According to an assessment by’s financial specialists, PPI might go on for more than four years. Until recently, PPI was sold at visit site the time you got a loan, credit card, automobile or home loan finance offer – the concept being that PPI would cover the month-to-month payments on your credit arrangement if you became ill or lost your job.
There’s likewise a possibility that you might have been sold PPI without understanding it – in some cases the sales representative didn’t explain the PPI policy at all when you purchased it, or stated you had to secure PPI or that you had a better chance of getting the loan if you took it out.
Had it not been for Claims Management Companies, such as PPI Claims Scotland, part of Caledonia Claims Ltd, countless individuals would never have found out about or received ₤ BILLIONS in payment for mis-sold PPI.
The banks could have saved billions of pounds by just writing to all their clients offering a refund and confess that they have actually been wrong computing mortgage payments all along by requiring PPI upon its customers, however they have actually chosen to still try and deceive the UK public.
You may not be aware however the just the five biggest banks in the UK have currently reserved over ₤ 22,000,000,000 (₤ 22 BILLION) to pay out payment for refunds of mis-sold PPI that they took from their customers.