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UK Money Solutions asks - why hasn't EVERYONE claimed back their PPI yet??

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According to THIS REPORT in the Telegraph published May 2013 it was estimated that just ONE IN TEN of potential PPI claims have been submitted and it is unlikely that the ratio will have significantly altered one year on. So just why is it that MILLIONS of people have not been reclaiming PPI that is money just waiting to be claimed? UK Money Solutions tries to shed light on the biggest mystery of all surrounding the PPI refunds scandal.

PPI was an insurance product that banks added to loans, mortgages and credit cards with the promise that should the borrower fall on hard times, have an accident or suffer from a long-term illness, then the insurance would cover the repayments until such time as the borrower could get back into work. It was a good insurance to have on paper, however it has long been aknowledged that the banks pushed this type of insurance onto people who didn't need it, want it or ask for it in order to make more money out of their unwitting customers.

Since the scandal of PPI mis-selling came to light, millions of people have submitted claims to their banks for a full PPI refund plus interest, and the vast majority of these claims have been upheld with the average payout topping £2,750 (according to the FOS in December 2012). However, even though the banks have so far paid out or set aside some £20 billion in order to compensate victims, it is estimated that the number of claims submitted so far is just a fraction of the total amount of claims that could potentially be made.

Why aren't more people submitting claims to get their money back? UK Money Solutions believes that there are a number of common factors as to why people haven't put in a claim.

REASON 1 - UNAWARNESS. Because the banks added PPI to loans, mortgages and credit cards without the customer's knowledge in many cases - some people may have no idea whatsoever that they'd ever had PPI at all and therefore would not have thought to put in a claim.

REASON 2 - ALREADY CLAIMED. Many people have submitted claims to their banks or lenders, received a refund and been happy. However, if you have taken out mulitple credit cards and loans over the years, the bank may only have paid out on one or two of your agreements. You have to make a separate claim for each loan or credit card if they are not linked.

REASON 3 - "GOOD THINGS NEVER HAPPEN TO ME" SYNDROME. Many people have seen their friends, relatives and work colleagues receiving PPI refunds and maybe have a pessimistic outlook which prevents them from claiming.

REASON 4 - CAN'T BE BOTHERED. As humans, many of us share a common character trait which is - laziness. We will eventually get round to doing stuff but we're just too busy to do it right now. Sometimes, everything seems like too much hard work.

REASON 5 - SPAM - Many of us don't trust these claims management companies who keep showering us with text messages, automated phone calls and spam emails. In fact, some people are possibly determined not to use a CMC because they're so fed up of switching on their phones and seeing and hearing about "PPI" all the time.

REASON 6 - FEAR OF RECEIVING A BIG BILL FROM A CMC - Many people think that claims management companies are more interested in lining their own pockets than helping their clients. Also, people in debt may fear that the bank will not issue their PPI refund in cash and instead use it to lower the debt owed to them - while the CMC still issues an invoice for its success fee.

There may be many other reasons. Of course, the above is all hypothesis and personal opinions, but the important fact remains in that there are millions of people out there sitting on a potential windfall, and completely unaware of it. Why not use UK Money Solutions' no-win no-fee checking service to find out if you are due a PPI refund? If you've ever had a credit card, loan, mortgage, store card or catelogue, we can check with your lender to see if you're due some money back. And if you're not, we won't charge you!* Click HERE and fill in the form to find out today if you're owed £1,000's.

UKMS Money Solutions Ltd T/A UK Money Solutions are regulated by the Claims Management Regulator in respect of claims management activities (CRM26720) Its registration is recorded on the website www.claimsregulation.gov.uk


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