The concept of PPI reclaim isn't really a new one, but it’s definitely picked up speed over recent months
because of FSA involvement. Since the regulator instructed banks to contact
known victims of mis-sold PPI, news of the scandal has traveled like wildfire.
Between 4 and 12million letters are expected to be written[1]
– some of which having already been sent – by the banks to individuals all over
the UK. While consumers have known about the scandal for a while, the media
coverage has heightened the importance of making a claim, with billions being
put aside for this very purpose.
The Bank of England has been warned that
the total redress could be looking more like £25bn once the bulk of the
claiming is over[2] – that’s
almost double what the banks have put aside so far. Last year, 19,000 people
submitted claims[3] with a
total of £1.9bn being paid in compensation[4];
this year it’s expected that these figures will skyrocket. With the help of
claim management companies such as iSmart
solutions UK, you can claim your rightful piece of the PPI pie, as well.
The importance of using a claim management
company (CMC) to control your claim is emphasized by latest statistics showing
the success rates, compared with claims chased by individuals themselves. Last
year, 73% of PPI claims made by individuals were successful, but this figure
rose to 82% if a CMC was used to do the legwork[5].
It’s also important to note that, if you
think you have grounds for a claim, you act on it as soon as possible. With rumors of a Spring 2014 deadline for PPI claims, with some banks running low
on funds sooner than that (in some cases, more like March 2013 due to huge
underestimation of claims)[6],
it is vital that you claim what is rightfully yours, today. Banks are continuing
to add money to their money pot to try and get on top of the massive amount
they have already set aside – some of this could be yours.
The Financial Ombudsman Service (FOS) has
employed 1000 new caseworkers to tackle the influx of PPI claims that they’re
expecting over the next several months[7]
– an astronomical amount of claims and calls are being made, with up to 11000
new complaints per week to the FOS by people who are unsatisfied with the
response the banks have given to their claims[8].
One of the reasons why there’s such an issue is because of the sheer number of frivolous claims using the resources for nothing. Some claimants are trying their luck, on the off-chance that they
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