Friday, November 18, 2011

A Short Introduction to PPI Claims

By Henrietta Savage

For some people just the three letters by themselves - PPI (which stands for payment protection insurance) - are enough to cause confusion. But as awareness is rising about the mis-selling of PPI people are beginning to understand that it's important to know about because they could be entitled to thousands of pounds. But the hows and whys might still be a bit of a mystery.

The reason so many people are claiming for PPI is because the industry as a whole was behaving very poorly when it came to selling it. Of course banks are there primarily to make money, but corporate greed was so powerful when it came to PPI that the needs of customers were completely ignored. As a result many people were sold PPI when they didn't need or want it.

After plenty of campaigning the regulators finally had enough evidence to demand changes be made, and although banks opposed new regulations they have finally been forced to change the way they sell PPI, but also to address the way they sold PPI to people in the past. Consequently, billions of pounds are finding their way back into the pockets of disgruntled consumers.

But while many have been quick to reclaim, some have been more hesitant. This is usually because of the apprehension that comes from the idea that the claim will take a series of letters, file searching and months of waiting before anything will happen. Sometimes it is simply because the customer doesn't even have an idea where to start.

Services to help such customers have been running for several years now, and the success rates speak for themselves. Many firms are confident enough to offer no-win no-fee services and only the minimum of information is required from the customer - a specialist claims handler will do everything else for you to make sure you get the money you deserve. So even if you don't know the first thing about PPI, you can sill make a claim.

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