As the ongoing payment protection insurance (PPI) scandal leads to more and more people claiming back the fees on policies they have been mis sold, so the lenders in the UK continue to suffer. Indeed, the collected lenders involved in the scandal have had to set aside many billions of pounds to cover the cost of repaying mis-sold fees, and many in the industry believe the eventual cost of the PPI saga will be colossal.
Payment Protection Insurance and You
The payment protection insurance scandal came about when a number of allegations of mis-selling were investigated by the powers that be. This uncovered widespread mis-selling within the industry, and a full revision of the regulations was deemed to be necessary. Fines were also levied on the main protagonists, and the High Court eventually ruled that fees on mis-sold policies must be repaid. The regulations regarding PPI are now geared towards protecting the consumer, and if you think you have a valid claim you should consider getting things underway as soon as possible.
Can I Make a PPI claim?
If you have taken out a mortgage, loan, credit card, car finance or other type of credit in the past few years, it is very possible that you have a PPI policy (whether you already know about it or not!).
PPI is also known as Loan or Credit Protection Cover, or ASU (Accident, Sickness and Unemployment Cover). Essentially its an insurance policy designed to cover the repayments in the event you are not able to pay due to sickness, injury or loss of job. In itself, the policy is not problematic, it’s the way it was mis-sold that is the scandal.
People were automatically opted in to the policy, with or without their knowledge, and some were told it was mandatory. Others had it sold to them despite their employment status (of self-employed or retired) meaning that they are not eligible or suitable for PPI, and therefore it was a complete waste of their money. Legally, at point of sale, customers should also have been given the option of looking at other PPI deals, not only having to take the one offered by the lender. These are just some of the examples of the mis-selling that was common.
You should check your original paperwork for PPI, though if you don’t have that to hand you can check over your credit file for details of all your previous credit agreements. If you suspect you had PPI and think it was mis-sold, you should seek advice to see if you can claim.
How to Make a PPI Reclaim
You may wish to make your payment protection insurance claim with the help of a claims handling company such as ours at www.haveigotppi.org.uk. Our team of experienced advisers and claims handlers are waiting to help you in any way we can. We can handle your claim on a no win no fee* basis so you won’t pay if you are not successful, and we give every case the individual attention it deserves. With an industry average repayment of £2750 per policy it is certainly worth getting things underway, so get in touch if you want to claim back your mis sold PPI charges.
We have already helped lots of people make successful claims and we are confident that, with our experienced team of claims handlers, we can help you, too.