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  1. 1. Millions of people in the UK and some of the most famous banks and financial service providers on the High Street have all been caught up in the mis-sold PPI scandal, and there are no signs of complaints abating any time
  2. 2. HSBC, Natwest, Nationwide, Barclays and Lloyds TSB have all been foundaccountable for this fraudulent practice and all of them have been hit with PPImis-selling claims As well as the aforementioned financial institutions, Allianceand Leicester, Capital One, Clydesdale bank, Northern Rock, Santander, RBS,Yorkshire Rock and claims are expected to carry on throughout the nextcouple of years (or at least until the majority of aggrieved customers havebeen compensated) If you havent heard, PPI (Payment Protection Insurance)was sold alongside loans, mortgages and credit cards - a policy in place tocover borrowers should they suffer from economic hardship brought on bysudden illness, medical problems or the loss of a job
  3. 3. When the majority of people needed to make use of this insurance - banksdenied them There are many factors to take into account to establish whethera bank mis-sold someone PPI and a lot of eligible claims cases involved bankemployees using devious and unscrupulous tactics, including: • Adding itonto loan agreements without the customers knowledge • Coercingcustomers into taking it by saying it was necessary to get their loan •Dismissing attempts to cancel the policy • Ignoring their clients medicalhistory • Ignoring their clients employment status However, in the majorityof cases the fault must lay at the feet of the banks, which employed an overallstrategy in which they pulled the wool over their respective customers eyes byknowingly selling a product which seemed tailor-made to not pay out even ifpeople were eligible at the time they agreed to it Furthermore - despite plentyof evidence against them - it is not unheard of for banks to argue that the PPIpolicy the customer agreed to was actually completely legal and justifiable,even when the customer had no chance to make use of it in the first place
  4. 4. Since the banks have been caught red-handed, anyone caught up in themis-selling has every right to expect that reclaiming mis-sold PPI would be asimple, stress-free process - unfortunately, in a number of instances, theywould be wrong There is no shortage of stories about people encounteringproblems when they claim, usually due to the offending bank denying theireligibility for compensation If a bank denies a rightful PPI claim, the claimantshould always take the next step and take the claim to the FinancialOmbudsman Service (FOS) or a reputable claims management company totake the fight to the banks
  5. 5. While rarer now, instances of the FOS finding a bank guilty of PPI mis-sellingand the bank disputing can still occur, and when banks decide to fight a claim,it can lead to a long, drawn-out battle (which can take a lot more than a fewmonths to sort out) For example, an article in theGuardian website involved a man who wanted to reclaim Halifax PPI that wasmis-sold to him on the basis that he was self-employed when the policy wasadded to his loan agreement Despite the FOS finding him in the right, thebank disputed the case and it had already been two years since he made hisclaim
  6. 6. Banks should not be allowed to get away with taking peoples moneyfraudulently and if they deny a rightful claim it is important to not give up Theyknow what they owe you
  7. 7.