Did you know that banks may encounter a second wave of PPI claims that involve compensation?
Well, new PPI claims may happen after courts discover that the products were unfair due to covered commission fees. Any banks can be threatened to hand out a lot of money in relation to the payment protection insurance scandal.
However, the limit to ask for compensation for the unnecessary PPI was closed by the end of last year. By then, banks that were involved had to do a refund of the commission which is 50%.
What is payment protection insurance (PPI)
Below is all you require to understand the mis-sold scandal. Payment protection insurance was generally a policy that was attached to credit agreements that includes mortgages, credit cards or even loans. The main aim of this policy was to make up for the payments if one of the policy holders fell ill, lost their job or even suffered in an accident.
These policies became popular whereby their sales increased into the new millenium. However, a lot of questions were raised and as a result, investigations were done and revealed that many people bought policies when they didn’t deserve them.
One of the issues was that the sales team was authorised to sell the payment protection insurance regardless of the difficulties. As a result the policy landed to a lot of people that didn’t deserve them.
Do you know that more than 64million payment protection insurance policies were sold between the late nineties and in the early millennium. Experts said that if a customer was denied payment, never claimed a mis-sold payment protection insurance or even received part of the refund, that they are entitled to claim and can be compensated.
The only time a customer could be denied a claim was if he got a full refund from the policy. This came after a court ruling investigated and found that some customers were being kept in the dark concerning the commission fee that was paid directly to the bank.
Recently, it is known that a lot of banks are doing everything in their power to avoid the claims. They are mostly using their fiscal power to attack any attempt by any clients who are willing to introduce a valid claim. Using their power means that the customers won’t get back the money that was taken from them unfairly. If you do not win against the claims then no fees will be paid to you. Most of the cases at scot accident claims are solved at a no win no fee claims basis.
Banks are getting a large amount of money from large legal bills that defend claims and later appeal for a case that evidently shows the claimant won’t claim their costs back.
Can I make a claim?
You can make a claim if you’ve been prevented from receiving the full amount, if you have never claimed a payment protection insurance policy or even if you have been denied your payments. Also, make sure you check if the bank was given a commission and never notified you through the guidelines given out by financial ombudsman services.
If the payments weren’t made clear or if the payments made didn’t cover up half the cost of the payment protection insurance then you deserve compensation. This is because you can’t sue them with the financial ombudsman services when the deadline has passed.
If you open a case past the deadline, you must go through some small claims in the court. However, if you have been paid the whole amount by your payment protection insurance policy then you will not receive any cash on top of this.
If you did not receive any compensation for your claims, you can contact scot accident claims for any help. They are a team of highly qualified lawyers that you can trust. As a result of the psychological pain caused by the loss of income, our solicitors can help you get what you deserve.
If you also want to know how the process is undertaken, our solicitors will guide on everything you need to know. For a free initial consultation, fair compensation and a stress free strategy contact us.
Our solicitors will explain clearly if you should make a claim. If then you have the right, the right way to get the best compensation and not just a compensation. And the best thing about us, we will deal with all of your claims in an easy and stress free way.