Many people are still discovering they are a candidate to make UK ppi claims still
in 2010; it has been theorized that the numbers of individuals submitting might add an additional 2.5 million plus in 5 years. Many have declared this could be one of the greatest consumer banking scandals to strike the UK as it might in fact top the Endowment mis-selling scandals of previous years.
Here are a few amazing figures we discovered regarding facts on ppi sales which will help you understand the reason why this scandal is continuing to grow, and exactly why customers are able to file in effort to be able to reclaim payment protection.
* Presently more than seven million brand-new policies associated with payment protection are sold annually.
* When the ppi payments are included within your month to month premiums (examples home financing payment) by the conclusion of the term (i.e. 15 years) it may wind up costing an shocking 60% the original amount borrowed.
* It has been proven that of all the payment protection insurance policies taken out, that no greater than 3.9% are ever claimed. Of the clients making claims roughly one quarter of these will be rejected by the payment protection insurance firm (usually from being ineligible to even have ppi in the actual first place).
* Banking institutions have reported that payment protection insurance premiums account for approximately 4.9 billion pounds each year.
* It is often stated by business watch-dogs that as much as 65% of cover sold was undoubtedly mis-sold thus resulting in so many UK ppi claims.
This specific data can show you exactly why numerous financial institutions used their own ruthless methods, or perhaps explains not transferring the key facts to the consumer whenever mis-selling; it's very plain to see from the huge annual income brought in by the sale of ppi policies. It has also been widely reported that numerous sales representatives were promised large commissions per policy sale, therefore adding to much more mis-selling either intentionally or even coming from lack of knowledge.
It is strongly suggested that if you had taken out any type of loan whether it is mortgage or even credit card that you simply determine if indeed you have payment protection insurance. Next check to see if you happen to fall under the many different forms of how people were mis sold ppi to see if you have a legitimate case to be able to reclaim ppi.
In the event you do, you have the right to try to make your own UK ppi claims noticed. Get in touch with either a ppi claims specialized firm, or visit the Financial Ombudsman to learn more and what you should do to get going.