Consequences of Court Ruling over PPI Claims

As the FSA triumphs over the banks in court in an attempt to overturn regulations for the mis-selling of PPI, consumers should prepare for a rapid increase in calls from companies offering the chance to claim their money back.
By: CPR Global
 
April 27, 2011 - PRLog -- As the FSA triumphs over the banks in court in an attempt to overturn regulations for the mis-selling of PPI, consumers should prepare for a rapid increase in calls from companies offering the chance to claim their money back.

Banks are now being forced to open thousands of claims over falsely sold PPI policies.  This could be regarded as dubious territory as there is an industry where companies handle PPI claims on behalf of consumers, for which they charge a fee out of the compensation.  The ruling states that banks now have to look back at previous sales if PPI,
even if those policy holders have not complained.

The ruling over PPI claims, coupled with the recent announcement in the Budget for Growth which included restrictions on the ‘No Win, No Fee’ claim culture could result in uncertain territory.  These types of companies are predicted to exploit recent news and to take advantage of the situation.

Those who bore the brunt of the previous wave of unsolicited callers trying claim back PPI fees should take the necessary precautions to avoid these calls as said companies are some of the most persistent callers known to CPR Global.  Once you have been stung by an unsolicited caller, you are highly at risk of receiving more calls in the future.

Cold callers whose plight it is to claim back the insurance have been voted the most irritating kind of sales call with 47 per cent of the vote, according to a survey from FinanceNews.co.uk.  PPI cold calls are reported to be amongst the most aggressive type of marketing that uses high pressured sales tactics, compared with all other types of nuisance calls.

The issue with this controversial insurances lies with the mis-selling of the product.  Those applying for loans, credit cards and mortgages are often faced with insurance being sold to them as a necessity or worse still, many consumers aren’t even notified of the PPI being added on to their statements.  In response to this, consumers have been trying to cancel their PPI plans which they legally have every right to do.  However companies are taking advantage of this and are charging consumers for their compensation.

The Financial Ombudsman Service (FOS) has received 84,212 new complaints about financial providers between January and June, up three per cent on the final six months of last year.  Sold to cover loan payments in the event of death, accident, illness, sickness, redundancy or financial insolvency, PPI was the single most complained about problem, generating 30,000 new cases, three times more than the combined totals for mortgages, investments and pensions.  

Consumers can protect themselves from being mis-sold products and services by eliminating nuisance calls completely and this can be achieved with the CPR Call Blocker.  The device can relieve consumers of the predicted rise in nuisance calls of this type which enables consumers to make their own decisions on such matters; without the need to pay fees for claiming what is rightfully theirs.

The CPR Call Blocker doesn’t need to rely on government legislations as it is pre‐programmed with 200 of the most persistent telemarketing companies’ telephone numbers that are recognised by CPR Global.  This leaves ample space for the consumer to block a further 100 telephone numbers at the touch of a button.

For more information or to purchase the CPR Call Blocker, contact the CPR Global team on 0800 652 7780 or visit www.cprcallblocker.com.

ENDS

Media Contacts:
For further information or an interview, please contact Miss. Kathryn Powell, PR & Media Executive for CPR Global.
Telephone:    (01792) 474430
Mobile:      07585229614
Email:      k.powell@callpreventionregistry.com
Post:      CPR Global, York Chambers, Swansea, Wales, SA1 3LZ

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Ensuring your telephone number is no longer available to organisations, including charities & voluntary organisations. By registering your telephone number with us, companies who telephone you with offers and sales calls will no longer be able to do so.
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