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PPI – Targets, Points, and Prizes

By 2008 the financial boom was over! Consumers woke up to this fact and realised it was time to watch the pennies even closer: others, seeing a drop in their profits, and less customers walking through their door – with less money to spend – or to be ‘harvested’ - had a slightly different agenda: they were looking for ways to make up the shortfall – and capitalise on this time of uncertainty and worry.

It was around this time that the Financial Services Authority (FSA) announced they were concerned about the growing issue of mortgage mis selling in the UK, and were going to carry out an investigation into the mortgage market. It was a somewhat low key affair to begin with - as most ‘firsts’ tend to be. No one could have predicted where this exercise would end…and just how endemic mis selling practises actually were!

Similar concerns then focussed on the mis selling of personal pensions…followed by mis selling investments, and finally: Payment Protection Insurance (PPI) …the biggest money spinner of them all: the goose that was laying the golden eggs.

Income protection insurance is known by many different names, but the principle product is the same. When you are searching for payment insurance, income assurance, repayment insurance, payment protection insurance or even repayment protection, you are looking for a policy which offers protection in a time of crucial need and hardship: an income for when you are unable to meet your financial commitments. Keep a roof over your head,  food on the table.

Though it was never a legal requirement when applying for a loan, or mortgage, PPI was often sold as a ‘must have’ safety net. Payment protection insurance policies vary considerably in the level of cover, the cost, and duration of cover: and what suits one person, may not be useful to another. In fact, the vast majority of policies sold were of no use to anyone! Apart from the advisor or salesperson who managed to get you to sign on the bottom line.

Sales staff and advisors earn ‘points’ whenever they sell a product. Some products earn more points than others…so it doesn’t take a financial genius to work out where their interests lay! Typically, selling a personal loan in the £3,000 and £5,000 range, might earn 90 points: but if the loan was sold with payment protection insurance – then that figure could be doubled, or even trebled. Management set targets, high targets.

Under-performing employees, those that failed to meet their targets would have to present management with an outline plan, a stratagem for increasing their sales figures, they’d then have someone further up the pecking order monitor their technique and results. Improvements were expected, improvements were demanded.

However, the PPI scandal that the banks themselves created has come back to bite them - and in a big way! Not only do they have to pay back the money they fleeced from unsuspecting customers – plus interest – they are now loosing a small fortune through bogus claims!  They’re wasting millions dealing with dishonest refund applications.

The Nationwide bank has revealed that the cost of PPI claim refunds has spiralled beyond their initial expectations: is further magnified by the flood of “complaints” from customers who have never purchased the product from them. 

Here at Consumer Finance Claims we  look to recover the full cost of mis sold policie if we believe you are entitled to claim back PPI. Even if the loan is still running we can look to reduce your ongoing payments as part of our negotiations.

 






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BulletpointsAverage claim value £2500

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BulletpointsNo Upfront Fee's

BulletpointsOn average our PPI claims take 12 weeks

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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!