In April 2011 the Supreme Court finally put an end to a Judicial Review challenge by banks over the way they were told to assess PPI misselling claims.
Payment Protection Insurance was sold to millions of customers who took out credit cards and loans. Some didn’t know they were being sold it, others felt forced to agree to it.
In October 2010 all banks except Santander decided to lodge a court action against the FSA over the handling of PPI claims. For customers it was another blow as it meant all claims were put on hold. The Financial Ombudsman Service became strained under the pressure of dealing with held up claims.
The Court judgment is welcome relief for customers and the banks chose not to appeal the decision. This has now allowed all existing claims to be assessed. There are still millions who haven’t put in a claim for missold PPI and it is time to lodge a claim.
It is important to remember that simply because the banks have chosen not to appeal does not mean that victory is an automatic one. Each individual PPI claim will need to be assessed and of course banks may try and reject claims.
If you have been mis-sold PPI, you may be entitled to compensation from your bank or lender. We are a fully regulated claims management company and our experience will help get you the money back on your PPI claim.
Call us on 0845 463 3806 to find out more or just download one of our offer packs.
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The Competition Commission confirmed it will bring into force new rules which ban Payment protection insurance being sold at the point of sale. Lenders will instead have to contact customers seven days after taking out the credit agreement.
Single premium PPI policies will be banned outright. This is usually where customers would be an upfront single payment for the policy.
It is also introducing a package of measures to boost competition in the market, including personal PPI quotes for consumers, annual statements on the cover and better information to make it easier for people to shop around and switch provider.
Many people are unaware that they paid for PPI as an upfront single payment at the time a loan was taken out. If you still haven’t made a claim or are unsure if you were sold PPI, we can help. Contact us on 0845 463 3806 or download one of our offer packs and we will do the rest.
PPI stands for payment protection insurance and is an insurance policy specifically created to help you keep up with your loan or credit card repayments in case you find yourself unable to work due to accident, sickness or unemployment.
In theory, this may sound a super product and some people who have taken out PPI have benefited from it. However, many have complained that when they have attempted to claim on the policy, their claim is denied, leaving them out of pocket and struggling to meet their monthly bills.
Some PPI was sold as a single premium and others were sold on a monthly premium. It all adds up and its your money.
If you have taken out PPI, there is a chance it may have been mis-sold to you. This means that you are entitled to claim compensation. With an average payout in excess of £3,000, it’s worth checking to see whether you have taken out PPI and whether you can make a PPI claim.
Don’t delay – there is a big queue building up and we are winning claims all the time. There is no complicated forms and a simple process with a 10% fee