Banks Fighting Back on PPI Claims

PPI or Payment protection insurance is designed in order to cover the monthly repayments that an individual is unable to pay or a debt which can be in the form of a loan. The reasons can be due to accident, sickness, unemployment and redundancy. However it was found that PPI has been mis-sold by several lenders through unscrupulous sales techniques. Following the Supreme Court decision early this year, many banks realized the court of public opinion was full of rage. Customers who had been mis-sold Payment Protection were simply expecting their money back. In order to prevent the financial companies mis-selling PPI, the FSA (Financial Services Authority) and the FOS (Financial Ombudsman Service) took the initiative to sort out the problems. For months many banks did indeed comply and offer compensation in line with FSA guidelines. However from August 2011 there has been a change in the winds and the banks are now trying to bolt the door by rejecting claims.

MBNA and Blackhorse in particular have started issuing rejection letters. Once a customer receives a rejection the claim must be referred to the Financial Ombudsman Service. Barclays also recently has started to issue rejection letters and this confirms that banks are attempting a damage limitation exercise. The decision letters are often generic and fail to disclose the key documents which were possibly used at the time of sale. The reason banks are rejecting claims is of course to stop paying out millions of pounds in compensation. Of course some rejections may be valid and with some merit. Customers who have complained for mis-sold PPI and who receive disappointing rejection letters often give up their claim. Many simply place the letter in the kitchen drawer and forget about it. Banks try it on and see what reaction they get.

If you have been mis-sold PPI then you can make a PPI Claims.  Even if you have already paid off your loan then also you can claim for PPI. It is important to fight a PPI claim. Receiving a rejection letter from a bank is simply a setback but if a claim is presented properly at the Financial Ombudsman Service then there is a very strong chance the claim will be successful. The Financial Ombudsman Service investigates the complaints regarding the financial matters including mortgages, banking, insurance, loans, investments, credit cards, etc. Moreover you can also take the help of several well known claims companies that will help you to claim back your PPI payments. In order to find out the reliable claims company you can browse the internet. A good claim company with years of experience in this field can help you fight against such situation along with a reasonable compensation. The reliable claim company has highly knowledgeable, experienced and highly trained legal and financial professionals who ensures that each and every claim is drafted with care and attention.  Moreover they handle the entire claims process including all your loan documents in an efficient manner without wasting your precious time, energy and money.
 

Feel free to visit www.jskclaims.com if you are looking for PPI Claims or PPI Insurance.

Making A PPI Claims: What If I Can Not Find The Policy Number?

Nowadays more and more people are becoming aware of the PPI claims. PPI claim is made in order to receive compensation. Some of the lenders mis sold PPI to numerous people through unethical ways and that too without making the buyers familiar with the various conditions. Before making the claim it is imperative to make sure that you have complete documents. However many customers who claim back compensation for mis-sold Payment Protection Insurance initially are unable to find the loan or agreement number. In such cases many banks simply turn down claims where the customer fails to provide a loan or card number. Millions of people naturally have lost or got rid of old papers so this is a common story. We know banks can find a customer. By using a date of birth and some other security details banks can locate customers with ease. However, banks will obviously not search too hard if there is a PPI claim for compensation. Asking the enemy for ammunition is never going to work. Some banks will process the claim but many simply respond saying ‘tough luck we can’t find you’.

The best method of locating your agreement numbers is by first having a look and see if you do have any old paperwork. Sometimes a bank statement can show an agreement number under a monthly debit. The next best thing is to simply telephone the bank and ask for the account number. Simply by saying that you need the account number for personal records can assist and often banks will give the number over the telephone. The other approach is to pay a £10.00 fee under data access and banks are obliged to disclose all the paperwork. This can help because the actual credit agreement which a customer signed at the time the PPI was sold will be disclosed. It can help when making a claim. Once a customer has the loan or card number then the ball starts rolling in the right direction. The extra bit of work is worth it because there is a lot of money to be reclaimed.

And still if in case you are unable to find out the policy number then you can take the help from several well known PPI claims companies. While browsing the internet you can find out several reliable claims companies that can help you in claiming back compensation for mis-sold PPI. The reliable PPI claims company checks every loan, credit card account number. After collecting all the appropriate information then they make a Payment Protection Insurance claim. The company can ask you to provide a copy of your old bank statements in order to verify what the lender owes you. Some of the companies also offer the free credit checking facility in case you are unable to find out the account number. With the help of this you can get a complete credit report. Thus by opting for a reliable claims company you can get your hard earned money back.