One may believe the Payment Protection Insurance (PPI) scandal has come to an end, but officials say the procedures are far from ending. As it continues well into 2015, it means that there are still many bank clients out there who have not figured out their policies yet.
What is currently happening?
UK’s financial authorities have set no final date for this to end. Repayments will happen in future – for years to come, in necessary. The banks cannot denying paying any such compensation. Month by month, some of the biggest names in the industry announce that they’ve set aside funds to cover this. When any dispute arises between a bank and its client, the ombudsman still steps in to have a final say. It’s not only about banks, though; many other financial institutions have tricked customers into paying for a useless PPI policy and will go through the same proceedings.
Is it OK to claim now?
Yes, it certainly is. In fact, it is much easier in 2015 than during the previous years, because there are much fewer PPI cases to deal with. On average, the numbers are three times lower. Your case will receive all the attention it needs. All you have to do is to access a website like haveigotppi.org.uk or similar to understand how PPI was mis-sold and see if this happened to you as well.
Is a middleman necessary?
PPI claimants have come across many specialised claim companies that promise to get their policy money back. Sure there is the “no win, no fee” slogan, but once you get your money the firm will want its share, which can be a stunning percentage of the total amount. In general, there is no need to hire a middleman to do this for you. It won’t have a superior approach or be more intimidating to the bank. In case you don’t have a clue about the claiming process and have no time to learn, then you could benefit of this service; just look around until you find one with a decent fee. It gets compulsory when you no longer remember the lender or don’t have the documentation anymore.
What if the bank will mishandle the payments?
It’s happened many times before but serious measures have been taken. The latest one was a fine of £117 million for Lloyds Banking Group, for the faulty way in which it handled its clients’ PPI complaints. Clydesdale Bank was in the same situation only two months before that, facing a fine of £20 million. What clients can do is to make sure they’ve checked their documents or contacted the bank in relation to this aspect. Then, they need to download the standard complaints form so they can provide the exact information that’s needed. In case the bank refuses to cooperate, it is time to escalate the complaint and get to the ombudsman.
What are PPI calculators good for?
The Internet is hosting many PPI calculators and some of these are free to use. They represent an important step in your claim preparation. When you calculate the amount the bank owes you, you are empowered and can ask for the whole sum, in case they will not be willing to repay it entirely. It’s happened that clients only got a fraction of what they were actually supposed to receive. When you know what to expect, you can’t be fooled so easily.
Since January 2011, a total amount of £20 billion was paid out to PPI victims. Several hundred millions are still being paid out each month. Besides, the methodologies have been reconsidered so you can claim with ease and get repaid a fair amount.