Home Money The Benefit of PPI Claims to the British Economy

The Benefit of PPI Claims to the British Economy

It’s something that people rarely think about, but the mis-selling of payment protection insurance (PPI) by the banks has actually significantly contributed to the number of jobs in the economy for the last couple of years, and it’s a trend that is set to continue for the next few years as well.

The first way that jobs have been created is through the ppi claim management companies which have sprung up to help people make claims to the banks. These experienced professionals are able to take down the details of any loans or other financial products that you may have been mis-sold PPI on and go to the bank to handle it. This means that you are free to relax and let somebody else deal with the call centres and form filling.

The second way that jobs have been created is within the banks themselves. The volume of claims has become so great that the legal department or customer service departments that already existed at the banks became completely swamped and were totally unable to deal with the numbers of compensation claims coming through. As the Financial Services Authority (FSA) told banks that compensation claims had to be handled in a timely manner, banks have had to recruit hundreds more staff, both in the UK and overseas, in order to get through all the claims. Barclays alone have employed around 600 staff in a building in Poole just to deal with the incoming calls, and that number could go up.

The boost will only be temporary, of course, as there will eventually become a time that all the PPI claims have been dealt with. Until then, however, the banks are not only having to pay out compensation for their dishonesty, but also pay for a whole host of new employees, managers and facilities, pumping more money into the British economy rather than gambling it on the financial markets.

With so many resources being dedicated to solving PPI claims, getting you the PPI compensation that you deserve is quick and stress-free. There are many instances where people are unaware they have been paying PPI as well, as banks not only mis-sold it but also included it in some loan packages without mentioning it or pointing out that it was optional. If you think that this may have affected you, then you should look into making a claim of your own, either yourself or by contacting an experienced PPI claims company.

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