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PPI – The Hidden 10 Billion

Posted on: March 4th, 2014 | Author:

Research has shown that 11 million UK consumers are missing out on reclaiming miss-sold PPI which totals a staggering £10 billion in unclaimed PPI redress. The question is why are consumers who are entitled to a share of this money not claiming?

Because consumers:

1. Had the insurance added to their loan, credit card or other finance without consenting or any real knowledge. As such they have no idea they have paid it!

2. Don’t have the evidence – Consumers believe that they must have paperwork to evidence PPI mis-sell, however this is not true. More Info

3. Don’t want to listen – With PPI all over the news and nuisance phone calls consumers simply don’t want to hear anymore about how they could claim back PPI.

2. Don’t have the time – Banks create unnecessary obstacles that make chasing PPI claims timely.

4. Don’t have the knowledge – Banks do not want to refund PPI voluntary therefore don’t offer consumers help or advice.

5. Don’t trust the banks – Banks are rejecting legitimate claims.

PPI has been everywhere for the past couple of years, we’ve read about banks mis-selling millions of PPI policies in the newspapers, we’ve watched how the banks are delaying and rejecting legitimate claims on the news and we’ve been told how we can reclaim thousands in mis-sold PPI down the phone so it’s not surprising that people don’t want to hear about PPI anymore.

However it’s important that those who haven’t made a PPI claim or don’t believe they are entitled to claim listen – You could be entitled to a share of £10 billion!

A recent survey by YouGov asked consumers how they feel about PPI and why they haven’t already made a PPI complaint. The survey revealed that 25% don’t feel they have the knowledge to make a claim, 22% don’t have the time and two thirds no longer trust their bank to ask for advice regarding mis-sold PPI.

Although the banks have held up their hands to PPI mis-selling they won’t refund this redress voluntary, they often create unnecessary obstacles. Many consumers have been told that the reclaiming of PPI is a straight forward process but this isn’t always the case, not only are banks unhelpful they are also rejecting legitimate claims.

From all the rejected PPI complaints that have been sent to the Financial Ombudsman 82% are overturned in favour of the consumer, so it’s no surprise that consumers no longer trust their bank. What’s concerning is that consumers are accepting the original rejection letters from the banks even though they are entitled to PPI redress.

Since 2001 around 34 million PPI policies were mis-sold, £9 billion has already been paid out but there is still £10 billion that has been set aside by the banks that is still to be claimed. The banks are currently in talks with the FCA to set a deadline for all further claims so it important to act now to get your share.

Even if your pretty sure you didn’t have PPI but have had loans and credit cards in the past with billions unclaimed it’s definitely worth checking.

If you think that you’re entitled to some of the hidden £10 billion but don’t have the time or skills to reclaim your money then speak to a member of the Crystal Legal Services team. We deal with PPI complaints everyday and have the experience of dealing with banks. Call us today for friendly professional advice on 01270 44 66 44 or submit an online enquiry form and one of our PPI specialist will contact you shortly.