You have every right to question the sale of the PPI Policy that was sold to you .
The Banks and Building Societies currently make £5.5 billion profit via the sale of PPI. Of the policies that they sell, only 18% of people who claim on policy successfully recover money.
The 82% who fail to make a successful claim are let down by an insurance policy that they have paid for to protect them, in their hour of need. Clearly, on the figures above the Banks and Building Societies are making a lot of profit out of policies that are not effective at the time they are needed most.
It is these profit margins that drive the Banks and Building Societies to sell these products to you when they are unsuitable. In addition the payment method is such that you end up paying significantly more than is necessary.
As you can see PPI is a multi billion pound industry for banks.
They are taking huge profit from a product which many people look on to assist them in their hour of need. The banks are aware of this mis-selling scandal and that it may affect you. However, rather than approach you to ask if you would like your circumstances reviewing they force you to approach them. Therefore, if you do not act you will continue to pay for an insurance policy that may be of no use and has certainly cost you more than it should.
Therefore, you have every right to question the sale of the Policy that was sold to you by your Bank. They are obliged to review your complaint without it affecting any other financial relationship that you have with them. Therefore, you can question the sale of your PPI, in confidence that it cannot have any impact on any aspect of your relationship with your Bank.