Credit Report Repair

The Secret Bankers Cash Generator That Mis Sold PPI To Loyal Customers And Funneled Billions In Profit

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PPI is perhaps a great hoax which has been played on a lot of unsuspecting people. Unfortunately those fooled have been people who are financially weak such as the retired, self-employed and jobless.

Thanks to mis sold PPI, people discovered that they were not even due for a policy but had one foisted on them by overenthusiastic financial types ready to impress their seniors. Clients were warned that if they wanted a loan, mortgage or plastic it was extremely important they possess PPI or else they cannot gain access to the loan.

This was a big lie which conned hundreds of folks. These people acquired the PPI and later realized the premiums were being tacked on to their monthly dues, which meant a large sum of money being drained out of their bank accounts.

When the time was right to stake a PPI claim, the victims saw how unfortunately they were victims of PPI mis selling and how badly they had been cheated. Several found they no longer had any money and when the customers went to ask for their money the duped discovered they were not due for any funds because they were notqualified to meet PPI requirements.

The Financial Services Authority eventually stirred out of its deep sleep and started punishing the banks for the crime of conning clients into buying PPI. Moreover the banks had not even bothered to carry out checks of employment and health histories which showed how little they bothered.

Although the banks have been disciplined heftily the sums in question are petty as opposed to the sums many people have lost due to financial malfeasance. There seems to be a popular sentiment that perhaps those directly implicated should do some prison time for their mischief which will make sure they have learned and it will not happen again and customers are not conned again.

It appears that political parties are unwilling to take up the situation of mis sold PPI claims for reasons they only know. Much of it may be because banks play a part in campaign funding so no side wants to anger the wrong people.

What is sad is people with no sure income source of note were ripped off so badly by a cabal of bank managers who had their own greed in mind. The bankers were bucking for promotions and pay increases provided the juniors made massive PPI sales to account holders.

In the interim, those who were duped into purchasing a policy realized the premiums were being tacked on to the monthly installments which caused their savings accounts being drained. Undoubtedly the affected group of people could not afford this and many were facing financial ruin.

Surprisingly, the banks have also gone on the warpath against the FSA questioning its authority to place punishments on the banks for their alleged crimes. This point of view obviously does not work as the FSA is the watchdog of the financial industry and is liable for keeping an eye on things.

The sudden attack on the FSA clearly proves banks are on the back foot and keen on trying to sweep the PPI problem under the rug. However, it is unlikely that the customers will ignore the great con that was played on them.

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