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PPI Compensation – Claims against Banks Rising

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The PPI scandal has taken the country by storm. Banks across the United Kingdom have been found guilty of mis-selling this often needless insurance product to consumers, often without their consent and almost always under false pretence. Already £24 billion has been repaid in compensation to those who have been affected by the scam and at a rate that shows little sign of slowing down. Banks are quite rightly being forced to right the wrongs of PPI and just when they may have thought the worst was over, they will find that it is yet to come, and will be hit by a fresh wave of claims after a landmark ruling from the City Watchdog.
The figure is already at a staggering amount but the City Watchdog has warned that it is considering new rules that could hit the banks even further. Exactly how and why consumers are compensated is under review, with the current format potentially not going far enough. The Financial Conduct Authority will equally look at whether the court ruling now enacted will force them to adopt new rules too, meaning banks will have nowhere to hide.
What this means for the consumer is a fresh approach and the opportunity to regain compensation that you may have thought was out of reach. Both those that have been turned down in the past and those who have already been awarded a sum will be eligible to claim again against what may have been mis-sold to them. PPI is expensive and unnecessary in most cases, and the majority of those who have been mis-sold will not even realise they have it. It was a deceptive practice and one that is now being rectified.
The newest development revolves around intermediaries and the excessive commission payments they have been charging lenders and advisors. What the courts have revealed is that intermediaries were in receipt almost ¾’s of the full cover cost charged to consumers, taken as their commission payment. But with many of the commissions hidden from victims, they have not previously formed part of compensation claims or pay-outs. That is until now.
At Enjay Claims we are able to assess these new rulings and look in detail at each courts finding to bring the extra compensation our clients deserve. Whether you are yet to claim against mis-sold PPI, or have already secured an amount that you think could increase, speaking to Enjay Claims is the best way to get your case heard and to take advantage of what is set to become an avalanche of fresh claims.
Call us on Freephone 0800 612 7958 or email info@enjayclaims.co.uk today to discuss your claim and find out exactly how much compensation you could be entitled to.

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