Payment Protection Insurance policies were sold to millions of people in the UK. Most of these PPI policies were mis-sold. Experts have estimated that the total value of these mis-sold PPI policies comes to nearly £50 billion pounds, with most of these mis-sold ppi policies being sold to consumers over the previous ten to fifteen years (2001 to 2016.)
Since 2011, when the UK banks lost a high court case, which forced them to pay out compensation to the victims of mis-sold PPI, £24 billion has been paid out in PPI Claims compensation to these individuals.
What Was PPI Mis Sold On?
Some of the financial products on which PPI was mis-sold on include mortgages, credit card, card finance agreements and store cards. PPI was mis-sold as far back as the early 1980’s.
Was PPI Known By Any Other Names?
Payment Protection Insurance was also known by a variety of other names. Some of these include: Credit Card Repayment Protection (CCRP), Mortgage Payment Protection Insurance (MPPI) Sickness and Unemployment cover and Accident, Sickness and Unemployment cover. Most people who own a credit card or who took out a loan or a mortgage were most likely also sold payment protection insurance. Potentially some people may be able to claim compensation which totals £1,000s of pounds.
Why Was PPI Mis-Sold?
PPI was mis-sold to millions of people in the UK, simple because the banks saw PPI as a quick way of boosting their profit margins and making a quick buck. The banks did not care that the vast majority of people to whom they were selling PPI, had no need for it and were not told beforehand that they were buying PPI or that their life circumstances made them ineligible for PPI in the first place.
Is There A Deadline?
The Financial Conduct Authority is poised to announce in June 2017 a deadline for people wanting to make PPI claims for June 2019. This essentially means that people will have until that date to make a PPI claim and any PPI compensation claim made after June 2019 will be invalid and consumers will not receive any compensation for claims made after June 2019.
Can I Make A Claim Myself?
Yes you can. However, one must remember that the entire process of making a PPI claim can be long and difficult, with paperwork dating back many years having to be found and a person being forced for up to six months, waiting for a response from their bank, regarding their PPI Claim. In this instance it is recommended to instead use the services of a PPI claim company, who are experts in claiming PPI compensation from banks and they will handle your PPI case from start to finish, which will mean customers being freed of the responsibility of dealing with paperwork and the banks.