San Fransisco, CA -- (SBWIRE) -- 05/04/2012 -- The current economic crisis has caused tough times for millions of hardworking people around the world. It also put a spotlight on banks that have been attempting to take advantage of their customers. A little over a year ago, the FSA, an organisation that oversees finance practices, won an important victory for consumers across the UK. In April 2011 the High Court ruled in favour of the FSA in its case against UK banks, which were found to be misleading borrowers when selling Payment Protection Insurance (PPI) policies.
Now, these borrowers have the right to get refunds and they are claiming back PPI.
Anyone who has signed a loan agreement with a bank will find many helpful resources at http://www.PPIClaimsCo.org. Many borrowers have loan agreements that include PPI policies, yet they do not even realise it because they have not consulted qualified professionals regarding these agreements. The advisers at PPIClaimsCo.org can determine whether or not borrowers have any hidden policies that would allow them to benefit from PPI refunds. They are offering this service for free, with no obligation to claim.
As more and more consumers are becoming aware of this issue, the number of claims continues to rise: “Figures show a jump in PPI claims from 1,315 in 2006 to 104,597 in 2011, an 8000% increase, with the FSA expected to settle over 130,000 in 2012,” declares Steven Jones, Head of Refunds at PPIClaimsco.org. However, there are still 10.8m people who are eligible to claim a refund. These borrowers may not even know that they can get money back from their bank.
Banks are expecting to give big payouts to their customers and have prepared themselves for the impact. Mr Jones added: “within a month of the decision banks such as tax-payer owned RBS, Barclays, HSBC and Santander decided not to appeal the decision and by June had set aside around £6bn and employed in the region of 6000 extra staff to deal with any PPI claims made by their customers.”
It is clear that banks are taking this decision seriously and consumers should too. While average PPI claims payouts “vary from £2,750 to £4,534,” some borrowers are receiving refunds as large as £52,851.30.
Borrowers who are still unsure if they might be able to claim a refund can visit the website http://www.PPIClaimsCo.org for a full explanation of PPI policies and the case won against banks. The website also features the latest news on PPI legislation, useful PPI statistics and stories from real borrowers who have received refunds.
PPIClaimsCo.org is a financial claims management company that helps people to recover money from banks that have misled them. It is one of the longest established companies in this sector, and its qualified advisers have a wealth of experience in claiming back PPI for consumers.