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PPI – Refunds will be welcome as energy prices expected to rise again

Payment Protection Insurance (PPI) refunds, although long overdue: are no less welcome as cuts and rises in unemployment begin to bite deeper. For many, the repayment of money due to them as a result of the PPI mis selling scandal comes at a welcome time. Claims and loan refunds will no doubt ease the pressure for many households who will face hardship this winter due to spiralling energy costs.

Millions of people, including many lucky enough to still have a job face a harsh Christmas this year as inflation continues to affect how much their salaries are worth in real terms.

If you are one of the millions of consumers who have been betrayed by the banks, or even suspect you may have been, then now is the time to double check. The banks had a very lucrative earner in PPI: The profit margins were huge! It didn’t matter to bonus driven sales staff whether you needed the product, or whether you were even eligible to claim on it: if the worse came to the worse, due to redundancy - injury - sickness.

The bottom line is, you were cheated, badly advised, and let down! You are not the only person to have been mis sold PPI – far from it – and the fact that you were duped doesn’t mean that you were in any way targeted or singled out by bank staff. It’s more a case of, don’t take it personal, and don’t take offence…it was business!

If you have taken out a loan over the last few years it may be worth looking more closely at exactly what you purchased, of exactly what you agreed to. It doesn’t take long to check – even if you can’t find your paperwork. Banks and other lenders may charge a £1 administration fee to provide a copy of your records if the policy is still running. However, it may not provide a copy agreement if the account is closed. If this is the case then you can then ask for a full account history, but you may be asked for a £10 fee.

Millions were told PPI was compulsory – and that was a lie! 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…all good things come to an end. If you think you may have a case, you don’t need to go through a long and stressful procedure in order to get back what’s legally yours.

In the long term, and to hopefully prevent a repeat of this scandal, the Competition Commission has introduced a new set of rules that will prevent banks and other lenders from 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.

 

If you find the prospect of checking or reclaiming PPI a stressful prospect, or fear having to complete lengthy questionnaires and dealing with indifferent providers, then don’t worry – 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.






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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!