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As many of us are aware there have been a lot of problems within the United Kingdom of consumers being mis-sold payment protection insurance. Steps have been taken to enforce policies and regulations by the FSA as well as for consumers to get back their money as long as they had a valid claim. It had been determined that the main perpetrators of the unfair methods were being done by banking institutions.

Lately an alarming report was released by the Financial Services Authority that more than 300,000 consumer claims which were filed to reclaim a refund on mis sold payment protection insurance were rejected. It is reported that the banks are not even reviewing the actual claims but merely automatically denying them.

This is now leading to more of a load for the Financial Ombudsman Service, as when a client files the actual complaint with them, they are going to subsequently take action on the PPI claims for customers which place their case with them. On average the FOS gets approximately one thousand claims from clients who were denied their refund by the banking institutions, and it is said that this is just between 15-20% of the actual quantity of customers whom have been denied. This means that the financial institutions are getting away with their illegal practices.

If you believe you were mis sold payment protection insurance you should still file a claim to obtain a refund pertaining to premiums. Of the PPI claims made by FSO on the consumer’s behalf, a minimum of 90% were in favor of the consumer. What this means is, that even though you get rejected of your claim you have very good odds that you had been rejected automatically without the actual financial institution even looking at the claim.

The consumer which feels they were unfairly sold PPI definitely has several options to start a claim. One of course is filing all the documents yourself and starting the process, the second is actually to locate a legitimate business which usually deals in PPI claims and reclaiming. The disparities in the two very straightforward – one is free, and one you will only need to pay a fee if the case is actually settled and you obtain compensation (No win – No Pay). Furthermore, one you have to do all the documents yourself, whereas the claim specialist is going to do most of the filing for you.

When you take into account that just 15-20% of consumers in fact continue their claim once they are denied by the bank and over 90% really do win when they do pursue the matter, the actual amount of money the banks are getting to keep is actually astronomical and downright thievery.

If you were mis sold payment protection insurance and want more information and tips on ppi claims please visit Simplicity Claims.