Finance

Your Right to Consumer Protection and PPI Claims

PPI claims have reached millions in number in the United Kingdom. The Financial Ombudsman Service attributes to this number. Not only did the scandal involve small banks and financial institutions, but also big banks such as Barclays, Lloyds and HSBC.

The High Court of the United Kingdom has decided on the refunding of PPI to all customers, enabling each customer to get back all their repayments through a PPI claim. This is due to an infraction of different consumer rights by financial institutions concerning the sale of payment protection insurance.

PPI is an insurance product designed to repay customer loans, mortgages and credit cards in the event of financial difficulty caused by any accidents or unemployment. However, because of the manner the insurances were sold to customers, they were ineligible for the insurance’s benefits itself.

Consumer protection is upheld by the Office of Fair Trading (OFT) in the United Kingdom. Under the Unfair Terms in Consumer Contracts Regulations 1999, customers are to be given a fair deal should complaints arise because of unprofessional actions during the transaction. In this case, a financial adviser who had endorsed the purchase of a payment protection insurance without considering the item’s impact on the consumer’s financial properties is a viable clause that helps make a claim.

All UK citizens have the right to make a claim. However, not everyone has the time to perform their claim. While one PPI claim might be enough for one transaction, dealing with multiple payment protection insurances in different financial commitments might be troublesome.

This is where you might need the help of reputable claims handling companies such as PPIco.org. Reputable claims handling companies will not need to cold call you for their services. They are only accessible help during your time of need. If you believe that you were mis sold PPI, you can have www.PPICo.org or other claims handling companies help you to receive all your refunds in full.

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