Millions of PPI claims yet to be made

Billions of pounds in compensation set aside

by Russell Shackleford, 12th August 2011

The mis-sold PPI scandal has finally come to an end, but millions of people are still owed compensation for the crimes which were perpetrated on them by the banks and financial institutions which sought only to line their own pockets with the ill-gotten gains which they shamelessly absconded with after conning innocent consumers out of through mis-sold loan insurance of various types.

PPI, or Payment Protection Insurance, is, as the name would suggest to anyone astute enough to comprehend, a kind of insurance which offers a means of protecting payments - specifically, the repayments on a loan which an individual has taken out. The idea of PPI is that one is able to guarantee their ability to pay back their loan by additionally paying for insurance cover which will pay out in the event of a loss of income, meaning that there is little risk of defaulting on the loan.

Mis-sold PPI, however, occurs when the PPI policy given to an individual is inappropriate and means they could never claim, or even is sold a policy without realising that it has been added to their loan costs so they end up paying for insurance they did not request or want.

Obviously, PPI mis-selling is a terrible thing, draining the finances of many innocent consumers; but fortunately, it has recently been established in a court of law that it is completely wrong, and that any borrowers who have suffered as a result of being mis-sold PPI by a lending institution are entitled to claim for their losses and receive compensation appropriate to their circumstances.

The banks have attempted to resist these claims in many situations, but in the end, with appropriate assistance, it is usually possible to claim back the money owed - which can be equal to thousands of pounds in some cases.

If you are looking for PPI compensation, we can help you make a PPI claim.

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