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Have you been mis sold PPI? (Payment Protection Insurance)

If so, want to claim it back?
Payment Protection Insurance was designed to help us in time of financial need, i.e. if you become ill and cannot work or get made redundant from your job. The banks told us Payment Protection Insurance will be there to cover your repayments on your debts until you get back on your feet with your finances, unfortunately, like most of us have found out, this is easily said then done.

Approaching a bank and trying to implement your right to claim your insurance seems virtually impossible as they always come up with some reason why you are not eligible to claim. Most people are told that they cannot claim because ‘in the contract’ it doesn’t state that PPI can be reclaimed for whatever reason. From a contractual point of view this is probably correct but where the banks have failed to do their job properly is by informing YOU, the customer, of this at the time of the initial call. Therefore in most circumstances, PPI has been mis-sold.

How did they mis-sell it to me?

Banks and lenders have been very sneaky about how they may have sold you a PPI policy. The likelihood is you it would have been sold to you when you applied for a credit card or loan. Advisors have been known to tell people that ‘it is compulsory’ to have PPI in order to take out credit with them, which is completely wrong and in itself is a form of mis-selling.

Other methods which are commonly used are by giving you the ‘fully protected’ price at the start. i.e;

Caller: “I would like a loan for £10,000 please”
Advisor:OK, Our fully protected price is would be repayments of £350 per month”


Caller: “I would like a loan for £10,000 please”
Advisor:OK, for a £10,000 loan your repayments would be £350 per month fully protected”

Now most people would not pick up on what was meant by ‘fully protected’ or even if they did they were not able to calculate the APR quick enough to see that the Payment Protection Insurance had been added to the premium. If you know that the repayments on a £10,000 loan were only actually £250, £100 less than what you have been quoted, the likelihood is you would not have taken out the policy. These are the most common forms of mis-selling when it comes to PPI and the banks use these techniques to mis-sell the product to you.

See other ways Payment Protection Insurance can be mis sold

PPI – One of the biggest scams of the last decade

Payment Protection Insurance has been considered one of the greatest money making scams of the last decade, with thousands of people being conned out of millions of their hard earned cash each year it’s amazing how the government let them get away with it for so long. In October 2008 the Financial Services Authority said they were going to step up their campaign against the mis-selling of PPI as they could not cope with the amount of complaints which were coming through. Since then we have seen some of the big names in banking being fined such as Egg, Alliance and Leicester, capital One and Lloyds TSB by the FSA for mis-selling of its financial products, and about time too! It has been going on for long enough.

So why is PPI still legal?

The idea behind Payment Protection Insurance is to cover your repayments when you need it, which is fine but there are very few people who can actually get their lenders to pay up! Also the chances are you are paying well over the odds for it.

How can I reclaim my PPI?

You can reclaim your PPI back from your lender by basically writing to them, telling them you were mis-sold the product and that you want you money back. It is virtually guaranteed that they will reject your claim and you will probably have to write up to 5 times before you get a satisfactory response. They won’t be in any hurry to give you your money back, believe me!

If you would rather a specialist does it for you we can help. Contact Us on 0800 043 2027 for more information.

How much will it cost me ro reclaim my PPI?

We do not charge any upfront fees for PPI cases, we only charge 20% +VAT of whatever is recovered.

How long will it take?

To process a PPI claim from start to finish usually takes around 6 weeks.

Will it affect my credit rating?

No not at all. Reclaiming PPI is separate from you credit agreement and will not show up on your credit file.

Contact Us

If you have been mis-sold Payment Protection Insurance on your debts don’t hesitate in reclaiming yours back. Contact us on 0800 043 2027 or contact us here and we will help you get back what is rightfully yours.

Channel 4 PPI

Recent Successful PPI Claims...

> £6,879.87 from Egg Banking

> £3,178.97 from Nationwide

> £1,874.47 from Citi Financial

> £4,859,61 from Abbey

> £6,936.26 from RBS

> £4,827.73 from Egg Banking

> £12,375.84 from Barclays

> £8,627.04 from Lloyds TSB

> £4,1975.01 from Halifax

> £18,683.68 from First Plus

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