PPI Claims letters are normally the referred topic when looking at introducing a Payment Protection Insurance (PPI) claim against a variety of Lenders, particularly the main High Street Banks who lent considerable sums of money during the 1980s, 1990s and early 2000s, which included the PPI.
Unfortunately the PPI that was included was largely mis-sold. Due to the very high amounts of money involved that were applied to the facilities, and therefore the cost to clients, a super complaint was raised in 2006 by the Citizens Advice Bureau regarding the matter. The Citizens Advice Bureau had obviously seen an increasing trend from the previous couple of years with people who have had the PPI and were in some degree of financial difficulty. Upon their own investigations, they noticed a trend of potential mis-selling that was taking place, and they brought this to the attention of the Banks regulator (through their super complaint) which was, at the time, the Financial Services Authority (now re-named the Financial Conduct Authority FCA).
The FCA became involved in an investigation in 2008/2009 in which there was subsequently a court action taken against the Banks in order to seek redress for potential mis-sales that had taken place. The Banks initially did challenge this, but sometime after in 2010/2011 they agreed, through their own finance body, that they would work with the FCA in addressing any cases of mis-sale by way of a refund in an agreed way.
In effect, the rest is history, in that we have seen tremendous numbers of complaints being raised against Banks with refunds totalling (up to end of 2015) almost £30billion. The mis-selling has stretched over approximately 30 years. The Banks used the sale of PPI to create a tremendous income stream for themselves, and of course profitability, from clients who would not have usually produced such a revenue (as they were simple current account users who used the occasional loan or borrowing facility to get through daily life).
Since then, there have been millions of complaints to the lenders, which were initially taken as individuals to the lenders with specific details that were known and loan documentation provided. However, it has now become apparent that a majority of people who have not made a claim have not done so for a reason, and the simple PPI claims letter will not resolve the claim for them.
The majority of people who have not made a claim to date, do not have any paperwork to confirm if PPI was applied. They cannot even recall whether PPI was applied to any of their facilities that they had, either closed or open through the passage of time. As a Firm, we specialise in locating this information for clients with just their name and address (and of course any previous addresses if the lenders would have had these on their records). In order to undertake this, all we need is a list of the lenders that the client wishes us to investigate.
There is no guarantee of any success of course because at some point the lenders may not have the information that we have enquired about. However, if this is the case or there is no refund for whatever reason, there is no fee to pay. This is because we work purely on a “No Win No Fee” basis where, should we be successful, we charge a fee of 20% plus VAT on anything that is recovered. Therefore, if you have had no claim in the past, and wish to address this by looking at old facilities that you had forgotten about, or dismissed as not having PPI then you can do so with the protection of not having to pay a fee should nothing be found.