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Monday, April 23, 2012

"Free" Money - The Great PPI Giveaway

Courtesy of the greed and lack of ethics of our tainted financial services industry, there are billions of pounds to be "given away" by the recalcitrant banks and lending institutions that conned people into buying the now widely derided Payment Protection Insurance (PPI) policies.

Simon Gompertz has published the headline figures:
"The extraordinary scale of the PPI compensation grab:

£5bn compensation still to be paid out


12 million policies may have been mis-sold


800 claims management companies  trying to get a slice of the money


£2m a month being spent on advertising by these claims companies


They charge 25% or more in fees, plus VAT


Banks are making 50,000 compensation payments a week


That's around £400m a month being paid out


The payments average £2,750, some are £16,000 or more


Some say this massive cash payout could give a boost to the economy


How to claim compensation? Contact your bank, or the 
Financial Ombudsman Service"
Given that the banks showed no ethics in selling these now widely derided products onto their naive customers, there is no shame in asking for them to pay the money back (but don't waste money on using a claims company).

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