British Bankers Association and Bank PPI Claims

On May 9, 2011, in News, by Lewis Alexander

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  • The British Bankers Association are taking no further action about the PPI Claim Judicial review.

Sky news reported that on a scale of 1-10 for the banks, this reversal in direction regarding consumer PPI claims would have to rank about an 8 out of 10 for embarrassing.

The scandal is similar to the MP expense scandal as far as the banks following the letter of the law but not the spirit, miss-sold payment protection insurance has been found on an industrial scale and this is basically down to being not regulated correctly, however, what the banks were doing was basically wrong.

Lloyds Banking Group set aside approximately £3.5 billion and other banks have fallen in line with RBS expecting a bill in the region of £1.5 billion

20% of a clients’ monthly loan or credit repayment would have approximately contributed to ppi insurance on that debt.

Approximately £9 billion is expected to be claimed by the consumer from the main High Street banks who tried all they could to avoid this uturn / ruling.

  • Will the consumer end up paying this bill in bank fees?
  • We shall have to wait to find out!

Payment protection insurance or ppi is not a bad product it just needs selling correctly!

For further information about how to claim back Payment Protection Insurance or making a PPI Claim on a loan or credit card you have or may still have, please call us free from a UK landline using 0800 018 6868.

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