PPI Pay outs Reach £1.9 Billion
According to figures from the Financial Services Authority (FSA), Payment Protection Insurance pay outs reached £1.9 billion in 2011
Get your Mis-sold PPI back with Financial Recovery Solutions
For years lenders have made huge profits for selling Payment Protection Insurance with loans and credit cards. A report by the Citizens Advice Bureau found that there were at least 20 million such policies of which many industry analysts believe up to half may have been mis-sold. This has generated profits for credit providers of up to 1.4 billion pounds per year.
Often the policies are sold without a customer even knowing they have taken it out and can increase the repayments of a loan by 15% to a staggering 50%. You could be owed thousands of pounds and not even realise it. Here are just some examples of how a policy could have been mis-sold to you:
- You were told that you had to have the insurance to get the loan, or you were not told it was optional.
- You didn't ask for the insurance, but it was automatically included.
- You were told that you would get a better interest rate by taking our the PPI
- You didn't realise that the cost of the PPI would be added up-front to your loan.
- You were not in full-time employment when you took out the loan.
- There were age restrictions that applied under the policy which you fell under.
- You have found you cannot claim on the policy due to the small print which was not fully explained to you at the time of taking out the loan (e.g. medical conditions, employment status etc).
- The insurance does not last for as long as the loan, or the loan was granted on the basis of joint income but the policy only covers one person.
- You intended to pay off the loan before the policy finishes but did not receive any refund.
We represent consumers to recover money from banks and insurers which is rightfully theirs. See our claims calculator to see what you may be entitled to claim back.
