Ripoff Britain on BBC1 with Gloria Hunniford, investigates mis sold PPI and one of our succesful clients, Steve White, discusses his PPI Claim.

We have provided a transcribed version of the Clip below.

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Successful PPI Claim

 

Gloria Hunniford: Today we’ve been investigating PPI. In other words, Payment Protection Insurance. It’s the insurance meant to cover your debt payments, if you’re not able to work. But we’ve heard in thousand of cases, consumers simply haven’t been told that interest can be charged on the premiums and that the policies are all too often riddled with complicated clauses. And this is something that Steve White knows all too well.

Gloria Hunniford: Steve White from Luton has always worked hard for his money, yet like so many people, he’d managed to run up a number of debts on his credit cards, but came to get his finances in order. In 2004, he decided to take action.

Steve White: I consolidated my loans due to credit card debts and other small debts I had from other lenders and decided that was the best thing for it at the time was to get a lower percentage rate on the loan…and, um capture everything together to get the payments each month down. I thought it was sensible really to keep my outgoings as low as possible, because, uh…work hadn’t been too good, and, um there were no pay raises at the time, so it was all about keeping the outgoings as low as possible.

Gloria Hunniford: Steve applied for a loan of £24,000 over the telephone. He claims he was strongly encouraged to take out Payment Protection Insurance.

Steve White: The PPI was put to me in such a way that if I took it out, it would make obtaining the loan easier to get.

Gloria Hunniford: The cost of the PPI came to more than £4,000, which was added on to Steve’s loan. A considerable sum, but Steve had been led to believe that it would be money well spent should the worst happen. So when he lost his job in 2009, he thought he’d be okay, but he was wrong.

Steve White: I felt at the time I was covering all the options, and it wasn’t until four or five years later when I actually needed the policy that I found out that I wasn’t even covered for redundancy. I was paying all that money and then finding out I’m not covered I was disappointed and also angry. When you start looking back on the things you felt you could rely on and then finding out you had no cover at all, it seemed like a worthless exercise.

Gloria Hunniford: Steve’s PPI didn’t pay out because of a pre-existing medical condition, but he insists that he was never asked to disclose details about his health.

Steve White: I felt cheated when I realized I wasn’t covered. Um, £4,300 is a lot of money. I felt I was covered for every option, and it turns out that I wasn’t. And if they’d done a little bit more fact finding with me over the phone and actually investigated things a bit thoroughly, they could have declined me for any insurance. I now had a policy that didn’t cover me for anything as far as I was concerned. The attitude over the phone was more of well there’s nothing much we can do. So that was the…it was then I decided to take it further.

Gloria Hunniford: Steve started doing some research and quickly found out that he was not alone in having PPI problems. In the past financial year, around 135 people per day have launched an official complaint about Payment Protection Insurance. Steve took his case to a claim management company.

Steve White: The claims management company sent in the PPI Claim application to the lender, and within about three or four weeks I then had an offer letter of, um, it was £5,300, which was the repayment of all the Payment Protection Insurance premiums I paid plus the interest on the top.

Gloria Hunniford: Earlier this year, the Competition Commission banned the selling of the controversial insurance alongside personal loans, mortgages and credit cards. And the Financial Services Authority has also published new rules designed to offer customers further protection when it comes to PPI. Solicitor Alex Woods believes these changes are absolutely vital.

Alex Woods: The FSA forecasts for the likely number of complaints of the future have just been continually revived upwards to the point that they’re now saying somewhere in the region of half a million PPI complaints will be made each year for the next five years. That’s quite a substantial figure, and we’re talking about policies the value of one, two, three, four thousand typically; many more. That’s you’re now…you can see how you’re now talking about billions of pounds. It’s beginning to look as if it’s even worse than the mortgage mis-selling scandal of the last recession, endowment scandal of the last recession.

Gloria Hunniford: If like Steve, you think you may have been mis-sold a policy, remember you can ask the financial ombudsman to review your case.

Steve White: My abiding feeling about Payment Protection Insurance is that it should never have come out on the market. It should have been regulated far earlier. It’s been going for 20 years, and you can get cover far cheaper.


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Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim


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Tim Capper

Bringing you financial news and information in plain english for Maple Leaf Financial. My aim is to help readers understand these often complex financial instruments.