Marketing experts in Britain have criticized the Competition Commission for the lack of effort to assist consumers who were mis-sold Payment Protection Insurance (PPI) to get their compensation from financial companies that sold the insurance to them.

The Competition Commission along with the Financial Services Authority and the Office of Fair Trading is even being accused of offering consultations and tips on how to alternatively and legitimately market PPI policies to consumers. 

A great number of consumers who found out that they did not need PPI in the first place are choosing to get their claims and refund.  Even though PPI insurances safeguards consumers from non-payment on loans, lenders cannot deny the fact that a lot of these were sold deceptively to customers.

What’s more, the OFT, FSA and the Competition Commission were also criticized of not doing enough, if nothing at all, to stop banks and loans companies from insurance mis-selling as well as not doing enough to help consumers get their money back that was undoubtedly fairly theirs.

A major complaint against mis-sold loan insurance, mainly PPIs, have been filed by Citizens Advise back in 2005 but there has been insufficient or no action from the Office of Fair Trading to restrain the practice and UK consumers are still pressed to take out loans that come with PPI.

Both government institutions and loan providers are coming under fire because of the method on how people can get their refund from their PPI.  PPI claimants have to painstakingly write to their lenders that often fall on blind eyes and deaf ears. 

Even if PPI claimants hire what’s known as a loan insurance claims company, it still won’t guarantee that they will still obtain a complete refund.  Customers should also look for a service that presents a “no win, no fee” rule.  A no win, no fee policy is where a customer doesn’t have to pay the company if the company isn’t able to acquire a successful claim.

Consumers all over the UK are still advised to keep their guard up and be alert when acquiring loans specially unsecured ones as newer scamming forms of marketing PPI are being developed by several banks and lenders.  A number of of which are reducing the coverage and raising premiums.

Consumers in the UK are urged to be firm and stand their ground when it comes to filing their PPI claims and getting their refund.  If you don’t know where to begin on pursuing a PPI claim, your best course of action is to get assistance from PPI Claim Companies that put forward a no win, no fee foundation.  A specialist will be given by the company and will take care of your claims and complaints and keep you informed on how things are coming along.