Why Claim?
Many of the major high street banks have been fined vast amounts for mis-selling PPI. On January 30th 2009 almost all high street banks stopped selling PPI as a single premium added to loans or credit cards and the product is due to be eradicated from the market place completely by October 2009.
Statistics by the FSA (Financial Services Authority) have shown that only around 9% of policies would ever pay out when a client tried to make a claim. Numerous clauses within the terms and conditions prevented PPI policies from paying out when a client became sick or unemployed.
PPI (Payment Protection Insurance) has been massively overvalued and clients could in fact purchase PPI cover far cheaper from alternative sources than their loan provider.
Many people are unaware that PPI has been added to their loan or credit card and as the cost usually runs into £000’s (thousands) this can be a costly oversight by the client and unfair practice by the lender.
With so many lenders in the market place and each one trying to set themselves apart from the other different terminology has been used for PPI. This doesn’t pull the wool over our eyes and some of that terminology to look out for can be seen below;
- MPPI (Mortgage Payment Protection Insurance)
- Premium Protection Insurance
- Accident Sickness and Unemployment Insurance
- Accident Sickness and Redundancy Insurance
- Premium Protection Insurance
- Income Protection Insurance
- Mortgage Payment Protection
- Mortgage Payment Insurance
- Loan Protection Insurance
- Credit Care Insurance
- Credit Care