Between 4 and 12 million customers could soon be receiving letters from their banks about the mis-sold Payment Protection Insurance (PPI) that they were sold.
The banks claim that they ‘systematically mis-sold’ PPI to a number of their customers and the Financial Services Authority (FSA) have now ordered the banks to write the letters in plain English and that they should let the customers know that they may have been mis-sold PPI, how they can go about trying to reclaim it and that there’s no need for the customer to use a claims management company to reclaim what they are owed.
All of these letters are said to be being sent out the customers in stages so as not to miss anyone out and to be a little more precise in ensuring everyone receives a letter.
It has also recently been revealed that an astonishing £1.9bn has been paid out in 2011 due to the mis-selling of PPI. According to reports though, there could still be a quite astronomical amount of £6bn to still be paid out to customers that have been mis-sold the insurance in previous years.
One reason banks are saying that their customers don’t need to get a claims Management Company involved is because of how lucrative a business it’s been for them.
All in all, there’s been around £50m claimed by these claims companies who have managed to get this figure back for their client’s claims.
If however, you don’t fancy trying to claim your money back through the bank then you should definitely pay a visit to a company who will be able to help you get back what you’re owed.
Tags: Claims, Coverage, financial planning, Injury Claims, insurance, Life Insureance
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