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PPI mis-selling took place especially by junior finance officers working at the behest of their bosses. clients who were not even entitled to PPI as per to its conditions had it forced on them.

Those included the likes of retirees jobless and self-employed who were notified when they went to seek out for loans, a mortgage or a credit card that PPI was compulsory. Under the conditions of PPI, if a policy-holder skipped a payment because of a serious illness or accident among other possibilities, PPI would ensure the payments were made for a minimum of 12 months.

The victims who were misguided when they opted for PPI claims were told that they were not deserving to it making for a very furious group. When the corrupt practice was exposed the Financial Services Authority (FSA) intervened and started punishing financial houses severely right and left, though not enough to put a big enough dent in their cash reserves.

The scam also ended in the likes of barristers stepping in to negotiate claims on behalf of a motley group of customers who had been fooled by dishonest business types. Solicitors and claims organizations asked for 20 percent of the cash returned along with VAT, which is the normal going fee. Those making claims can now look forward to get their funds back in 12 weeks from the time of making a claim.

It is sad that PPI brought itself a bad image. But what is bad is the problem of those who were told it was necessary and almost forced put pen to paper in order to avail a loan, mortgage or even a credit card.

To make the situation worse, when they went to make their mis-sold PPI claims they found out to their shock that the premium money were being tacked on to their monthly payments, which showed they had been paying cash for no purpose at all. The financial institutions on their part have been putting up a brave front after being exposed so obviously and now are obviously challenging the authority of the FSA to fine hefty amounts for their sins.

The FSA itself has come under the microscope as many are wondering why it was not awake on the job when all this was going on. Political parties, with polls to be held soon, might make this an an election issue although many running for office may even be financed by financial institutions like banks and insurance companies, which had no small part on the the situation.

Customers making a PPI claims have now become a source of big money for claims companiesand legal types stand to make bags of cash in the form of money from claims clients. As a rule, because the ordinary citizen is a bit wary of challenging financial houses head-on they really have little choice but to approach the legal types and the claims firms for redress. Keeping in mind the amounts they never gotten back before everything was shown up, 20 percent plus VAT seems a small amount to pay from their point of view.