Payment Protection Insurance or PPI Claims have been the focal point of millions of TV adverts, Radio Adverts and many more Paper and annoying Text messaging campaigns. All informing that Consumer in the UK are entitled to claim on their PPI claims, however many people do not know when this whole PPI scandal will be over, is the end neigh or are we just at the tip of the iceberg with PPI claims?
With banks having initially informing consumers that PPI claims would only hit around the £5 billion mark which affected many stock prices and profit levels with the UK banks. Who in turn sparked a furious debate on whether those responsible for the PPI scandal should receive yearly bonuses that totaled millions.
Banks have now set aside a whopping £12.5 billion and the bill is still set to rise to an estimated £50 billion within the next two years, as banks have to be proactively seen to be contacting customers regarding their PPI claims.
However, many banks have currently been fined for stalling on their PPI complaints to their clients, especially on both payout and rejecting PPI claims that are one hundred percent upheld claims.
Therefore many people are contacting Claims Management Companies that take a total of 25% of the claim in return for claiming them back £1000’s in repayments and compensation, with one Claims company informing us that they have received a recent PPI claim that they have handled for their client totaling a huge £178,000 for a couple who did not have the time or inclination to start their own PPI claim and were happy to pay out their 25% as they would never have handled or been able to deal with the banks as they put too many road blocks in customers way to ensure that they do not claim back their PPI policies that have been mis sold to them.
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