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You must have heard a lot about payment protection insurance or PPI. You may have also heard a lot of people talking about it especially the ones working in the financial and legal industry mentioning terms such as mis-sold PPI policies, PPI claims etc.

In the last decade, several financial institutions such as banks and other lenders mis-sold PPI policies to their customers. When the customers came across this reality, they started claiming for compensation. After enquiries conducted by government and consumer bodies, numerous financial institutions had to concede to the fact that they had mis-sold PPI to their customers and now have to re-open PPI claims that were rejected before.

  • The first and foremost step that they need to take is notify all consumers who purchased a PPI policy that they could have been mis-sold the policy and are eligible for a reclaim. They won’t revert back in the cases where there are no relevant changes in the result. This step is necessary as it intends to reopen the cases, which haven’t yet been resolved.
  • The authorities cite that it is too early to disclose the details and that the work is already in progress. There are different processes for claims, which are currently being investigated. Resolved cases are unlikely to be reopened.

Following this, there have been instances wherein banks try to pull-off their hands from paying the victims citing a lack of strong evidence as the reason for turning down a claim.

As per a recent survey, “approximately two and half million cases are being considered to be re-opened and this does not include cases that have been wrongly exempted.”

Reputed claim management companies who have good amount of experience in the industry suggest that those who have been rejected their claim can seek redress. They recommend customers to make optimal use of their rights and not allow banks to get away easily.

If you are unsure whether your case is fairly or unfairly rejected you can contact experts at a reputed PPI claim management company. Make sure that you check the deadlines, so that you do not miss-out on important procedures.

It has been noticed that PPI providers keep on using tactics for not repaying the customers. Following instances have been witnessed so far:

  • PPI victims have been previously underpaid by some financial institutions. Some of these are re-opened cases.
  • Some victims are offered delayed payments for mis-sold PPI and the victims have to bear the consequences.
  • A PPI provider was fined for putting all their PPI complaints on hold.

When these situations came into the light, stern actions were taken against the concerned authorities. Initially, there was a downfall in the number of complaints but gradually the figures increased.

Legal authorities such as the FOS (Financial Ombudsman Services) now make it a point that complaints are given key consideration and the queries of PPI victims are looked upon. The authorities also ensure that complaints are treated fairly and victims are paid well and on time.

It is really difficult to re-build the trust once you have been cheated by a particular institution. There are some cases where people have successfully received their compensation while others have not received it yet. Gradually, they are expected to receive it sooner or later depending on the joint efforts by them and their banks.

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