All around the UK, there are more than 12 million PPI claims filed and a lot of them have been forgotten and discarded by a number of of the complainants. The Competition Commission is just one of the entities being blamed for lack of action to assist customers in getting their PPI claims.
Apart from the Competition Commission, the OFT and the FSA are also receiving harsh words because of tipping off loans companies and banks how they can legitimately market PPI policies.
A significant amount of consumers who have been mis-sold PPI insurance are choosing to get their claims and refund. A PPI should be non-compulsory and should cover borrowers who fail to pay their loans but lenders cannot deny the fact that a majority of these policies were dishonestly sold.
In addition, the OFT, FSA and the Competition Commission were also criticized of not doing enough, if nothing at all, to stop banks and loans companies from insurance mis-selling as well as not doing enough to help consumers get their money back that was undoubtedly rightfully theirs.
Although there has already been a major complaint opposed to PPI scams issued by the Citizens Advise, a private consumer watchdog, back in 2005, there has been little or no action from the Office of Fair Trading to restrain the practice and PPI still manage to get into UK customers loans agreement.
The process of receiving a PPI refund is no cakewalk and it’s not just blamed on banks and lenders but also on government bodies. Claimants of PPI have to meticulously write to their lenders that are often ignored. This tactic discourages complainants to push their claims forward and get the whole thing dropped.
While several companies put forward services to offer assistance to customers to get their money from PPI mis-sold to them it still won’t guarantee that they will still obtain a full refund. The kind of service being offered should also be fair for the consumer by giving him a no win, no fee policy. A no win, no fee policy is where a customer doesn’t have to pay the company if the company fails to successfully do a PPI claim.
Consumers all over the UK are still recommended to keep their guard up and be alert when getting loans particularly unsecured ones as newer scamming styles of marketing PPI are being developed by several banks and lenders. A few of which are reducing the coverage and raising premiums.
Consumer rights groups are urging UK consumers to be vigilant and tough in standing against banks and lenders who carry out such scams. Making a PPI claim can be a disheartening and frustrating process so getting all the help one can obtain via a PPI claims company can be the best move in this type of situation. A specialist will be supplied by the company and will take care of your claims and complaints and keep you updated on how things are going.
