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Packaged bank accounts – The new PPI?

Banks were accused of grossly mis selling payment protection insurance (PPI), as overzealous and commission motivated sales staff and ‘advisors’ promoted and actively pushed policies onto customers who could have never benefited from it. If they found themselves unable to work and meet their financial commitments, the protection they thought they had, were assured they had, wasn’t there! And for that reason, the banks were found Guilty! Suitably chastised, but hardly punished, it’s on with business! But by the way chaps aren’t we due some sort of ‘explanation’, the silence is deafening!

So now that nice little earner has come to an end – at last – banks and other lenders need to fill the gap – come up with a new idea, a new product, a new money spinner!.

Enter, Packaged Bank Accounts. These accounts, which offer benefits such as travel insurance, and vehicle breakdown cover for a fixed monthly fee - but are they being offered to customers without first making sure they qualify, or that they need these benefits.

In many people’s eyes, this product exhibits close comparisons with payment protection insurance – where customers were encouraged to purchase insurance cover that they were not able to claim on. New rules proposed governing the sale of packaged bank accounts will hopefully prevent another major mis-selling scandal.

Customers must now be assessed to confirm they are eligible for the insurance element of packaged bank accounts before any sale may be concluded.

The British Bankers' Association, which represents the major banks, has said, packaged accounts are a good product for many customers as the services included in the ‘account packages’ would cost far more than if bought individually. Let’s wait and see.

PPI was, and still is, a form of protection which should ensure that, if a borrower becomes deprived of income, through redundancy, sickness, or injury, which renders them incapable of keeping up the repayments on a loan; then the insurance company or provider would step in and relieve this financial burden. But it didn’t quite work out like that! Thousands were sold policies which were in effect ‘worthless’ to them.

Many customers were told PPI was compulsory – it wasn’t, and isn’t - this is mis-selling! Tens of thousands of self-employed, unemployed, retired, and customers with certain excluded 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.

The top 16 PPI mis sellers have already paid out compensation totalling more than £215m during the first six months of this year as a consequence of their actions, and are besieged by many, many more aggrieved customers. Could you be one of them?

If you are a PPI policy holder, and are concerned they may you may have been mis sold payment protection insurance, then you are advised to lodge a complaint. Whether a current policy, and old policy, and even lost or misplaced PPI policy documentation, doesn’t mean you cannot claim back a refund if you are entitled to one.

If you think that you may have been mis-sold PPI, then speak to one of our experts here at Consumer Finance Claims. Whether you feel that you were mis-sold PPI by a bank, building society or other financial institution, you could be joining thousands of others who have successfully received a full refund. Plus interest!






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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!