Don’t let the spam make you miss out

I’m sure that it has happened to pretty much all of us, spam. I’m not referring to the ham in a can, but those annoying emails, phone calls, text, letters and leaflets that seem to be clogging up your inbox and a key excuse for the depletion of the rain forest!

Have you found yourself throwing out (or recycling I hope), deleting and hanging up on anything that does not automatically look like it was sent personally to you. Well this is where I’m going to tell you, you would be wrong to do so.

Don’t let the spam make you miss out

Source: PPClaims

Most people have heard about the Payment Protection Insurance or PPI scandal and many have already made their PPI Claim seeming that banks already paid out £1.9 billion last year to the victims. However The Bank of England has been warned that the final cost to banks for mis selling PPI is likely to be around £25 billion. That is another £23 billion that is yet to be reimbursed to consumers.

A great deal of consumers do not even realise that they are entitled to reclaim PPI as the mis selling of the insurance meant that many people were unaware they even had it. To attempt to counter this problem the banks are expected to write between 4-12 million letters to those who have been affected. These letters must be written in clear, jargon-free language, the Financial Services Authority (FSA) has ordered with the watchdog outlining what these letters should contain, including details of a time limit for making a complaint[1]. Martin Wheatley, FSA managing director, said: “Historically, response rates for these types of exercises are low. Therefore, if you receive a letter, it’s important to consider your PPI purchase carefully, and if you feel you were a victim of poor practice, please do respond.[2]

A long with this some Claims Management Companies or CMC’s have been sending out bulk text messages to the public without having any evidence that they have been affected by the PPI at all. Most mobile phone owners have received a text that says something like “Important – you could be entitled to £4,856 in compensation from mis-sold PPI. Reply for info.” Although the text is a lie and the spammer responsible has no records relating to the recipient[3]. This may annoy to those who know they are not entitled to a refund, but it is useful to anyone who may have an inkling that they are due money and yet haven’t got around to dealing with it. Don’t text back, contact iSmart for a no win no fee claim, or attempt to get in touch with your bank. Make sure that you give a moment to look over or listen to what is sent your way; it could be just be someone trying to help out and let you know that you are due a lump sum of money. Not all spam is bad!

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[1] http://www.bbc.co.uk/news/business-17269048
[2] http://www.independent.co.uk/news/business/news/millions-to-get-letters-inviting-complaints-over-ppi-7542535.html
[3] http://www.bbc.co.uk/news/magazine-21029581

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