Banks and lenders have lost a case against mis sold PPI after a huge investigation and now all their customers can reclaim PPI if they still have it on a credit policy or have had one over the last ten years.
PPI is known as payment protection insurance and may be familiar to you should you have ever taken on a credit policy such as a loan, mortgage or credit card as such. This type of insurance was sold to protect all your payments if you were ever involved in an accident or taken poorly, causing you difficulty in making your repayments. After these investigations, it has now come about that PPI was actually mis sold due to many people were unable to claim when needed. Also it has been sold to jobless customers, self employed and people aged over 65 who would never be able to claim on the payment protection policy. Other customers have been mis sold this product due to bad explanation by the lenders about the PPI product and some customers felt it was a compulsory insurance to take and others felt pressurised into taking on the payment protection. Now thousands of customers have received a refund through reclaiming PPI. The banks and lenders have set billions of pounds aside just to compensate all their customers.
Complaints to reclaim PPI are rising by the day with some banks and lenders receiving up to 400 complaints due to more and more customers are becoming aware that they have also been a victim of payment protection mis selling and now want to also, like thousands of others already have reclaim PPI.
So if you have ever taken on a loan or credit agreement as such over the last ten years, whether you have paid this agreement off in full or still making up your repayments and you think you may have been mis sold payment protection whether you have thought you have been misinformed regarding PPI not knowing the full facts or felt that the insurance was not at all necessary, the you have a strong case to reclaim PPI. With the average claim over two thousand pounds, you have nothing to lose but a lot to gain.