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PPI Claims have dramatically increased since the Judicial Review in April 2011. But many people do not realise what this means for them and their financial situations.
PPI or Payment Protection Insurance is an financial insurance policy that is designed to cover a persons repayments, in the event of injury, redundancy or sickness.
However, millions of consumers have been ripped off and now it’s time for the banks to pay it all back.
Banks mis sold PPI in numerous ways, often adding PPI to a customers agreement without them knowing it was there. Banks such as Lloyds TSB, Barclays and HSBC often informed customers that PPI was compulsory, when in fact PPI is completely optional.
Mortgage protection insurance is something it was often called or loanguard insurance and banks disguised it in many ways and avenues.
PPI reclaim are on the increase as banks have set aside billions of UK pounds to deal with the ppi complaints they are getting. Payment Protection should help your credit repayments but it doesnt and this is why it is so controversial.
Payment Protection Insurance claims have increased for a reason, and that is because the banks have so widely mis sold PPI to it’s customers over the years. For example Lloyds have set aside £3.2 billion to help deal with the amount of PPI Claim they are going to see.
This is a substantial amount of payment protection because not only does it show the scale of the mis selling it always begs the question, how many people will actually receive a refund as the banks are not actively informing customers they have been mis sold ppi.
PPI claims companies that look after the customer are hard to come by so finding the right one is very important. Remember that a company should never charge more than 25% for their services, and those companies that charge anything upfront are usually ripping you off, so avoid these companies at all costs because no ppi claims company should actually take anything upfront.
British armed forces have also been massively mis sold Payment protection insurance, because PPI should never have been sold to those who are in the army. The reason being your employer the government would cover you in the event of injury, redundancy or sickness. Therefore PPI should never have been sold to any one in the british armed forces and this means that if you have had a PPI agreement in the last 10 years then you have been mis sold as you are in the armed forces you DO NOT NEED PPI!.
This is a very important point fo make as PPI should never have been sold to those in the armed forces, so they could be entitled to £1000′s in repayments and compensation.
Claiming back ppi doesnt have to be hard you just need to know that you have been paying your premiums and then find a claims management company like the one previously mentioned to handle the claim.