The banks are facing tough times with the huge rise in the number of people making claims against them, especially because of the PPI debacle. Consumers are increasingly aware of the necessity to get some compensation for mis-sold PPI policies, which were sold alongside loans, mortgages or credit card agreements with their financial services provider.
Many banks are being hit hard by the scandal. For example, Lloyds PPI complaints are expected to carry on for a good while yet, especially since they set aside a cool 3.2 billion in 2011 to ready themselves for the huge amount of expected customer PPI compensation claims. Most of these claims will be because of the deceitful tactics that were employed by the bank to get their customers to agree to PPI policies (the majority of which they wouldn't pay out to in the event that their customers needed to claim on them).
Of course, Lloyds PPI complaints should not be singled out as the only ones making the rounds in the financial world. Halifax, Alliance and Leicester, HSBC and Barclays are some of the more high profile companies guilty of mis-selling payment protection insurance to their customers, and there are many more companies without household names that mis-sold PPI as well.
This is not to suggest that Lloyds TSB et al are not getting exactly what was coming to them. Mis-selling payment protection insurance to unsuspecting customers was one thing only: a complete and utter rip off instigated by banks. The mis-selling of PPI is something that proliferated through questionable PPI sales strategies put into practice by banks, which made unsuspecting and trusting customers think they needed the policy when they didn't.
PPI reclaiming can be a heavy burden for those who are unsure and sketchy on how to deal with the complaints procedure for their respective banks. It is certainly possible for a person to make a claim by themselves via contacting their bank and making them aware of the strong suspicion that they have been mis-sold PPI. But for some people, this may be a difficult task and banks have not been known for accepting claims for PPI compensation easily, in some instances making the process as wearisome as possible to dissuade a person from claiming the full amount that is rightfully owed to them.
This is where a claims management company could help. To win a difficult case, where a PPI claimant may have been turned away or denied compensation by a bank or financial institution despite believing they have a valid claim, the expertise and professionalism of a reputable claims management company will certainly make the difference.
PPI reclaiming is a task that shouldn't put off. With millions of people affected, and billions of pounds waiting to be collected by aggrieved customers, now is the time to claim.
The financial services responsible for separating hard working people from their money with little to no regard for whether it was a just or reasonable thing to do should not be allowed to go unpunished - aggrieved customers have every right to demand compensation, and at the very least get back the money that was always theirs in the first place.