(PRWEB) August 03, 2012
Recent figures released by Lloyds TSB in July 2012 displayed the staggering cost of bogus PPI claims on the industry with 1000 Lloyds TSB staff simply dedicated to investigating all of the PPI claims which have been made. It has found potentially 50% of claims that were made were done so in error, by those that hadn’t previously taken out any payment protection insurance and the sheer cost of this is resulting in the total bill for the PPI issue growing massively.
http://www.ppiclaimsadvice.org who manages payment protection insurance claims on behalf of their clients have now introduced a policy on their new website which should look to cut the number of bogus claims being made.
PPIClaimsAdvice.org will now only proceed with a customer’s potential mis sold payment protection insurance claim if they believe that there is a 100% chance of making a successful claim. PPI Claims Advice will examine the loans and potential payment protection insurance prior to proceeding.
This new policy from PPIClaimsAdvice.org has lots of benefits such as cutting the cost this scandal is having on the economy, improving efficiency for customers and preventing any wasted time for those clients that were mistaken in believing they had been wrongly sold payment protection insurance when they took out a loan, mortgage or credit card.
The years of experience in financial claims by PPI Claims Advice has resulted in the ability to identify a potential successful claim. In addition their insider knowledge of the industry, especially the regulations and industry standards mean that they can easily take this essential step forward to help the prevention of wrongful PPI claims which are costing the UK economy and massively increasing the cost of this particular financial scandal, it is already due to hit £10 billion.
Although it is possible for a consumer to contact their bank or lender directly and deal with their own mis sold PPI claim many find it easier to use a PPI claims management firm who will set up the claim and make all of the necessary contact with the lender. The ease of the process has increased the number of claimants that simply aren’t sure if they had payment protection insurance but attempting a claim anyway, resulting in the boom in bogus claims.
Those potential clients who believe they may have been mis sold payment protection insurance should discuss their claim with a claims management firm that is regulated by official bodies such as the Ministry of Justice and is also recorded on the Claims Regulation website. The guidance which is now available on the official Claims Regulation website is for both consumers and firms working in the industry and can address many potential issues in regards to payment protection insurance claims.