The payment protection insurance scandal was unearthed several years ago but only following a protracted court case was it found that banks acted unlawfully in the selling of payment protection policies. The end result is a bill currently getting close to £20bn for the major lenders and a slew of disgruntled and disappointed borrowers who are understandably annoyed at having been sold a policy that was not right for them or that was mis-sold to them in some other way. Agents used an alarmingly wide array of underhanded tactics to help secure payment protection signatures and this is why so many people have been able to successfully submit a PPI reclaim Northern Ireland with their lender or former lender.
One seemingly innocuous way in which policies were mis-sold was that agents did not inform potential policy holders that it was possible to obtain the policy elsewhere and that doing so may provide them with a cheaper and more affordable policy. If the person selling the payment protection policy did not inform the policy holder of this then it is considered a clear case of mis-selling and the consumer has the right to submit a PPI reclaim Northern Ireland.
It is important that financial institutions and agents provide accurate and beneficial advice to their customers. Even those consumers with a reasonable level of understanding of financial products cannot be expected to know everything about policies like payment protection insurance and it is the job and the responsibility of the person selling them the policy to detail everything and make sure that they are choosing an appropriate policy that they genuinely want and need.
Not all payment protection policies were mis-sold and many people have benefited from having this policy in place, especially where they have found themselves unable to meet scheduled monthly repayments through redundancy or unemployment. This means that while there are millions of people with a valid PPI reclaim Northern Ireland there are also many people that will not be able to reclaim the money that they have paid.
The total amount of a PPI reclaim Northern Ireland will depend on the value of premiums paid by the borrower and the period over which they have been paid. This is because the compensation paid will be determined by calculating the payments made and then factoring in an annual interest payment against that figure. A PPI claims calculator can provide a more accurate picture of how much is owed but it may not precisely match the amount that the lender offers to the consumer.
A PPI reclaim Northern Ireland can be worth several thousands of pounds and may be owed by any of the major high street banks and other lenders. The money rightfully belongs to the consumer, or borrower, and they can claim by submitting a claim form directly to their lender. Even if a lender rejects the initial claim it is still possible to proceed, typically by contacting the Financial Ombudsman and having them investigate the claim.