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Halifax PPI Claims

 In PPI

By some estimates, the mis-selling of Payment Protection Insurance (PPI) is one of the biggest scandals of its type in the retail financial service field. Records show that about 50 million PPI policies were sold in the last 20 years, many of them to people who didn’t want them or didn’t know that the cost was being added to their loans, mortgages, or credit cards. Yet, only about 10% of the people involved have filed successful claims for refunds.

The scandal came to the public’s attention just a few years ago but, in some cases, the banks did what they could to prevent people from getting refunds. Some people may think that they don’t have PPI only to discover that the bank or other financial institution sold the policy without their knowledge. That’s why it’s a good idea to get help from a company with experience in assisting others.

Dozens of Banks

Not only does the number of PPI policies mean that you may have a better chance of having this coverage, but the dozens of banks involved also makes it more likely. Even if you have submitted a request or complaint, the bank may tell you that you don’t have a valid claim. This is further evidence that you should work with a company that has already helped thousands file successful claims.

Records show that, at one time, Lloyds TSB was contacted for more than 42,000 PPI complaints and 86% were upheld. (Financial Ombudsman Service, FOS). Other banks had similar rates for successful complaints ranging from 81% to 97%. One report from The Guardian stated that “consumers complained to the Financial Ombudsman Service in record numbers” during one annual period as customers became more aware of their rights.

Working with experienced specialists may reduce the amount of time that it takes for you to get results. If a claim goes to the FOS, it may actually increase waiting time, sometimes six months or more. With professional assistance, you may be able to get your claim resolved without having to wait for it to go through the FOS process. Some press accounts describe the banks’ stalling tactics when contacted by customers about PPI transactions.

Slow Process

If you took out a loan or credit card with Halifax or another lender in the past 15 to 20 years, there is a chance that you have also been paying for PPI coverage. If you felt pressured to take the policy or were told that you had to, you may have a claim. In some cases, PPI was added without the customer even knowing about it. You’d be wise to visit the website of a leading provider of PPI claim assistance and fill out the no-obligation enquiry form.

You should also consider time limitations, as the Financial Conduct Authority (FCA) has established a deadline for filing claims: 29 August 2019. Banks are allowed to dispose of records after a certain amount of time so it would be best for you to start the filing process immediately so your loan or credit card records are more likely to be available.

Note: figures were taken from http://reclaimppiguide.co.uk/mis-sold-halifax-PPI.php#.WRJdQca1tPY

 

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