Payment Protection Insurance (PPI) is no longer being mis-sold by banks and other financial institutions, but the repercussions are still making themselves felt, with billions of pounds being paid out by high street banks to customers and yet millions are still entitled to refunds.
The cause of mis-sold PPI was financial institutions offering loan insurance, also known as PPI, to all comers, whether they needed it or not and regardless of the suitability of the policy. Many used mis-selling tactics such as telling customers that PPI would increase their chances of being approved for a loan or misleading them about its uses.
Some unfortunate customers had the cost of the PPI added to the sum of their loan without being informed that it was there at all, or that it was optional. This was sometimes achieved as a “fully protected loan”, without explaining the protection was optional and may not have been of use.
It was due to this that the mis-sold PPI scandal arose, with customers paying billions of pounds in exchange for little or no service. Eventually this came to the attention of financial regulatory bodies, and after several years of wrangling – ended in a mighty showdown in the form of a judicial review. The banks lost and are now faced with having to pay back billions of pounds in refunds. Nowadays, many people are making claims for mis-sold PPI and claiming back any money that their lost.
“Making a refund application against a bank or other large financial institution can be a daunting prospect. It can be much better to seek help from an organisation like Brunel Franklin, rather than struggle on and be left to try and work out the details for yourself. We operate a no-win-no-fee service and there is nothing to pay until your case is successfully won and the vendor has paid out,” saidSally Bowyer, Managing Director of Brunel Franklin.
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.