PPI Claims UK

A PPI Claims UK Company and PPI Claims Specialists in Scotland, Northern Ireland, England and Wales

Have you had a loan or credit card from the following: Abbey, Alliance & Leicester, Barclays, First Plus, Picture, Halifax, HSBC, Lloys TSB, Natwest, RBS or any bank or other lender?

If you have, there is a good chance that you had a Payment Protection Insurance (PPI) policy and may not even know it.

You may be due £££s in compensation, even if you no longer have the loan or credit cards.

Many people are unaware that this insurance (PPI) has been added to their loan or credit card. Check your loan agreement and credit card statements, now!

• For loans, the premium may be shown on your loan agreement as a lump sum insurance added to your loan.
• For credit cards, check your statements to see if charges for insurance are being or have been added to your card account every month.

Call us now on 0800 412 1214 for a free assessment, there are no upfront fees

The UK Payment Protection Insurance (PPI) market is huge, with an estimated 6 billion £££’s worth of payment protection insurance (ppi) policies out there it’s been a big and profitable business for Banks, Loan Companies Credit Card and Insurance Companies but statistics show that unfortunately up to 50% of all policies sold, have been mis-sold. The mis-selling of these polices has become such a problem that the Citizens Advice Bureau (CAB) have called it a Protection Racket and issued a Super Complaint to the Office of Fair Trading.

What is ppi? Payment Protection Insurance
PPI or Payment Protection Insurance is an insurance policy that is used to protect individuals in the event of accident, sickness or unemployment. Basically it’s an insurance policy that keeps up loan, mortgage payments and/or credit card payments in case you lose your job through redundancy or cannot work, perhaps because of a medical condition, sickness and/or an accident.

Missold Payment Protection Insurance - Missed by the FSA says the Dailymail
A Payment Protection Insurance (PPI) policy is available to buy as a monthly contract that can continue for the term of a loan or it can be arranged as a single premium that would pay benefits for a required term. By taking out Payment Protection Insurance (PPI) alongside your mortgage, loan, credit card payments, you can set the deferral period yourself, knowing that a proportion or all of your payments will be covered after a certain number of weeks or months (usually 30, 60 or 90 days) for a given period of either 12 or 24 months, whichever is chosen at outset.

Missold Policies and Ppi Claims UK Company - BBC News on Misselling of PPI
Massive ppi compensation claims and reclaims have been achieved for and by people who have been mis-sold ppi policies in the UK. Our research has identified that more than £10 billion of policies have been sold and as many as 30 million policy holders may have a claim for compensation – stats taken from the Citizens Advice Bureau. Further research has identified that major companies such as CAPITAL ONE, LOANS.co.uk, Alliance & Leicester have already been fined heavily for mis-selling of ppi insurance. The fine on Alliance & Leicester is the largest yet on a payment protection insurance provider at £7 million. The FSA promised then that it would get tough with persistent offenders.

Fines for the Mis-Selling of Payment Protection Insurance (PPI) Latest Misselling News
HFC has been hit with £1 million fine for PPI mis-selling, as reported by Tony Bonsignore of Citywire | 13:43:20 | 16 January 2008. Tony states, “The Financial Services Authority today delivered on its promise to crackdown on payment protection insurance (PPI) mis-selling by hitting HFC Bank with a record £1 million fine.” HFC has more than 130 branches across the UK, and sells PPI to credit-impaired consumers alongside both secured and unsecured loans. Trading under the names of ‘Household Bank’ and ‘Beneficial Finance’, HFC sold some 163,000 PPI policies between January 2005 and May 2007, covering around 75% of all loans it provided. Around 124,000 were single premium policies sold with unsecured loans.

The FSA and Payment Protection Insurance (PPI)
The FSA said the systems and controls put in place by HFC had put customers ‘at an unacceptable risk of being sold PPI when it was not suitable for them.’ This included failing to require advisers to gather sufficient information about customers’ circumstances, and failing to require advisers to fully explain why they recommended particular policies, or identify which demands and needs the policy would not meet.

The FSA and PPI misselling warnings
Margaret Cole, director of enforcement at the FSA, threatened further action against other providers if selling practices did not improve. ‘We are determined to see much better practice in the PPI market,’ she said. ‘We announced in September that we would be imposing higher fines for serious failings in the retail market including against firms who fall short in relation to PPI.

The FSA said HFC had since agreed to change its sales processes and put in place a robust remedial action plan, overseen by third party accountants.

Ongoing ppi claims UK and missold policies investigations
The Financial Ombudsman has announced that it is continuing to investigate some 4,000 claims of mis-sold payment protection insurance (ppi) despite moves made to clamp down on rogue selling of incomplete and inadequate cover to consumers.

The announcement follows an ongoing battle by the Financial Services Authority to eradicate unscrupulous policy sellers and to clear up the market that has often been blurred by overly technical policy wording and contractual terms. Other fines have included Regency Mortgage Corporation (£56,000), Redcats (Brands) (£270,000), GE Capital Bank (£610,000) Capital One Bank (Europe) (£175,000) Alliance & Leicester (£7million) just to name a few.

What are the regulators doing about Payment Protection Insurance (ppi) claims, update
Single premium ppi policies have been banned as of May 2009. From 2010 lenders will not be able to sell monthly PPI policies within seven days of selling a loan or credit card.

Missold PPI Claims UK and PPI Reclaims
Well, how has ppi been mis-sold? Payment protection insurance is a type of policy designed to serve as a backup to inability to meet loan or mortgage repayments as a result of illness or short term unemployment, and by its nature is a technical and complex policy to create.

Missold Ppi Claims UK and Missold Reclaims are Growing
Nevertheless there are an estimated 20 million PPI policies across the UK, which some market analysts suggest could be made up of around 50% missold policies. The Financial Ombudsman’s announcement reflects almost 100% growth in the number of ppi claims it has been required to investigate, despite the wider clampdown on the way PPI policies are sold. Many consumer customers have reported the misselling of PPI cover, with brokers bundling it in with other costs and fees or failing to explain the true extent of the cover and what is excluded by the policy wording. Additionally, an extra statutory concession that the insurance industry will not rely on points of legal technicality in consumer cases seems not have been reflected in the policy wording of many PPI cover products, according to industry analysts.

Do you have a potential ppi claim or reclaim? Have you been mis-sold a ppi policy? Could you be entitled to a ppi compensation claim or reclaim?
Can you answer yes to just one of the following simple questions?

PPi Compensation Claims Questions - Answer Yes or No
1. You were not in work or self employed at the time of sale
2. You were told that you had to take the PPI out at the same time as the loan or not at all
3. You were not asked whether you had any other insurance which would cover the loan
4. You were not told you could buy PPI elsewhere to cover the loan
5. You were sold a policy which had age restrictions which you fell outside of
6. You were led to believe that Payment Protection Insurance was compulsory
7. You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance (ppi)
8. It was not explained to you that there were certain exclusions within the policy that could affect you
9. You were pressured into buying the PPI
10. You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly
11. Your PPI was an upfront premium and you repaid the loan early and received no refund
12. You increased your loan and the PPI was increased automatically
13. The Terms & Conditions of the small print were not fully explained to you

This list is not exhaustive but a comprehensive list of the things that people in the UK have claimed ppi compensation for in the past. Your circumstances might be different but if you can answer yes to just one of these questions then you may be entitled to compensation and it could net you thousands of pounds for being missold your ppi.

Financial Reclaims Limited are regulated by the Ministry of Justice in respect of regulated claims management activities. Our authorisation number is CRM20246 and our registration is recorded on the Ministry of Justice website www.claimsregulation.gov.uk

Need help?

* Contact Joe of Financial Reclaims Limited on 01254 248156
* TEXT YOUR NAME and PPI to 07957 883403
* Email: joe@financialreclaims.co.uk