The issues surrounding Payment Protection Insurance
by Russell Shackleford, 18th August 2011
The mis-sold PPI scandal dismayed many of those who had taken
out loans in recent years, a large percentage of whom discovered
that they had been inappropriately sold an expensive insurance
policy which had turned out to be worthless. If you believe what
you hear in the news, Payment Protection Insurance mis-selling is
at an end - but has the FSA really put a stop to it?
Payment Protection Insurance was, at its height, mis-sold to
millions of consumers, with a great number of them not even
realising that they were paying for this utterly useless coverage.
As people tried to claim on their insurance, however, or noticed
costly additions to the amount of their loan, customers began to
realise that they had been hoodwinked, and many sought to take
action against the banks.
As a direct result, the Financial Services Authority got
involved, issuing a series of edicts against the banks until
finally taking decisive action by introducing solid regulations
against the mis-selling of PPI, as well as going that extra mile to
establish that such financial institutions were responsible for
reimbursing any customers they may have wronged.
It seems, therefore, conclusive that mis-sold PPI has come to an
end. While some banks are looking to reintroduce similar loan
insurance policies, they are claiming to have learned from the
mistake of mis-sold PPI and will hopefully in future tailor their
policies appropriate and only sell them to those who are interested
in and require such loan cover.
It seems as though the mis-sold PPI scandal is over.
Nonetheless, despite billions of pounds set aside by banks in order
to offer redress to their customers, there are still a huge number
of people who were mis-sold PPI who have not yet claimed. It is
hoped that they will step forward to receive their payout.
If you feel you may have been affected by the scandal, we can
help you claim back PPI.
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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