Payment Protection Insurance, or PPI, is a well-known financial scandal. Throughout the 1990s and early 2000s, many banks and other credit providers pushed the sale of PPI on their customers even though it offered them little real value. The idea is that if the customer’s income fell over the course of the loan because of ill health or redundancy, the PPI would pick up the gap. The policies were very profitable for the lenders, but when customers did make a claim they received as little as 15% of the income due to them.
The Financial Services Authority (FSA) got involved in 2005 and consumer group Which? started to champion a campaign for reimbursement in 2008. Only someone living under a rock wouldn’t have heard of PPI hundreds of times since then. However, time is now running out. The Financial Conduct Authority (the new version of the FSA) has given a deadline of 29 August 2019 to make a PPI claim. For those yet to make a claim who want to, it could be worth getting a professional involved, such as a firm of specialist solicitors in Portsmouth. There are lawyers in the area, such as Andrew & Andrew, who have been winning PPI claims for years.
It is estimated that there is still £25 billion set aside by banks for unclaimed PPI policies. There are clearly many consumers out there who don’t believe they are entitled to claim. This is because they may not even be aware that their lender added PPI to their borrowing.
To investigate the claim, it’s worth teaming up with solicitors in Portsmouth who have experience and specialist help. Look for a firm who partners with financial experts and has a long track record in helping people to fight and win PPI claims.
Many solicitors in Portsmouth will take this kind of case on a no-win, no-fee basis. This means that the client doesn’t pay any legal fees unless the case is won. Even if the lender in question has gone out of business, their interests will have been sold or merged with another business that is still functioning. PPI solicitors in Portsmouth have the skills and time to investigate this on behalf of their clients.