After the Payment Protection Insurance PPI scam was exposed it has become somewhat of a hot topic with everyone. With the amounts at stake, this is something that will be in active news for a long time. The individual claims in some cases have been in excess of £50,000 which is alarming. This scam ran for so many years without being noticed is also so very amazing.
A glance at the stats and one can see that more than 4 million people have already claimed back their PPI charges. These numbers are only increasing every day. Well known financial institutions and banks have proactively made provisions to put aside money which will be used to repay the claims owing to PPI. Lloyds Bank Group has been in news for keeping aside £5 million which industry experts still feel is going to go up.
What is PPI, one should have a brief idea of it here. In technical parlance it is more of a lender’s way of confirming repayment of the credit in case of death, bankruptcy or any other mis-happening to the borrower. To make profits almost every lending company and financial institution started adding PPI to anything the customer opted to avail. This regressive practice was discovered a few years back, but a large number of people had already been affected by it. When the impact of the PPI scam was assessed it came to fore that a large portion of the population was a victim of this. Quite understandably, every one of these would like to retrieve whatever amount has been somewhat fleeced from them.
One option is to go solo on this one and try to fight through the system. Not really recommended, though it is very much doable. The laws pertaining to PPI are rather complicated and navigating through the system will require a lot of tenacity and effort. The more hassle-free approach will be to go through a claims expert solicitor who would know the nuances of this game. In most cases such experts will be part of a company which specializes in helping people with their PPI Claims.
The first step would of course be deciding on the company which will file the PPI claim on your behalf. After the decision has been made, one can contact them by filling their contact form on their website or by simply calling up their number (which is usually displayed on the website). You will get a call back and you can discuss your claims case with them in detail. The best part about filing the claims through such companies is their no win no fee policy. This implies that you do not pay anything in case you do not win a claim.
A glance at the stats and one can see that more than 4 million people have already claimed back their PPI charges. These numbers are only increasing every day. Well known financial institutions and banks have proactively made provisions to put aside money which will be used to repay the claims owing to PPI. Lloyds Bank Group has been in news for keeping aside £5 million which industry experts still feel is going to go up.
What is PPI, one should have a brief idea of it here. In technical parlance it is more of a lender’s way of confirming repayment of the credit in case of death, bankruptcy or any other mis-happening to the borrower. To make profits almost every lending company and financial institution started adding PPI to anything the customer opted to avail. This regressive practice was discovered a few years back, but a large number of people had already been affected by it. When the impact of the PPI scam was assessed it came to fore that a large portion of the population was a victim of this. Quite understandably, every one of these would like to retrieve whatever amount has been somewhat fleeced from them.
One option is to go solo on this one and try to fight through the system. Not really recommended, though it is very much doable. The laws pertaining to PPI are rather complicated and navigating through the system will require a lot of tenacity and effort. The more hassle-free approach will be to go through a claims expert solicitor who would know the nuances of this game. In most cases such experts will be part of a company which specializes in helping people with their PPI Claims.
The first step would of course be deciding on the company which will file the PPI claim on your behalf. After the decision has been made, one can contact them by filling their contact form on their website or by simply calling up their number (which is usually displayed on the website). You will get a call back and you can discuss your claims case with them in detail. The best part about filing the claims through such companies is their no win no fee policy. This implies that you do not pay anything in case you do not win a claim.
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