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PPI – Not the First Banking Scandal

The Payment Protection Insurance (PPI) mis-selling scandal isn’t the first scam perpetrated by the banking industry - it’s just the most recent! – there has been similar disgraceful episodes of such, almost, criminal behaviour in the past - scandals involving personal pensions, investments, and mortgage endowment policies. But time has a habit of blurring the memory…until we get stung again, then it’s all change - and another money spinner needs to be invented.

The time was, when banking was a respectable industry, and the bedrock of our society - envied the world over - time was, Robbers wore a striped jumper and carried a swag bag over their shoulder…

PPI was mis-sold to millions of borrowers alongside loans - to provide a safety net. But many of those convinced they needed this form of protection- persuaded it was the sensible thing to do- could never have claimed any of its benefits  if they had been unable to earn a living, through redundancy - sickness, or injury. Many unsuspecting borrowers paid premiums for PPI without even realising that they had purchased it, and were paying for a service which was utterly worthless to them.

High street banks and other providers absolutely loved PPI - it was a big earner, carried large incentives and commissions: provided large profits whilst offering very little in the way of return: It’s little wonder they fought so long and hard. PPI was intended to protect people who had taken out a loan and ensure they were able to continue their repayments in times of hardship. Instead, it has served to only increase hardship.

Fortunately, after the FSA judicial review earlier this year; these unscrupulous providers were legally, finally, taken to task, and ordered to clean up their act, and begin a process of redress. As a consequence, billions of pounds have been set aside to refund those duped.

If you have taken out any kind of loan over the last few years it is worth looking more closely at exactly what you were paying for, what you agreed to. It doesn’t take long to check – even if you can’t find your paperwork – but more importantly, it doesn’t cost much to find out, even if you have. 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.

If you think you may have been mis-sold a payment protection insurance policy, then speak to an 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 already 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 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 you can claim back PPI, and if you can... we’ll act on your behalf - we’ll deal with the ‘indifferent sales staff’’.






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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!