PPI Claims Continue and Banks Fight Back

Have you been mis-sold payment protection insurance (PPI)? If yes then you can make a PPI claim in order to receive compensation. There has been an increase in the number of PPI claims from the past few years. Some people still remain unaware of the fact that they were being sold PPI by lenders through a number of unethical ways. Several banks put PPI complaints on hold and wait for the judicial review.

Following the banks defeat in the Supreme Court early this year, many believed that payouts would come with relative ease. Many PPI claims were resolved in customers’ favor but slowly the banks are fighting back. Banks such as Blackhorse, HSBC and many others are slowly issuing decisions rejecting Payment Protection claims. It is important to realize that each bank is entitled to individually assess PPI claims. If banks have documents confirming that paperwork was completed properly and that boxes were ticked on an application form then it is likely the bank will simply state that it will not refund any PPI on a loan or card.

However, it is important to always fight back. Simply because banks reject claims does not necessarily mean they are correct. The right to refer a disputed claim to the Financial Ombudsman service is a valid right and an important one. There is a 6 month deadline to refer a PPI claim to the FOS once rejected.

The fact that banks are capable to defend claims means that the initial complaint or statement of claim must be framed properly. Each bank has its own method of sale so a complaint letter which is not focused is likely to be turned down. Not all PPI claims can be won but many have been miss-sold. In order to get compensation it is important to make sure that the attack is planned well and any complaint is presented in the strongest possible light.

Even when PPI claims are referred to the Financial Ombudsman Service, the PPI claim has to be powerfully framed. The Ombudsman will not help anyone present the claim. The Financial Ombudsman Service deals in the complaints regarding the financial matters including banking, insurance, mortgages, pensions, loans, savings and investments, credit cards, etc. Besides taking your case to the Financial Ombudsman Service you can also take help of the Loan Protection Insurance company. There are numerous specialized claims companies that deal in recovering your PPI claims. In order to find out reliable and trusted PPI Claims Company you can search the internet.

JSK Claims are specialists in tackling PPI claims and winning disputed claims at the Financial Ombudsman Service. The company looks forward and put their best efforts in getting the maximum compensation possible for their clients. This well known company has highly knowledgeable, experienced and highly trained legal and financial professionals who handle their clients cases in an efficient manner. Each and every claim taken by the company is drafted with total care and attention. The company charges 10% inclusive of VAT service.

Payment Protection Insurance Policies to be handled cautiously

These days, several banks and other loan offering companies aim in offering consumers with payment protection insurance policies. These policies are absolutely different from those life insurance policies and tend to hit generally the self employed, retired, the redundant, people with specific medical conditions, and unemployed. These are in fact sold by the lenders whenever an individual takes a loan, mortgage, or a credit or store card. Offered to cover repayments when an individual due to sickness or redundancy is unable to work, these policies are offered to make the borrower enjoy piece of mind whenever he falls ill. But in actual, with only a third claims being successful, such payment protection insurance policies tend to offer piece of mind only to the management and shareholders of banks.
The problem arises when a bank hit innocents with high penalties and referral fees for not paying only a few pounds premium. And this is the reason why these PPI claims instead of beneficial schemes for borrowers result in huge profits for banks and other lenders. Unscrupulous lenders persuade many people regardless of whether such insurance is applicable to them or not. And therefore there arises a need to ensure that the advice banks gave to customers in regard of buying PPI is suitable.
These days, to fight against such scandals, there exists various claim companies that are all set to help people for recovering their hard earned money. Banks and lenders generally do not pay back the money easily and they try their best to offer as less as possible. But with the help of a good, reputed claim company, a fight can be fought against such big financial giants and a reasonable compensation could be won.
PPI is not always bad but there are certain times when it is mis-sold to the borrower. Like selling it to an old aged who is either of unemployed, self-employed, redundant, retired or suffering from a serious medical condition is a mis-selling.
According to FSA guidelines, the cost of PPI is always calculated in the beginning of the loan agreement. In case you were promised with a higher amount and you receive a small amount back, then you owe a bigger sum to the bank or the lending company. Taking PPI is never compulsory, and therefore it does not mean that the bank imposes it on your loan or adds it to your account without telling you. The policy and its terms and conditions are to be explained well in advance. In absence of this or in any other case of mis-selling, the credit provider can anytime be fined by the FSA and you can claim back your hard earned money back.