Finance

Top Reasons for Low Number of People asking for PPI Refund

When it comes to PPI scandal, the bank has ended up profiting billions of pounds off the unsuspecting customers. The customers have lost a lot of money due to this scandal, and even now that the court has ordered the banks to pay back the money to the customers; there is a process that needs to be followed by the customers. It is seen that many of the customers are not applying for the claim and many other customers who have paid for the PPI in the past are not aware of the PPI claim process. This has led to the amount of refund being made to be much lower than the money the banks have made.

Here are some of the reasons why a large number of people have unclaimed PPI policies –

  • Since people have busy lives, they do not want to waste their time in writing letters and replying to the letters from their lenders regarding the PPI refund claims.
  • A lot of people are embarrassed and do not want to accept that they were fooled by the lenders into buying the policies.
  • A number of people still have no idea if they have a PPI policy or not with their loan, mortgage or credit card.
  • People find it hard to proof that they have a mis-sold PPI and this is why they do not bother making a PPI claim thinking that they will be rejected anyway.
  • Many do not have the needed documents that they need in order to make a PPI refund claim from their lenders.

If you have a PPI claim in hand, make sure that you go through the process duly and understand it by reaching out to the PPI claims adviceline. Here you would get all the information you need to make the claim go through successfully without any delay. The filing process is kept easy and for any issues or problems, the banks can help you find a solution or answer any questions you might have regarding it. It is a simple process and even though time taking, it is certainly worth it.

 

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Horace Cowan

Horace Cowan

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