Wednesday, January 16, 2013

PPI Radio Ad Banned for Using Scare Tactics

Without fail, every time we switch the radio on, our ears will be filled with the words “PPI” and “claims”, and not without good reason – you should reclaim what’s rightfully yours, it’s your money.

But what about when companies take it too far to get your attention?

PPI specialists Payment Protection Partnership recently took it a little too far, warning listeners that their “time is running out” to claim. 

The ad went on to ask “£2,000? £4,000? Just how much are you costing yourself…You could be in line for thousands, but only if you claim in time.”

Of course, this may have been somewhat over amplifying and the advertising watchdog, ASA, has banned the campaign for using scare tactics by “overstating the urgency for referring a complaint through PPP”.

In truth, although the banks are now pushing the FSA to set a deadline, this is not likely affect claimants until next summer, at the earliest. 

There is currently no deadline for claiming for mis-sold PPI, as PPI Claimline will tell you. And, even if you don’t have your paperwork, any reputable claims company (such as the aforementioned) will find it all for you.

So, if you had the scarers put on you after hearing that ad, fear not. There is no urgency to reclaim…although those few thousands you’re entitled to would be nice! 

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