June 25th, 2012
As of the year 2012, millions of UK citizens have reclaimed thousands to ten thousands of pounds of repayments from their mis sold PPI. The Financial Services Authority (FSA) discovered the mis selling of PPI in 2005. Upon establishing the new claims guidelines, they have guaranteed a £4.3 billion compensation package from the banks to be given for all customers mis sold PPI in the United Kingdom. If you haven’t already made a claim, you might be one of the 10.8 million who are urged to file a ppi claim as soon as possible.
PPI or payment protection insurance is an insurance policy designed to provide 12 months of loan repayment for customers who find themselves in financial trouble. Financial trouble can be caused by having to put off work to recover from sicknesses or accidents, or in the event you find yourself unemployed. The PPI can only provide these benefits as long as the customer purchased the insurance in perfect health and having a stable employment.
It is due to the mis selling tactics of commission-based insurance brokers that many UK citizens were mis sold PPI. Given that most customers trust their insurance brokers, bank representatives and financial advisers, this trust was played by bank representatives. After urging the customers by logically indicating the PPI’s benefits to their financial status, the customers agree completely. However, the financial advisers fail to advise about the requirements of PPI and if their customer is within the claiming age of the insurance.
If you have any questions with regards to making claims, it is advised that you seek the help of claims experts such as http://www.ppiclaimsco.org. Claims experts have the knowledge and skill to help you make your claim a success. You can have a free consultation with them, or have them make the entire claim under a no win no fee basis.