Misselling PPI - 10 reasons to claim Payment Protection Insurance Back
Misselling PPI - 10 reasons to claim Payment Protection Insurance Back
Payment Protection Insurance is designed to meet repayment in the event of you being unable to work through accident, sickness and unemployment though misselling PPI has been widespread in the last 10 years.
However the financial businesses have been misselling the insurance to the majority of the 20 million people that were sold the PPI across the U.K.
Only 82% of people who have Payment Protection are ineligible to claim on it, this is because of all the exclusion clauses the Insurance has.
Whilst customers with other insurances who can't successfully claim are much lower
Car Insurance: 22%
Home Insurance: 46%
The Banks were making a huge profit of 5.5 billion per year through this insurance, every 1 that is put towards this insurance, 95p is simply profited to the bank.
The Payment Protection Insurance could of been missold to you for various reasons such as You were told the wrong thing- maybe you thought this insurance was compulsory or maybe
At the time of taking the insurance you wereSelf-employed, unemployed or retired Payment Protection Insurance did not cover this.
Another major exclusion to the policy was if you had medical conditionsor registered disabled -Payment Protection Insurance also does not cover this.
For years the banks have been stealing 1,000's and now you can claim it all back!
There are still an outstanding amount of PPI claims to yet be processed, and the average payout is 2,000.
Your money may have been taken unfairly by your lender without you wanting PPIorneeding PPI or in some cases.
It is also known that 40% of people don't actually know that they have the insurance so it is best getting checked by a specialist claims company, The banks disguise the Payment Protection Insurance under a number of different labels such as LPI Loan Protection Insurance, PPC - Payment Protection Cover, LRP Loan Repayment Protection and many more.
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