1. PR Log - Global Press Release Distribution
High Court Rules Against Banks In PPI Claims- The Dangers of Bad Credit
Source: Solvemybadcredit UK
Dated: May 06, 2011
We could follow the argument between high street banks and consumer agencies regarding to payment
protection insurance. The press has already confirmed that many large financial institutions have gone in
the red.
We could follow the argument between high street banks and consumer agencies regarding to payment
protection insurance. The press has already confirmed that many large financial institutions have gone in
the red. But what does this mean for customers? Are they going to get bombarded with offers even more by
companies dealing with claims? And how easy it is to claim back PPI themselves? How does this ruling
affect the bad credit situation in the UK?
The sad truth is that bad credit exists in the UK market, because of the irresponsible lending. Speaking to
Laura Wolf, from Solvemybadcredit.co.uk, she explains: “Many customers see claiming back the payment
protection as a way of getting rid of bad credit. However we can’t forget that the majority of people did
manage to pile up bad debts because they did not have any security or safety net.”.
People who took on payment protection and made a valid claim could see the benefits. People who did not
claim but made the wrong financial decisions can be a couple of thousand pounds better off. But the money
awarded should be carefully used to better their credit situation. The problem is that most people just blow
the money on holidays, a new car or luxury items, and never think about getting rid of their bad debts.
The process of claiming back payment protection insurance
As a result of the ruling, it has become a regulated legal challenge to file a claim and complain about the
mis-sold insurance on credit cards, loans and mortgages. However, it is advisable that customers are double
checking that they do not need the cover, or seeking alternative, cheaper solutions. Going unprotected in the
current economic climate is like playing Russian Roulette with one’s finances.
Consumers can submit their claim in writing themselves, and the bank has a set timescale to answer and
acknowledge the claim. There is no proof needed regarding to the mis-sale, and as the banks are dealing
with thousands of claims daily, they will not have the resources to investigate every single claim.
Should Customers Trust PPI Agencies?
The truth is that these companies don’t have a good reputation. They do not inform customers of the full
consequences, and in some cases charge as much as 25 % of the awarded amount. If consumers are
confident that they do not need the cover, they should go ahead and cancel it themselves, to get a 100%
compensation for their PPI claim.
###
I have seen many people struggle with bad credit in the UK recently. We have to find a solution for
eliminating debt and starting a new, debt-free life. http://
www.solvemybadcredit.co.uk/05/can-claiming-back-your-payment-protection-insurance-help-solve-your-b
ad-credit/
Category Finance, Banking, Insurance
Tags ppi, payment protection insurance, bad credit, solve bad credit, claim back ppi
Page 1/2

2. PR Log - Global Press Release Distribution
Email Click to contact author
City/Town Birkenhead
State/Province Merseyside
Country United Kingdom
Link http://prlog.org/11477007
Scan this QR Code with your SmartPhone to-
* Read this news online
* Contact author
* Bookmark or share online
Page 2/2