Unclaimed Protection Insurance Payment Worth 5.7 Billion Dollars Unclaimed

The various banks as well as the various other lenders who were into mis-sold payment

protection insurance had paid back around 2 billion pounds to their customers in the year that went by. But the sum total which fell short was not less than 6.7 billion pounds that was kept aside by the banks with which they would pay the compensation.

Financial Services Authority that is FSA, which is known as the watchdog of the city had given a confirmation a few days back that the companies which were involved had paid back a sum total of 1.9 billion pounds back to its customers who sometime back had made claims had Payment Protection Insurance that is PPI had been mis-sold to them. By PPI it means that sort of an insurance which is sold to a person when he also gets a credit card or any kind of a loan or any other kind of financial agreement that gives hum an insurance of making the payment when the very borrower who had taken it up pay it back even when he losses his job or is sick physically.

After may people fell pray to its kind of a policy, they realized that this insurance is of no use of to them at any point of time and the main reason being that they were not even eligible to make any sorts of claims against it in cases such as if they are above the age of 65 years or if they were self-employed. Most of such policy-holders had won a claim against such mis-selling and have got compensation.

In a report with which the FSA came out, there were claims that such kind of compensations are on increasing day by day. In the last year that is the month of December, the amount that was paid was of the highest number that had been paid till now in one month that was 441 million pounds. Apply at 12 month cash loans and get easy cash to pay your insurance premium.

Another watchdog had started a full-fledged fight against the wrong practice of Payment Protection Insurance that was going on in the market from the year 2006. The base of their fight was the claims which the individuals had made. They also tried and helped people in giving them guiding lines so as to how to get their money back. FSA asked the banks to show their records as far as the policies of PPI were made by them.

by: king loothar

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