PPI or payment protection insurance is the latest blow to land on the torso of the financial world. For years it has been mis sold to people who really didn't need, didn't understand it or were told they had to have it. Recently Nationwide, one of Britain's biggest building society, advised all its staff to stop selling the insurance such was its concerned that customers were not being properly advised.
Nationwide's move was a brave one. Its effectively pulling out of a ฃ6bn annual market, a 300% growth over the last eight years. However the change of policy could be seen by some as a wise one in terms of damage limitation if the tidal wave of claims is anything like the bank charges issue. Many of these policies are unfair and very difficult to claim against. They also depend on your work circumstances, policies should never have been sold to people who are self employed or on short term contracts as they cannot make a claim. The list of exclusions is also long with ailments like backache and mental health issues causing many claims to fail before they begin.
Now the finer details are coming out, many people are now realising that they should never have been forced into taking such policies and have believed inflated or simply untrue claims from sales staff keen to bag a commission. They have been mis sold and mis-selling mean that many are due a substantial payout and refund to get their funds back.
There are many claims companies that can help with this. They often have in house solicitors or access to legal teams who will prepare the paperwork and fight on your behalf.
You no longer need to accept that "maybe you didn't need that insurance". It's your money they have had and you deserve it back. Banks are no longer the huge untouchables and the consumers are slowly getting the rights and services they deserve after years of malpractice. Start the fight today!
| Anthony Foster is a search engine consultant in the financial services industry. covering many areas including How to Claim Back PPI Payments |
1 comment:
And it's not necessary to contact one of the many no-win, no-fee claims companies promising a compensation bonanza, Best PPI Advice
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