Real Claims - PPI Reclaim Specialists

PPI (payment protection insurance) was implemented initially in order to help consumers by protecting them should they fall ill, or be made redundant and struggle to repay their premiums. The idea was that they could then use this insurance policy- in which they paid into- to cover those premiums for a period of time. However, banks and other financial services realized the fact that PPI could make them money, lots of it. After all, they are a business- and in turn for looking after your money- they aim to make a profit. It is the ‘mis-selling’ of such PPI policies on credit cards, loans and mortgages which have deemed it unethical and now effectively illegal. It is for this reason that millions of policies may now be eligible for a full refund. As of May 2009, Point of Sale (POS) – selling PPI at the same time as selling a loan or credit card – has been banned, signifying exactly how much of an issue PPI mis-selling by the banks has really become. So much so, that the banks and the FSA (Financial Services Authority) went to the high court in a legal challenge (judicial review) initiated by the BBA (British Bankers Association) whereby the judge ruled in favor of the FSA, enforcing that the banks must process and refund all customers found to be mis-sold PPI policies, investigating them retrospectively. ‘Systematic failures’ identified from previous sales, through investigation, must be acted upon accordingly. You may have been mis-sold PPI is you are a student, a pensioner or self-employed as PPI policies typically do not cover these groups of people, therefore if you tried to use the policy it is likely you would have been rejected, making the policy a useless expense to you. Purchasing PPI in conjunction with a loan or credit card can often be more costly. Your lender should have made it clear to you that PPI is available elsewhere and is, in any event, an optional cover. Many customers were not advised of this – some were not even aware what they were signing for it when the advisor simply produced the paperwork and asked for a signature. If you feel that you were mis-sold PPI on a credit card, loan or mortgage you are best to go to a claims management company like www.realclaims.co.uk for the best chance of success. Using a solicitor to submit and process your claim they will negotiate the best outcome for you, possibly with interest and compensation added on. The banks have already fooled you and lost your trust once; don’t let them do it again.