Mis-selling Of PPI Ever More Rampant
All over the UK, there are more than 12 million PPI claims filed and a lot of them have been forgotten and discarded by some of the complainants. The Competition Commission is just one of the entities being charged for lack of action to assist customers in receiving their PPI claims.
The Competition Commission together with the Financial Services Authority and the Office of Fair Trading is even being accused of giving tips and consultations to different banks and lenders on how they could sell their PPI to customers legitimately.
A huge number of consumers who have been mis-sold PPI insurance are choosing to file complaints and claims. A PPI should be non-compulsory and should insure borrowers who fail to pay their loans but lenders cannot deny the fact that a lot of these were sold deceptively to customers.
Furthermore, the OFT, FSA and the Competition Commission were also criticized of not doing enough, if nothing at all, to stop banks and loans companies from insurance mis-selling as well as not doing enough to grant consumers the right and security they deserve, particularly when it comes to PPI claims.
In 2005, the consumer watchdog named Citizens Advise has also issued a major complaint on the subject of PPI selling, yet there has been insufficient or no action from the OFT to restrain the practice and PPI still manage to get into UK customers loans agreement.
The process of obtaining a PPI refund is no cakewalk and it’s not only blamed on banks and lenders but also on government bodies. Claimants have to painstakingly write to their lenders that are often ignored. This tactic discourages complainants to pursue their claims and get the entire thing dropped.
Although some companies put forward services to provide assistance to customers to get their money from PPI mis-sold to them it still won’t guarantee that they will still get a complete refund. The good thing about getting this kind of service is that a good number companies that offer it has a no win, no fee type of charge. Customers don’t have to pay the company if their PPI claim is not achieved.
Consumers all over the UK are still recommended to keep their guard up and be alert when getting loans especially unsecured ones as newer scamming forms of selling PPI are being developed by several banks and lenders. A number of of which are reducing the coverage and raising premiums.
Consumer rights groups are urging UK consumers to be cautious and tough in standing against banks and lenders who do such scams. If you don’t know where to start on pursuing a PPI claim, your best course of action is to get assistance from PPI Claim Companies that put forward a no win, no fee basis. A specialist will be given by the company and will handle your claims and complaints and keep you updated on how things are coming along.
