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Upon the released of the news of the scammed Payment Protection Insurance (PPI), a shocking number of affected borrowers started to flock the banks to seek for their PPI refunds. The news of mis-sold PPI’s was released after a long 18 month investigation made by the Financial Security Authority. This revealed the fact that some banks and lending companies overcharged their payments for one’s payment protection insurance. The news was quickly published by the Commission for Competition to show awareness of the threatening situation.
The FSA is now encouraging those victims for their PPI refunds to be fair on their part. PPI is supposed to support any loan borrowers if ever any unforeseen accidents or illness happens. However as the reports shows, borrowers with PPI are now debt with tremendous amounts of premium rates of interest because of the high charge of prices shouldered by the borrower. This often happens to those lending companies that require their loan borrowers for payment protection insurance before they approve the loan. The normal rate of cost for policies with £100 of cover is £17 however some bank charges summons up to as high as £24 for every £100 cover. This just clearly shows that bank and lending companies intentionally added the cost for the proprietors to shoulder the expense.
If you are one of the thousands of individuals who have been victimized with these scam then it the time for your to have you PPI refunds. You can call our free phone number which is 0800 840 7292 for any assistance over you claims.