Payment protection insurance (PPI) is now an infamous term that
virtually everybody across the UK is aware of. It is the biggest
scandal to have ever rocked the British financial sector.
What is PPI?
It is an insurance policy that is meant to protect the customer
and make repayments on loans etc. in the event they are unable to
do so.
The problem was that the terms and conditions of PPI are very
restrictive and narrow that in all honesty, only a very few people
should consider investing in it.
Various financial pundits have also suggested that as a
financial product, it offers very poor value for money and better
policies are available.
But the biggest problem was the way in which it was sold…
… at the same time as when a product was bought
Customers were often sold their main product e.g. a loan, as a
package. This meant that they had everything neatly rolled into one
thing and they didn't have to worry about if 'the worst happened'
and they couldn't keep up with repayments on the loan, catalogue
account and so on.
It gave people a false peace of mind.
… over the phone or other situations in which the terms were
not clearly explained
Many banks and lenders rang their customers and sold the policy
to them over the phone. But here's the thing: the sales people
would most probably have had your details in front of them and
would have seen that you were not eligible for cover under the
terms and conditions of the PPI policy.
But they sold it to you anyway.
… key information was 'hidden' e.g. commission, brokerage
'fees', successful claim rate and so on
For example, did you know that PPI only paid out in 15% of
claims made against it? Or that it was a long and drawn out claim
process? Or that the broker who organised the policy took a massive
chunk of your money for organising it?
Call us to find out more…
… added after sales and without consent
Yes, that's right. On catalogue accounts and credit card
accounts, it was common for PPI to be added without your consent
but you may have received a letter that told you what a fabulous
product it was. And you took no notice because you thought your
lender was acting in a responsible manner.
But they didn't have your best interests at heart.
At Payment Protection Scotland, we can help you to claim the
money back owed to you by banks and lenders. Call us NOW before
it's too late. The August 2019 PPI deadline is weeks away - don't
leave it too late!