PPI - Payment Protection Insurance
Payment Protection Insurance (PPI) is big business, with an estimated 25 million policies in circulation worth £5 billion a year*.
*Source Citizens Advice Bureau.
PPI can be added to loans, credit cards, HP agreements and mortgages and in theory should cover the monthly repayments if you are unable to work due to an accident, sickness or unemployment. PPI is usually overpriced and because it has been proven to be widely mis-sold, many customers find that they are unable to claim against the policy terms and conditions when it’s needed.
In some extreme cases PPI has been identified to equate to as much as 54% of the total payments. On a £10,000 loan that amounts to £5,400!
Credit Card PPI is usually calculated as a percentage of the total balance so the more you owe the more you pay for PPI.
With so many lenders in the market place and each one trying to set themselves apart from the other different terminology has been used for PPI. This doesn’t pull the wool over our eyes and some of that terminology to look out for can be seen below;
- MPPI (Mortgage Payment Protection Insurance)
- Premium Protection Insurance
- Accident Sickness and Unemployment Insurance
- Accident Sickness and Redundancy Insurance
- Premium Protection Insurance
- Income Protection Insurance
- Mortgage Payment Protection
- Mortgage Payment Insurance
- Loan Protection Insurance
- Credit Care Insurance
- Credit Care
We can look to recover the full cost plus interest if we believe that you have been mis-sold PPI. If your loan is still running we can also look to reduce your ongoing payments as part of our negotiations.
A successful PPI claim can be used to reduce your debts.
No Win-No Fee! We do not charge any upfront fees for PPI claims.
Upon completion of successful PPI claims a 20% fee including VAT applies. Unsuccessful claims are not subject to any payment.
If you believe you have been mis-sold PPI please contact us on the number provided or fill in our online questionnaire.