Payment Protection Insurance – An Update
Payment Protection Insurance generates the most complaints the banks have ever had to deal with. They originally mis-sold the insurance to millions of people across the UK, over a period of 10 years, which has allowed the banks to make billions of pounds in profit. Eventually everybody became aware that this insurance was heavily mis-sold to people and that the majority of those who were sold the insurance couldn’t even use it!
The conversation and word-of-mouth information sharing led to hundreds and thousands of complaints to banks/building societies and financial institutions regarding the Insurance and PPI became the most complained about product to have ever been sold by lenders. Literally hundreds and thousands of people we’re furious that they’d been sold a product that didn’t suit their circumstances even though they’d told the salesperson at point of sale their exact needs, many didn’t even want the insurance but were literally forced into taking it, just to get their loan.
Those who were retired or a civil servant at the time they were sold the insurance could never use it either and worst of all, those with pre-existing medical conditions were also sold the insurance, even though the sales advisors knew they’d never be able to use the insurance.
One of the most complained about financial institutions was Barclays Bank PLC after it received over 250,000 complaints within the first 6 months of 2011. With around 10,000 complaints being put forward across the board every day, it really shows the scale of the mis-sold insurance. Following closely behind Barclays in number of complaints is Lloyds TSB 181,000 and Santander with 168,000. According to the FSA, more than half a million complaints were received about PPI – over a quarter of the total 1,852,284 recorded bank complaints.
With over half a million complaints made in a 6 month period, it’s clear everybody is becoming aware that the Insurance has been mis-sold to them and they want their money back from the useless policy! Millions of people are yet to put in their PPI Claims, but these claims are strongest when placed within 6 years of taking out the original loan or finance. This is due to the banks destroying any documentation they may hold after a 6 year period, so try and put your claim in ASAP to avoid getting left out!
Many people are searching around for information regarding Payment Protection Insurance. Your best bet is to use an internet search engine for any info you need regarding Payment Protection Insurance.
