(PRWEB) September 29, 2012
UK PPI Reclaim has recently taken steps to reduce the amount of bogus payment protection insurance claims which are being made. As the banks now have whole departments dedicated to validating a payment protection insurance claim it is now more important than ever to ensure a claim is genuine and has a guaranteed chance of success before proceeding.
To ensure the process is completely efficient for all parties involved; UK PPI Reclaim (http://www.ukppireclaim.com/), the claimant and the banks, the claims will be thoroughly examined upon the initial claim enquiry before the next step is taken. Before changing their enquiry process to cut out none eligible claims UK PPI Reclaim decided to examine the source and reasoning behind the number of bogus claims which were entering the system.
There are several simple criteria which must be met in order to be able to successfully make a mis-sold payment protection insurance claim however UK PPI Reclaim examined over100 customer enquiries which were made in July 2012. This qualitative data found that many potential claimants are unaware of the requirements which need to be met in order to make the payment protection insurance “mis-sold”. 70% of the enquiries which turned out to be ineligible for a claim were from those who believed that anyone who was sold a payment protection insurance policy with their loan or credit card was entitled to a refund however this is far from being the case. This lack of understanding of the requirements of making PPI claims suggests a general lack of education available on the subject with most awareness coming from advertisers which encourage people to make a claim. These adverts are set to be cracked down on in the upcoming months with the Advertising Standards Authority ruling many adverts to be misleading.
UK PPI Reclaim have years of experience and are fully regulated by the Ministry of Justice which means they have a complete awareness of the industry, the process involved and the tactics which the banks and lenders used to sell payment protection insurance to customers taking out credit accounts. This knowledge can be then used to inform potential clients looking to make a claim on whether they suffered from a mis-sold policy and whether they are able to proceed with the claim.