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PPI – The scandal generates new job opportunities

Filed under: Services — Tags: , , , — consumerfinanceclaims @ 14:42

The demands made by the financial services authority that banks need to speed up the PPI claims process, has resulted in the big four announcing they will need to create as many as 6,000 new jobs to deal with the huge backlog of PPI complaints.

The affected banks anticipate compensation payouts to reach over £5 billion, with Lloyds having to dig deepest in order to settle their obligations; Lloyds  have announced that some £3.2 billion has been ring-fenced to meet these forthcoming compensation demands.

Many of these 6,000 new workers will be sourced from third party agencies, with some banks considering offering these complaints handling positions to workers due to be made redundant in other areas of the organisation.

It is thought that around 13 million PPI products were sold in the UK, and in 2006, it is estimated some £4.4 billion was paid in premium.  Experts within the industry believe between 50% and 70% of all policies were mis sold. If you were sold PPI after January of 2005, then you may be eligible for compensation, purchases before that time are not.

So, if your bank, or another lender sold you PPI while you were unemployed, or were self-employed, serving in the armed forces, or suffering from a medical condition that could have rendered it  impossible for you to work, then you may qualify for a full  refund, plus interest. However, beware, not all medical conditions are covered by PPI. Conditions such as Stress and back injuries are just two not covered.

Greedy and misinformed sales staff is to largely to blame for the scandal, it’s as simple as that! Many trusting customers were sold PPI who did not agree to buy it, or in many cases never even knew they’d bought it. Some were told that they had to purchase the PPI in order to be accepted for the loan, some told it had to be bought from a specific lender.

Another omission by sales staff was to ask borrowers if they already had some form of income protection or other coverage which may have covered loan repayments. Whether you did or didn’t, if they did not ask you…you were mis sold! And can claim a refund.

If you find the prospect of making a PPI claim a stressful task, or fear having to complete lengthy and complicated questionnaires, or having to deal with indifferent providers, then don’t! – Contact one of our team – we will give a quick and honest opinion as to whether there is a valid claim for PPI repayment. If you can’t find your policy documentation, then don’t worry, it is still not necessarily a lost cause as somewhere along the paper trail there will be records to help verify your claim.






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BulletpointsAverage claim value £2500

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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!