Billions of consumers seek compensation from banks
by Russell Shackleford, 22nd September 2011
PPI has been mis-sold to millions of borrowers alongside their
loans, but after the FSA ruling earlier this year, they are finally
able to claim back the money that they are owed by the banks who
wronged them thusly.
Many people found after taking out loans that these loans had
had loan insurance packaged with them, which for many customers was
not of any use and was in fact worthless. Millions of people paid
premiums for such packages without realising that they were
shelling out for a service which was utterly pointless to them and
did not serve their needs.
High street banks and greedy insurance brokers loved mis-sold
PPI as it allowed them to make a large profit without offering
anything in return - despite the fact that PPI was intended to
protect people who had taken out a loan and ensure they were able
to continue the repayments in the event that they should suffer a
sudden loss of income, the outcome of mis-sold PPI was that most of
those who were paying for a policy were ineligible to claim due to
their personal circumstances, or had not in fact needed a PPI
package in the first place due to coverage from elsewhere or simply
not wanting one.
Fortunately, after the FSA underwent a judicial review earlier
this year, the banks were legally tasked with the requirement of
offering redress to customers who had been wronged by their ill
treatment of the matter under scrutinity in this particular
case.
Billions of pounds have now been set aside by the majority of
financial institutions in order to offer maltreated clients who
were mis-sold PPI the opportunity to claim back the cash which they
paid out for a useless, unwanted or unnecessary service. It has yet
to be seen how easy it will be for these individuals to claim,
however.
Testimonial
"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010