It is anticipated that there are millions of people in the UK who have been mis-sold Payment Protection Insurance (PPI) by banks or lenders in recent years, and Davies and Partners Solicitors in Aztec West in Bristol has set up a new department dedicated to helping clients claim back their money.
The new Financial Services Claims team is headed up by Simon Pressdee who is a specialist in financial litigation for the firm. He recognises that there are many people who were sold unsuitable policies but that don’t realise they may have the grounds to bring a claim to reclaim the payments they made, plus the interest on that money.
Simon said:
“We are speaking to many clients now who took out one of these policies which may have been in the guise of accident, sickness or unemployment protection, loan payment protection or personal loan protection. Clients come to us when they have either failed to make a claim on the PPI they took out, or if they believe they were actually mis-sold a policy which was either not really required or was inappropriate due to their employment or medical status at the time.”
“It is a scandal just how many people were mis-sold these products by reputable lenders they trusted. We are keen to ensure that if someone took out one of these PPIs in the last six years and they have the grounds, they can claim their money and the interest back. We have a highly experienced team of financial litigation solicitors who can provide a free initial consultation to people and advise them if they have a viable claim to make.”
He concluded:
“Thankfully this should not happen in the future as following initial complaints made to the Office of Fair Trading back in 2005, the Competition Commission has pressed ahead with new, tougher regulations on the sale of PPI policies. The new rules mean that banks or other lenders will not now be allowed to sell PPI policies to customers at the time or borrowing or during a fixed period of time.”
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