In order to produce the data of length of Payment Protection Insurance misselling, it is to be noted that Barclays PPI was sold to over 360 million customers along with other loans in 2002. It is also believed that the profit of this company staggeringly reached more than 280 million. However, they are not just the only ones to be guilty about it. All major as well as minor lenders have missold their PPI to customers to make huge profits.
Because of the increasing number of complains elated to the Payment Protection Insurance and misselling, the Government of several steps decided to take different steps to ban this insurance. Massive and enduring pressure from different consumer groups, Internet campaigns and television were forced and the Government literally implied extensive force to make sure customers were not sold Payment Protection Insurance. Following this rule, Barclays PPI and other lending organizations started taking a better and more comprehensive approach to work towards the improvement of this condition.
Why was PPI designed?
Payment Protection Insurance was primarily designed to help customers in need of a quick loan due to some financial crisis. However, it turned out to be a completely different thing. As a matter of fact, customers were cheated and forced into these loans, and sometimes informed about the fact that they were actually enrolled from Payment Protection Insurance.
What is the way out?
Thankfully, there are mans of getting out of the Payment Protection Insurance that was missold. Any customer holding the PPI policy can reclaim the money in full amount with interest and added compensation. As a matter of fact, everyone is entitled to this reclaim provided that the clauses are met. By keeping in mind all the legal procedures involved in Payment Protection Insurance, majority of the solicitors will be able to recover full cost of the missold PPI along with the interest, and additional commission charges. It has been estimated that more than 20 million Payment Protection Insurance policies exist, but considering the fact that there are premiums that can be claimed for more than 6 years, this literally means that more than 80 million policies will be affected.
On an average, the claim for a missold PPI is approximately 2500. Therefore, if you hold one more multiple policies over the past 5-6 years, then it is clearly worth claiming the PPI compensation. There are some people who have claimed back more than 25,000.
With good thoughts in mind, it is best not to delay the process of compensation claims, as time is limited. Therefore, in order to make sure that you can claim today, you should speak to an agent or attorneys at the earliest.
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