We are in some turbulent economic times. Banks are feeling the strain of this, with people unable to save as much and not willing to use loans for fear of unemployment, the banks are looking at extremely depleted reserves of cash to invest and spend. A viscous circle because when one of us does wish to secure a loan, the hurdles have been increased because banks need to be sure that it can be repaid. On top of all this, banks are being swamped with PPI claims.

This means that banks are not making any money off of interest rates. To add to all of this, they are seeing a stunning rise in the amount of PPI – or Payment Protection Insurance claims. This type of claim is when people say that they were mis-sold their insurance policy and they want all of their money back.

Claims For Mis-Sold PPI

These claims come about because banks were not very kind to their customers when they sold them the insurance. Many times, they told the customers that they had no choice, forcing them to pay for a policy that they did not want and did not need. These people now want to get all of their money back since the courts have ruled that what the banks did was illegal. The banks are obligated to refund all of the money that these people have been paying for years on end, so the sum is quite large.

Banks also mis-sold the policies through omission. They did not explain all of the rules. They did not tell people what the insurance could do or how much they had to pay for it. The terms and conditions were ignored. In some cases, the policies were even represented in a way that was not honest or true. This convinced people to buy policies that did not help them. It also forced them to pay for things that they would not otherwise have agreed to pay for.

Sally Bowyer, Managing Director of Brunel Franklin, said: “We are pleased to have been able to help thousands of clients and get the maximum PPI refund they are entitled to; many PPI cases we see illustrate just how careful you need to be when taking out loans and credit agreements, particularly over the phone. It is easy to rush things over the phone and all too easy for the vendor not to make clear the all important detail of the policy. It really does pay to check the small print.”

Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.