Payment Protection Insurance (PPI) claims
This week, UK banks announced that they have decided not to continue with their appeal against the High Court’s decision concerning Payment Protection Insurance (PPI) mis-selling claims.
This is good news for anyone who believes they were mis-sold Payment Protection Insurance.
However, Trading Standards are concerned that there will now be a fresh wave of emails, phone calls and letters from claims management companies saying that they can help you claim back thousands of pounds.
Banks are now required to pro-actively contact PPI policyholders whom they suspect have been mis-sold this cover. Therefore, in theory, you don't need to contact your bank, building society or other lender, as it should come to you. Also, if you've had a previous PPI complaint rejected since 2005, then your lender should re-open your case.
But if you think you may have grounds for complaint about a Payment Protection Insurance policy, get in touch first of all with the company you think is responsible. There is no need to use the services of a claims management company, who would probably take 25 – 40% of any compensation you might be awarded.
The Financial Ombudsman Service (www.financial-ombudsman.org.uk) has helpful advice on how to make your complaint, and is also available to assist if you do not get a satisfactory response from your bank.