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It would seem that payment protection insurance (PPI) could be a welcomed friend for the person whom may become unable to work as a result of an accident or illness, along with the customer whom becomes unemployed due to job redundancy, however, the truth is that just one out of every five customers that file a claim will be approved to receive these monthly payments. Why is this? Most customers, whom have purchased PPI knowingly, didn’t know the many limitations which are attributed to it. Often time’s these very same consumers were not eligible to begin with to even be offered it. The numbers of mis-sold customers in the United Kingdom are hitting a record high, and the reclaiming of ppi is on the rise and will keep growing over the coming years.

Payment protection insurance (PPI) has often been thought of as nothing but useless; well in the Great Britain that statement could nearly be a fact. Over recent years consumers have been filing claims in opposition to their loan providers whom mis-sold ppi to them. Many government agencies have needed to step in; the FSA has fined big banks and other lenders millions of pounds in penalties for their unethical practices, too as having to repay upwards of hundreds of thousands of complainants that lodged the particular ppi reclaim and won. Numerous watch-dogs have stepped in advocating in to aide customers, too as the FOS and numerous UK ppi claims companies.

The Financial Services Authority (FSA) has revealed new plans to extend the deadline to consumers who have made a complaint about surrounding the mis-selling of Payment Protection Insurance (PPI) policies.

The financial world has suffered heavy losses over the last few years as we all know through the global economic downturn. And just as the UK banks thought it couldn’t get much worse, thousands upon thousands of the UK population started to get wise about a new scandal, commonly known as Payment Protection insurance (PPI).

In January 2005 the sale of PPI (Payment Protection Insurance) policies have been regulated by the FSA (Financial Services Authority). The rules set by the FSA are very clear about what firms and advisers selling PPI policies should do at the time the policy is sold to the consumer. Any breach of these rules can see the policy labeled as what is now commonly known as ‘mis sold’ or ‘mis selling’ a policy.