Bands forced to pay back over £10 billion to customers
San Francisco, CA -- (SBWIRE) -- 01/30/2013 -- PPIs or Payment Protection Insurance are payments which many do not know about until they are hit with fees for the 'service' that they did not want or need. The fees levied are often unnecessary and extremely frustrating to deal with, as they are simply another hidden fee which can scarcely be avoided unless one fully understands how to negotiate around them. PPIreclaimco.co.uk has created an infographic that will help explain exactly how PPIs work, and what you can expect from them.
Since the 1990s, the PPIs are added to payments without individuals knowing, wanting, or needing the service. PPIs are payments that are often packaged (and hidden) along with other payments. As the infograph shows, the PPI is often a saddlebag for credit cards, loans, lender/broker fees, and car financing by banks. What is worse, there was £89 of profit for every £100 charged on a PPI.
So how do PPIs come about? They are often added on by a sales individual who is incentivized by their opportunity to bolster commissions by jacking up their total sales figure. Any loan, credit card, or mortgage that has been opened within the last six years is likely to have the unnecessary PPI fee.
According to the infographic, anywhere from 16-25% of the total debt is attributed to the PPI, while those in the UK are charged 19.32% of PPI.
In 2012, all UK banks were told to repay over $10 billion in order to refund any individual who had been mis-sold a PPI without their knowledge. Those banks included Lloyds, HSBC, RBS, Barclays, Santander, and Halifax, each of whom paid anywhere between £538 million to £3.6 billion.
PPI Reclaim can help you understand your fights and what is entitled to you though a PPI cash claim. Sign up today to learn how you may be refunded for having been sold PPI without your explicit knowledge.
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