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Were You Mis Sold PPI - Reclaim Payment Protection

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Many individuals are still realizing that they are eligible to make UK ppi claims even now in 2010; it has been believed that the numbers of people filing could add an additional 2.5 million plus in 5 years. Many have declared this could be one of the biggest financial scandals to hit the UK since it might in fact top the Endowment mis-selling scandals associated with previous years.

Below are a few incredible statistics we found relating to information on ppi sales and profits that will help you to realize exactly why this scandal is continuing to grow, as well as exactly why customers are able to file in effort to reclaim payment protection.

* At present more than 7 million brand-new policies of payment protection are purchased each year.

* When the ppi payments are integrated in your monthly payments (examples a home loan payment) by the conclusion of the term (i.e. 20 years) it could end up costing an unbelievable 60% the initial loan amount.

* It has been established that of all the payment protection insurance policies taken out, the fact that no more than 3.9% are ever claimed. Of the policy holders making claims around one-fourth of these will be declined by the payment protection insurance firm (usually as a result of being ineligible to be able to even have ppi in the actual first place).

* Banking institutions have reported that payment protection insurance premiums account for somewhere around 4.9 billion pounds yearly.

* It is often expressed by industry watch-dogs that up to 65% of all cover sold was undoubtedly mis-sold hence resulting in so many UK ppi claims.

This specific data can show you the reason why numerous financial institutions applied their high pressure techniques, or perhaps explains not transferring the key facts to the consumer when mis-selling; it is very simple to see by the large yearly income brought in from the sale of ppi policies. It has also recently been extensively reported that numerous sales agents were promised large commissions per policy sale, thus contributing to much more mis-selling either intentionally or even from lack of knowledge.

It is highly recommended that if you took out any kind of loan whether it is mortgage or even credit card that you determine if indeed you have payment protection insurance. You should then check to see if you fall into the many different forms of exactly how people had been mis sold ppi to see if you might have a legitimate case to be able to reclaim ppi.

In case you do, you have the right to try to make your own UK ppi claims noticed. Get in touch with either a ppi claims professional firm, or even visit the Financial Ombudsman for more information as well as what you need to do to get started.
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