Latest News


PPI – The Goose that laid the Golden eggs

Terrible thing greed!  PPI was incredibly profitable for banks - for every £1 they took from the sale of this product, they only paid around 15p back in policy claims - and now that the Goose that for years laid these golden eggs has expired – they need a means of filling the huge void. Profits are plunging and so you can be assured there’ll be plenty of ‘brainstorming’ going on right now, as they try to come up with new ideas and products:  in an effort to get back some of the millions they have had to fork out in compensation.

The scandal surrounding payment protection insurance has seen the banks forced to repay millions for mis-selling policies to people who were never eligible, and who could have never claimed on it. Greedy sales staff sold over-priced PPI at the point of initial sale – to almost anyone, regardless whether  customers were self-employed, were unemployed, or had pre-existing medical conditions which would have excluded them from making a claim.

PPI small print contains terms and conditions: it lists numerous exclusions and specific criteria – it never was, and still is not: suitable for everyone, but what do you do - when your bank is telling you this is the product they recommend - this is what you must have to secure the loan you came for, this product will protect you and your family in the event of hardship? You’d do what millions of trusting other people did.

However, now the Financial Services Authority and the Office of Fair trading are working together to prevent a repeat performance of the scandal, and are to monitor closely all future products and dealings, we should - but only should - be safe from untruths and biased advice.  

PPI is an optional insurance offered to customers to protect them should they be unable to afford credit card, loan or mortgage repayments.

David Fisher of the OFT said recently: "It is important that the problems encountered with mis-selling of PPI do not arise in relation to new payment protection products.” In future lenders must make it clear to consumers exactly what they are agreeing to, and how much it costs, so that they can make properly informed decisions."

Many people were told PPI was compulsory – it wasn’t, and isn’t - this is mis-selling! Tens of thousands of self-employed, unemployed, retired, and those with medical conditions, have all been duped by unscrupulous sales staff. This highly lucrative and profitable little earner meant huge commissions and incentive bonuses to banks and the other providers. But as with most scams, there’s only so mileage in it…cannot last forever, hence the “lets fill our boots, while we can” attitude.

If you have taken a loan out in the last 10 years then it’s almost certain you were offered PPI, or actually bought a policy. Even if the loan has been repaid in full, you may still be able to claim back the cost of the payments you made, plus interest!

Checking whether you qualify for a refund, or reclaiming PPI need not be a stressful prospect: simply contact one of our team - we can usually give a quick answer as to whether there is a valid claim for PPI repayment. Even if you can’t find your policy documentation, it is not necessarily a lost cause as somewhere along the paper trail there will be payment and transfer records to help verify your claim.






Add your own comment to this article







Your comment has been submitted   (A moderator will approve this shortly).



< Click to view article archive


BulletpointsAverage claim value £2500

BulletpointsNo Win – No Fee* PPI Claims

BulletpointsNo Upfront Fee's

BulletpointsOn average our PPI claims take 12 weeks

BulletpointsCompetitive 20% inclusive of VAT Success Fee

BulletpointsProven track record* for all PPI claims


How much money could you be entitled to?
Make Your PPI Claim





















Next

< BACK





















Add another lender
Next

< BACK





















Add another lender
Next

< BACK





















Add another lender
Next

< BACK





















Add another lender
Next

< BACK





















Add another lender
Next

< BACK

















Next



< BACK













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!