Payment Protection Insurance (PPI)
PPI Claims have dramatically increased in the last 6 months since the Judicial Review with Banks such as LLoyds TSB setting aside £3.2 billion to help deal with Payment Protection Insurance.
PPI is a controversial subject to the banks, as for 10 years, banks have mis sold Payment Protection Insurance to it’s customers who did not want, know or need Payment Protection Insurance (PPI).
Lloyds TSB, Barclays, Halifax, RBS, Santander, Clydesdale Bank are just few who have been massively fined for mis selling Payment Protection Insurance, and even though Santander did not participate in The Judicial Review, it has still set aside £538 million to deal with PPI claims.
Banks would often inform customers that Payment Protection Insurance was compulsory to gain any type of credit agreement, and that without it not many credit applications are successful.
However, this is massive mis selling as Payment Protection Insurance (PPI) has no baring on a customers credit application what so ever, and therefore banks were misleading customers into expensive insurance, that they did not want, or need.
Often banks would not ask the necessary questions when selling Payment Protection Insurance (PPI), which meant that if the customer needed to make a claim on the policy then they could not do so and therefore Payment Protection Insurance would be a useless policy.
The banks have massively missold PPI so if you have had a credit agreement in the last 10 years, and you think you might have been sold Payment Protection Insurance, give Reclaims UK a call today and one of our advisers will let you know how much you are entitled to. It could be worth £1000′s in repayments and compensation.
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