PPI Claim - Banks give up the fight against mis sold PPI insurance
With over 16 million having been sold since 2005 alone it's thought that a large portion of these have been mis-sold. So much in fact that the banks have set aside around £5 BILLION for Claims.
PPI Insurance policies were supposed to cover loan repayments, including credit cards if you fell ill, had an accident or lost your job, but many never paid up claiming people weren't covered when you most needed it.
The mis-selling was widespread and policies were even sold to self-employed people who would never even be able to claim. Consumers were even duped into taking out the insurance without them even knowing about it and on occasions people were told it was a condition of the loan agreement that they wanted to take out, that they must also take out the PPI cover.
The banks have now decided not to appeal against a result last month where the High Court ruled that the banks had to go back over all their past sales to see if the customers have a claim for mis-selling, which was brought about by the FSA. The FSA said they are employing teams of supervisors to oversea each bank and other financial institutions to make sure they complied.
We urge anyone who has a concern to lodge a complaint first rather than wait for the bank to take the initiative.
See our other articles on this and how you can make a claim today.