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Payment Protection Insurance – An Important Step

Filed under: Services — Tags: , , , — consumerfinanceclaims @ 11:46

Thursday 5th May will be recorded as the day British banks realised they had reached the end of the road, and finally abandoned their legal wrangling and delaying tactics over the long running ppi mis-selling disgrace. The writing had been on the wall (in large, bold print) for some time; but it was only when their backs were well and truly, up against that wall, that the banks threw in the towel and conceded. With the important business of bonuses settled and out of the way, no doubt the party ended on a final toast to the “good old days”, and the task of drafting reluctant apologies needed to be organised. No chance of nominating a fall guy for this one (aka BP) Collective responsibility is unfortunately unavoidable; still, water off a ducks back and all that.

Lloyds TSB blinked first and realising they had to regain some kind of integrity, announced they were now engaging with customers, and promptly (ish) set aside £3.5 billion for their payment protection  refund pot.

With the flood gate opened, Barclays reluctantly followed suit and announced it had set aside £1bn to pay claims compensation, HSBC have coughed up some £269m, while the compensation pot of Royal Bank of Scotland was topped up a further £850m to the £200m already earmarked for ppi claims.

Barclays’ chief executive Bob Diamond said” We don’t always get things right: when we get them wrong, we apologise and put them right. Hollow words; belatedly and reluctantly spoken.

Peter Vicary-Smith, chief executive of the consumers’ association “Which magazine” said the banks had now seen sense. “It was a colossal error of judgment by the BBA to have brought this case in the first place, which has even further diminished the banking industry’s reputation in the eyes of consumers,” he said. With approximately 16 million payment protection insurance policies sold since 2005 alone, the possible number of those mis-sold can only be imagined. “There could still be huge numbers of people out there who were duped into buying PPI and unaware they can make a claim,” Mr Vicary-Smith added.

The new PPI reforms will mean that providers will, in the future, face real competition for their products; where in the past there was very little, or none. As a consequence of these reforms, the prices consumers currently pay for PPI should fall significantly.

The new regulations require banks and other PPI providers to look at all their past ppi transactions and, if there is any evidence at all of “systematic ” mis-selling, to contact those customers which may be affected, and invite them to make a claim. Lets not hold our breath though…..just in case.

Although not all ppi protection policies will have been mis-sold, all policy holders (past and present) who are concerned, are never the less advised and encouraged to lodge a complaint first, rather than wait for the bank or the provider to take the initiative. Old policies, and even lost or missing ppi policy documentation doesn’t mean you can’t claim back a refund if you are due one.






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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!