The PPI Claims mis selling scandal is one of the biggest controversies to hit the UK financial sector. Millions of British citizens have been mis sold Payment Protection Insurance by banks, building societies and other financial institutions over the past couple of years.
The vast majority of these PPI Claims victims were paying out high premiums on PPI, when in fact most of these individuals had no idea whatsoever that they were paying for it.
Other people were paying for PPI, when they hadn’t requested it – many banks simply added on PPI onto that persons account, without asking them beforehand. And other people were sold Payment Protection Insurance policies, when in fact they were ineligible to receive PPI, in the first place, due them to being unemployed, employed as a civil servant or by being a student.
The UK’s major high street banks lost a high court ruling in 2001, which forced them to pay-out compensation to people who were mis sold PPI. To date, nearly three million people have made a PPI claim of some sort, which is ten percent of the nearly thirty million PPI policies which could have been mis sold.
A History Of PPI
In 1998, the consumer magazine, Which? revealed in a article how poor of a product payment protection insurance was and it warned consumers to wary of any ppi policies they may be offered by the banks.
Fast forward to 2005 and the leading broadsheet newspaper – the Telegraph, added to the concerns first raised by which? In 1998, as it added it’s voice in saying that PPI was creating a significant amount of problems for consumers who had purchased PPI.
In October 2006, after a year of investigation, the FSA (Financial Services Authority) handed out fines to companies for breaking rules when selling PPI to consumers.
More companies and banks received fines through 2007 and 2008 including names such as, Liverpool Victoria and Alliance & Leicester.
Between 2008 and 2011, a coalition of consumer groups started a campaign to try and get the banks and other lending institutions to re-pay money to people who had been mis sold ppi.
After the banks ignored this plea — the consumer groups took their fight to the high court in January 2011, which concluded in April 2011, with the High Court issuing a ruling against the high street banks, which started the process of the banks paying compensation to consumers who had been mis sold ppi.
PPI Claims Compensation Figures
Approximately, £12 billion pounds have been paid out to individuals who were mis sold PPI and the total amount dispensed to people who were mis sold payment protection insurance policies, has been estimated by some banking experts to eventually reach the figure of £15 billion.
Why Choose Fast PPI Claims
To make your PPI Claim, with Fast PPI Claims and win back thousands of pounds which may be owed to you, you can fill out our claim form, on the at the top right hand corner of this page and one of our experienced PPI Claims advisers will call you back or e-mail you about the ppi claim which you wish to make with Fast PPI Claims.
How Much Can I Expect To Receive?
The average PPI claim is around £2,000. However, there are various factors to put into consideration when estimating the amount of money you are likely to receive for your PPI Claim — with the length of the loan a individual took out and the amount of premiums that they were paying for, being the two most important elements.
Fast PPI Claims – Your Only Choice
Fast PPI Claims operates on a No Win No Fee policy, which means that if you make a PPI Claim with us and you are unsuccessful and you receive no compensation – we will not charge you a single penny for making a PPI claim with us.
With Fast PPI Claims, there are absolutely no upfront free or hidden charges when you make a PPI Claim with us.