Ppi Mis Sold

By Author: Sam Shiraz
Total Articles: 1
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Payment Protection Insurance or PPI as it is more commonly known is a protector policy sold alongside forms of credit such as Loans Mortgages and Credit Cards. The core purpose of PPI is to provide a repayment method in the event of accident, sickness or redundancy. In theory these policies sound fantastic, the reality however is not so great.

Payment Protection Insurance generates billions of pounds annually for UK lenders. With such incredible revenue figures provided by the sale of PPI many lenders began to aggressively sell these policies and often to consumers who did not need them, did not want them and who would not benefit from them. As a result of this millions of PPI policies across the UK were mis-sold to consumers which forced to FSA to step in and issue fines against the lenders responsible. Lenders such as MBNA, Alliance & Leicester, Loans.co.uk and many more received record high fines, some in excess of £7,000,000.

Lenders across the UK had used heavy handed sales techniques to ensure consumers took out Payment Protection on various types of credit as they were anxious to secure the lucrative ...
... commissions it generated. Lenders were so hungry for these commissions that they would often advise clients that the PPI was compulsory and completely remove the optional status which it is to be sold with. In a profit hungry environment such as this it was often sold to consumers who would never be able to use the policies due to exclusions in the fine print. Thousands of self employed individuals across the UK were also sold these policies despite it having a clear exclusion for redundancy cover when self employed. Not only was PPI sold to consumers who did not ask for it or who would not benefit from it but it was also sold to consumers without their knowledge. It is not uncommon to hear of consumers finding PPI on credit agreements despite having never selected the cover for it.

It is estimated that there are at least 20,000,000 million mis-sold PPI policies in the UK. Some experts have even predicted that this number could even be as high as 60,000,000. With such large numbers of mis-sold PPI policies claims management companies have set up across the UK to offer consumers a professional PPI Claims service with no upfront fees and a no win no fee claims service. Claim for PPI couldn't be easier as some companies will also offer this service with no risk to the consumer including the benefit of no cost for unsuccessful claims.

If you have had any types of credit in the UK within the last 6 years it is advisable to check if you were sold Payment Protection Insurance. You could have a number of PPI Claims waiting to be started. The average refund is £2500 so you could be entitled to a cash windfall if you have. Greedy lenders have taken money from the pockets of UK consumers. Now is your chance to claim it back.

Do you have PPI claims? We are PPI Claims experts. You can claim for PPI using our no win no fee service.