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PPI – Is it still available? Does anyone want it?

Filed under: Services — Tags: , , , , — consumerfinanceclaims @ 15:02

In the aftermath of the PPI mis selling scandal, as banks struggle to regain customer confidence and trust, one wonders what is now in store for payment protection insurance as a  saleable product. Once those affected by the scandal receive their compensation the whole fiasco will, with the passage of time, fade from people memories no doubt. But what of PPI itself? Is anyone likely to want this ‘tainted’ product in the future?

In the current climate, the sale of PPI policies is predicted to drop dramatically; while some banks have stopped selling payment protection altogether. Those who wish to continue selling PPI will now have to follow strict new FSA rules.

In a separate move, as part of the two pronged attack designed to ensure this sort of abuse will never happen again, the Competition Commission has introduced a new set of rules that prevents banks and other lenders selling PPI at the point of sale. Borrowers will now no longer be pressured and put ‘on the spot’ to sign up to something which is of no use to them, or is grossly overpriced. In the vast majority of cases, the PPI policies offered by banks were often unbelievably expensive; often three or four times the market rate.

Regardless of the blatant mis selling of PPI in the past, financial planners and consultants still recommend that people, where eligible, take out  income protection insurance; as a key element their overall asset protection program.

Many people can, and do, enjoy the peace of mind offered by Payment Protection Insurance; a good policy will cover your loan repayments even if you receive your full salary whilst unable to work. But beware, there are many different products on the market, some are better than many! Shop around first if you’re thinking about buying PPI.

Meanwhile, if you are one of the millions of people who has taken a loan out in the last 10 years, and was almost certainly offered PPI, or actually bought a PPI policy. Then give one of our team a call. Even if it has been repaid in full, you may still be entitled to claim back the cost of the payments you made, plus interest!

In the past, large numbers of useless policies were offered and sold to customers that provided no protection whatsoever. PPI was sold to part time workers, temporary contract workers, and even retired pensioners! The chances these policies would have paid out – were in most cases – almost, nil!

Even lost policy documentation, does not necessarily mean you can’t claim back a PPI refund, if you’re entitled to one, as somewhere along the paper/cyber trail there will be payment records to help verify your claim.






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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!