Finally, payback for the PPI scandal

Banks compensate customers at last

by Russell Shackleford, 14th July 2011

Many consumers are finding themselves the beneficiaries of unexpected windfalls in the wake of the PPI mis-selling scandal, with compensation for the widely misrepresented insurance being paid out by the banks.

The compensation comes months after it came to light that millions of people had been the victims of greedy lenders who successfully sought to part them from their hard-earned cash, selling expensive and yet useless loan insurance policies to many borrowers, even in situations where they were not able to use them. Many of these wronged consumers are now receiving their payouts from the bank that sold them the policy.

Conrad Ogilvy, a builder from Middlesex, was encouraged to take out a PPI insurance policy on a loan back in 2006. He later discovered that he would never have been able to claim on the policy even if he had needed it, since he was self-employed at the time of taking out the loan - meaning that he was not actually covered by the insurance despite paying premiums every month for it. This week, he received a payout of £2,165 from Barclays as recompense for the mis-sold PPI.

"It's great because I had all of this money taken out of my account to pay for the insurance and it turned out it would have been useless," said Ogilvy. "But now I have finally had it all returned.

"The way in which they described the policy to me was pretty wretched - skeletal and rudimentary at best. I'm just glad I was able to claim back all of that wasted money."

Ogilvy is just one of millions of customers who have been mis-sold PPI policies. He was fortunate enough to receive compensation in kind, and with the recent flurry of attention over this financial scandal, it is hoped that other wronged customers will get what they deserve, too.

If you feel you were affected by this scandal, we can help you claim back PPI today.

Claims Financial