How Banks Are Holding Up Your PPI Refund Money

Banks have put aside a staggering six billion kilos to repay prospects who they mis-sold Cost Safety Insurance coverage (PPI) to. In fact, they wish to maintain on to that cash for so long as potential so they’re regularly discovering new methods to decelerate the reimbursement course of.

Their new tactic is to shift the main target away from their mis-selling of PPI and switch the very firms making an attempt to assist individuals re-claim cash owed into the villains.

Straightforward PPI, a specialist declare firm, says that having probably mis-sold insurance coverage to twenty million individuals the banks at the moment are making an attempt to show them off from reclaiming what’s owed by “scaring” them away from the simplest and easiest channel of criticism – claims administration firms.

The banks which have mis-sold PPI now declare they wish to attempt to simplify the refund process, in addition to clarify to shoppers why claims administration firms will not be value utilizing.

Nevertheless, Straightforward PPI Advertising Guide, Natalie Kay, believes that is only a case of the banks making an attempt to deflect consideration away from themselves and to additional drag out the claims course of, to allow them to maintain on to the cash they’ve put aside which is able to earn the banks appreciable curiosity.

For my part, banks are demonising declare administration firms to delay paying again cash to prospects. The good thing about utilizing an organization corresponding to Straightforward PPI is that we’re powerful in making certain refunds are dealt with effectively and promptly.

It additionally fits the banks to attempt to painting another person because the ‘unhealthy man’ and avert consideration away from the truth that they took this cash off unsuspecting prospects within the first place.

A extremely regarded PPI reclaim firm, corresponding to Straightforward PPI, can stand-up to large firms and banks and be certain that a refund case isn’t ignored and delayed unduly. In addition they have the experience of speaking instantly with banks, which is one thing members of the general public could hesitate doing on their very own.

“The PPI scandal has been dragged out by the banks for seven years, so why ought to we belief that the banks wish to abruptly pay-out now?” says Natalie. It shouldn’t be forgotten that’s was PPI claims firms, corresponding to Straightforward PPI, which initially introduced public consciousness to this difficulty, and began to push for this cash to be refunded to prospects within the first place. The Banks had been resistant again then, and they’re nonetheless resisting now; making an attempt to scare prospects away from a fast and environment friendly refund by criticising declare’s firms is just their newest tactic.”