There are many reasons why PPI was mis-sold for years, without getting the kind of attention it finally did. However, these are the few primary reasons PPI was widely mis-sold, without being regularized strictly, until later.
- The banks were making huge profits on the sale of PPI, and had no reason they should stop continuing the trend.
- The bank agents were given huge incentives and commissions on selling PPI, and thus, they also had no reasons to discontinue their profitable swing with PPI.
- The customers lacked awareness about PPI, and many who knew, chose to ignore.
- There were not enough strict regulations in place to check how the bank and their agents operate.
- Many customers out of desperation for the loan or the mortgage chose to ignore PPI, and just went by the words of the bank’s agent that it would be difficult to get a loan without PPI.
The above are just few of the reasons why payment protection insurance was widely mis-sold. Actually, the payment protection insurance in itself was a good financial instrument, but due to the ill marketing tactics used by the banks and their representatives, it got the bad name it got. Many customers fell prey to these marketing strategy applied by the bank and ended up paying hundreds and thousands in premium unknowingly or unwillingly. However, after the court ruled in favor of the customers, the banks are ordered to pay out PPI claim refunds in a seamless manner to anyone who makes a valid claim.
If you are one of those who have lost huge amount of money paying for the PPI, you should not delay and must process the PPI claim form immediately. It is not a very difficult task these days, as people can just call the bank and ask for the claim filing procedure and go accordingly. There is also a lot of information on the internet that would help you find the right way to claim your PPI refund. It is a time consuming task, and if you do not have a lot of time or do not want to put in too much effort, you can actually just hire the claim management company. The claim management companies are experienced in filing the claim and would handle the job on your behalf very professionally, while also ensuring that you get your due without much of an effort. It makes the process effortless, and while it does cost a bit, it is a very seamless way to get your money back if you are too busy with your life or do not want to burden yourself with the process of filing the claim and following up.
People lacked awareness about the payment protection insurance, and the companies took advantage of this fact. You can find out how much money you can get back in PPI refund through www.freeppicalculator.co.uk/ppi-claim-form. It would help you know how much money is due, and would also strengthen your determination.