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Warning on Banks PPI Complaints and Compensation Claims

Personal_Finance / UK Banking Jun 19, 2011 - 06:59 AM GMT

By: Nadeem_Walayat

Personal_Finance

The banks and building societies after losing a court case in April brought by the British Bankers Association, are being forced to repay approximately £5 billion in mis-sold payment protection insurance to their customers that in the vast majority of cases proved totally worthless. Barclays has already set the ball rolling by trying to ingratiate itself with its angry customers by automatically refunding all legitimate claims that have already been submitted to date, with the other banks seeking to write to upto 3 million customers over the coming months.


My own personal PPI experience was when I opened a credit card account with Lloyds TSB Bank some years ago, despite specifically rejecting their offer to add payment protection to the credit account they STILL signed me up for it and and started to charge me on a monthly basis. I immediately complained and stated that I specifically told them that I did not want it, against which they relented and stopped charging me for a service that I never wanted in the first place. This type of behaviour illustrates why as many as 3 million people have been mis-sold PPI.

However PPI customers need to be on guard against the dangers of effectively being defrauded by as much as half of their claims as a consequence using any one of the literally hundreds of PPI claim back firms that have sprung up over the past few months that purport to act on your behalf to claim back monies from the banks.

The firms are using mass emailing, text messaging, cold calling, and mail drops to try and push a service that you both DO NOT NEED and will also act to clog up the claims system with invalid claims as they blanket many financial institutions with your details even if you have never banked with them, thus resulting in a delay for all valid claim.

Instead the BANKS will now approach YOU rather than you having to have the involvement of a third party that will eat into upto half of your compensation.

If you do want to action a complaint then write a simple letter of complaint to your bank requesting repayment of mis-sold PPI charges in full with interest to include:

  • your full name and address
  • PPI policy details / ref number
  • When the policy started and what did it exactly cover
  • Reason for complaint i.e. that you did not want it and nor was it explained properly, or if you are self-employed or part-time that the policy was not valid for you as you could never have claimed on it.

The financial ombudsman service has for a some time made available a detailed questionnaire that you can use as a further guide for a complaint, though this amount of detail is probably now no longer necessary (download the consumer questionnaire in Word format)

Another good free source for help with making a claim online is http://www.which.co.uk/campaigns/personal-finance/the-ppi-campaign/claim-back/

Source and Comments: http://www.marketoracle.co.uk/Article28768.html

By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2011 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 25 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of three ebook's - The Inflation Mega-Trend; The Interest Rate Mega-Trend and The Stocks Stealth Bull Market Update 2011 that can be downloaded for Free.

Stocks Stealth Bull Market Ebook DownloadThe Interest Rate Mega-Trend Ebook DownloadThe Inflation Mega-Trend Ebook Download

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 600 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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