So there’s been news of the Payment Protection Insurance or PPI scandal floating around for a long time now. Although we can try to make light of the situation by noting the bonus-like repayments that victims are receiving, or the boost in the economy that has come as a unexpected bi factor of the scandal;[1] the sad fact remains that nothing comes without a price.
Due to the sheer numbers of individuals making their PPI reclaim, the banks are feeling the pressure. There are literally millions[2] of people contacting the banks to make their PPI claims and although it is great news that this has opened up a lot of jobs in order to deal with the sheer quantity of complaints, the employee’s days are numbered.
This Will Create Unemployment
Not only are the new staff working on a temporary basis until the surge has died down, but as the total figure that is expected to be paid out is in the billions, it seems that the money greedy banks are tainting our good news once more by making cuts in order to retain as much profit as possible.
That’s right, it is a universally acknowledged truth that when one part of life starts going okay, another falls spectacularly to pieces. In the case of PPI; we did win at court, we can reclaim our money, it did open up more jobs for our vast number of unemployed and it has helped boost our economy, but nothing comes without a price.
Barclays are firing 3, 700 people following fiscal damage caused by compensation paid out to those who were mis-sold PPI, the decision came after a strategic review that is aiming to reduce costs by around £1.7 billion.[3]
Kicked While Down
Clearly they couldn’t just take it on the chin, acknowledge the wrong that they have done and suck up the financial implications of their gross misconduct. No, they have to kick us when we’re down and add to the unemployment levels that will ultimately end up as the tax payer’s burden of expense once more.
It seems as though we are in a vicious cycle, even when we win, we lose. Well it doesn’t have to be this way, iSmart UK works as an entity, working together as a team contacting the bank in place of thousands of people to deal with their claims every month.
As a leading claims management company with significant experience, it means that they can confidently guide you through the claims process which as a snowball effect should cut down time dealing with the sheer quantities of individuals, thus money and hopefully ultimately eliminate the necessity for cuts backs at the banks.
