PPI Claims

PPI Claims

Do you understand what Payment Protection Insurance is and why you have been getting many calls about PPI Claims?

PPI was mis-sold on an unprecedented scale to people who didn’t want it, didn’t need it and didn’t even know they had it.

What is it?

Let’s break it down:

P – Payment = payments against financial agreements like a personal loan.
P – Protection = Protection against accident, sickness and unemployment
I – Insurance = it’s an insurance policy so, by definition, it will pay cash out if it is used successfully

PPI is a general insurance that was sold en-masse to consumers alongside or bundled with many types of finance. It was sold as far back as the 1980’s with a heyday from 2002-2005 until regulatory improvements stopped the market for it in 2012. It was a profit-making powerhouse for the financial industry with some major banks making up to 10% of yearly profits. In addition, the banks even sold PPI to ensure the PPI payments. Insurance to pay insurance!

What makes PPI different is that it was sold to millions of people who didn’t need it, didn’t want it, couldn’t use it or couldn’t afford it. It was sold in ways that maximised profit for the seller and minimised value to the policy holder.

One of the main problems in the sale of the insurance is that many policy holders did not know that it was part of the agreement.

If you think you never paid PPI or you’re just not sure, the statistics say there is a fair chance you did. Aged 23-103 and you had any type of finance agreement in the last 30 years? Then you could have been a target for PPI whether you realised it or not.

So far banks have paid out over £25 Billion** pounds in compensation with plans to set more aside just around the corner.

PPI – Why was it ‘mis-sold’?

When PPI was sold there were rules and regulations, both enforced and voluntary that the sellers were meant to follow. If you were going to sell an insurance policy to someone then they needed to be able to use it, it needed to be suited to their requirements and they had to be fully aware of the insurance and its costs. You wouldn’t buy car insurance if you didn’t own a car.

However, many PPI sales didn’t follow or even acknowledge these rules and regulations.

The big five examples of mis-sale:

  • You were told it was a compulsory insurance to get the finance
  • You already had sufficient accident, sickness and unemployment cover from your work
  • You had a pre-existing or excluded medical condition
  • You were self-employed
  • You were not employed full time (Retired, Unemployed, Student, Working less than 16 hours a week)

What if none of these applies to you? You had PPI, you wanted PPI, and you knew what it was.

Other forms of Mis-selling

We have tried to make it simple to understand how PPI was mis-sold and listed the major reasons below. If you have any questions please contact our team of specialists who will be happy to help.

  • Did the seller ask you questions about your age, employment status or health?
  • Were your earnings while off sick guaranteed for six months or more?
  • Were any of the exclusion clauses mentioned?
  • Were you told that PPI was optional or did you feel pressured into taking the policy?
  • Were alternative policies discussed?
  • Were you advised of the cost of the premium as a separate item?
  • Were you even aware that a policy had been sold to you?
  • Were you asked if an existing PPI policy was already in place?

How are YOU a victim of mis-sale?

They didn’t just mis-sell insurance, they also sold types of insurance that never needed to exist – Single Premium is the prime example.

Single Premium PPI was added as a lump sum that attracted interest throughout the course of the finance and financially penalised the consumer if they refinanced or paid the finance off early.

Single premium PPI never needed to be part of the loan. It could have been paid for separately and monthly, known as a monthly regular premium, the type used by most insurance companies.

If you know you paid PPI ask yourself again, did I get the best deal financially? Was I given another option? Was there any reason why PPI was charged to my credit card account and not paid out of my debit account? (It attracted interest like a purchase so made more profit).

Our team is dedicated to the finding you the best possible outcome.

We provide a service where we do the things you might not have the time, the confidence or the commitment to see through.

We have been in this industry for 6 years. In this time, we have gained skills to expertly find PPI and claim it back for you.

What can I do next?

– Call us on 01270 446600 to talk to one of our PPI specialists.

– Fill out the online form below to begin your claim.

*Figures correct as of August 2016.

PPI Form

Simply fill in this quick form and one of our friendly and professional advisers will call you back.

* By submitting this form, you indicate your consent for Crystal Legal Services to contact you via the information provided in this form. For more information about how we use your information please read our privacy policy: Privacy Policy

 

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latest news

May 2016 – CYBG still has total PPI contingency fund of £2.1bn


CYBG is the former Clydesdale Bank and in it’s half year results announced a ‘revised estimate of the expected level of claims and costs’. They swelled the compensation pot by an additional [...]

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