14/08/2009 by admin.

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14/08/2009 by Bradders.

If you have payment protection insurance with a loan, mortgage or credit card there is a possibility that you may have been mis-sold a policy. If you discover that you have this type of insurance policy attached to a credit agreement that you didn’t even know about then you have been mis-sold! Thousands of people every week are waking up to the fact that they have been mis-sold a policy and now want to know how to claim ppi back plus interest. 

For many years the financial institutions have been pushing this insurance cover as it has added healthy profits to their bottom line.However,more and more people are waking up to the fact that they have been paying over the odds for insurance that they neither wanted or could even use in many instances due to the exclusions attached.It has also been found necessary by the various financial regulators to use their powers to curb the sharp practises that have been occurring over the years.Therefore a number of firms have been fined millions of pounds collectively by the FSA.The FSA has also stepped in to ban the sale  of payment protection insurance alongside loans and credit cards following the increasing amount of complaints.The regulator had already introduced a ban on the sale of single premium PPI which is due to come into force in October 2010 but has now acted to ban lenders from promoting the schemes. 

The Financial Ombudsman Service which was set up by the banks as a self regulatory system has also ordered the lenders to pay back the premiums on thousands of mis-sold policies which amounts to millions of pounds.Recent reports suggest that the FOS are currently being inundated with up to a thousand complaints a week and its likely to get worse.Unfortunately the FOS was not set up as a complaints department for the financial institutions but as an adjudicator in  cases that could not be resolved. 

Brad Martin of Claimline UK said “we see many instances where a client should never have been sold this type of insurance due to the exclusions of the policy.Yet when the case is presented to the lender more often than not the claim will be rejected and it then has to be referred to the FOS.Unfortunately this means that genuine claims are taking longer than they need to process due to the back log of cases” 

Bearing this in mind if anyone feels that they have reason to complain they should not put it off any longer than necessary. From commencement to a completed claim can now take six months plus as the Ombudsman likes to see a case fully presented with as much detail as possible.It is now not unusual for paperwork to be returned on the smallest technicality and this will then delay the case further still as other cases are then put before it.“When making a complaint to the FOS you need to make the case as concise as possible” said Brad “You will also need to make sure all the information asked for is supplied and as much information about the events leading up to the sale will also help especially concerning issues such as pre existing medical conditions or employment details” 

It seems that where compensation is concerned it’s an area where institutions are loathe to refund premiums especially in today’s climate.This can only add to the influx of an ever increasing number of claims that the Financial Ombudsman is receiving. 

In this environment one has to be persistent to make sure their claim is dealt with.As previously stated it can take many months to be processed and will potentially be a frustrating time especially if it is quite obvious that the policy was mis-sold.Although the process is time consuming and laborious anyone can make a claim on their own behalf. 

If however you feel that you may not have the right temperament to deal with this task it is possible to use a company like Claimline
UK who will handle the procedure on your behalf. 

For more details go to www.howtoclaimppi.co.uk  

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14/08/2009 by admin.

With tThe number of complaints rising at an alarming rate against the financial institutions it is becoming increasingly obvious that the complaints procedure is taking much longer. Some of the major lenders are rejecting the vast majority of claims made against them which is in turn bringing increased pressure on the Financial Ombudsman Service. One major bank in particular rejects virtually every claim made against it even when there is clear evidence to suggest that this form of insurance should never have been sold to the borrower. 

It has got to such a stage that the FOS is set to announce individual figures for the level of complaints that banks and financial institutions have received regarding payment protection insurance. It is highly likely that a number of the major institutions will find themselves at the top of the list. It could also prove embarrassing as some of these will undoubtedly include banks that have been bailed out using tax payer’s money. 

It’s becoming increasingly obvious that the lenders are using high rejection rates as a deliberate tactic to slow the process down but more cynically as a deliberate tactic to try and get consumers to give up their claim.