According to the regulations and rules regarding compensation for PPI claims, any individuals such as bank customers who believe they were wrongly sold PPI insurance can file for compensation. This is after the court ruling that was made in favor of customers and against the banks. The banks were found culpable and were ordered to compensate their victims. Most applications received are normally processed with customers receiving an average of 3000 pound within two weeks of submitting an application.
PPI Insurance Cover – What’s It’s All About?
Ideally, bank customers and others who take out credit in its various forms will definitely benefit from a PPI insurance cover. Such a cover will assure the individual that they can be protected in case any thing was to go wrong. For example, if a customer with a credit such as a bank loan or car finance or even a home mortgage loses their job, falls sick or is unable to meet their loan repayment will have the repayments made on their behalf by their insurance service provider so that they are not in default.
This is basically the reason why so many bank customers choose to take out PPI insurance. It will protect them in the event they are unable to make their repayments and will not have to default when they fall sick or lose their job or in any other way become incapacitated. In recent years, the banks resorted to mis-selling of PPI insurance. This basically means that bank customers were wrongly and illegally sold PPI insurance by the banks. Such insurance policies are often referred to as mis-sold PPI. Many customers of the UK banks are victims of this kind of mis-selling. This was declared wrong by the British courts and the banks ordered to compensate their customers.
Have you been Mis-Sold PPI?
Many customers have in recent years been seeking more information about mis-sold PPI. This basically means that customers who suffered from mis-sold PPI can receive compensation that is due to them should they file a claim. Filing a claim for mis-sold PPI is an easy, simple and straight forward process. Customers who believe they were wrongly sold their insurance simply need to put in an application with the financial services ombudsman. This office is in charge of processing the applications and then approving them for payment. Over 95 per cent of all applications received are usually approved and then sent to the banks for payment.
Many successful applications have already been processed and payment sent to the addresses of the applicants. The process of submitting an application is very simple and straight forward. There are professionals who provide assistance to interested customers who may not have the knowledge or ability to do so on their own. Such assistance is available from some accounting finance professionals though they may charge a fee for their services.
An applicant simply needs to write a letter to the ombudsman office and attach an application form and some form of evidence such as receipts or copies of the policy. These will be processed before finally getting dispatched for payment. To reclaim your PPI visit PPI Claims Scotland