The Internet is abuzz at the fact that banks and financial institutions have set aside a sum of £8 billion to compensate victims of missold PPI policies. Recent decisions by banks is lending credibility to the opinion of experts that even this sum may prove to be inadequate and that banks may have to spend more than £10 billion to compensate all victims of PPI misselling.
Banks and financial institutions offering loans and credit cards have mis-sold payment protection insurance policies to a large number of customers. There are thousands of individuals all over the country who are entitled to credit card PPI reclaim. However, this process can be slightly complicated if one is not aware of the nuances and technicalities involved. Eagle Claims begin the process of filing of credit card PPI reclaim by gathering Continue reading
The British Competition Commission investigated the profitability of payment protection insurance policies in 2008 and discovered that insurers incurred claim liability of just £15 for every £100 premium collected from customers. On the other hand, insurers pay an average sum of £78 and £54 for every £100 premium collected on a car insurance and home insurance policy respectively. An individual going in for a €10,000 will pay €2,000 Continue reading
The Central Bank has stepped up pressure on banks and financial institutions who are suspected to be involved in misselling of PPI policies. The bank had started investigating this issue and has now ordered seven financial institutions to carry out a review of their PPI policies sales since 1997. This long overdue review is a clear indication that banks can no longer claim to be completely innocent in the ongoing PPI crisis. The Central Bank had also conducted a review of the processing of claims of PPI policies in 2009 and had Continue reading
The Central Bank has completed its investigation into misselling of payment protection insurance policies and has summoned lenders for a meeting before releasing the results of the investigation to the public. This is an important development considering the fact that customers may be eligible for refund running into hundreds of millions of euros if the financial institutions are found guilty of misselling. The spokeswoman of the Central Bank confirmed that investigations shall be completed quickly and the Central Bank will be issuing a letter to the industry and an information release to the public. It is believed that Continue reading