By reclaiming PPI Claims Northern Ireland consumers can enjoy claiming hundreds or thousands of pounds. The banks have been forced to put aside billions of pounds to meet refunded payments and to pay for the administrative work that is required. All of the major banks have some exposure to the scandal and whether you have a mortgage with the Woolwich, a loan with Welcome Finance, or a credit card with Barclays, if you were mis-sold the policy then you have the right to submit a claim and get the money back.
A High Court ruling determined that PPI policies were mis-sold in a number of different ways. If you were not made aware of the inclusion of the policy within your mortgage or loan, were sold a policy that was not suitable for your requirements, or the policy was not explained fully and thoroughly then you were mis-sold the policy and you have the right reclaim the money that you have paid along with interest on the loan.
More than 30 million policies have been sold since 2001 and the major banks have put aside nearly £16bn in funds to make repayments. Many of the banks have had to employ specialist teams and team members to help deal with the additional load created by what has become the biggest banking scandal and mis-selling scandal in the UK. The banks have had to continue to increase the money they have put aside in order to meet all of the necessary repayments.
More and more people are employed within the PPI industry. The banks and lenders have so far employed more than 20,000 people to deal with mis-sold PPI Belfast and other PPI claims. The Financial Ombudsman Service has also taken on 1,000 new employees in 2012 with plans to take on an extra 1,000 staff in 2013 too. This figure doesn’t take into account the people that are employed in claims companies and claims management companies so the figure is likely to be considerably higher than this. While the jobs are likely to be short term in most cases, it has even helped boost the banking and insurance industry figures.
Some borrowers are not sure whether they are entitled to claim or not and this is one of the primary reasons why many people have not filed claims. Even in recent months, the banks have added several billion pounds to the PPI pot. A typical claim can equal £2,500 or more and if you have several claims then you can multiply your claims amount several times over.
PPI claims Northern Ireland can equal a large amount of money especially if you have a number of policies with different companies. You are legally entitled to reclaim the cash if you were mis-sold the policy in the first place but the process can take three months or more so you should consider starting the process sooner rather than later. Usually, the first step would be to dig out your paperwork and to request any that may be missing from your bank, building society, or other lender or insurance company. PPI Claims Northern Ireland can be worth thousands of pounds.