Banks Must Send Letters to 12 Million Customers about PPI BAM Outsource Learns

March 7, 2012 - PRLog -- PPI is insurance that is designed to repay people’s loans if they suffered a loss of income due to illness or unemployment, however after a long investigation it appears that hundreds of thousands of people were mis-sold policies, either not needing them or not wanting them. BAM Outsource understands that banks have been now been ordered by the Financial Services Authority (FSA) to write to customers in clear ‘jargon-free’ language and must make clear the following information:

-That the letter is important, that they may have been mis-sold PPI and why
-That they might have lost money and might be able to claim compensation
-That there might be a time limit on their claim.

Ben Knowles, Managing Director of BAM Outsource is pleased that banks are taking the next step to resolve the issue. “Claims for PPI have already reached £1.9bn over the last year and with letters expected to be sent out to anywhere between 4 and 12 million customers this is going to be a huge financial hit to the banks. That said if banks have been misleading their customers over the years it is only fair that those individuals can recoup the money that they have lost.”

BAM Outsource encourages individuals, whether they receive a letter or not, to check their statements over the last 10 years and see if any insurance have been added to credit cards, loans or store cards. Martin Lewis of MoneySavingExpert believes this is essential because not everyone will receive a letter. He said, “Providers only need to write to those who have been ‘systemically mis-sold, yet there are many more individual cases.”

For anyone who is unsure of whether they are eligible for compensation BAM Outsource encourages them to visit the FSA website which has a guide of what to do next. Visit: http://www.fsa.gov.uk/consumerinformation/if_things_go_wr...

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