British Bankers Association and Bank PPI Claims

On May 9, 2011, in News, by Lewis Alexander

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  • The British Bankers Association are taking no further action about the PPI Claim Judicial review.

Sky news reported that on a scale of 1-10 for the banks, this reversal in direction regarding consumer PPI claims would have to rank about an 8 out of 10 for embarrassing.

The scandal is similar to the MP expense scandal as far as the banks following the letter of the law but not the spirit, miss-sold payment protection insurance has been found on an industrial scale and this is basically down to being not regulated correctly, however, what the banks were doing was basically wrong.

Lloyds Banking Group set aside approximately £3.5 billion and other banks have fallen in line with RBS expecting a bill in the region of £1.5 billion

20% of a clients’ monthly loan or credit repayment would have approximately contributed to ppi insurance on that debt.

Approximately £9 billion is expected to be claimed by the consumer from the main High Street banks who tried all they could to avoid this uturn / ruling.

  • Will the consumer end up paying this bill in bank fees?
  • We shall have to wait to find out!

Payment protection insurance or ppi is not a bad product it just needs selling correctly!

For further information about how to claim back Payment Protection Insurance or making a PPI Claim on a loan or credit card you have or may still have, please call us free from a UK landline using 0800 018 6868.

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Payment Protection Insurance Claims or PPI Claim

On May 15, 2010, in News, by Lewis Alexander
  • Are you a victim of miss-sold PPI?
  • Could you be entitled to reclaim Payment Protection Insurance on your credit cards & loans?
  • If you have or have had a credit card or loan or other type of personal credit agreement with payment protection insurance in the last 6 years, you could make a claim!

These adverts and catch lines are all very familiar when searching the internet for information regarding a Payment Protection Insurance Claim or PPI claims as they are known in short.

Companies will offer you the possibility of being able to make a claim for PPI miss-selling, this is when you have paid for payment protection insurance on a loan or credit card and did not ask for it etc.  There are a number of legal reasons why people are able to reclaim the fees they have paid out on Payment Protection Insurance and claims companies will do this work for you for a fee.

The fees that PPI Claim companies charge can vary and some are very high and some are reasonable, it is hard to find reputable companies that specialise in this sector as a great number are just enquiry generators who do not actually do the work for you.

  • There should be no upfront fees charged by a company to review a PPI Claim!

Certain well known high street lenders have suffered massive fines from the authorities for misselling Payment Protection Insurance and the amount of money being claimed back by individuals is also very high.

  • Payment Protection Insurance in itself is not something that does not work, It does!

PPI will cover you for repayments of personal credit agreements should you fall sick, become unemployed or simply have an accident.  These payments are usually met by the insurance company for up to one year.

From the FSA Financial Services Authority to the FOS Financial Ombudsman Service, these PPI companies have been fined, warned and reprimanded.

The finance companies make a lot of money from the add-on products such as PPI; this is where they make most of the profit from in the sale to you.

If you think you have a genuine claim for being miss-sold Payment Protection Insurance contact one of our advisors today in absolute confidence and we will help you to understand the process involved in making a PPI Claim.

Call Free today using 0800 018 6868

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