How did the mis-sold PPI scandal happen?
The banks operated many underhanded methods in order to get people to pay for payment protection insurance, which in many cases, was not wanted, needed, necessary or made clear to the costumer what they were purchasing.
The banks guided people into thinking that it was absolutely necessary for them to partake in payment protection insurance schemes and make payments, that in some cases may have forced consumers into debt or left them severely cash-strapped.
The banks encouraged their employees, by way of bonuses and incentives to secretly slip PPI into their bills or contracts, the consumer had taken out with the bank. In most instances, the consumer was left completely unaware that they were paying for a payment protection insurance policy.
The banks also indulged in lumping PPI payments onto a loan that a person may have taken out with the bank, right at the start of that loan. Which meant inevitably that the interest payments on the loan increased, further increasing the financial burden on the consumer and in effect forcing the individual to pay twice.
The banks were shy when it came to properly informing their customers about PPI. They purposely made an effort not to explain the intricacies of PPI.
There was pressure from the banks’ directors to squeeze as much money as possible from their customers, which meant people who did not need PPI, such as the unemployed, pensioners and students, being easy prey for the banks in their insatiable quest to accumulate money.
What is PPI?
Payment protection insurance or PPI is a type of insurance that was offered to millions of people in the UK, for some this insurance was mis-sold and now they are wondering what should and could be done about it.
In some cases it is recommended that if you had PPI and it was sold it by mistake you can make a PPI claim by going through a claims management company or you can make a PPI claim yourself without the help of a third party.
This kind of depends on you and how quickly you would like your PPI claims to be handled, and with what amount of difficulty to you.
Payment protection insurance is an insurance that was sold to millions of U.K. citizens over the years. Essentially if you purchased anything on loan or through credit, including the mortgage on your residence you probably paid for payment protection insurance.
If that is the case, you might be eligible for the refund on that. However there might be a limited time frame in order to claim the money that you are owed, no matter how much that is.
You should start out by finding out some basic information.
First and foremost is whether you have a PPI claim. How many policies that you may have and how many were mis-sold ppi and finally although probably most importantly, how much money you are owed.
Once you find out those things you can move forward with your PPI claim, whether you choose to work with a claims management company or try to make the PPI claim on your own.
Most claims management companies will charge fees of 10% or more on your PPI claim so make sure to compare many of them to find a company that is good and have low fees as it means more money for you.
You might save some money if you file a claim on your own, however it could be difficult for you to know how to go about filing a PPI claim and with a limit on the time available it might be better to work with a claims company, so that they can help you get your money back, in a simple and hassle free process.
If you aren’t sure about your PPI claim, you can contact most claim companies and discuss your case without them charging you, which will give you the option of finding out more information about your possible PPI Claim.
You can also get help to fill out your PPI claim back, step by step and get the support and advice you may need in making your PPI Claim.