Banks give out billions as compensation
by Russell Shackleford, 15th July 2011
The widespread mis-selling of PPI has cost the banks billions,
reports on this extremely relevant topic have exclusively revealed
to be the case.
Millions of customers were mis-sold PPI, or Payment Protection
Insurance, in a financial scandal that is perhaps the biggest that
consumers have faced in decades. A great many people paid sky-high
premiums for worthless insurance policies which in many cases would
never actually pay out should they find themselves to require the
services which they alleged to offer.
Billions of pounds have been set aside in compensation by
high-street banks, and some, such as Barclays, have even offered
no-questions-asked compensation to those who registered complaints
over mis-sold PPI before the 20th of April this year,
simply to clear their backlog of PPI complaints and be able to
function normally again.
PPI was often mis-sold alongside loans by greedy insurance
brokers who sought to line their own pockets with ill-gotten gains
at the expense of borrowers. In many cases, people seeking to take
out loans were encouraged to "protect" them with PPI, or even told
that they would need to do so in order to get the loan - despite
the fact that many people were not actually eligible to receive the
insurance and could never have secured a payout.
However, now this scandal has come to light, customers are
finally seeing payouts - only now, it's compensation payouts. The
FSA's new, tighter regulations on PPI mis-selling mean that
millions of people are eligible to make a claim to their bank to
receive recompense for being ripped off, and many of those who took
out any kind of loan product - including mortgages or credit cards
- any time within the last few years are likely to be able to
present a case which could win them extensive compensation for
their troubles.
If you were wrongly sold loan insurance by your bank, we can
help you claim PPI compensation.
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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