Member Article

Why are banks are setting aside £1.5 billion in compensation provisions? 

The Financial Ombudsman announced that over 5000 PPI (Payment Protection Insurance) claims are filed every week. This highlights the serious need for financial mis-selling to be addressed. The Financial Ombudsman deals with cases where banks have initially rejected PPI claims, in order to assess if mis-selling was evident. If this is the case then the consumer is entitled to PPI compensation.

Making a claim for PPI may feel like there is an endless amount of paperwork to pursue, without always knowing how the claim is going to progress; Marc Davison Head of Financial Mis-selling for TLW Solicitors explains how you can get your money back even when the banks say no, ‘in most cases clients aren’t sure they have a PPI claim, even if they still have the original paperwork. PPI could even be hidden under other names when it appears on your bank statement, making it difficult to identify. Our team can still help you in accessing PPI compensation, even if your claim is initially rejected by the bank’

Payment Protection Insurance was heavily mis-sold and often sold on top of loans, credit cards, store cards, mortgages and various types of credit agreements. The purpose of the PPI was to cover the customer if they could no longer keep up with repayments, in the event of illness for example. However the product was often not suitable for many people or deemed totally useless when it came to making a claim.

You could be eligible for PPI Compensation if:

If PPI was not made optional at time of agreement You felt ‘pressurised;’ into agreeing to PPI PPI was offered to you but was not suitable The agreement was not made clear such as PPI cover would run out before the lending had expired You thought PPI was mandatory in order to secure a credit agreement If you were a student, self-employed or had an existing medical condition

Marc Davison explains, ‘this list is merely a guide for typical situations where people have been mis-sold PPI, so even if you don’t think you fit the criteria above this doesn’t mean you aren’t eligible to claim. We have helped many clients who have financially lost out go on to reclaim what is theirs, taking the hassle out of claiming. Our experience of the PPI claims process means we have the knowledge to get the best result for you’.

This was posted in Bdaily's Members' News section by Laura Brown .