Atomox Articles » Business » PPI: Banks are still making it difficult to claim
PPI complaints are set to continue surging throughout the year 2012 and beyond, as floods of claims from aggrieved customers make their way to the complaints departments of UK banks found guilty of mis-selling the dubious insurance policies.
Despite the High Court ruling back in April 2011, it appears that some banks are still trying to make the complaints process unnecessarily difficult for their customers - and as Which? have reported, banks are often rejecting PPI complaints altogether. As a result, a lot of dissatisfied claimants are taking their mis-sold PPI claims to the Financial Ombudsman Service (FOS) or to a claims management company (CMC).
Which? have also found that Barclays, the Co-operative bank, Natwest and RBS (among others) are guilty (as of Dec 2011) of not offering an online complaints service. This is a real hindrance for many consumers, and seems like another way for banks to make the claims process more difficult than it has to be.
Don't these banks realise they're antagonising the PPI situation (and their customers' patience with them) more than they need to?
Fortunately there are some banks that provide online claims services. HSBC PPI complaints, for example, can be made online, and along with Lloyds banking group and Santander (among others), they do accept complaints made over the internet.
The scale of PPI mis-selling is massive and customers have been cheated out of thousands of pounds in most cases, so you'd think the banks would be a bit more gracious in helping their customers considering the facts of how a lot of the PPI was mis-sold.
For instance, what is particularly grating is that banks should feel particularly obliged to make amends for the shock some of their unfortunate customers experienced when they needed to make use of the policy (because they suffered an accident, contracted an illness or lost their job) -especially since the majority of cases resulted in the banks refusing them because they weren't eligible for the policy in the first place.
If a customer was under the age of 18 or over the age of 65 when their PPI cover was sold to them alongside their loan, they are victims of PPI mis-selling and should contact their bank for PPI compensation - their premiums plus interest.
Maybe offered PPI on an "Opt-out" rather than "Opt-in" basis when you made an application for your credit card, or you were employed on a temporary contract when you took out a mortgage - either of these instances (and many more) could mean that the PPI was not applicable to you and was fraudulently sold to you.
The majority of banks in the UK have been caught up in the mis-sold PPI scandal, and it is important to note that Lloyds, Barclays, Alliance and Leicester and HSBC PPI complaints (among others) must be lodged to their respective complaints departments, with each complaint making it clear when the policy was taken out, the policy number and the reasons for why the consumer believes the PPI policy was fraudulently mis-sold to them.
Banks have set aside billions of pounds to pay for the expected flood of PPI complaints (such is the extent of the debacle) and some of that money could rightfully be yours - just make sure your facts are straight, be confident and make a rightful claim to get back money that was taken from you for no reason. It could mean thousands of pounds back in your pocket.
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PPI: Banks are still making it difficult to claim
Despite the High Court ruling back in April 2011, it appears that some banks are still trying to make the complaints process unnecessarily difficult for their customers - and as Which? have reported, banks are often rejecting PPI complaints altogether. As a result, a lot of dissatisfied claimants are taking their mis-sold PPI claims to the Financial Ombudsman Service (FOS) or to a claims management company (CMC).
Which? have also found that Barclays, the Co-operative bank, Natwest and RBS (among others) are guilty (as of Dec 2011) of not offering an online complaints service. This is a real hindrance for many consumers, and seems like another way for banks to make the claims process more difficult than it has to be.
Don't these banks realise they're antagonising the PPI situation (and their customers' patience with them) more than they need to?
Fortunately there are some banks that provide online claims services. HSBC PPI complaints, for example, can be made online, and along with Lloyds banking group and Santander (among others), they do accept complaints made over the internet.
The scale of PPI mis-selling is massive and customers have been cheated out of thousands of pounds in most cases, so you'd think the banks would be a bit more gracious in helping their customers considering the facts of how a lot of the PPI was mis-sold.
For instance, what is particularly grating is that banks should feel particularly obliged to make amends for the shock some of their unfortunate customers experienced when they needed to make use of the policy (because they suffered an accident, contracted an illness or lost their job) -especially since the majority of cases resulted in the banks refusing them because they weren't eligible for the policy in the first place.
If a customer was under the age of 18 or over the age of 65 when their PPI cover was sold to them alongside their loan, they are victims of PPI mis-selling and should contact their bank for PPI compensation - their premiums plus interest.
Maybe offered PPI on an "Opt-out" rather than "Opt-in" basis when you made an application for your credit card, or you were employed on a temporary contract when you took out a mortgage - either of these instances (and many more) could mean that the PPI was not applicable to you and was fraudulently sold to you.
The majority of banks in the UK have been caught up in the mis-sold PPI scandal, and it is important to note that Lloyds, Barclays, Alliance and Leicester and HSBC PPI complaints (among others) must be lodged to their respective complaints departments, with each complaint making it clear when the policy was taken out, the policy number and the reasons for why the consumer believes the PPI policy was fraudulently mis-sold to them.
Banks have set aside billions of pounds to pay for the expected flood of PPI complaints (such is the extent of the debacle) and some of that money could rightfully be yours - just make sure your facts are straight, be confident and make a rightful claim to get back money that was taken from you for no reason. It could mean thousands of pounds back in your pocket.
Author (BTLewis). Submitted on Sun, 5 Feb 2012
About the Author
Bryan Lewis has been following the PPI scandal for some time, writing for one of the UK's leading claims management companies.