With stories of mis-sold PPI compensation figures numbering in the tens of thousands of pounds it’s the question everybody is asking.
Surely everybody who can claim back PPI already has?
The PPI scandal has received huge media and press attention and it’s likely you don’t go through a day without seeing an advertisement related to it. You might think that with all this attention that if you had not made a PPI claim by now then you probably don’t have one to make.
Whilst it is probably more true that people now know what PPI is, many people are still not aware that they even bought it to begin with. It was usually called something else such as sickness and unemployment cover or credit protection.
So how do I know if I have PPI cover?
The easiest thing to do is dig out your documents and check the small print. If any form of payment protection or insurance was sold to you as “essential” or included as a mandatory condition of taking out the policy, you probably have a claim.
When you took out the original policy you should have been presented with a choice of at least two payments and given the right opportunity to opt out of PPI if you did not want to pay it.
If you read through your documents and you’re still not sure then we can help, call us on 0800 849 8060 and speak to an expert. Even if you can’t find your documents we can usually assess your claim by asking you a few simple questions.
I think I might have PPI on my policy, can I claim a refund?
Not every PPI policy can be claimed against but if you still have a policy running or it was sold to you within the past six years you are likely to have a claim.
Once you know that you have a policy it comes down to how you were sold it. Check if you received the full terms and conditions prior to signing for the policy and see if a suitable cooling-off period was offered. If you were told there was no option about taking out the policy when you took out a loan then you have almost certainly been mis-sold PPI.
If you think you might have a PPI claim but don’t know what to do next we can help, our experts are waiting by the phone to take your call, we will deal with your claim on a no win, no fee basis and you are under no obligation to proceed. Call us on 0800 849 8060 today.
With the amount of money still left unclaimed from mis-sold PPI policies it is not surprising that there are now a number of companies available to help you with your PPI claim.
Whilst this is a good thing and is helping people to get back the money that is rightfully theirs it is also unfortunately attracting scammers who are taking the opportunity to trick people into paying out money without offering any service.
PPI Fraudsters operating door-to-door
A recent example of this has been highlighted by Cheshire Police this week. They are warning residents that a team of people are operating a door-to-door scam in the area and have already conned dozens of people out of money.
The fraudsters are taking people’s details at the door and calling them soon after with false claims that they have investigated their case and discovered they are owed a large sum of money.
In order to continue they request an upfront payment, supposedly required to complete necessary paperwork, and the victim never hears from them again.
The PPI Team work on a “No win, no fee” basis
Beware any PPI company asking you for money upfront, at The PPI Team we operate on a strictly no win, no fee basis and you will not have to pay a penny until your claim is successfully completed.
We will also be sure to thoroughly investigate your PPI claim and talk extensively to the banks to validate your claim before we proceed any further.
If you would like more information please call us on 0800 849 8060 and speak to a PPI claims expert today.
With the High Court ruling that banks are obligated to pay back all mis-sold PPI and contact customers who may be owed money, many people have mistakenly assumed that they will be contacted by their bank in due course.
The truth about PPI claims
In reality this only applies to customers who have been ‘systematically mis-sold’ PPI. This means they purchased the insurance as part of a standard (and obviously not very transparent) sales process, typically where the PPI was bundled in without their knowledge.
However as the selling of PPI was such a lucrative practice there are thousands upon thousands of cases where more underhanded methods were used, the worst being where PPI has been sold to customers who could not even claim if they needed to.
Let us take out the hard work from claiming back PPI
Do not assume that just because the banks have put aside billions of pounds that it means they can’t wait to give it back to you. It is important that if you think you may have a PPI claim on your mortgage, loan, credit or store card that you start talking to the banks.
When the high court ruling in April 2011 caused all of the major high street banks to announce they were putting aside billions of pounds to refund mis-sold PPI it was an unprecedented event in British Banking.
The FSA flexed it’s muscles, for so long thought to be rather weak, like they never had before. Together with the support of the new legislation the all-for-profit mentality of British Banking started to grind to a halt.
The change in the tide was predicted by some. For example the man known as the HBOS whistle-blower, Paul Moore, warned way back in 2004 that the bank was taking excessive risks. He was promptly dismissed and his silence paid for with a six-figure sum, the type of cloak and dagger tactic that has allowed the problem to grow for so long.
Consumers shocked by the extent of the PPI scandal
However for most consumers it came as a shock and that is why so much mis-sold PPI remains unclaimed. It was mis-sold so widely and with such reckless abandon that in many cases customers were not even told it was being bundled in as part of a mortgage, loan or credit card.
Since the lid was blown off the PPI scandal things have continued to get worse for the British Banking industry. Most recently the exposed manipulation of the Libor bank-rate has shown a level of corruption at the top which many might have suspected but few would have predicted would be unveiled so dramatically. Add to this the mis-selling of interest rate hedging products to small businesses and it is painfully clear that the banks are very much about the numbers and not at all about it’s customers.
That is why everybody who has a potential PPI claim should be refunded every penny they are owed and The PPI Team are here to make sure your claim is successful.
What will the next banking scandal be?
With the announcement from Prime Minister David Cameron that there will be a full parliamentary inquiry of the banking sector, alongside a more focused inquiry solely into the Libor market, the magnifying glass is inspecting British banks more closely all the time.
It is likely that other add-on products that are sold in a similar way to PPI will be the next to come under scrutiny. With the competition between banks to capture current account customers (who can then be sold other products) being so fierce it is an area where any morals or ethics fly out of the window. Many customers are now sold ‘premium’ current account products that include many features they don’t need, or like in the case of PPI, insurance that they would never be able to claim on or already have as a singular product.
The mis-selling of Payment Protection Insurance took a long time to surface as a fully blown scandal. It was not until the Financial Services Authority (FSA) took over the regulation of general insurance sales that the campaign really came under the media spotlight.
That was in 2005. For years prior and then up until April 2011 major high street banks were still selling PPI alongside credit card, mortgage and loan applications to customers who either didn’t need it or would never be able to claim.
How PPI was mis-sold for so long
Smaller companies were beginning to suffer fines from the FSA as early as 2006 but the product was so profitable in a very competitive market that the banks did not heed the warnings.
Alarm bells should really have started ringing following a further report from the FSA detailing evidence of poor legal compliance and sales practices that ignored the ‘Treating Customers Fairly’ (TCF) regulations that most financial services companies had agreed to abide by.
Claiming back PPI campaign gathers pace
As a result of that report which included a number of company visits and mystery shopping exercises the names of bigger institutions began to make headlines. Large online financial companies such as Egg were fined alongside long-established insurance companies and banks (Alliance & Leicester and Liverpool Victoria amongst the biggest names).
Once the case against the banking industry reached the High Court the mis-selling of PPI finally began to slow down as the major high street banks began to take it more seriously.
However it certainly did not stop, organisations of such a size tend to have a very large turning circle and there are cases of mis-selling being identified right up to the April 2011 ruling and even beyond it.
The big PPI calculator
Having lost their case to stop customers demanding compensation following successful awareness raising campaigns by a number of consumer groups the banks finally held up their hands and announced that billions of pounds (the total figure believed to be in the region of £6bn) would be set aside to settle compensation claims.
If you have taken out a loan, credit card or mortgage with attached payment protection insurance in the last six years some of that money could be yours. Contact The PPI Team today to discuss your claim and start the process of getting your money back.