PPI Compensation
Find out in 1 minute if you can claim PPI compensation. Take our simple test:
CASE STUDIES |
|---|
View all case studies (2) |
What is Payment Protection Insurance?
Anyone who has entered into a loan or credit card agreement, secured or otherwise, has probably been sold a PPI policy and could well be due a refund. Typical examples include – car and personal loans, credit and store cards and mortgages.
Although cover is usually arranged at the same time, a separate stand-alone policy may be purchased afterwards. The idea behind PPI is to protect a borrower’s ability to continue repayments in the event of an unforeseen event, such as accident, sickness or unemployment.
Recognising mis-selling
The rules governing the sale of PPI are complex. However, using our simple 3-step process will quickly help you get your money back. If you need any help completing your claim pack, just call or e-mail us; we’re here to help you to get a successful claim.
The Concerns
On 13 September 2005, Citizen’s Advice submitted a super complaint to the Office of Fair Trading detailing the wide ranging issues and concerns and their impact on the consumer.
The Financial Services Authority is continuing its own investigations and has highlighted major issues regarding the sale of PPI which has resulting in enforcement action:
| Financial Institution | Enforcement Amount |
|---|---|
| Regency Mortgage Corporation | £56,000.00 |
| Loans.co.uk | £455,000.00 |
| Redcats | £270,000.00 |
| GE Capital | £610,000.00 |
| Capital One | £175,000.00 |
| Capital Mortgage Connections | £17,500.00 |
| Home & County Mortgages | £52,500.00 |
| Hagenglen Home Finance | £182,000.00 |
| HFC | £1,085,000.00 |
| Total | £2,903,000.00 |