There are millions of people who suffered heavy losses due to PPI scandal, but if you actually look closely, the PPI policy as a whole wasn’t bad, but it was the way it was marketed. The banks and their agents continued to sell the policy irrespective of whether the consumers wanted it or not, and this is where the problem began. The main aim of the banks and their agents was to sell as much as they can, by hook or by crook, because the banks were making millions selling PPI.
The lack of awareness among the consumers also made it easier for the banks and their people to continue to sell PPI. If you are one of the victims of the PPI scandal, there is nothing to worry about as the banks are refunding the money with ease. However, you have to follow the procedure to get the refund, and more details on it can be availed by the bank or through the internet. The process is fairly simple and can be done by yourself, but if you need help you can use the PPICalculator.co.uk to know the approximate amount that you can get as refund and may even use the PPI claim company to offload the hassles to a great extent. Here are the few reasons why PPI scandal happened –
- There was pressure on the employees of the banks and the lenders to sell PPI and they started to mis-sell it to their customers.
- The banks started to sell the PPI along with their financial products in order to increase their profits. This went on unless the scandal came to light.
- Banking industry realized that such policies were highly profitable and started to sell PPI aggressively to the customers.
- The employees started using mis-selling techniques to sell the PPI policies along with the loans, credit cards, mortgages and other financial products.
- Lenders started to ignore the rules and instead of selling it to those who need it, they started to sell it to everyone most of whom did not know that they bought any such policy with other financial products.
These are the few reasons that contributed heavily to the PPI scandal and made it as big as it became. It is essential that the people today take back their money and teach the banks the lesson they deserve to never breach the trust of their customers again.