Payment Protection Insurance Claims

PPI and What the Decision Means for You

CCadmin — Mon, 01 Aug 2011 11:37:53 +0000

Payment Protection Insurance, known as PPI, was intended as a fall-back for people taking out personal loans or credit cards, mortgages on properties or big expenditures on things such as furniture or cars. The idea was that if you should be unable to keep up re-payments for any reason such as the loss of a job, injury or illness, this insurance comes in to effect.

Sounds good on paper, but the realities becoming more and more apparent are that a huge number of people have been pressured in to buying inappropriate PPI, or have been paying for it when they will actually not be eligible for cover at all.

Regulators are now fighting for the rules surrounding PPI to be changed. Many independent bodies are calling for PPI at the point of sale to be banned entirely. Customers were previously being encouraged to take out such insurance when they are taking out their loans, already a high pressure situation. When pressured with added suggestion about the risks of defaulting on their re-payments, many will succumb to insurance whether they will truly benefit from it or not. The potential benefits of PPI being banned at the point of sale is that customers have more time to reflect over their options, and are more likely to make a calm informed decision about what kind of insurance they actually need, if any at all.

To find out more, take a look this article on The Times’ website: Q&A: PPI and what the decision means for you

Just 60 Seconds to Start Your Claim

All you need to do is download and complete the application form here stating how you would like to be contacted and the claim area you are interested.

Alternatively, give us a call on 0800 030 4624 and speak to an advisor who will be pleased to help.

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The Rules Surrounding PPI Compensation

CCadmin — Mon, 01 Aug 2011 11:36:02 +0000

Courts are expected to soon declare that banks will be forced to review all PPI sales. The controversial Payment Protection Insurance scandal continues to rage as more and more members of the public claim the they too, have been mis-sold the supposedly protecting insurance. Banks may be forced to go back and check millions of sales of PPI, a time consuming, not to mention very costly, task. Thousands have already made successful claims and have received compensation from the banks that are choosing to accept some liability for a small amount of sales, but many are fighting, claiming that the majority of sales were fair.

Some reports have suggested that you can only claim for a six year period wrongful payments, a suggestion that is being refuted frequently. If you think you may have been mis-sold PPI, you may be entitled to claim for a lot more than just six years, as well as a lot more than just the wrongful payments. Some are claiming for compensation of their PPI payments, the interest they’ve had to pay on the larger than necessary loans they have taken out to allow for the PPI payments, and even the problems the increased loan size may have caused. Some are saying that these larger loans have caused problems when trying to apply for other loans, or the impact it has had on other financial responsibilities, even for the detriment it may have had to someone’s credit rating.

To find out more, take a look this article on the BBC website: ‘PPI: How to reclaim your premiums‘

Just 60 Seconds to Start Your Claim

All you need to do is download and complete the application form here stating how you would like to be contacted and the claim area you are interested.

Alternatively, give us a call on 0800 030 4624 and speak to an advisor who will be pleased to help.

Start Your Claim

Banking Industry Submits to PPI Compensation Ruling

CCadmin — Mon, 01 Aug 2011 11:33:56 +0000

The banking industry has finally decided that they will not attempt to fight the court ruling that say that they will be legally obliged to pay compensation to all those that they have mis-sold Payment Protection Insurance to. The insurance is supposed to protect those who take out personal loans, should something happen to them resulting in their being unable to continue their re-payments. It has been revealed that the PPI which has been sold to millions of people, in fact, will only cover a very tiny percentage of them. An increasingly large amount of people are discovering that the policies they have paid for do not cover them in any way, due to a whole host of legal loop-holes, rendering the insurance pointless for a lot of people. It seems that the insurance has been sold very aggressively, to those who will never be eligible for the cover, and in some cases has even been sold to people with the false statement that it was mandatory when taking out a personal loan.

The scale of the scandal continues to grow, as the Royal Bank of Scotland state that they have already paid £100,000,000 of compensation, and have put aside the same amount again in preparation for further claims that they are expecting. In comparison, Nationwide distanced themselves somewhat from the banks attempting to fight the court rulings, and expect to only pay £10,000,000 in compensation, saying that their track-record of complaints they’ve already dealt with is much better than most.

To find out more, take a look this article on the BBC website: ‘Banking Industry Gives up on PPI Mis-selling Battle’

Just 60 Seconds to Start Your Claim

All you need to do is download and complete the application form here stating how you would like to be contacted and the claim area you are interested.

Alternatively, give us a call on 0800 030 4624 and speak to an advisor who will be pleased to help.

Start Your Claim