We've all heard about PPI and the devious way it was sold to customers who didn't need it or even ask for it in the first place. Now it could be said that the banks have got their comeuppance with all the billions they've had to pay back in compensation. But could there be more to this scandal than meets the eye?
Let us go back to 2008 when the financial crash happened and look at a world economy that apparently seemed destined for collapse.
Back then everything was looking dismal with regards to the UK and world's financial situation and drastic measures were needed to resolve the problem and keep things ticking over. Enter quantitative easing (QE), the answer to all the problems, or so we were led to believe.
For those of you unsure about what QE is, in our governments view it's a way to inject money into a dead economy and jolt it back to life, in a similar way that paramedics jump start hearts with a defibrillator.
But many financial experts now claim that QE is instead more like artificial life support and the worlds financial system actually died long ago and now is just being kept 'artificially' alive.
The reasoning behind this is that what actually happened in the 2008 crash was the death of the US dollar and all the currencies based on it, including the pound. The dollar is the world's reserve currency and since 1971 has been based on oil hence the term petrodollar.
With rumours that peak oil has already happened and the fact that the BRICS nations are evolving from their third world status to a position of world financial dominance it's not hard to see where the fate of the dollar is going.
The only things holding the world's financial system together are record low bank interest rates and money printing in the form of QE. Of course nobody needs to actually print this money as these days a few zeros can simply be added on the Bank of England's computer.
So given that we've had a dying economy for sometime and that QE has been used to get money into the UK financial system it doesn't stretch the imagination too much to consider the idea that PPI claiming could also be part if the stimulus. After all think of all those billions that wouldn't have been available to consumers without it. That's money for cars, flat screen TV's, holidays and anything else your consuming heart desires.
The PPI scandal is the first time Banks have paid back money on a large scale and previously rulings have been in their favour, such as the bank charges case that was ruled out by the Supreme Court in 2009. It seems strange that they got away with it back then but when the economy really needed a cash injection suddenly everyone and their dog can make a claim and get some cash back.
For more information about claiming back PPI visit PPI Guru for simple advice on how to get your refund with no fuss.