Avoid PPI Mis Selling Opening Offers of Banks

July 4, 2012 - PRLog -- Finally there is a solution of mis sold PPI plans after long war on this topic between consumers and banks. Leading UK lenders were summoned for crunch meeting by Central bank authority. This meeting was organized to complete investigation of Payment protection insurance(http://www.ppiclaims.uk.com/payment-protection-insurance/) policies. Result of this meeting will surely announced at the end of this week.

After deep investigation of PPI claim process it has been found that there are several evidences that proves of mis selling of PPI plans(http://www.ppiclaims.uk.com/mis-sold-ppi/). It was sold even to those having no income to protect like unemployed, retired, self employed and state employees.

After investigations it has been declared that banks will have to return consumers amount that were falsely taken from them. Banks are also agreed on this. Some banks have provision some amount for PPI refunds. BOI has already paid above £1 million as PPI refunds. AIB has also refunded to 11,500 consumers of £3.1 million.

However, banks have denied the mis selling of PPI plans. However, banks are agreed on the fact that they fail to notify the consumers about all related terms of the plan. Banks are also agreed on administrative errors while selling PPI policies. Though banks are ready to pay back consumer’s money still there are several complaints about these banking institutions. Financial experts are still telling that several thousand euros are left to bank of PPI premiums that must be paid to victims as early as possible.

Experts have also suggested on PPI claim(http://www.ppiclaims.uk.com/) process for consumers. If anyone has PPI claim issue then very first person is advised to write PPI claim letter to lender. Further take help of financial ombudsman services to complete the process. Banks generally provide partial refunds to consumers and unfairly reject the claim letter. Anyone should not agree on such circumstances. In case of dissatisfaction, you are advised to meet with officials of ombudsman and complete the process for successful completion.

Consumers are advised to avoid small compensation as PPI refund. They should demand for full compensation as well as interest for the same.