There are many things that are contributing to the stress that banks are feeling lately. People are not making as much money, so they are not saving as much of it in the banks. They need to spend all that they have, living from one payday to the next. People are not taking out as many loans for things like new cars or new homes simply because they know they cannot afford them.
This means that banks are not making any money off of the interest rates. To add to all of this, they are seeing a stunning rise in the amount of PPI – or Payment Protection Insurance – claims in recent days. This type of claim is when people say that they were mis-sold their PPI policy and want all of their money back.
Claims For Mis-Sold PPI
PPI 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 leading claims firm, BrunelFranklin.com said: “So few people know that they were ever sold PPI that some commentators believe there may be 30-35 million policies in existence, the majority of which could have been mis-sold. If you have genuinely been mis-sold a policy, you should be looking to get back your full premium plus interest, by way of fair redress.”
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.