21st Guru

Customers in the UK deserves better. This is a view that is common among marketing experts and consumers alike in view of PPI mis-selling made by less than trustworthy banks and lenders and where the Competition Commission is being criticized for lack of action as regards to the matter.

Aside from the Competition Commission, the OFT and the FSA are also receiving harsh remarks because of tipping off loans companies and banks how they can legitimately sell PPI policies.

To start with, PPI is not obligatory and many customers who were unwittingly obligated to acquire them are choosing to get what is rightfully theirs to begin with. A PPI should be non-compulsory and should cover borrowers who fail to pay their loans but lenders cannot deny the fact that the way these policies were sold was misleading and unfair.

Furthermore, the OFT, FSA and the Competition Commission were also criticized of not doing enough, if nothing at all, to put a halt to the routine of insurance mis-selling as well as not doing enough to provide consumers the right and protection they deserve, especially when it comes to PPI claims.

A major complaint against mis-sold loan insurance, mostly PPIs, have been filed by Citizens Advise back in 2005 but there has been little or no action from the OFT to curb the practice and UK consumers are still pressed to get loans that come with PPI.

There has also been criticism on both loan providers and government institutions over how a consumer can get a PPI claims. PPI claimants have to painstakingly write to their lenders that often fall on blind eyes and deaf ears.

Even if PPI claimants hire what’s known as a loan insurance claims company, it still won’t assure that they will still obtain a full refund. The good thing about getting this form of service is that a good number companies that offer it has a no win, no fee type of charge. A no win, no fee policy is where a customer doesn’t have to pay the company if the company isn’t able to acquire a successful claim.

Consumers all over the UK are still recommended to keep their guard up and be alert when getting loans particularly unsecured ones as insurance mis-selling persists to evolve. A number of of which are reducing the coverage and raising premiums.

Consumer rights groups are urging UK consumers to be cautious and resilient in standing against banks and lenders who carry out such scams. If you don’t know where to start on pursuing a PPI claim, your finest course of action is to get assistance from PPI Claim Companies that present a no win, no fee foundation. A specialist will be supplied by the company and will handle your claims and complaints and keep you notified on how things are coming along.