August 29th 2019 is the Last Date to Make Your Claim
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What You Should Know About the PPI Scandal.
The PPI claims scandal has been the unpleasant focus of many discussions lately. There are several major reasons for such a situation:
- The PPI claims scandal, along with its corresponding compensation scheme, is the biggest ever financial scandal that has resulted in huge payouts, in the history of the United Kingdom.
- The principal actors in this scandal are banks and financial institutions with a previously untarnished reputation.
- The full amount of compensation to be made is huge, with the estimated total refund bill currently standing at over £40 billion.
The equally huge number of consumers who had PPI policies were found out to be mis-sold because of any of the following reasons:
- lack of eligibility on the part of the consumer to have such a policy
- lack of transparency as to the nature of PPI – many who had the policy weren’t aware of how it could benefit them, if at all
- lack of integrity in pushing the financial product – many consumers were wrongly informed that the purchase of a PPI was necessary for loan or credit card approval
- lack of clarity on helpful information among those who have suffered because of this scandal – there is much confusion as to how to recover one’s lost funds
In essence, it is the lack of worth of the PPI as a financial product for many of its policyholders that made this scandal painful to bear.
Negative Impact on Financial Systems
Two very disturbing reactions to the scandal are anger and depression.
Trust and confidence are fragile and not easy to earn. Knowing that those you trusted and gave your confidence to would turn out to be the very same ones who conned, exploited, and made money off you, has made many refuse to get any kind of insurance anymore.
On many levels, such a reaction is not helpful. After all, insurance covers exist to help prepare people to deal with financial setbacks should they happen. But now, the loss of confidence in the insurance industry is overwhelming.
Moreover, there is also a negative impact on the financial system.
Confusion Spawns Panic
In the rush of knowing that one can seek redress and make a claim, it is inevitable that panic has made its presence felt. This is because some confusing information has been circulating around, that questions such as these have been in the minds of many:
- Is it really true that 29th August 2019 has now been firmly fixed as the deadline for making PPI claims?
- What if I’m not yet ready because I’m still unsure about whether or not I even qualify to file a claim?
- What happens if I miss the deadline - do I lose my money completely?
- What documents do I need, what if I have lost proofs of eligibility to claim because of (theft/fire/flood, etc.)?
Can you blame consumers affected by the PPI claims scandal for feeling nervous and unsure? There is a way to cope easily, however. Consumers can seek the assistance of a claims management company with a proven track record, such as Paxton Willis.
The peace of mind of consumers needs to be upheld and protected. Put your trust in the hands of those whose expertise can help you reclaim what is rightfully yours. Plus interest, of course.