Last month, research by Which? revealed that some banks were not being thorough when investigating PPI policies.
With just nine months left for consumers to claim their mis-sold PPI, the clock is ticking. But as individuals take the time to contact their banks and lenders, can we trust that they are being honest with customers?
Consumer group Which? found that some high street banks and lenders have not been clear and upfront with customers about PPI claims. This means thousands of more people could be due a refund. The research discovered that some consumers found the process difficult, with some banks demanding forms returned within two weeks.
In addition to this, many high street banks have been known to do the “bare minimum” when it comes to letting customers know about how many PPI policies they had. When enquiring about one product, the banks should also alert customers if there is a policy on another product, but many have not been doing this.
In addition to the research by Which?, the Alliance of Claims Companies reports that some individuals have been told they don’t have PPI policies, but, upon further investigation, they do.
How to Ensure Banks Check for Your PPI Policies
The lies and lack of willingness from the banks do not bode well for consumers needing to make a claim. If the bank has told you that you do not have a policy, we would encourage you to check again — particularly if you remember being offered PPI.
29th August 2019 is the deadline for all customers to submit PPI claims. The Financial Conduct Authority (FCA) imposed the deadline to encourage those to make a claim, but, with the banks being dishonest, the deadline could be detrimental to customers.
If you haven’t yet started to make a claim, do so as soon as possible. If you can’t remember whether you had PPI, you can contact the bank and ask it to do a PPI check, but insist that it checks for multiple policies. With 64 million PPI policies sold in the UK, some individuals had more than one policy — either knowingly or not. You might need to contact multiple banks to check for policies with other banks too.
If you can’t remember who the lenders were or don’t know where to start with finding out, you can use the services of a reputable PPI claims company, such as Canary Claims. We will check with multiple lenders whether you had any PPI policies. We want to make sure that you are refunded for any policies that you may have been mis-sold.
Claim Again Thanks to Plevin
If you’ve already made a claim but it was rejected, it is possible for you to reclaim again thanks to the Plevin rule. The Plevin rule means you can file a complaint about the commission on your PPI policy and receive a refund.
Even those who willingly bought PPI can claim based on the commission, if the percentage of commission received by the bank was above 50% and it was not disclosed at the point of sale. Thousands of customers have made successful PPI claims thanks to Plevin.
We urge everyone to start claiming PPI as soon as possible. August 2019 is getting closer and you don’t want to find out after the deadline that you were due a refund from your bank.
Canary Claims will investigate evidence of any PPI policies. Contact us today to start your claim and find out if you are owed a PPI refund. We operate a no-win, no-fee policy [Cancellation charges may apply only if the claim is cancelled after the 14 days cooling off period. The fee would be based on the work done at the time of cancelling at a rate of £120 per hour and up to a maximum total of £180] so will only pay us if your claim is successful.