If you did not have payment protection insurance and you missed even one of the loan premium or credit card bill, you can be in a legal problem. But, if you have signed up for PPI, your payment will be covered for a period of 11 months. While this insurance may seem to help a number of people, a large section of people felt cheated since they were not informed of any such insurance being provided to them as add-ons and they felt cheated. This resulted in a growing number of people looking to get refunds on the PPI premiums that they were paying for years.
Here is some of the reason why PPI scam became so huge –
- The PPI scam became so big, because the customers were unwilling to learn more about PPI and how the banks were misusing customers’ trust.
- The lack of awareness among the consumers is one of the major reasons why the PPI scam became so big.
- The banks’ were minting billions year after year through PPI, and they had absolutely no interest in letting the milking of public stop.
- The agents and the banks’ representatives were making a lot of money on incentives and commissions, and this motivated them to continue to fool customers into buying PPI by any means possible.
- The non-intervention of the bank, even when they knew that their agents are using mischievous ways to sell PPI was also one of the reasons why PPI scam continued to scale up.
These are the few reasons that contributed to making PPI scam such a big one. Even when the product was actually a good one, it went on to become an ill-famous one, especially due to the ill-marketing techniques of the bank and their representatives. The consumers also played a vital role in making PPI scam so big, because they never actually took much interest in knowing where they are signing, what they are paying for, or looking through the documents broadly.
If they would have done their research on time, and would have raised their voice at the right time, the PPI scam would have stopped much earlier. People who want to know how to claim their PPI refund back in a very clear and concise manner, can visit http://www.howtoclaimppi.org.uk to learn more about it. Once you get the details on how to claim PPI, make sure that you follow the process to get back the money you rightfully deserve.