Latest News


PPI – Banking Times Spills the Beans

The Banking Times was being remarkably open when it disclosed that "Providers selling Payment Protection Insurance (PPI) have been earning up to £1,200 from a policy that in fact only costs about £20 to provide". 

Back in April 2011 the British Banking Association lost a judicial review on PPI mis-selling, forcing lenders to refund customers in full – plus interest. This triggered emergency discussion among the banks and other providers involved in the scandal, and resulted in Lloyds TSB breaking cover (eventually) first - and announcing that they were creating a compensation fund of some £3.2 billion, in anticipation of the flood of claims heading their way - and that's just one provider!

It is estimated that there are over 20 million PPI policies still running in the UK, with an estimated £7 billion to £9 billion pounds of misappropriated funds still to be reclaimed. Are you owed money? 

If you purchased PPI after January 14th 2005, you should check if you were ever in fact eligible to make a claim. In many cases policy holders were not! Many advisers persuaded customers to take out PPI by telling them it was necessary. In the case of personal loans - they wouldn’t be accepted unless they bought PPI - both statements – were completely untrue. Certain medical conditions also rendered PPI worthless - but that did not stop sales staff flogging it – after all - there was serious money to be made in bonuses and commission.

Many customers didn’t even know they had bought PPI! In many cases it was just added on. Some of the biggest lenders have, as a consequence, been hit with huge fines from the Financial Services Authority (FSA), including: Alliance & Leicester who were fined £7million - and Capital One, £175,000. Strict rules are now in place and the Banks must adhere to them in future…the gravy train has ground to a halt!

PPI was originally designed to cover loan or credit card repayments should you become unemployed, or unable to work due to injury or illness. But it hasn’t worked out that way for thousands of unsuspecting customers. And for many, even compensation, is little consolation. One cannot undo stress suffered!

If you think you may have been mis-sold a payment protection insurance policy, then speak to a PPI expert. Whether you feel, or just fear you were mis-sold PPI by a bank, building society or other financial institution, you could be joining the tens of thousands who have successfully received a full refund. You’ve nothing to loose, but perhaps, a lot to gain.

However, if you find the prospect of starting a PPI claim a daunting task, or don’t have the stomach to fill in lengthy questionnaires and having to deal 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, and if there is... we’ll act on your behalf - we’ll deal with the ‘indifferent sales staff’’. Even if you can’t find your policy paperwork…don’t worry - it’s not necessarily a lost cause, as somewhere along the paper - or - cyber trail, there will be 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!