The question that is lately on the minds of consumers is whether it still makes sense to claim for mis-sold PPI now that it is already 2015. The answer is a definite yes.
Don’t fall into the trap of believing that just because this PPI scandal has been going on for so along already that by now the banks have done their part to right all their wrongs.
In spite of the millions of victims that have been successful with their claims, there are still millions that have either been unfairly rejected or have yet to realize that they are legible to make a claim.
Banks Have Not Been So Willing
Back in the beginning of 2013, it was revealed that Lloyds, Barclays and NatWestWest/RBS had at times been underpaying their victims, and so those cases had to be reopened.
In fact, Lloyds banking group received a fine of £4.3 million because of the huge delays they created in paying back their victims.
True, this did happen close to two years ago, but we can still feel the effects of it today. Do you need more motivation to file a PPI claim?
Let’s Fast-Forward to the End of 2014
Near the end of 2014, various credit card providers and banks have reopened 2 1/2 million old PPI complaints. The reason?
It was found that they had unfairly rejected those victims, and in some cases, have also underpaid them. And we thought all of this had ended a year ago, right?
In fact, these PPI claims go back as far as 2012 and 2013, so heading into 2015 is going to be a very busy period for this industry and everyone that has been affected by it. Let’s hope the banks can get it right this time.
Here’s the Catch
Well these banks are forced to reassess those unfairly rejected or underpaid PPI complaints, it is up to the bank to automatically reopen them and get in touch with the victims in order to make amends.
As history has proved in the past few years how unwilling these banks and credit card providers have been in taking care of this whole mess, it leads you to wonder just how much faith you should have in depending on the banks to automatically take care of these unfair and underpaid PPI claims, which once again was because of their actions.
Take Control of the Reins
The only way to be sure that you get fair compensation is by taking action and not waiting around believing that justice will be served.
True, you could be the lucky one that they re-contact and finally pay you what is due, but even if that does happen, how long will it take? Lloyds banking group had announced that they would be reopening close to 500,000 complaints, and that they would “hope” to have them all reviewed by 2015.
You are within your full rights to reopen your case, so don’t wait for them to do it. If you’re worried that there is a time limit that gives you the right to make a PPI claim and that maybe your time ran out long ago, think again.
If you’re able to prove that a bank had mis-sold you PPI, even if it were more than six years ago, you’re still within your rights to get compensated. As long as you are able to find some proof that you were a victim, it’s not too late, and this is the reason why we believe this scandal will be continuing for years to come.
Ask yourself why 150 more jobs were created in setting up call centers for this industry in order to help victims get compensation from the banks and credit card companies that were involved in mis-selling PPI.
The Best Way to Move Forward
The best way to make a PPI claim is by utilizing a service that specializes in helping victims in this industry.
While it is possible to successfully get compensation by going through all of the procedures yourself, you will find that the whole process can be extremely time-consuming, and if you’re not careful, you could find yourself being unfairly rejected and not even realize it.
Or, you are successful in claiming back mis-sold PPI, but are underpaid. A good quality PPI company understands how the whole process works, from the beginning to the end.
They know exactly what PPI claims form needs to be filled, and they can make sure that you, the victim, are not only successful with your claim but that you also get fairly paid.
They will also be able to let you know whether you have been mis-sold or not, which again can be a huge time saver.
Keep in mind that billions of pounds have been put into a fund by the banks in order to repay the victims who had been mis-sold PPI.
In addition, while these funds have been created, don’t expect these banks to make it that easy for the victims to get compensated.
History has shown that, regardless of how many times these institutions have been fined, they will continue to find ways to get out of paying, and so whether the consumer likes it or not, to ensure that full compensation is possible, the victim has to continue to take action.
There is still a lot of money that has been unpaid, and there are still a large number of people that don’t realize they’re actually victims of this ongoing scandal.
Another big reason why many people don’t come forward is because they just feel they don’t have the time. However, this should not be a reason not to be compensated for being ripped off.
PPI claims companies can make the whole process very easy, so you won’t need as much time as you think you do in order to find out if payment is in fact due, and if so, to succeed in getting what is owed to you from that fund that was set up by those involved.
This article has been contributed by Gibson Blake Claims Management Ltd. They work exclusively to provide services for PPI claims, or “Payment protection insurance” claims.
They are an approachable, friendly company that offers verification services, guidance and assistance on the application of PPI claims. Gibson Blake Claims Management Ltd.
provides reasonable fees and years of experience to their clients. You can check out their site at Ppiclaimsservice.co.uk