If you have taken out a Loan, Mortgage or Credit Card in the last 6 years the answer could be YES!!!
Payment Protection Insurance or PPI as it is more commonly known has been mis-sold to millions of consumers throughout the United Kingdom. PPI is an optional extra however many banks and lenders have used pressure tactics to sell these policies so that they could reap the rewards of the multi billion pound revenue stream. Many consumers do not even know they have this costly insurance which may not even pay out should they try to use it.
The average PPI refund is £2500!!
Allow us to perform a no obligation review by simply filling in your details in our Contact Form
Payment protection Insurance or PPI as it is commonly known is an insurance policy that is sold along side a loan, mortgage or credit card to protect the lender in the event that the borrower becomes sick or is unable to meet the repayments of the loan for the period of twelve months. In theory this type of policy seems extremely enticing however the reality of the situation is less than convincing. These policies charge exuberant fees and often don’t provide the cover when needed due to clauses and exclusions in the fine print of the documents. If you have a loan or credit card the chances are you would have been offered PPI or told that you could not secure the credit without it. In some cases you may even been given the policy without even knowing about it. Its this type of mis selling that has recently forced the Financial Services Authority to fine a number of high street banks and lenders. The mis selling of PPI is attributed to the lucrative income stream it provides for lenders and banks. There are approximately 20 million PPI in the UK generating in or around £5 billion per annum for the companies involved. If you have or have had over the last 6 years any of the following types of loans or credit cards you may be entitled to £1000s back in compensation
If you can answer yes to any of the following you can potentially make a claim
When we make a claim to reclaim unfair bank charges on your PPI we look to
If you feel you were mis sold PPI then you may have a case to make a claim and reclaim thousands of pounds worth of charges which are rightfully yours.
To find out more about this and our No win, No fee claims process please request a call back by filling in your details in our contact form.
Allow us to perform a no obligation review by simply filling in your details in our Contact Form
The Payment Protection Insurance scandal has been littered across the tabloids as the banks and lenders have come under scrutiny for the excessive and unfair charges it has offloaded onto its customers. The most notable of which being PPI. Over the past two years a number of high street lenders and GE Capitol Bank have been fined by the Financial Services Authority for failings relating to the mis-selling of PPI. These fines ranging from £17,500 to £1,085,000 have proven the PPI market had seriously harmed the interests of consumers. The unfair and sometimes not required charges of PPI have seen profits rage into the billions for banks and lenders. The ratio of insurance payouts in respect of PPI claims was confirmed by findings of the Competitions Commission in June 2008 with Mortgage PPI at 28%, Personal Loan PPI at 15% and Credit Card PPI at 11%.
To simplify these findings banks and credit card companies are having to payout £28, £15 and £11 for every £100 they take on PPI cover. This results in astronomical profits considering the volume of PPI cases in the UK. If you have had a loan, mortgage or credit/store card over the past 6 years it is advisable to find out if you had PPI cover as you could be entitled to reclaim £1000s in unfair bank charges if the policy was mis-sold to you.