News - Making A PPI Claim Has Never Been Easier
Leading PPI claims firm missoldppiclaims.info has welcomed the move by bank and credit card companies to simplify the claims process for the mis selling of PPI.
In recent years thousands of people have applied for compensation, either by writing to providers themselves or using claims management companies, and have found the process to be needlessly complex and confusing. However, banks and credit card companies have agreed to standardise complaints procedures across their industry, making it easier for people to successfully apply for a refund.
“This is a good move for all those people who have been mis sold PPI in the past and would welcome a sizeable refund in what are difficult financial times,” said a spokesperson for missoldppiclaims.info. “For some of the big financial corporations to make such a move is quite heartening and represents some much-needed humility from a sector which seems to be rocked by scandal after scandal.
“With billions paid out already, there’s now sure to be many more PPI refund cheques dropping through people’s letterboxes.”
PPI’s role was to help repay an individual’s loan if their income dropped unexpectedly due to illness or redundancy however thousands of people were mis sold their policies. While some of the compensation claims are cut and dried, others are so complex that people call on the support and advice of claims management companies who help to compile and process their submission.
The spokesperson for missoldppiclaims.info added: “Not only have banks been found guilty of mis selling PPI in the first instance, there have also been many cases of them short-changing consumers in their pay-outs. This is where companies like ourselves come in – we are able to carefully calculate exactly what a consumer is entitled to so they don’t just need to settle for what the banks tell them they are getting.”
Last year, banks paid out £1.9bn to victims of mis sold PPI and no intend to write to millions of people who may be entitled to a refund but have yet to lodge a complaint. This is expected to generate a further £5bn in compensation.
As part of the agreement, there were also calls for claims management companies to be more tightly regulated.
“We have nothing to be afraid of in terms of tighter regulation; we’re an honourable company which does things ‘by the book,” continued missoldppiclaims.info. “We understand that there are some more unscrupulous companies out there who take their clients for a ride and this regulation will help to root those out.
“We do charge a fee for our service – of course we do – but for our clients it’s money well-spent as they turn to us when they can’t make the application on their own. If it wasn’t for us, the banks and credit card companies would still have their hands on money which they had no right to take from their customers in the first instance.”