An info graphic highlighting some PPI Claims facts and figures
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A lot of the mis sold ppi was sold right along with the mis sold mortgages. The ppi was just another excuse to charge customers other unnecessary fees. Ppi stands for payment protection insurance. The purpose of this insurance is to help protect a customer with various financial accounts such as mortgages, credit cards, and loans against non-payment in case of an accident, sickness, or the customer loses employment.
Many customers were paying for this insurance and then when people started having need for it; the protection was not an option because customers did not know that they even had the insurance. They could have got assistance to keep their accounts open and maybe even keep their homes.There are now companies out there that can assist people with reclaiming the funds that they were charged for the cost of the insurance.
These companies can charge up to 1/3 of what they recover. Some may say the cost is rather high, but you may want to consider that they do not charge any upfront fees and if they do not recover any money the customer pays nothing. Many of these customers unknowingly paid thousands towards this insurance and the companies did nothing to help them in their time of need.If you think that you have been a victim of mis sold ppi, please get in contact with a company that can help you recover some or all of your money because in this day and age we all need our money.
A number of the larger banks and financial institutions have stopped selling the ppi to ensure that this does not continue to take place.
PPI Mis-Selling Complaints: News & Information
PPI Compensation payments boosting the economy
The Office of National Statistics has released figures suggestiong that the £10 billion in PPI compensation payments that have been made is boosting the economy.
This is nothing new in March we published an article where an analysis by Which? showed that UK consumers paid out £50 billion for PPI protection since 1996. The article also highlighted some other PPI statistics provided by the ONS
Payment Protection Insurance (PPI) Explained
Payment Protection Insurance (PPI) has played an interesting role in the world of finance over the past several years. This insurance product is intended to protect both the borrower and the lender in the event that the borrower becomes unable to make loan payments, but the product is often misunderstood. Furthermore, while the product is intended to provide a valuable safeguard, it was often abused and led to significant regulatory reforms as well as lawsuits with damages reaching well into the billions. Given the ongoing prevalence of this type of product, consumers will be benefited from understanding PPI, what is does and how it can be abused.
PPI Claims Service – Midlands, UK
Maple Leaf Financial have a specialist team of solicitors dedicated to dealing with the mis-selling of payment protection Insurance (PPI) products by the banks. We are happy to review these PPI products and to claim compensation for our clients where appropriate.
We will work with you to ensure that you get the correct PPI settlement or refund and any and all fair compensation that may be due to you as a result of PPI mis-selling. We will deal directly with your PPI provider, be it a bank or insurance company and neither we nor our specialist claims team will be fobbed off by them at any stage. If their offer is too low or derogatory and they won’t take us seriously we will challenge them on your behalf.
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
Latest posts by Tim Capper (see all)
- PPI Claims Currently Show No Sign of Slowing Down - December 10, 2014
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- FCA updates PPI redress for 2.5 million old PPI complaints - October 27, 2014