PPI Mis-Selling Exposed

Posted on 04/24/2012 by admin
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PPI is a major financial controversy in the UK that has exploded to become a large-scale national trauma because of the way it was sold to millions of unsuspecting Britons who just wanted to take out simple personal loans.

In 2007, were as few as 500 mis sold PPI claims filed at the Financial Ombudsman Service. Nobody knew that this number would escalate to 10,000 in 2008, and reach more than 500,000 before the year ended. Today, there are hundreds of thousands of PPI complaints lodged at the FOS, so much so that the office had to create a new department that would cater specifically to PPI concerns only.

How it Started

The FOS with the help of the National Statistics Office of the UK conducted a study about insurance policies offered by the different banks. One particular product that surfaced was the payment protection insurance or PPI, otherwise known as loan payment protection, loan repayment insurance, and others. According to the study of the FOS, of the millions of PPI policyholders in the UK, less than 1% of these will be able to make a successful claims on their policies.

When this got out in the local news, scores of people began flocking the FOS and asking for PPI refunds. People were actually surprised to find that they were paying for insurance policies they never applied for. It turned out that the payment protection insurance were sold to them as attached financial products to the loans they took out, which is why they never knew about it. Naturally, they assumed whatever is indicated in a single contract is one financial product.

This violated the Consumers Protection Code, which states that two financial products shall be quoted separately and independently from each other. The banker or representative must explain the extent and scope of the financial products to their clients and policyholders.

Banks, even the major banks operating in the UK, defaulted on this matter. They failed to inform their clients about the full nature and the terms and conditions of the agreements they sold to them.

Banks Fined

The Financial Service Authority is the watchdog of the UK government when it comes to financial misdeeds and anomalies. They have fined several banks already, amounting to several million pounds. The fines were the largest in the history of banking industry, sending a clear message to their executives that the FSA is serious and means business.

Today, thousands of people are still filing complaints at the FOS. It will take months before individual complaints are processed due to the immense backlog at the office.

How to get PPI compensation

Posted on 06/19/2011 by admin
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Getting your money back.

There have been thousands of financial consumers throughout the UK who have already been starting to claim back there PPI payments after they have realised that they have been miss sold there PPI. About 20 million policies have been miss sold, this means that one in a third of the u population could be eligible for reclaiming their Payment Protection Insurance.

If this is has happened to you and you have too out PPI without being aware of the exclusions then you may be able to claim all your payments back or even get the whole entire loan written off. If you thought and would like to make a start on making a PPI your self leaves you with more questions then answers, there is another option. We can help you reclaim your PPI payments. We will do this on your behalf. To get your money back which you deserve and reclaim your PPI payments then don’t hesitate to contact claims.com

Even if you have already paid off the borrowing, you may still could make a PPI claim and get back the whole loan and unfair payments. You can also reclaim all the PPI payments youself but often the PPI claims cannot be finished over the phone. It has to in involved paper work, sourcing documents and legal work. Fortunately you can leave that all to us. We can sort the whole PPI claim our selves and all you have to do it pick up your check.

£4 billion each is the amount that the lenders are bringing in each year just by including PPI in with their products and most of this money s been taken very unfairly. We shouldn’t be letting the bank just take our money. To find out more about reclaiming or would like to Claim Back PPIthen make a call to claims.