Egg PPI Claims Worth Thousands To Consumers
Added: (Wed Sep 25 2013)
Pressbox (Press Release) -
The PPI scandal continues to rage with banks being forced to pay out billions in compensation to customers that were mis-sold payment protection policies. There are still many consumers left that have a valid claim for compensation, too, and with the value of Egg PPI claims potentially totalling several thousands of pounds per claim it means that the banks have yet to realise exactly how much the final bill will prove to be. Currently, they have paid or put aside more than £16bn between them.
Payment protection insurance is a valid and even a valuable financial product when it is sold well, information is shared properly, and when appropriate policies are provided to appropriate people. In the event that a borrower becomes unable to meet their regular monthly loan, credit card, or mortgage repayments, due to unemployment or other change in personal circumstances, their payment insurance policy will pick up the slack. The policy will meet the necessary repayments for a set period or until the borrower’s circumstances change for the better.
However, banks and lenders were making massive profits from the sale of each policy and this led to extreme levels of pressure being placed on agents and salespeople to shift policies. The end result was a swathe of mis-sold policies. The High Court was forced to get involved when it emerged that a disproportionately high number of policy holders were unable to make successful claims because the policies that they had were not valid or were not appropriate for their personal circumstances.
Egg PPI claims are submitted by those borrowers that were mis-sold policies in a variety of ways. Inappropriate policies were sold on a routine basis. Those that were self-employed or worked for certain groups or companies would not have been able to make any claims under the policy. If they were not informed of this and were still encouraged to take the policy out then this was a case of mis-selling.
The value of Egg PPI claims can prove substantial for borrowers. Typically, the biggest payments are afforded to those with a PPI policy that runs alongside a mortgage or high value loan. This is simply because the large monthly premiums for the loan meant that proportionately large sums of money were paid as PPI premiums on a monthly basis. It also meant that borrowers were forced to make these payments over a longer period of time. When annual interest is also factored in, it means that consumers effected by the scandal could be due thousands of pounds.
Considering the level of financial difficulty and economic trouble consumers have found themselves in over the past few years it is hardly surprising that such a large number of people have already claimed. However, figures would suggest that there are still many people that have yet to submit Egg PPI claims and receive the money that they are owed. While there is no time limit for making a claim, consumers are encouraged to act quickly because banks have considered lobbying for a deadline to be put in place.
For More : http://www.guardianppiclaims.co.uk/egg-banking-plc-ppi-claims.html