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Were you told PPI wasn't Optional?

PPI is always optional, it is never compulsory, if your lender told you had to purchase Payment Protection Insurance for whatever reason call us on 08000 461 826 or fill out our online claim form.  

The reason why banks have made so much money out of PPI is they have sold single premium policies but packaged the repayment of the policy in monthly instalments which allows them to charge extra interest on top of loans and mortgages for the PPI.

Single Premium PPI Policy sales is chiefly why the banks have made a staggering £5billion a year.  That and the lack of self regulation.   This year regulatory body the FSA has encouraged Banks and other lenders to improve self regulation and tighten up their procedures.  In extreme cases some lenders have been rejecting complaints received by customers that have been upheld by the FOS, which partly explains the thousands of complaints that the FOS receives each month.

Following this the FSA has this summer announced stricter rules for the selling of PPI.  This has not only announced the beginning of the end of Single Premium mis-selling but brings to an end the lucrative business of mis-selling which generated lenders in the UK £5 billion a year.  The Lloyds Banking Group was the first major high street bank to announce it would no longer sell single premium PPI.

Although this is good news for the general public, if you've previously been mis-sold a PPI policy, have a policy you've failed to claim on or are one of the unfortunate few who don't even know you have a PPI policy, this doesn't help you.

The Good News!

The good news is we here at Gladstone Brookes are not only able to take your claim on for you but unlike many Claims companies we only deal with PPI claims.  So if your Bank has told you that you would not get your loan or would stand a better chance of getting your loan if you took out Payment Protection Insurance then you have been mis-sold PPI or even if you're slightly suspicious that you have a PPI policy and just want to contact us to be sure you haven't then either you should call 08000 461 826 or fill in our PPI Claim Form and take a step nearer to either peace of mind or being compensated for the entire cost of your policy and getting it cancelled if it is still running.