were mis sold payment protection insurance and want more information and tips on ppi claims please visit Simplicity Claims.
