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Mis Sale of PPI

In the coming weeks it is expected that there will be a massive surge in the number of PPI claims being filed against lenders because of the efforts of consumer advocate groups such as the Consumer Advice Bureau. Almost every day there is something in the news regarding the mis sale of PPI scam that is causing a shake up in the lending industry. In fact, it is so bad at the moment that banks across the UK are reporting the lowest first quarter in years and the prognosis for recovery is not good at this point.

Consumers on the Road to Recovery

Just as banks among other lenders are having financial difficulties consumers find themselves on the road to financial recovery. This is due in large part to the fact that many of these consumers are receiving loan insurance refunds. The group of people who were hardest hit by the mis sale of PPI scam seems to have been those aged 50 to 64 and these are also the people who are reporting the most cases of financial recovery. Analysts believe that this in part due to the PPI refunds they received from the mis sale of PPI.

Have You Had a Loan within the Past 10 Years?

If you have had any kind of loan within the past 10 years there is a very good chance that you have been the victim of the mis sale of PPI. Where most consumers go wrong is in thinking that loan protection insurance is the only form of payment protection insurance which qualifies for a PPI refund. In fact, the mis sale of PPI can refer to mortgage protection and even credit card payment protection plans. As you can see the mis sale of PPI occurred across the board in virtually every aspect of the lending industry and anyone who was had any kind of payment protection insurance during that time could be due a mis sale of PPI refund!

Take out your old loan documents and look them over well - you might be surprised to find that there is payment protection insurance you never knew you had. That for sure is mis sale of PPI and one of the main qualifiers for a PPI refund.

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