Banks and other creditors across the UK have set aside another £400 million for PPI Claims. Bring the total to just over £18 billion, making it the biggest banking scam in history. With over 50 million policies sold in the UK alone, it is no wonder the Financial Ombudsman receives over 2,000 claims per day. However, the figure is set to decline as the buzz around PPI claims dies down.
With millions of UK consumers who still do not know if they had or ever needed the expensive insurance, credit experts and the Financial Ombudsman recommend that you find out today to see if you were flogged the expensive insurance alongside credit agreements such as credit cards,car finance, loans and mortgages.
The insurance is designed to cover you in the event of injury, redundancy or sickness. However, the banks massively mis sold the insurance policies, by informing customers that the insurance was compulsory and that without it they could not get their credit application approved.
Those in the Armed Forces were also drastically hit by the scandal, as they are covered by their employers in the same circumstance as PPI would cover them. Banks and other creditors knew this and still decided to sell the insurance policy, knowing that those in the Armed Forces, would never be able to make a claim if they needed to.