What Do PPI Solicitors Do?
Posted By Paul Myers on October 21, 2010
PPI solicitors, firstly, provide legal advice in the currently relevant area of financial irregularities regarding mis-sold payment protection insurance (PPI).
What Do PPI Solicitors Do? Many victims of Payment Protection Insurance (PPI) mis-selling will get a temporary extension to the time they have to complain to the Financial Ombudsman Service, if rejected by their lender according to reports from the financial Services Authority (FSA).
If so, PPI solicitors take on the case for them, assess the maximum settlement they will be able to receive, and then aim to secure this settlement for the claimant. Usually the claimant just needs to provide some details over the phone or by submitting relevant document(s).
The financial watchdog said that it had dealt with nearly 50,000 PPI complaints, compared with just 31,066 over the previous 12 month period. Whilst a proportion of these were related to PPI claims, the vast majority where related to complaints about how customers had been sold their PPI product.The complaints this year amount to around 135 people each day lodging a complaint about a PPI related product. Many PPI provided have been automatically rejecting PPI claims when received however the FOS upholds approximately 90 % of the claims and complaints protests it handles.
Another difference is whether they charge upfront fees, or operate a no-win, no-fee policy. In the latter, the claimant doesn’t stand to lose any money by starting a claim, whereas in the former they will pay for the legal assistance they receive even if they don’t actually win the case. Another thing to take into account when weighing up who to take your case to is whether they are able to claim back interest that you may have lost as a result of your mis-sold PPI, as this can often add a substantial extra to your settlement.
A long term solution to make sure that customers are treated fairly and constantly when complaining about the sale of PPI products is under review. The action has been put in place as a measure to make certain complainants made about the sale of PPI policies are not disadvantaged.
The Financial Standards Authority (FSA) has now taken action against a large number of companies for their practices regarding the sale of PPI. However, PPI mis-selling does still continue in some cases, and, of course, there are huge numbers of people who may welcome new moves by the authorities to tighten up on mis-selling, but have already lost considerable amounts of money due to it. PPI solicitors take cases on behalf of all these people, and are generally able to reclaim a substantial settlement from the company responsible for the mis-selling.
If you are looking to claim PPI insurance back you will require the services of a dedicated solicitor. Visit Donns PPI claims. Donns can help recalim PPI.
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