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PPI – Banks getting a taste of their own medicine

One can’t help wonder just how much sympathy the big banks will get from the public, as it transpires bogus claims are costing them a small fortune to process the large number of refund applications they are receiving on a daily basis. Banks are wasting millions of Pounds dealing with dishonest payment protection insurance (PPI) mis-selling claims. Not nice being ripped off, is it?

Only last week the Nationwide revealed that the cost of PPI claim refunds has spiralled beyond initial expectations, and has been further magnified by a flood of “complaints” from customers who have never purchased the product from them.  These bogus claims are accounting for approximately 30% of all complaints they receive.  

The Nationwide is not the only lender to fall foul of these scandalous practises: Santander reports it currently wastes hundreds of hours a week dealing with similar false PPI claims from customers who also, have never had a PPI policy with them.

Santander has put aside around £730 million to deal with their share of PPI complaints. These same banks and providers who caused the PPI mis selling scandal: the lenders that cheated and stole money from unsuspecting customers, now cry foul, and feel cheated themselves. One can only assume the other guilty parties are getting similar rough justice.

PPI is financial protection for loans, credit cards, mortgages and other types of finance, and was intended to provide peace of mind and to cover your payments in the event you were unable to do so yourself due to accident, sickness or unemployment. But the insurance has been mis-sold to millions of people in the UK over that last 10 years, creating billions of pounds for the banks and finance companies that mis-sold it!

Many people were sold payment protection insurance when there was no chance they would ever be able to make a claim.  PPI policies varied from provider to provider, which just served to further complicate matters and confuse – couple this with underhand and dishonest selling techniques – and you end up with a great many people owed money, people from all walks of life. No one was exempt from this scam, all were fair game; young, old, servicemen and women, anybody!

Payment Protection Insurance (PPI) refunds, although long overdue: are no less welcome as cuts and rises in unemployment begin to bite deeper. For many, the repayment of money due to them as a result of the PPI mis selling scandal comes at a welcome time. Claims and loan refunds will no doubt ease the pressure for many households who will face hardship this winter due to spiralling energy costs.

If you are one of the millions of consumers who have been betrayed by the banks, or even suspect you may have been, then now is the time to double check. The banks had a very lucrative earner in PPI: The profit margins were huge! It didn’t matter to bonus driven sales staff whether you needed the product, or whether you were even eligible to claim on it: if the worse came to the worse, due to redundancy - injury - sickness.

Millions of people, including many lucky enough to still have a job face a harsh Christmas this year as inflation continues to affect how much their salaries are worth in real terms.

At Consumer Finance Claims we look to recover the full cost of your policy plus interest if we believe you were mis-sold and are entitled to claim back PPI. Even if the loan is still running we can look to reduce your ongoing payments as part of our negotiations.






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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!