If you are one of those lucky people who see the good side to everything then you might even consider something as unpleasant as mis-sold PPI to be some sort of blessing in disguise.
Admittedly this is unlikely to be the first reaction of many of the UK bank customers who have been miss sold PPI over the last few years. However, let’s have a look at see if we can find something positive to take out of the experience.
Get Back a Lump Sum
With the current PPI scandal still in the news, consumers are being warned to be wary of new PPI products that may be developed in the coming months. Over the past few years, thousands of people have applied to reclaim PPI after it was mis-sold to them or after it was added on to a loan or credit card without them even realising. New guidelines have recently been published to try and minimise the amount of mis-sold insurance plans, although many are worried this may encourage lenders to come up with more creative ways of selling PPI.
Mis-sold PPI has been one of the most publicised examples of malpractice in the banking industry. The media has been keen to highlight the fact the lenders deliberately mis-sold PPI products to thousands of consumers in the name of profit. Claiming PPI is a way in which consumers can fight back and show banks that nobody is going to stand for this kind of widespread malpractice again.
What is PPI?
PPI is a type of cover designed to provide a safety net for both lenders and borrowers. PPI would cover the repayment part of a credit product if the borrower were to face unforeseen circumstances that affected their income to a degree where they could no longer pay themselves. This could include situations such as sudden illness or redundancy.
There is no denying that the PPI fiasco has been one of the most harmful scandals in the credit industry’s history. Many leading banks and lenders have been shown to have knowingly mis-sold PPI to customers in order to boost profits. You could be among the thousands of people that have the right to claim PPI back that was mis-sold to you.
PPI Claims Soar
PPI scams have been widely reported in the media. Many people now realise that they need to look again at any credit products they took out in the last ten years. This means that the numbers of people looking to claim PPI back again has soared.
You may be one of the thousands of people in the UK who are currently paying for PPI without their knowledge. PPI is Payment Protection Insurance and if you have taken out a loan, secured a mortgage or signed for a new credit card in the past ten years, you may be paying this insurance without your knowledge.
There was huge media coverage a while ago because the majority of institutions actual mis-sold these insurances by either forcing customers to take it or adding it to accounts without the customer’s knowledge. What the financial institutions didn’t advise you of is there are so many exclusions and loop holes that a majority of people paying for this cover will never be able to use it.
Many consumers all across the country have been the victims of mis-sold payment protection insurance. If you have been a victim you should act now to start claiming back payment protection on loans. This could represent a significant reduction in costs on current loan repayments so is well worth looking into.
Gladstone Brookes offers expert advice for those thinking about making payment protection claims. We can guide you step-by-step through the process and make is as easy and stress-free as possible.