You are most likely reading this because you either are 100% sure you have been mis-sold payment protection insurance, or you think that you may have been mis-sold and are trying to find out.

PPI Compensation Claims

 

We have put together the following list to dispel the common perception that only one type of PPI has been mis-sold. In fact there are a vast amount of different types of PPI policies existing on the market.  Also, many lenders have their own variations of the name they give to it. Such as RPC- Repayment Protection Cover. Whatever name it is given it still ends up being the same as PPI.
Reclaiming PPI on a secured or unsecured loan

Single PPI Premium Policies

With a single premium policy PPI, a single lump sum is added on top of the amount borrowed to cover the insurance, so the customer will pay interest on the PPI insurance premium, AND the loan.  Another problem with this type of PPI is that it may not even last for the length of the loan. So occasionally a 5 year PPI policy could be sold on a loan that lasts for 25 years.

Monthly PPI Premium Policies

This method of offering PPI is a little bit fairer. The total cost of the PPI premium is divided by the number of months the loan covers. This amount is how much you will repay each month in addition to your loan repayment. The good thing about this is that no interest is charged for the PPI. However this form of PPI is being phased out as well because of the fact it has been mis-sold on a national scale.

Reclaim PPI on Credit AND Store cards

PPI on credit cards works in a similar way to the above, with a monthly premium being added to the charges on the card. However, the difference from loans is that because they are credit cards, the balance on the card can vary wildly at any given time. This premium is calculated based on the monthly balance of the card only. At the first look this can seem like a small price to pay in the short run but this can soon accumulate, especially for those who regularly build up huge balances.

Reclaim PPI on Mortgages and Secured Loans

This is also often a monthly premium policy that runs with your mortgage. The majority of these you will choose the level of cover and the premium will be determined according to that. You can either set it up to pay all of the month repayment, or just a specified amount. However a disadvantage to this sort of cover is that with some policies that are in joint names and one person claims, they will only get half the amount covered.

PPI Claims News

Banks rejecting legitimate PPI Complaints

The recent increase in PPI complaints being recieved by the FOS is a direct results of Banks rejecting increasing numbers of legitimate PPI complaints being sent to them. The FOS has upheld 8 out of 10 PPI complaints forwarded to them.

This 80% of upheld complaints by the FOS highlights how the Banks are increasingly rejecting valid PPI complaints being made by customers.

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PPI Complaints still rising for the Financial Ombudsman

A record 86% of all complaints made to the Financial Ombudsman service is about PPI mis-selling. In the first half of the year a reported 266,228 PPI complaints for mis-selling have been lodged.

PPI complaints show no sign of slowing down. We have recently reported that Barclays was recieving an estimated 1,500 PPI complaints per day, The FOS was recieving upwards of 2,000 PPI complaints per day in July

This backs up the theory that only around 1 in 10 people have actually made a PPI claim based on their mis-sold policy. With figures like these, we can expect to see PPI complaints rising for a while longer.

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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 :

The Financial Ombudsman Service (FOS) has been buried by more than 600,000 complaints about PPI since 2000. Nearly half of those complaints have been filed since July1, 2012. Between that July date and the end of December in 2012, 283,251 complaints have been filed with the ombudsman. That was an increase of 110 percent over the previous six months.

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Monthly PPI Claims Payouts for July 2013 is £ 528 m

The Financial Conduct Authority (FCA) released its latest totals on monthly PPI Claim Payouts. July 2013 totals for PPI repayments was £528 million which brings the total of PPI Claims repayments made sine January 2011 to £11.5 billion.

The figures are collected from 26 firms and financial institutions that made up for 96% of all the Payment Protection Insurance complaints from last year.

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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.