Norton Finance PPI Mis-selling
As one of the UK’s largest providers of homeowner, re-mortgage loans and all-purpose loans, Norton Finance have been part of one of the biggest banking scandals of the century. Selling Payment Protection Insurance to customers when they are not eligible or suitable for it has become the subject of a major legal investigation by the Financial Services Authority since the early 2000s. High street lenders all over the country have been involved and you could be eligible to claim a mis-sold policy back. PPI is a form of insurance you can take out to protect yourself from falling behind on repayments if you are unable to meet these. Unfortunately, it has been grossly misrepresented to customers in the last decade in a number of ways and clients of banks everywhere are now seeking to claim their money back.
The History of the PPI Debacle
Major lenders of PPI were first investigated and fined in 2007, which triggered a review of how Payment Protection Insurance could be sold in 2009. Bans and restrictions regarding the way PPI could be sold were introduced, and the regulatory Financial Services Authority introduced a revisal of PPI procedures. Banks initially challenged the FSA’s enforcement of new rules which meant that they had to retrospectively investigate claims and address their responsibilities. However a High Court ruling in 2011 quashed this, and banks agreed to comply with new regulations later that same year.
Claiming Your PPI Costs Back
You could either claim directly or you could use the services of a claims management company. The benefit of writing to your bank personally is that you keep all of the money you’re awarded in the event of a successful claim and a payout from Norton Finance.
Some people, however, just prefer to use third party services to claim the money on their behalf. Beware, however, that claims management companies will charge a fee for claiming on your behalf. Ensure any company you appoint is licensed to operate as a PPI claims management company by the Ministry of Justice.