What Was PPI Sold With?
Payment Protection Insurance, or PPI as it’s most commonly referred to, has been systematically mis-sold alongside various other products and has been a handsome earner for banks and lenders for decades as they swindled money from customers by taking advantage of their position of trust. For every ten complaints the Financial Ombudsman Service receives, eight are still regarding PPI and it estimates that £50 billion worth of PPI has been mis-sold throughout the years. Now the cat has been out of the bag for a while and the tables have turned somewhat, but far too many people still remain tentative about their chances of recovering compensation regarding mis-sold PPI and whether or not they’ve even had PPI. Unfortunately, it is still the case that some consumers aren’t entirely sure what PPI was sold with. So we’ve devised a quick list to give you a better idea.
One of the most commonly sold products which came along with mis-sold PPI was mortgages. Prior to the financial crash in 2008 credit seemed relatively easy to come by, and banks took advantage of the credit boom like never before. PPI was generating such huge profits that bonus incentives were offered to staff, which inevitably led to the mis-selling on an enormous scale. Lenders advised customers that PPI assisted in the application process, or even that the credit facility wasn’t avilable without PPI. In the case of millions of customers, PPI was added without the customer’s knowledge, hidden away in the small print. It was not a matter of choice, and many homeowners paid thousands, even tens of thousands, back to the bank for insurance they simply didn’t want, didn’t need, or sometimes didn’t even know they had. The same is true of loans. We estimate that if you’ve had credit prior to 2010 you may well be in a minority if you didn’t have PPI, such was the scale of the illegal practise.
Credit Cards/Store Cards
As if the 30+% APR wasn’t enough, credit card providers and store card providers have been raking in a tidy amount extra as a result of mis-sold PPI. If you’ve shopped on credit, you could be entitled to reclaim PPI. Generally PPI was added each month you had a balance on your card, and would have been a percentage of your balance.
Today is the era of cars on finance. With people looking for the convenient option of monthly payments with all services and repairs included, many were snared by mis-sold PPI. Over the duration of a car’s finance plan, thousands of pounds could be charged in PPI costs.
Another way people have fallen foul of mis-sold PPI is through catalogue purchases made on credit. Entering into a catalogue agreement, many people were given PPI without consent. It is often the case that catalogues use different names and phrases when referring to their payment insurance, but it is always in essence PPI.
If you’ve entered into an agreement to pay for goods over a period of time, for example household appliances, there is every chance this came with PPI.
How to check if you’ve had PPI
Your Money Claim are the experts. With decades of experience within the financial sector, Your Money Claim is used to beating the banks on a daily basis. Such is our status within the industry, the majority of the high street banks contacted us in order to set up fast-track systems whereby we can find out whether you’ve been sold PPI quick.
We’d be delighted to take care of your claim. As a regulated Claims Management Company you can be sure that your claim will be handled in the correct manner throughout the process. We’ll answer your questions and we’ll keep you informed at every step. So why not fill in our online form or contact us via telephone, email or via our live chat facility and we can make a start on potentially recovering thousands of pounds in compensation for you.