Banks and other creditors have set aside another £400 million in PPI claims provisions to help aide those who are wanting to claim back their mis sold insurance, throughout the UK. With PPI being the focal point for the majority of media campaigns, both via the internet, papers, TV and radio it is no wonder that millions of consumers across the UK have already claimed back billions in mis sold insurance.
Banks massively underestimated the monstrosity that was the PPI industry and the amount that they would have to set aside to help those who had been mis sold their insurance policy alongside credit agreements such as car finance, credit cards, loans and mortgages.
The insurance was often forced onto customers credit agreements and in some instances the customer would increase their overall debt by over 50% on the total figure, just due to the expensive PPI insurance that they did not want or need, but were forced to take by sales and target driven banks and creditor staff within the industry.
Now that the extra provisions have been made for people to claim back their mis sold insurance banks have still hit profits, despite having set aside almost £19 billion in mis sold ppi insurance compensation.
This figure is potentially going to rise to just over £35 billion as there are believed to be as many as 10 million mis sold PPI policies in the Uk alone.
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