News for the Late PPI Claimant: What Happens in 2015?
Britons have already claimed their mis-sold PPI premiums in large numbers. While many expected the scandal to dissolve in 2015, recent numbers only prove the opposite. An important part of the claimants were under-compensated, while some individuals are still confused about making a move.
Why lenders allocate more money
Lenders are allocating more and more money to address this issue. Recently, it was announced that the banks’ compensations are only growing, getting close to reach the £26 bn mark. This is the obvious proof of the persisting PPI scandal. Moreover, there is a new concern for clients nowadays. Banks must cover now the redress claims, too. This is because they did not pay out everything to satisfy the initial claims. It has been discovered that lenders kept some of the owed money for various reasons. Banks have been charging high penalties to those who signed for the PPI (aware or not) and, with older policies, the money spent this way along the years would total up to a hefty sum. This has led to the creation of a situation of under compensation at a national level. It is said that the banks will allocate £1 bn extra for future compensations, to finally settle the PPI scandal.
Why you shouldn’t be waiting
Waiting can cost you if you have PPI premiums to retrieve. After a number of tears had passed, banks and similar institutions that gave you a credit no longer keep the paperwork. In a situation like this, it is up to you to find all the needed evidence of the loan, credit card, mortgage etc. also, you may not want to be in such a hurry or so busy that you hire a claims company to handle this on your behalf. The later it gets, the more difficult it becomes for a PPI victim to make a claim and be successful.
The method to stick to
If you have waited for so long, you are probably still confused. To quickly dispel the confusion, consult a guide like howtoclaimppi.org.uk or simply start by requesting a credit history report from Equifax or its counterparts. There you will find a list with all the creditors you dealt with. That’s where you start: just take them one by one – contact them and be straight, ask about the payment protection insurance policy. They are supposed to agree to compensate you. Be prepared by using a PPI calculator that gives you an estimation of the amount to be expected back. If they pay you a smaller sum and refuse to revise it, you may then escalate your claim by taking it to the Financial Ombudsman Service.
Author Bio A passionate financial writer, Jamie Jones has been observing the payment protection insurance scandal since 2012 and keeping an eye on the companies involved in it.