Payment protection insurance claims, since 2011 have been a prominent & popular topic amongst members of the British public & finance industry workers alike.
Since the judicial ruling during May 2011 there have been 100s of 1000s of payment protection claims from disgruntled customers that have sought to claim back the cash that they are owed from the financial corporations that have miss sold this insurance product to them.
But what does the future hold for this market? Are there still evermore people out there that still need to claim compensation?
The short answer is yes. It is estimated that there are only 1 out of 4 ppi claims that have been claimed for to date, so pure mathematics dictates that the majority of these wrongly sold financial solutions are yet to be claimed for by the many thousands of miss selling victims all across the united kingdom.
In terms of regulation however, this is becoming more and more strict with over 100 companies being closed down due to violations of policies implemented over companies wishing to trade in the financial claims’ market, this will no doubt shape the future of payment protection insurance claims, by ensuring that the companies that survive, will be the ones who choose to trade fairly with members of the general British public.
You can expect more advertisements as times go by, also, it is likely that the banks’ will send out more and more letters to people that have been miss sold this product, & they will likely announce that they are doing this more publicly to the residents of the United Kingdom, as the banks’ have made it very clear that they wish to have the claims’ epidemic completed so that they can attend to other areas of business & focus on further growth.
As more time passes, certain cases could become harder to trace, with many companies ceasing trading the documentation could become increasingly awkward to track down & pursue through to a completed case, this is yet another reason why haste is necessary when dealing with payment protection insurance complaints, the longer you leave it the more difficult it can be to process.
It is expected that there will be another spike in claims’ but this is not expected to be due for some time because the ppi claims industry traditionally requires some kind of ‘spark’ or ‘reason’ for people to take the initiative & reclaim their cash, many advertisements are still running from some of the larger claims’ management companies, and this is set to continue with the recent news that more than 70% of British people are still yet to make a claim.
With harsher regulation, it is expected that the market will become much more open to new businesses, but, as stated above, any new payment protection insurance claims companies will need to take extra care that they adhere to the rules for this market, and provide an honest, transparent & efficient service, a good example of one of these companies that adheres’ to all necessary legislation is http://ppiclaims4you.co.uk a UK based company that offers low cost ppi claims, on a no win no fee basis.