Payment Protection Insurance or PPI is a highly controversial product sold by many banks and lenders to customers who were not eligible and in some cases were not even away that PPI was added to their account.
PPI troubled by sales targets
The problem with PPI is based around the targets set by banks to their sales people, staff were pressured into hitting targets of selling the product and so took to underhand tactics to hit their targets. These tactics involved but are not limited to telling the customer that having PPI would benefit their application and would give them more chances of being accepted. Customers were not told that PPI was optional and that it could be purchased elsewhere where it may be cheaper and customers were sold the product without ever having a chance of being able to use the cover if needed.
Retired, self employed or unemployed?
If you were retired, unemployed, self employed, over 70 (65 in some cases), suffering from an illness that may cause not being able to work at the point of sale then you were not eligible to have PPI cover and so are almost certain to be able to claim compensation. PPI claims average at £2200 for a loan and £400 for a credit card with each customer being able to claim an average of £3000.
To claim back PPI compensation all you need to do is check your paperwork, if you think you may have been mis-sold PPI on a loan you should check your agreements to see if it was added as a lump sum at the start of the loan or if you think that you have been mis-sold PPI on a credit card it should appear as a premium on your statements each month.
RSMMR Finacial Solutions
RSMMR financial solutions offer a full portfolio of financial services in the UK, accountancy, payroll and financial recovery solutions for companies and individuals within england, scotland, ireland and wales.
Our experienced team members have all the answers to any possible financial query you may have, they have been in the trade for decades and know all there is to know about accountacy, payroll, financial recovery and debt. So if you are in need of some advice, guidance or just a push in the right direction give us a call and we will come up with the perfect solution for your financial needs.
Accountancy and Payroll
Accountancy and payroll are the main stay of most businesses in the UK, RSMRR are experts in the financial needs of small and medium sized businesses in the UK. Our exstensive work with companies, small businesses and multi-national corporates means we truely have a full 360 degree view of the market and know exactly how and when each financial solution could and should be used.
Claims and Unfair Charges
The financial market is more and more becomming not only a place to get advice and the finances to guide you in the right direction but a place where customers are making claims against their lenders and banks for unfair charges and mis-sold products such as PPI and Mortgages.
Making claims against your bank for unfair charges or PPI is not a difficult process but you need to make sure that you have 100% been mis-sold the product before you mount your case against your lender or bank, though it will not harm your relationship with them it is always best to use a claims management company to run the paperwork and do the chasing for you. Not only do they know exactly how to do things but they have a constant relationship with the banks which may mean you get paid more and quicker compensation for your case.
PPI Claims inparticular are big business and a big ‘pain in the arse’ for banks and lenders int he UK. Estimated to be worth billions of pounds to the banks and lenders of the country, around 30 million policies have been old in the UK with a large proportion of these mis-sold to customers who were mis-informed and not told PPI was even on their account.
The main reasons for PPI being mis-sold lie in the mis-information passed by sales people within banks and lenders to potential customers. People were told that having PPI would help their application for finance, they were not told about the policy exclusions and the policy was sold to those who were not even eligible like retired, self employed and the unemployed.