Borrowers or credit card holders who were rejected in their claim for compensation for mis-sold payment protection insurance (PPI), will now be able to employ some of the UK’s most foremost experts in banking and finance law, and reclaim their money on a no win no fee basis.
Many customers who were rejected by both the bank and the Financial Ombudsman Service (FOS) can now make another payment protection insurance (PPI) claim thanks to a decision at the Supreme Court, which found that non disclosure of commission at the point of sale of the payment protection insurance (PPI) means that an unfair relationship may have existed, and if proved by the solicitors the client will get a full refund of premiums plus interest.
The Supreme Court found that banks took an average commission of 67% of the premium and this was kept secret, meaning that customers could not see how payment protection insurance (PPI) policies offered such poor value for money. This was in contravention of the Consumer Credit Act 1974
Successful claims have already been made against Lloyds TSB, Blackhorse, HBOS, Royal Bank of Scotland and customers have been paid in full even though they thought they had run out of options to claim.
Recent figures from the Financial Ombudsman Service (FOS) indicated that as many as 10,000 customers have their payment protection insurance (PPI) claims rejected every week