Issued: 3 August 2012
Trading Standards Says "Do it Yourself" And Keep Your Cash!
Angus Council’s Trading Standards service is urging local people who were mis-sold Payment Protection Insurance (PPI) to cut out the middleman and keep every penny they are due when claiming their money back.
The courts have made a ruling that anyone who was mis-sold Payment Protection Insurance can reclaim their money. It has been estimated that the total payout due to UK consumers could run to several billions of pounds, with individual claims of £3000 to £5000 not uncommon.
PPI is a form of insurance designed to cover repayments in the event of an accident, sickness or unemployment. Anyone who has taken out a loan, mortgage or bought goods on credit is likely to have been offered it. However, due to mis-selling, many customers took out a policy that was not suitable for them – for example, protection against unemployment being sold to someone who was self-employed or about to retire – or even did not realise they had taken out a policy at all.
A number of firms have come onto the market offering to assist consumers with their claims – but the catch is that they will charge commission. Trading Standards is advising that in most cases it is easy to make the claim yourself, ensuring that all the money due goes directly to you.
Councillor Mairi Evans, Angus Council trading standards spokesperson explained: “You will probably have heard or seen adverts for PPI claims management companies, or even received an unsolicited telephone call. The service they provide is legitimate, but most will charge you 25 to 30 per cent of what you claim as a fee, so that’s at least £750 of your money if you are due £3000. In most cases, making a claim yourself should be straightforward.”
She added: “Some more complex cases can benefit from the assistance of a specialist claim firm or a solicitor, but this is the exception rather than the rule. Often a simple phone call or letter is enough to get a claim settled, without paying unnecessary commission. There are sample letters and advice available online.”
Any Angus resident who wants further advice on PPI claims should call 01241 435600 and ask for the Trading Standards Services duty officer, or visit the Financial Ombudsman Service website on www.financial-ombudsman.org.uk.