Millions of people are now entitled to reclaim payment protection insurance which has been wrongly sold to them when taking out a loan, credit card, mortgage or any credit agreement for that matter. Such customers have been made to pay by the banks and lenders such unnecessary insurance and now after a full investigation into this, these banks and lenders have lost a case against mis-sold PPI and have to compensate all their customers back.
Mis Sold PPI
But why was this payment protection mis-sold? Banks and lenders worked to get compensation on each PPI policy they sold to their customers and by this they could have made out that this insurance was an essential product to have, they didn’t give their customers a choice so many people have thought PPI was a compulsory product, they didn’t give a full explanation about the payment protection and has also been mis-sold to self-employed people, jobless customers and elderly customers who would have no chance of making a claim on the payment protection. Also, people who may have been vulnerable or taking on their first credit agreement may have been made to feel that they needed this product or been told they were not liable for the loan if they didn’t have PPI as well.
The banks and lenders have received around 500,000 mis-sold PPI complaints already and there is no sign of these slowing down as more and more people are finding out that they too have been a victim over the last ten years of mis-sold PPI. Due to the number of complaints the banks are receiving, they have now had to set aside more money to compensate their customers after underestimating the number of complaints they were going to receive.
So if you think you may have been mis-sold PPI for one reason or another now is the time to make a case to claim it all back. Thousands of people have already claimed an average of over £2000 and with your banks and lenders having to take full responsibility for their actions, they are being told to manage complaints as quickly and smoothly so that you, the customer do not have to wait any longer for your justice from mis-sold PPI.