Northampton, England – 1 Nov, 2016 – PPI is one of the worst financial scandals to hit the UK in recent times. Even though Banks across the country have so far shelled out £24bn in compensation to customers, there are still many who are unaware of being mis-sold PPI.
PPI is short for payment protection insurance. This insurance provides cover to customers if they are unable to repay their loans or credit card payments due to unemployment, injuries or death. This type of insurance is also called credit protection insurance. However, PPI’s were mis-sold to many customers who were either unaware of paying for the policy or were told that it’s compulsory.
The FSA (Financial Services Authority) began levying fines for PPI mis-selling in 2006. Regency Mortgage Corporation was fined £56,000 pounds for selling PPI’s to customers who weren’t eligible to claim it or to those who already had PPI. Consequently, Liverpool Victoria banking services were fined £860,000 in 2008 for adding PPI to many customers’ loans without their knowledge. Alliance & Leicester were fined £7m by the FSA for putting pressure on customers who questioned the validity of PPI. The PPI scandal heightened in 2008 when popular consumer group WHICH? reported that one in three customers were sold worthless insurance. Following this, it became possible for millions of customers across the country to come forward with their claims for PPI refund.
So far 12 million customers have been compensated for being mis-sold PPI’s. The average compensation paid out by banks to customers is around £2000. Customers who are yet to come forward with their PPI claims need to hurry because the Financial Conduct Authority (FCA) has announced its intention to impose a deadline by June 2019 for PPI claims.
If you are unsure of having PPI then use the free PPI check service provided by iSmart consumer solutions. PPI refund will first verify with your lender if you have PPI or not. Once PPI is confirmed PPI Refund will assist you in filing your own claim. PPI Refund will also assist you by completing the remaining process on your behalf.
To know more log on to http://www.ppirefund.co.uk/
About iSmart Consumer Solutions
iSmart Consumer Solutions offers assistance to claim PPI refund through easy and clear-cut methods. The website also showcases solutions to check PPI for free.
Company Name: iSmart Consumer Solutions
Phone: 0800 862 0571
Address:Regents Pavilion 4 Summerhouse Road
Country: United Kingdom