PPI claims increased due to gloomy economic condition

With the gloomy economic state, more and more people are now filing PPI claims.

18:07 20 March 2013

When people are happy with their finances, they rarely look for an opportunity to get a refund anywhere. Some people would rather keep the items they cannot use instead of wasting their time filing for a refund from retail stores, for example.

However, this changed because of the gloomy economic condition. As everybody seems to be cash-strapped these days, most people are looking for ways to get extra money.

This is the reason why there is a sudden boom of PPI claims.

PPI or Protection Payment Insurance is offered by banks or lending institutions to borrowers. This protects the borrowers should they are unable to repay their loans. If they get sick for example, the PPI will cover up to 12 monthly payments.

However, it was revealed that several banks and lending institution wittingly mis-sold PPI to thousands of borrowers. If you’re one of them, you can file a claim and you’ll be entitled for a full refund.

Since banks and lending institutions are losing a lot of money because of this scandal, they employ smart tricks so they can deny or delay the claims. 

It’s a good thing that the High Court instructed Financial Service Authority to get the banks to revisit all PPI policy holders, and to tell them about the new opportunity to claim their policy premium through the pertinent channels.

This should make it easier for everyone to get a refund ASAP.