Diana Metz`s Finance Blog

 People putting in for a PPI claim are in for a pleasant surprise as the waiting period for refunds from banks which cheated them into buying a policy has come down from 12 weeks to 28 days. At last count, an estimated 50,000 people had complaints about the policy at the end of the last financial year yet an estimated two million people are believed to have been affected by PPI which was sold to them under false pretexts by banks.

Solicitors and claims agencies are helping out the many people who may be a bit intimidated at the prospect of asking for their money back directly from the banks. The solicitors and claims agencies charge 20 percent of the money refunded along with VAT for their services. The line to reclaim PPI is growing longer by the day as more and more PPI-related complaints are being registered.

With claims on the rise and with the two million customers cheated by banks likely to soon seek refunds, they have had to expand their offices and open new branches.

PPI had been sold to ineligible customers as banks aimed to make a fast buck in order to make their profits look good. They did so by urging junior bankers to push sales of policies no matter the status of the customer. Employment and medical background checks were not carried out and people were just told that without PPI they could not get a loan, mortgage or credit card which was a lie created to boost PPI sales..