London, UK -- (SBWIRE) -- 09/29/2011 -- Over the years, millions of people who have borrowed money paid additional funds towards something called payment protection insurance, or PPI. This is a type of insurance that is often added to loans, mortgages, credit cards and hire purchase agreements. PPI is designed to take over payments if the person who borrowed the money is suddenly unable to pay his or her bills; for example due to a job loss, medical problem or other emergency.
About five years ago, it was discovered that some of these PPI policies were not sold in a correct and upstanding way to many people. In 2006, The Citizens Advice Bureau launched a super complaint which named the sale of PPI “the biggest protection racket of all time.” As a result, The Office of Fair Trading and The Financial Services Authority released reports indicating that many consumers may have been erroneously sold PPI policies.
A website has received a lot of attention recently for its ability to help people reclaim the money they spent on PPI policies that they didn’t really need. PPI Claims offers what they call a No Win, No Fee service that helps its clients reclaim their PPI payments as quickly and easily as possible, with no upfront costs.
“As long as you have taken your loan out in the last 10 years we can make a claim for you,” it stated on the website’s home page, adding that interested customers may apply online right on the website or call the company directly to speak with a helpful member of the claims management team.
PPI Claims also recently posted a news item on its website about how banks may soon begin charging their customers bank fees for services that were previously free.
According to the article, Keith Churchouse, director of Churchouse Financial Planning, stated that new banking reform proposals from the Independent Commission on Banking (ICB) such as ringfencing may result in some banks passing on the charges they incur to their customers.
Churchouse explained that the way retail banks will probably deal with the cost of proposed changes in regulation—which is estimated to be around £1 billion—is to start assessing bank charges for the services they offer.
"The charges will be phased in [and] people will need to be very careful as to how they choose their bank provider," Churchouse is quoted as saying in the article.
For more information about PPI Claims, please visit http://www.ppiclaimcompany.co.uk