The scam of mis-sold PPI (Payment Protection Insurance) has left the people of the UK shocked. Many consumers are now realizing that they were sold a PPI policy by the bank loan officers without providing them enough information or entirely without their knowledge. If you are also a victim of the mis-sold PPI policy by your bank, it is the time that you file a complaint to claim PPI and get the money you have spent over the years along with its interest.
You can file the complaint to claim PPI on your own by directly contacting your bank or the credit lender. You can either write to them, call them or fill in an online form and submit. However, it has been observed that the banks have refused many individual PPI claims or they have provided a very less amount of compensation. The best way to go about this and keep yourself away from the hassle of the entire process of PPI claim is to hire the experts of claims management companies. For they have the know-how about how to approach the bank to get the compensation for the amount you have been paying them over the years.
All these you need to do before the deadline of August 29, 2019, as FCA (Financial Conduct Authority) has set this deadline to encourage all the consumers to file a complaint about a mis-sold PPI policy and get a compensation for that. FCA has also announced a new set of guidelines based on which the consumers can now get a refund for their PPI policy. This is even applicable for those PPI cases which were rejected by the banks and the banks refused to pay the compensation.
The banks have also kept aside funds to cover for PPI claims in the next two years till August 29, 2019. Barclays, Royal Bank of Scotland, Lloyds Banking Group and HSBC – have allotted £6.5bn to cover the future claims on PPI and the cost involved to administer the PPI claims. The banks are going to spend more than they had expected on this. However, they are doing so as millions of people are affected by this PPI scam. So far 12 million people have already filed a complaint to reclaim PPI and up to 60m PPI policies were sold by the banks and other credit lenders. So, the banks are expecting a surge of PPI complaints till the deadline of August 29, 2019.
So, if you are a victim of mis-sold PPI policy, wait no more and file a complaint to get a refund. Take the help of claims experts if you are busy with other work or if you do not understand much about handling such cases.