Over £10 billion scammed out of vulnerable clients
San Francisco, CA -- (SBWIRE) -- 09/08/2012 -- Banks in the UK have taken out around £10 billion and put all that to the side in order to cover the claims that people made over the insurance that was sold to them that they never wanted or needed. It is also expected that this might turn out to be one of the biggest financial scandals of all times.
It is expected that this scandal will turn out to be a relief for many people, as the payouts will have an average amount of £2,750. This might give people some sort of relief in times when the living cost is high, high unemployment and below inflation pay rises.
The National Institute of Economic and Social Research (NIESR) said, according to money.uk.msn.com, that,
"Even by a conservative estimate, a £10 billion PPI payout in 2012 could have the effect of raising GDP by 0.1%."
"From an economic point of view, the timing of these payouts is quite good. This is a good time for the money to be flowing into the economy," said Jonathan Portes, Director of NIESR.
Financial Times, after making a research over the GDP, while speaking to Elaine Overten mentioned,
“a retired nurse from Derbyshire, who received compensation for PPI payments made on her mortgage.”
According to a consumer group, £4.8 billion has been paid to the claimants and about £5 billion is still to pay. A body has also been working for making people aware that they should make claims themselves, rather than consulting any claim management company as in that case they would only get a fraction of the amount.
Last year in May of 2011, the British Bankers Association confirmed that they are not going to appeal in the High Court against the ruling of relating to mis-selling of PPI.
“It expects to settle a record number of PPI cases this year at around 130, 000,” said by The Financial Ombudsman Service (FOS)
PPI.com (http://www.ppi.com/) covers all repayments in case if one is unable to meet them for any reason. PPI.com offers the best claim service as they have highly experienced claim handlers. PPI.com is a highly reputable website that helps in getting claims with high compensation payout over a shorter time period.
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