PPI Claims Process

PPI (payment protection insurance) is an insurance product that is sold alongside loans to cover monthly payments in the event that a person becomes sick, unemployed or suffer an accident. However, PPI used to be rife with problems and more people are acknowledging this and beginning to claim it back.

A new claims process was pushed through earlier this year by the Financial Ombudsman which is responsible for handling unresolved complaints. They can make an impartial decision as they are not associated with either party so it will therefore represent both consumers who have complaints about mis-sold PPI and the businesses who sold it to them.

New forms for the consumer contain all the information required for your bank and the Ombudsman to understand the prejudice that the customer may have endured at the point of sale. PPI was pushed and mis-sold by sales people despite being a poor product that did not help the people that needed it the most.

The FSA (Financial Standards Agency) and the banks now acknowledge that PPI was mis-sold in the past and are more open to compensation claims. It is therefore expected for the levels of successful claims to increase.

There are millions of policies in existence and the levels of compensation have been estimated in billions of pounds. Credit Card PPI is likely to be especially high in terms of redress where the banks cannot prove how the insurance was sold.

All the extra publicity over the past few months will have significantly raised awareness, meaning that record levels of consumers are set to claim back PPI. This is set to reach its peak in the next 2 years but to have ceased by 2017.

If you are looking to claim PPI insurance back you will require the services of a dedicated solicitor. Visit Donns PPI claims. Donns can help recalim PPI.

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