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It seems that after months of deliberating, delaying, stalling, wrangling and jostling by the banks in relation to mis-sold PPI and the Judicial review that ensued, that many banks have taken a sudden U-turn and decided simply to give up and pay out. Incredibly good news for consumers reclaiming PPI!
Banks had been plain ignoring many consumers looking to claim back ppi in the recent months citing the ‘PPI judicial review’ as the reason for this. After a long period of frustration for many, it comes as a complete surprise that some banks have decided to back down so meekly and pay up in this way. Why the arrogant dis-regard for valid claims of mis-selling if all they were going to do was give in anyway?
Reports have suggested that the reputation of the Banks has taken such pasting recently that this is a public relations exercise designed to get customers back on side. Rumours circulated by the usual ’conspiracy theorists’ have speculated that this is a backroom deal put forward by the government in order to put money back into the hands of people that will go out and spend it – and more – in order to give a short term boost to the flagging economy. When looked at in all seriousness, whatever the reason for the banks back down has to be met with some level of suspicion.
Certainly, the refunding of billions of pounds to ‘victims’ of mis-sold Payment Protection Insurance looks like it will bring the end of free banking. The banks cannot possibly absorb the massive cost of repaying such substantial amounts of cash and will need to start bringing in extra revenues from any areas they can. Also, it is widely expected that credit card interest rates and overdraft interest rates will drastically increase, raising peoples monthly repayment levels by serious amounts.
So, whilst this may be a good time to be a person reclaiming PPI, in the long term it will be everybody that suffers, mainly those that never took out the Payment Protection Insurance at all seeing as they will suffer the higher credit card and overdraft interest rates but receive no windfall.
The banks are clever. They certainly know how to turn a crisis into a profit and come out smelling of roses. They will be back in the good books of a huge number of their customers (at least the ones that qualify to claim back PPI) and the newspapers will display ‘heroic gesture’ headlines and such like, giving back the ‘feel good’ factor we all had when they were throwing money at us like confetti during the late 90’s to mid-noughties. But is this really a victory for the consumer? Or is it a genius plot by the banks to actually make even more money long term out of a nation of suckers? We’ll see…
UK Money Solutions
Website: http://www.ukmoney-solutions.com
Phone: 08000 748 059
201-204 Murdoch Chambers,
153A Corporation Street, Birmingham, B4 6PH
UK Money Solutions offer unique debt management and claims services in UK. Get debt advice, debt help and information’s from our experts.
Banks had been plain ignoring many consumers looking to claim back ppi in the recent months citing the ‘PPI judicial review’ as the reason for this. After a long period of frustration for many, it comes as a complete surprise that some banks have decided to back down so meekly and pay up in this way. Why the arrogant dis-regard for valid claims of mis-selling if all they were going to do was give in anyway?
Reports have suggested that the reputation of the Banks has taken such pasting recently that this is a public relations exercise designed to get customers back on side. Rumours circulated by the usual ’conspiracy theorists’ have speculated that this is a backroom deal put forward by the government in order to put money back into the hands of people that will go out and spend it – and more – in order to give a short term boost to the flagging economy. When looked at in all seriousness, whatever the reason for the banks back down has to be met with some level of suspicion.
Certainly, the refunding of billions of pounds to ‘victims’ of mis-sold Payment Protection Insurance looks like it will bring the end of free banking. The banks cannot possibly absorb the massive cost of repaying such substantial amounts of cash and will need to start bringing in extra revenues from any areas they can. Also, it is widely expected that credit card interest rates and overdraft interest rates will drastically increase, raising peoples monthly repayment levels by serious amounts.
So, whilst this may be a good time to be a person reclaiming PPI, in the long term it will be everybody that suffers, mainly those that never took out the Payment Protection Insurance at all seeing as they will suffer the higher credit card and overdraft interest rates but receive no windfall.
The banks are clever. They certainly know how to turn a crisis into a profit and come out smelling of roses. They will be back in the good books of a huge number of their customers (at least the ones that qualify to claim back PPI) and the newspapers will display ‘heroic gesture’ headlines and such like, giving back the ‘feel good’ factor we all had when they were throwing money at us like confetti during the late 90’s to mid-noughties. But is this really a victory for the consumer? Or is it a genius plot by the banks to actually make even more money long term out of a nation of suckers? We’ll see…
UK Money Solutions
Website: http://www.ukmoney-solutions.com
Phone: 08000 748 059
201-204 Murdoch Chambers,
153A Corporation Street, Birmingham, B4 6PH
UK Money Solutions offer unique debt management and claims services in UK. Get debt advice, debt help and information’s from our experts.
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Good news for Consumers Reclaiming PPI,K UKMSPhone : 08000 748 059
Email : kfielderukms@gmail.com
