August 29th 2019 is the Last Date to Make Your Claim
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Do You Know How to Go About Making a PPI Claim By Yourself?
Are you thinking about making a Payment Protection Insurance (PPI) claim? Do you know what it will take to successfully process your claim?
When Something Meant to be Good Turns Out Bad
It boggles the mind how something like PPI, that was initially conceived to be a safety net for the financially challenged would end up being, in itself, the cause of so much financial pain. PPI is now in the midst of a scandalous maelstrom of false assurances, promises built on thin air, and unethical business practices.
Swirling along within this confusing eddy is the eroded confidence of many people towards banks and lenders, and their dwindling trust in insurance policies. What is behind such a sad state of affairs?
The root cause is a lack of integrity, powered by greed
Mis-Sold, Misappropriated, Mishandled
Although the PPI scandal erupted only quite recently, it has actually been building up steam for some time. In fact, the problem had been exposed by several major news outlets as far back as the late 1990s.
An insurance policy is supposed to be one that gives the buyer peace of mind and protection against a risk that is real. But for the most part, PPIs have accomplished the exact opposite in such a negative and demoralizing way.
This is extremely sad for a consumer financial product because as a whole, consumers, unlike big institutions, do not have the wherewithal to cover losses easily. This is one of the reasons that when PPIs were first introduced to the market, they sounded like a perfect umbrella solution against problems such as redundancy and illness. This was especially crucial to people who had taken out loans or acquired credit that needed to be serviced according to schedule.
But eventually, it was found that PPIs had been mis-sold, with bankers and financial institutions and firms (mortgage and loan agencies, and the like) going to the extent of not informing consumers that they had added PPI to a loan, and therefore, a bigger repayment amount was in the pipeline. PPI was also pushed to many consumers who were also not even eligible to get PPI policies.
As a result, the money of consumers was misappropriated. And what we now have are numerous consumers wanting to get back their hard-earned money that was underhandedly taken from them.Are you thinking about making a Payment Protection Insurance (PPI) claim? Do you know what it will take to successfully process your claim?
Do You Need to Make a PPI Claim?
Banks and other financial institutions are currently paying out compensation to those who have made eligible PPI claims. The projected total of such compensation, or the total refunds involved, is now above £40 billion, of which £3000 is the average amount refunded to eligible PPI claimants. There are times when it can go higher (or lower), as everything is processed on a case-to-case basis.
Navigating through a labyrinth of requirements, and having to answer a lot of questions while trying to recover what was rightfully yours to begin with, anyway, can be a disheartening task. A claims management company such as Paxton Willis can help you understand your situation and prepare all that is necessary to make a successful claim.
Remember, time is gold. The sooner you get your money refunded, the better.