Banks Have Denied Over 300000 PPI Claims

If you have also mis sold payment protection insurance plan and your bank have already rejected your former claim letter at first stage then it doesn't mean you are not eligible to get compensation of your losses.

London, United Kingdom (prHWY.com) June 22, 2012 - Financial services authority has recently released an alarming report that more than 300000 claim letters have been rejected by the banks. Mis sold payment protection insurance consumers had filed these reclaim to get refund for wrongly sold PPI plans. This report says that banks didn't even review the claim letters actually before rejecting that. Such unfair practice made by banks has increased the burden of financial ombudsman services. When a consumer file a case against his policy seller to FOS then it becomes responsibility of ombudsman to solve the dispute. Financial reports also say that on an average of 1000 PPI claim cases received in ombudsman are those which are rejected by the banks at first stage. Further it has been calculated that in actual only 15-20% of these cases can be really rejected to provide compensation.

If you have also mis sold payment protection insurance plan and your bank have already rejected your former claim letter at first stage then it doesn't mean you are not eligible to get compensation of your losses. Financial experts have recommended visiting FOS to such consumers for real justification on claim and compensation for that. You can request to refund on your premiums that you have paid for PPI. Statistical reports have shown that above 90% of cases resolved by FOS goes in favor of consumers. These reports say that if your claim has rejected by the bank then there is big chances that bank has rejected it automatically without reviewing the situations mentioned for mis sold.

If you think that you were Mis Sold PPI through unfair means then there are good chances to get refund for the same. In order to begin the process you will need to complete required paperwork. And if your claim gets rejected by the company then you should contact FOS for fair decisions. Most of FOS decisions go in favor of consumers and you may be also one of them to get refund of your PPI premiums.

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Tag Words: ppi reclaim, mis sold ppi, ppi claims uk

Categories: Insurance

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