Clydesdale Bank PPI Claims Net Consumers Thousands Of Pounds

Online, September 26, 2013 (Newswire.com) - Most people have now heard of the payment protection mis-selling scandal and while many have already successfully submitted a claim, there are still those that have yet to do so. It is possible that a lot of borrowers are still unaware that they have even been paying for payment insurance, because this is one of the ways that the policies were mis-sold, while others believe that the process is too difficult of long winded to successfully claim. However, a single claim could be worth thousands of pounds which makes claiming a beneficial move.

Clydesdale Bank PPI claims were mis-sold in a number of ways, but one of the most common was the selling of a policy without fully explaining the details and the fact that policies were also available from other companies. If the agent or salesperson did not fully explain that it may have been possible to get a similar policy elsewhere but for less money then this is considered mis-selling and the borrower has the right to submit a claim for compensation.

Submitting Clydesdale Bank PPI claims does not have to be a complicated process. All banks and lenders are expected to deal with complaints quickly and the process should be an easy one for the person claiming. The bank may even have contacted many of the people that it believes have been affected, or could potentially have been affected, by the scandal and the letter would have included exact details on how to proceed with making a claim against the bank.

Where Clydesdale Bank PPI claims are rejected by the bank, this does not mean that a claim is over. The borrower can take their case to the Financial Ombudsman if they still believe that they are owed money. It is the remit of the Ombudsman that they will investigate such cases and judge either in favour of the bank or in favour of the borrower. They have upheld more than 80% of cases in favour of the borrower in the first six months of this year alone.

Although they initially rejected the claims made against them, the banks were forced to admit defeat following a high profile High Court case. During the hearing, it was determined that high value PPI policies had been unlawfully sold to millions of consumers although the banks and the industry as a whole did not fully seem to grasp the extent of the scandal. Since the case, PPI has cost lenders a combined total of more than £16bn and it looks likely that this figure will top the £20bn mark before it can be considered closed and completed.

Clydesdale Bank PPI claims can vary in their value and in how long it takes for the claims to be completed and submitted. However, it is not unusual for claims to value several thousands of pounds and those consumers that have a number of policies that have been running for several years could find that they are owed even more than this.

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