Banks Continue To Payout PPI Refunds
It has been revealed that the rate of payouts for missold Payment Protection Insurance (PPI) has risen significantly in the past few months. New details from banks in the UK showed that the first half of the year saw approximately £215 million paid back to customers, with £100 million of payments made between May and June alone.
After revealing the figures, the Financial Services Authority (FSA) said that the data consisted of the 16 financial institutions and banks who had contributed to more than 90 per cent of the claims. The period between May and June noted particularly high sums after several key groups admitted liability, ended court cases, and had to make compensation payments back to customers instead.
For those who have successfully made their claim, the worst is now behind them. However, it does signal the ideal time for consumers to check their own status and see if they have a valid PPI claim. UK banks are now preparing for a massive rise in PPI claims as millions of consumers are still unaware that they are due compensation. With millions of products being missold over the past years, particularly when mortgages and other loans were taken out, a huge proportion of consumers will have the right to claim back the money that bought an unneeded or unwanted product. In addition, whilst figures from the SRA showed that compensation rates have risen significantly throughout the year, gains are expected to continue for some time.
Missold PPI is not acceptable by any financial institution in the UK, and as such, those who are found guilty of having made such sales are obliged to provide compensation. Lenders are still responsible for compensating consumers even if the PPI policy was not missold deliberately. In addition, with over 20 million people subject to misselling in the past decade alone, checking PPI products is vital to ensure that individuals are not paying for worthless services.
Specialist claims management firms are skilled in the procedures required tosecure a PPI refund for their clients. Companies such as Fast Track Reclaim provide a free consultation and review of client agreements to inform and file a claim on behalf of the customer if the case has merit. Sometimes the road to PPI success may not be a smooth as it should be as some lenders are not as cooperative as others. A specialist firm will deal with all the red tape to make sure that the monies are refunded in the most timely and efficient fashion.. Your missold PPI can be refunded with all interest in the fastest timescale possible using a 100% hands-free system