Payment Protection Insurance is one of the biggest money-makers the banks have ever sold and it's also the most complained about product in the UK. The PPI has been mis-sold over the last 10 years on an enormous scale, literally to millions of innocent and vulnerable citizens across the UK. Eventually it got to the stage where everybody was dissatisfied that they've been unable to use the product and never benefitted from it which sparked a lot of conversation.
The conversation and word-of-mouth information sharing led to hundreds and thousands of complaints to banks/building societies and financial institutions regarding the Insurance and PPI became the most complained about product to have ever been sold by lenders. Literally hundreds and thousands of people we're furious that they'd been sold a product that didn't suit their circumstances even though they'd told the salesperson at point of sale their exact needs, many didn't even want the insurance but were literally forced into taking it, just to get their loan.
Those who were retired or a civil servant at the time they were sold the insurance could never use it either and worst of all, those with pre-existing medical conditions were also sold the insurance, even though the sales advisors knew they'd never be able to use the insurance.
One of the most complained about financial institutions was Barclays Bank PLC after it received over 250,000 complaints within the first 6 months of 2011. With around 10,000 complaints being put forward across the board every day, it really shows the scale of the mis-sold insurance. Following closely behind Barclays in number of complaints is Lloyds TSB 181,000 and Santander with 168,000. According to the FSA, more than half a million complaints were received about PPI - over a quarter of the total 1,852,284 recorded bank complaints.
With so many people putting PPI Claims it's clear that with everyday more and more people are discovering PPI on their documents and want their money back from the incompatible product. Millions of people are yet to put in their claim for mis-sold PPI, so don't get left behind before your time runs out. After 6 years from the date the loan has passed, the banks destroy all of your documents in regards to that specific loan, and unless you have your own records this can make it impossible to start your PPI claim.
The conversation and word-of-mouth information sharing led to hundreds and thousands of complaints to banks/building societies and financial institutions regarding the Insurance and PPI became the most complained about product to have ever been sold by lenders. Literally hundreds and thousands of people we're furious that they'd been sold a product that didn't suit their circumstances even though they'd told the salesperson at point of sale their exact needs, many didn't even want the insurance but were literally forced into taking it, just to get their loan.
Those who were retired or a civil servant at the time they were sold the insurance could never use it either and worst of all, those with pre-existing medical conditions were also sold the insurance, even though the sales advisors knew they'd never be able to use the insurance.
One of the most complained about financial institutions was Barclays Bank PLC after it received over 250,000 complaints within the first 6 months of 2011. With around 10,000 complaints being put forward across the board every day, it really shows the scale of the mis-sold insurance. Following closely behind Barclays in number of complaints is Lloyds TSB 181,000 and Santander with 168,000. According to the FSA, more than half a million complaints were received about PPI - over a quarter of the total 1,852,284 recorded bank complaints.
With so many people putting PPI Claims it's clear that with everyday more and more people are discovering PPI on their documents and want their money back from the incompatible product. Millions of people are yet to put in their claim for mis-sold PPI, so don't get left behind before your time runs out. After 6 years from the date the loan has passed, the banks destroy all of your documents in regards to that specific loan, and unless you have your own records this can make it impossible to start your PPI claim.
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