PPI is one big financial scandal that has tarnished the reputation of many top notch banks and rightly so. The banks have misused the trust consumers have on them, and this is what actually led to the scandal becoming as big as it became. The banks have been cheating the customers for many years, and finally when the bubble burst, the banks are made to pay the consumers from their own pocket.
The customers can now claim their money with ease using the simple reclaim process, more details on which can be got from the bank or online. There are many myths, facts and issues associated with the PPI and how it was mis-sold, and here we would be discussing key issues that led to the scandal becoming as big as it became.
Here are some of the top issues that are associated with PPI –
- The cost of the PPI policy is on the higher side. When people are paying so much premiums on this policy and were still unable to use it because of lack of coverage, it outraged people.
- Unlike other insurance plans, PPI is inflexible. It is only against a debt making it less likely to be used in ones lifetime.
- PPI have strict terms and conditions. In order to receive PPI payouts, the buyers need to fulfil stringent terms and conditions which only a few were able to do.
- The payouts for PPI policy are very low.
- When people make a PPI claim, the resolution process is slow and takes a long time for the person to receive the payout. This means that they were unable to use the payout to overcome financial hardships.
The people who became the victim of the PPI scandal can now actually get their money back, and if you are going for the reclaim process, you can be sure that the above facts would help you get your money back. The process is simple and easy, but you also have to make sure that you keep in touch with the bank in case there is anything you are stuck with.
The most important thing you would need to make a valid claim is all the documents related to payment protection insurance, and if you have lost or misplaced it, you can get it back by requesting to the bank. It is a time taking and tiring process for some, and this is why many people hire PPI claim companies who would offload all your worries and get you back the money you deserve.