Check Out Payment Protection Insurance
Almost everyone has heard of the term "Payment Protection Insurance" but not many people know what it is. Payment Protection Insurance is a type of insurance that protects consumers from financial loss by covering the repayment of a homeowner's mortgage or other loan, in cases where you cannot meet the payments due to illness, disability or death. It also helps pay for funeral costs and covers certain expenses if you lose your job.
The PPI market was worth £4 billion in 2017 and there are 10 million PPI policies on Britons' credit reports at an estimated cost to consumers of £1 trillion over 20 years. As PPI is usually sold with a loan, most financial institutions have said the cost to them of compensating consumers will be £39 billion.
PPI is not banned outright and it can still be sold even though it was mis-sold since it was not fully explained to customers. It has been criticised heavily due to the fact that many banks have charged it on loans they knew nothing about and many had no idea that they were selling PPI at all.
PPI is not only sold by banks, third-party insurance companies are also involved in selling PPI but don't fall under the Financial Ombudsman Service remedy rules. The FOS lacks the power to order them to refund premiums and there has been a large amount of criticism against the FOS for this.
The number of complaints about PPI is continuing to grow every year with 29% of all complaints being about PPI in 2017. Many consumers have been mis-sold Payment protection Insurance and many are only now realising it after years of paying on premiums they never needed, even though they may still need the loan protection that it offers.
If you took out a loan with a lender between 2001 till 2005 then you may have been mis-sold Payment Protection Insurance. Now you can get some of your money back.
PPI is overpriced and many banks have sold it to customers who don't actually need it. There is a chance that the bank or lender has misled you into thinking they need this type of insurance, when it's not needed at all. It's always worth checking with the Financial Ombudsman Service to find out whether or not you were mis-sold PPI. If you think this may be the case then you should read our article on how to claim back PPI in just 3 quick steps.
If you have been mis-sold Payment Protection Insurance and would like to make a claim please visit www.claimppi.org
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Check Out Our Own Personal PPI Claims:
We have some great and exciting deals coming up on our personal PPI claims. Here are a few of the companies we have been working with:
We are in the process of finalising the details right now and hope to be able to pay out at least £300 on each policy. We will be sure to post on this thread once we have confirmed the rates for our personal PPI claims.
We also have access to a range of other PPI claims from providers that we also use personally. If you are looking for something specific then please let us know and we'll try and help out. If you would like to find out more about our company or how to start a refund claim, then please visit www.claimppi.org or call us on 0800 689 64 65 . We also provide an online PPI checker tool that you can use to check whether or not you are due a claim back. Check out the link below for more information:
Check Out Our Online PPI Claims Calculator Tool:
With our online PPI claims calculator tool you can request a refund instantly while also beating the queues by checking your eligibility and applying directly online. You'll see how much you're owed in just seconds and get a refund in as little as 30 days.
If anyone is interested in making a claim, then feel free to use the link below to do so:
We are currently working on updating our mobile site for tablet and smartphone use, but this may take us a few weeks to complete. If you would like to make a claim in the meantime, then please use either a phone or PC. We apologise for any inconvenience caused.
Check Out Our PPI Claims Calculator Tool:
With our online PPI claims calculator tool you can request a refund instantly while also beating the queues by checking your eligibility and applying directly online. You'll see how much you're owed in just seconds and get a refund in as little as 30 days.
If anyone is interested in making a claim, then feel free to use the link below to do so:
We are currently working on updating our mobile site for tablet and smartphone use, but this may take us a few weeks to complete. If you would like to make a claim in the meantime, then please use either a phone or PC. We apologise for any inconvenience caused.
Check Out Our PPI Claims Calculator Tool:
With our online PPI claims calculator tool you can request a refund instantly while also beating the queues by checking your eligibility and applying directly online. You'll see how much you're owed in just seconds and get a refund in as little as 30 days. If anyone is interested in making a claim, then feel free to use the link below to do so:
We are currently working on updating our mobile site for tablet and smartphone use, but this may take us a few weeks to complete.
Conclusion
Hopefully you can see that PPI is not a scheme that has been in place for many years, but has unfortunately been time tested. Banks and financial institutions have changed their ways through late payments and poor customer service and it's these changes that have reduced the amount of complaints regarding PPI being received by the Financial Ombudsman Service. It is one of our main criticisms about this scheme that there are no long term solutions to this problem, which we hope will be addressed in the future.
It's important to note, however, that some banks don't fall under the Financial Ombudsman Service's jurisdiction.