Since 2011, there have been a large number of articles in the
media highlighting the mis-selling of payment protection insurance
or PPI on loans, store cards, credit cards and mortgages. We were
all being encouraged to look at our credit agreements to see if PPI
was part of the contract.
In 2017, the August 2019 PPI deadline was announced meaning that
if you were mis-sold PPI before the summer of 2017, you only had a
short time left to claim. As a result, the marketing campaign
encouraged consumers to make a decision about PPI.
40% of People Have Done Just That
Since the first PPI claims were made until now, just over 40% of
people entitled to make a claim for PPI compensation have done
so.
That leaves 60% of customers with a claim yet to make one - are
you one of them?
Not Always Easy to Spot
Looking at your credit agreement paperwork, you may find it
difficult to see if you have been or are paying payment protection
insurance because different lenders have different names for
payment protection insurance.
Some store or credit cards, for example, called their PPI
products 'card care'. Repayment protection insurance was also an
oft-used name for payment protection insurance. Mortgage lenders
also had a variety of names for these products.
On looking at your credit agreement documentation, if you see a
payment for repayment protection insurance you may have a form of
PPI on the account.
What PPI Promised…
The basic idea behind payment protection insurance was that in
the event you were unable to keep up repayments on your loan or
credit card due to illness and not being able to work and so on,
the PPI policy should kick in, and make the repayments for you.
But not all customers needed PPI. For example, some customers
already had payment protection insurance policies in place and
didn't need another policy.
Some PPI policies were also limited in the cover, whilst others
had a waiting time of three months or more before a claim could be
made. All these limitations and instances of 'no cover' in the
terms and conditions of PPI were not made obvious to the
customer.
In some cases, some people were not asked or made aware that
they had this type of payment protection insurance on their
loan!
This mass mis-selling of payment protection insurance to
customers across the UK now mean that customers are now claiming
back money owed to them 'en masse'. Banks and other financial
institutions have put aside billions of pounds to cover PPI
compensation claims.
How we Help
The current total for PPI compensation claims is £32 billion.
And there is more money yet to claim. We make sure that you have a
claim for mis-sold PPI. We will then take your case forward,
getting back all of your money. Why not talk to our expert team
today?