What are PPI claims and how was PPI mis sold?
The banks are reported to have made around £4.1bn a year through mis sold PPI and here’s how they did it (not comfortable reading):
Poorly trained telesales teams were given cash incentives to include PPI in with loan, credit card, car finance and mortgage agreements however they could because PPI makes lenders such MASSIVE PROFITS. The lenders knew that they can use any old reason not to pay out when people need their repayments covering, so the monthly premium is almost pure profit for the policy issuer.
‘Mis sold PPI’ is the polite way of putting it
Let’s get this straight:
- They NEGLIGENTLY told cash-strapped UK customers that they HAD to have expensive cover in order to get the borrowing
- They included it without telling the customer so they were paying for it every month without knowing
- They added the total cost of the entire PPI policy (often over £10,000) to the loan right a the start meaning that the interest charges on the amount increased – people paid twice for cover.
- They didn’t explain it to customers so people ended up paying for cover they could never use because they were ill, self-employed or too old.
- They over priced it – because they could sell at the point of borrowing, most customers felt it convenient rather than searching the market. They put genuine fair PPI providers out of business and jacked up the price to consumers.
But they didn’t stop there.
Every time people went for a remortgage or top up on their loan, they added the current PPI cost to the old loan then issued a new loan for the combined amount AND added another PPI policy, meaning you could have many different policies that were all mis-sold, over-priced and completely worthless.
So, the banks screwed us right royally but what’s being done to stop them? NOTHING. The Government have promised to clamp down on them and have introduced a new 50% tax on monthly bonuses over £25,000 paid to bankers (the average total yearly wage for a real worker in the UK) but the banks have just paid them more to ensure they get the full amount. Oh and the tax made won’t even touch the sides of the bail out billions we gave.
PPI has been mis sold, I get it – but what have the Authorities done?
Ultimately, the Government won’t do anything because it values ‘the City’ too highly and likes the idea of London being a financial centre. The result is: they will never go far enough to penalise lenders because they might up sticks and leave for another country.
But what they will do is encourage people like you to make PPI claims and complaints about banks because that way they can put the onus on us to make the banks accountable. THIS IS WHY YOU HAVE TO CLAIM. Because no-one else will do it for you and no-one else will make the banks realise what they’ve done and your money will just sit in the vaults of the banks.
Remember: the Financial Services Authority, Financial Ombudsman and Financial Services Compensation Scheme all WANT you to claim and have taken £148 million pounds from lenders, banks and insurers so they can pay out to those who request compensation. This amount will grow each year and there will always be enough in the kitty for your PPI claim. To start your claim or to speak to an adviser, call us on 0800 111 6887 or fill out our 30 second form above and we’ll call you back.
PPI FACT SHEET:
- In May 2011 the High Court ruled that banks lenders and insurers must look into all the PPI policies they’ve sold and refund any mis sold customers
- The judge also ordered them to investigate all previous payouts for any under-settlements
- The Financial Services Authority (FSA) issued over £2bn in PPI refunds in 2011
- In 2011 the Financial Ombudsman Service (FOS) received 145,332 PPI complaints, that’s an average of 398 every day
- In the second half of 2011 the FOS upheld an average of 72% of complaints in favour of consumers
The money’s there if you’ve been mis sold
The FOS back 99% of claims, even when rejected by a lender and the average mis sold PPI payout is £3000. Plus: we’re finding that each of our claimants has four claims on average so that’s £12,000 being put back in your bank account. We’re not saying you’ll definitely get this much back, or anything, you may even get more, William Robb received back a whopping £52,851.30 back but if you have a genuine case then chances are you’ll get money back. Call us on 0800 111 6887 now or fill out our 30 second form above to get your claim started. There’s no obligation and if you’re just after more information – that’s fine by us.
We’ve already got money back for all of these victims of PPI and if you’ve got a case, we’ll do the same; strictly on a NO WIN NO FEE basis with no charges upfront (unlike some other companies):
Mr B. Maynard – Refunded: £1,315
Mrs J. Lester – Refunded: £10,351
Mr K. Shamu – Refunded: £1,348
Mr W. Robb – Refunded: £52,851.30
Mr A. Flinder – Refunded: £7,669
To join the thousands of successful PPI claimers who are doing their bit and claiming back their PPI payments (£2bn last year alone!) simply fill out the quickest from in PPI or give us a call FREE on 0800 111 6887 and we’ll get to work.
And just so you know, every enquiry or call you make is completely non-obligatory, we won’t hard sell you to claim and if you just want some info that’s fine by us. That said, we won’t be as nice with the banks if you decide to go ahead!
To get your claim started, get your money back and do your bit to make the banks accountable, simply call us today on 0800 111 6887 or fill out our 30 second form above and we’ll call you back.
“Why should I make a PPI claim?”
- If you have any kind of credit card, car finance, mortgage, re mortgage or loan, you could have a hidden mis sold PPI policy and can make a claim
- 1.5 million people have already made a PPI claim
- The average payout is £3,000
- Our average PPIClaimsUK customer has 4 policies
- Making a claim is easy and you don’t have to chase your lender, we’ll do that
PPIClaims.co will do everything to make sure you:
- Get a refund on every mis sold PPI policy. You could be paying for more than one useless insurance policy, we’ll make sure you get every penny back that you’re owed from each of them.
- Stay up to date on your case. We’ll track every step of your case and keep you up to date on any important developments.
- Get your case heard. Every lender in the UK is dealing with thousands of mis sold PPI claims right now. We’ll make sure yours get’s in front of the right person as quickly as possible.
- Get a maximised payout. Lenders will often try to get away with a low initial offer, hoping you don’t want to fight. We WILL fight and make sure you get a full refund of unfair payments, plus any interest you would’ve earned if the money had been in a savings account instead.
PPIClaims.co will never charge you for making a claim or for any information you may need – that always has and always will be completely free. The only fee we request is the usual 25% + VAT when we win your case, if we lose – you pay nothing.
To start your claim or to speak to a trained PPI claims case adviser, call us for free on 0800 111 6887 or fill out our 30 second form above and we’ll call you back.
Wishing you the best success with your PPI claim,
The PPIClaims.co Team
P.S. In case you can’t be bothered making a PPI claim, consider this:
Bankers pay has increased 10% in the last 6 months with the average banker earning £400,000 a year BASIC, plus bonuses. In that time a further 200,000 workers have lost their jobs and 10,000 homes have been repossessed by lenders leaving families homeless.
P.P.S. Most of the banks and lenders that mis sold PPI are seeing better profits now than ever before, remember: we paid off their debts with our tax payments and now they are able to borrow money at the lowest rates EVER RECORDED, just 0.5%. Then they charge us an average loan rate of 8%, credit card rates around 18% and mortgage rates circa 6%, making them staggering profits and leaving us with mounting debts.