One of the major reasons why PPI was widely mis-sold is that the banks were making huge profits by selling PPI. The clauses of PPI were so tough and complex that there were hardly any reimbursements, and thus, the banks had very less expense in continuing that policy. It helps the banks to enhance their profits by huge margin, and it was easily attachable for a very nominal amount to the mortgage, loan or the credit card of the customers, without even them knowing many a times. Here are the few major reasons why PPI was widely mis-sold.
- PPI was widely mis-sold because the people didn’t knew much about what PPI was, and lacked the awareness about this insurance product.
- The PPI was not widely known by the public and the banks never made an effort to let people know about it.
- It was widely mis-sold, because the banks and their agents were making huge profits out of its sale.
- The banks were able to increase their profits by huge margin by selling PPI widely.
- In desperation to get loan or other line of credit, it became easier to fool customers into buying PPI.
So, there are the major reasons that contributed to making PPI scandal so big. Many people still don’t know whether they have PPI or not, and still wonder have I got PPI. However, the process of filing for refund is now much easier and you can get the refunds easily if you follow the process accurately.
You can get more information on how to file for claim from the bank, and if you want, you can even hire a claim management company to get further details. It would ensure that you get back the money you rightfully deserve.