PPI Refunds Make Headline News
PPI Refunds Are Being Given Out By All The Banks, Have You Made Your Claim?
There are over 20 million PPI policies held in the UK that could be eligable for PPI refunds, with many consumers having more than one to their name. Which? Calculate that at least 2 million of these policies have been mis sold, but how and why?
PPI is a good product but it’s been sold by commission hungry providers, lenders and sales people, which led to a ‘sale at any cost’ attidude. The result was policies being included in loans, mortgages and credit cards without consumers needing or wanting a policy. This is the reason why PPI refunds are front page news today, many consumers were told they had to have it in order to get the loan, some were given the option but not told about the clauses and many sales people sold it without asking questions about the consumers health or employment conditions. This mean that when they claimed, the insurance was void and completely worthless, despite costing them potentially thousands. If you would like to find out how much your PPI refunds are worth, give one of our advisors a call today for free on 0800 840 7292, there’s no obligation and no charge at all.
In the worst cases, PPI was included in loans without the consumer wven knowing, the worst of which was the Single premium policy where instead of payng monthly for the cover, the entire cost of the policy over loan period was added to the borrowing at the start of the term meaning consumers were borrowing more than contractually agreed and paying interest on the policy and the loan every month, costing thousands.
When you consider how much money you may have paid for completely usless cover, you begin to realise why PPI refunds are becoming so popular. As well as mis selling, policies provided by or through the lender were usually highy over priced compared to those available from independent insurers on the open market.
The result was thousands of PPI refunds complaints every year made to lenders and policy providers by customers. These were invariably ignored leading many to take their gripe to the Financial Ombudsman Services (FOs) who upheld around 90% of all referred PPI claims complaints.
As more and more people complained so more and more of a spotlight was cast upon the selling practices of the providers until in 2006 the FSA and FOs started to take action.
In total the Financial Services Authority (FSA) believe £4billion is owed in PPI refunds to the UK public. This means that if a claim was made on every mis sold policy, the average payout would be just over £3000, would you turn down an extra £3000 right now? To get your claim started now, simply fill out the short form above or give us a call on 0800 840 7292. One of our expert team will assess your credit agreement to see if you are eligable to claim for PPI refunds.
